Old Republic Q1 Profit Jumps

(RTTNews) - Old Republic International Corporation (ORI) Thursday reported net income of $316.7 million or $1.15 per share for the first quarter, significantly higher than $199.8 million or $0.68 per share in the same quarter a year ago, primarily due to investment gains of $132 million in the latest quarter.

Net income excluding investment gains increased to $184.7 million or $0.67 per share from $179.2 million or $0.61 per share last year.

On average, 4 analysts poled by Thomson-Reuters expected the company to report profit of $0.65 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter increased to $1.849 billion from $1.732 billion last year.

Net investment income increased 19.1 percent to $164.1, driven by higher investment yields. Net premiums and fees earned was $1.643 billion, up 5.6 percent year over year.