Old Republic Swings To Profit In Q3; Adj. EPS Tops View

(RTTNews) - Insurance business Old Republic International Corp. (ORI) on Thursday reported a turnaround in its third quarter, despite weak revenues and net premium income.

Net income was $52.6 million or $0.19 per share, as compared with a loss of $91.7 million or $0.31 per share in the quarter ended September 2022.

Adjusted net income was $0.72 per share, compared to $0.68 per share a year ago.

Analysts on average had expected the company to earn $0.62 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total operating revenues dropped 7.2 percent to $1.95 billion from last year's $2.10 billion.

Total revenues increased to $1.76 billion from $1.72 billion in the prior-year period.

Net premiums and fees earned however declined 9.4 percent to $1.76 billion from $1.94 billion in the corresponding quarter of the previous year. Title Insurance results declined in both periods, affected by higher mortgage interest rates.

Combined Ratio stood at 91.9 percent versus 91.4 percent in the year-ago period.