Old Republic International Corp 10-Q for FY2024 Q1

Old Republic International Corp (ORI)

10-Q 2024-05-03 For: 2024-03-31

Added on April 04, 2026

About this 10-Q

Old Republic International Corp filed this 10-Q on May 3, 2024, covering the quarter ended March 31, 2024 (FY2024 Q1).

Headline figures

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.02B; up 14.6% from $1.76B a year earlier
Net income: $316.7M; up 58.5% from net income of $199.8M a year earlier
Diluted EPS: $1.15; up 69.1% from $0.68 a year earlier

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM			10-Q


☒	Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934
	for the quarterly period ended:	March 31, 2024
or
☐	Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934


Delaware						36-2678171
(State or other jurisdiction of						(IRS Employer Identification No.)
incorporation or organization)


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐


OLD REPUBLIC INTERNATIONAL CORPORATION

Report on Form 10-Q / March 31, 2024

INDEX



		PAGE NO.

PART I	FINANCIAL INFORMATION:

	CONSOLIDATED BALANCE SHEETS	3

	CONSOLIDATED STATEMENTS OF INCOME	4

	CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	5

	CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND COMMON
	SHAREHOLDERS' EQUITY	6

	CONSOLIDATED STATEMENTS OF CASH FLOWS	7

	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	8 - 17

	MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS	18 - 36

	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK	37

	CONTROLS AND PROCEDURES	37

PART II	OTHER INFORMATION:

	ITEM 1 - LEGAL PROCEEDINGS	38

	ITEM 1A - RISK FACTORS	38

	ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	38

	ITEM 5 - OTHER INFORMATION	38

	ITEM 6 - EXHIBITS	39

SIGNATURE		40

EXHIBIT INDEX		41


OLD REPUBLIC INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)


Old Republic International Corporation and Subsidiaries
Consolidated Balance Sheets
($ in Millions, Except Share Data)
		(Unaudited)
		March 31,		December 31,
		2024		2023
Assets
Investments:
Fixed income securities (at fair value) (amortized cost: $12,610.8 and $12,263.0)		$	12,402.0	$	12,139.9
Short-term investments (at fair value which approximates cost)		1,338.4		1,032.6
Equity securities (at fair value) (cost: $1,414.0 and $1,511.9)		2,549.6		2,660.8
Other investments		34.4		34.3
Total investments		16,324.5		15,867.7
Cash		136.9		202.8
Accrued investment income		127.9		117.0
Accounts and notes receivable		2,304.3		2,201.4
Federal income tax recoverable: Current		—		21.8


Reinsurance balances and funds held		537.7		544.7
Reinsurance recoverable: Paid loss and loss adjustment expenses		186.9		175.4
Loss and loss adjustment expense reserves		4,951.7		4,977.7
Unearned premium and policy reserves		860.7		798.2
Deferred policy acquisition costs		435.8		417.8
Assets held-for-sale		191.8		194.8
Other assets		1,005.5		981.5
Total assets		$	27,064.3	$	26,501.4
Liabilities, Preferred Stock, and Common Shareholders' Equity
Liabilities:
Policy liabilities:
Loss and loss adjustment expense reserves		$	12,570.3	$	12,538.2
Unearned premiums		3,169.7		3,042.7
Other policyholders' benefits and funds held		156.8		150.3
Total policy liabilities		15,897.0		15,731.4
Commissions, expenses, fees, and taxes		496.0		533.8
Reinsurance balances and funds held		1,453.0		1,380.9
Federal income tax payable: Current		45.0		—
Federal income tax: Deferred		93.8		105.6
Debt		1,987.6		1,591.2
Liabilities held-for-sale		53.8		56.8
Other liabilities		636.8		690.6
Total liabilities		20,663.3		20,090.7
Preferred Stock	($0.01 par value; 75,000,000 shares authorized; none issued)	—		—
Common Shareholders' Equity:
Common stock ($1.00 par value; 500,000,000 shares authorized; 271,833,079 and 278,392,263 shares issued)(Class B - $1.00 par value; 100,000,000 shares authorized; none issued)		271.8		278.3
Additional paid-in capital		500.7		678.7
Retained earnings		5,889.3		5,644.3
Accumulated other comprehensive loss		(205.4)		(132.4)
Unallocated 401(k) plan shares (at cost)		(55.5)		(58.2)
Total common shareholders' equity		6,400.9		6,410.7
Total liabilities, preferred stock and common shareholders' equity		$	27,064.3	$	26,501.4


Old Republic International Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
($ in Millions, Except Share Data)
	Quarters Ended
	March 31,
		2024		2023
Revenues:


Net premiums earned		$	1,574.6	$	1,496.2
Title, escrow, and other fees		68.0		58.9
Total premiums and fees		1,642.7		1,555.2
Net investment income		164.1		137.8
Other income		41.9		39.4
Total operating revenues		1,848.8		1,732.4
Net investment gains (losses):
Realized from actual transactions and impairments		180.4		28.2

Unrealized from changes in fair value of equity securities		(13.3)		(2.0)
Total net investment gains		167.1		26.2
Total revenues		2,015.9		1,758.7

Expenses:
Loss and loss adjustment expenses		694.6		600.2
Dividends to policyholders		2.8		3.6
Underwriting, acquisition, and other expenses		903.3		888.6
Interest and other charges		16.4		16.9
Total expenses		1,617.2		1,509.5
Income before income taxes		398.7		249.2

Income Taxes (Credits):
Current		76.0		51.2
Deferred		5.8		(1.9)
Total		81.9		49.3

Net Income		$	316.7	$	199.8

Net Income Per Share:
Basic		$	1.17	$	0.68
Diluted		$	1.15	$	0.68

Average shares outstanding: Basic		271,725,775		291,945,750
Diluted		275,432,461		293,993,474


Old Republic International Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
($ in Millions)
	Quarters Ended
	March 31,
		2024		2023
Net Income As Reported		$	316.7	$	199.8

Other comprehensive income (loss):
Unrealized gains (losses) on investments:
Unrealized gains (losses) before reclassifications		(70.3)		173.7
Amounts reclassified as realized investment (gains)
losses in the statements of income		(15.3)		3.0
Pretax unrealized gains (losses) on investments		(85.6)		176.8
Deferred income taxes (credits)		(18.0)		37.3
Net unrealized gains (losses) on investments		(67.6)		139.5











Foreign currency translation adjustment and other		(5.4)		0.3
Total other comprehensive income (loss)		(73.0)		139.8
Comprehensive Income		$	243.7	$	339.7


Old Republic International Corporation and Subsidiaries
Consolidated Statements of Preferred Stock
and Common Shareholders' Equity (Unaudited)
($ in Millions)
	Quarters Ended
	March 31,
		2024		2023
Preferred Stock:
Balance, beginning and end of period		$	—	$	—

Common Stock:
Balance, beginning of period		$	278.3	$	296.9
Dividend reinvestment plan		—		—
Stock-based compensation		0.1		1.1
Treasury stock restored to unissued status		(6.6)		(5.3)
Balance, end of period		$	271.8	$	292.7

Additional Paid-in Capital:
Balance, beginning of period		$	678.7	$	1,141.8
Dividend reinvestment plan		—		0.3


Stock-based compensation		8.2		18.8
401(k) plan shares released		1.5		0.9
Treasury stock restored to unissued status		(187.8)		(128.4)

Balance, end of period		$	500.7	$	1,033.5

Retained Earnings:
Balance, beginning of period		$	5,644.3	$	5,321.8


Net income		316.7		199.8
Dividends on common shares		(71.7)		(71.3)
Balance, end of period		$	5,889.3	$	5,450.3

Accumulated Other Comprehensive Income (Loss):
Balance, beginning of period		$	(132.4)	$	(517.8)


Net unrealized gains (losses) on securities, net of tax		(67.6)		139.5




Foreign currency translation adjustment and other		(5.4)		0.3
Balance, end of period		$	(205.4)	$	(377.9)

Unallocated 401(k) Plan Shares:
Balance, beginning of period		$	(58.2)	$	(69.5)
401(k) plan shares released		2.7		2.7

Balance, end of period		$	(55.5)	$	(66.7)

Treasury Stock:
Balance, beginning of period		$	—	$	—
Common stock repurchases		(194.4)		(133.7)
Restored to unissued status		194.4		133.7
Balance, end of period		$	—	$	—


Old Republic International Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
($ in Millions)
	Quarters Ended
	March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	316.7	$	199.8
Adjustments to reconcile net income to
net cash provided by operating activities:
Deferred policy acquisition costs	(17.9)		(10.7)
Accounts and notes receivable	(102.8)		(92.8)
Loss and loss adjustment expense reserves	55.6		26.2
Unearned premiums and other policyholders' liabilities	71.3		46.4
Federal income taxes	76.0		45.2

Reinsurance balances and funds held	67.5		(0.3)
Realized investment gains from actual transactions and impairments	(180.4)		(28.2)
Unrealized investment losses from changes in fair value
of equity securities	13.3		2.0
Other - net	(138.9)		(30.9)
Total	160.4		156.6

Cash flows from investing activities:
Maturities and calls of fixed income securities	416.5		331.4
Sales of:
Fixed income securities	230.2		109.8
Equity securities	296.6		101.3
Other investments	1.5		3.0

Purchases of:
Fixed income securities	(956.1)		(461.5)
Equity securities	—		(11.8)
Other investments	(18.7)		(21.1)
Net (increase) decrease in short-term investments	(324.0)		(2.2)
Other - net	(1.2)		0.3
Total	(355.2)		49.3

Cash flows from financing activities:
Issuance of debentures and notes	396.0		—
Issuance of common shares	0.8		17.1
Redemption of debentures and notes	—		(5.3)


Dividends on common shares	(71.5)		(71.2)
Repurchase of common stock	(194.4)		(133.7)
Other - net	(2.3)		(0.2)
Total	128.4		(193.3)

Increase (decrease) in cash including balances classified as
held-for-sale:	(66.2)		12.6
Increase (decrease) in cash balances classified as held-for-sale (a)	0.4		—
Cash, beginning of period	202.8		81.0
Cash, end of period	$	136.9	$	93.7

Supplemental cash flow information:
Cash paid during the period for: Interest	$	20.4	$	20.5
Income taxes	$	4.8	$	4.1


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed Income Securities by Type:
March 31, 2024:
Government & Agency	$	1,748.5	$	1.5	$	72.8	$	1,677.3
Municipal	737.3		—		10.8		726.5
Corporate	10,124.9		82.7		209.4		9,998.2
	$	12,610.8	$	84.3	$	293.1	$	12,402.0

December 31, 2023:
Government & Agency	$	1,920.3	$	3.2	$	64.6	$	1,858.9
Municipal	774.5		0.2		7.1		767.6
Corporate	9,568.1		135.5		190.3		9,513.3
	$	12,263.0	$	139.0	$	262.0	$	12,139.9


	Amortized Cost		Fair Value
Fixed Income Securities Stratified by Contractual Maturity at March 31, 2024:
Due in one year or less	$	1,637.9	$	1,620.2
Due after one year through five years	6,163.4		6,017.9
Due after five years through ten years	4,717.3		4,672.0
Due after ten years	92.1		91.8
	$	12,610.8	$	12,402.0


	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2024:
Fixed Income Securities:
Government & Agency	$	493.4	$	9.5	$	1,044.9	$	63.2	$	1,538.4	$	72.8
Municipal	148.1		1.7		566.0		9.0		714.2		10.8
Corporate	1,996.2		21.3		4,175.3		188.1		6,171.6		209.4
	$	2,637.9	$	32.6	$	5,786.4	$	260.4	$	8,424.3	$	293.1

December 31, 2023:
Fixed Income Securities:
Government & Agency	$	461.0	$	2.7	$	1,179.3	$	61.8	$	1,640.4	$	64.6
Municipal	173.1		0.8		554.7		6.2		727.9		7.1
Corporate	853.3		8.2		4,270.9		182.0		5,124.3		190.3
	$	1,487.6	$	11.8	$	6,005.1	$	250.2	$	7,492.7	$	262.0


	Equity Securities
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2024	$	1,414.0	$	1,152.7	$	17.1	$	2,549.6
December 31, 2023	$	1,511.9	$	1,164.7	$	15.7	$	2,660.8


Commission File Number:			001-10607


	Quarters Ended
	March 31,
	2024		2023
Gross reserves at beginning of period	$	12,538.2	$	12,221.5
Less: Reinsurance losses recoverable	4,977.7		4,699.5
Net reserves at beginning of period:
General Insurance	6,955.2		6,824.8
Title Insurance	598.5		612.8
Other	6.6		84.2
Subtotal	7,560.4		7,521.9
Incurred loss and loss adjustment expenses:
Provisions for insured events of the current year:
General Insurance	708.6		642.0
Title Insurance	18.4		21.8
Other	2.0		6.1
Subtotal	729.1		670.0
Change in provision for insured events of prior years:
General Insurance	(27.1)		(53.4)
Title Insurance	(6.3)		(6.4)
Other	(0.5)		(9.2)
Subtotal	(34.0)		(69.2)
Total incurred loss and loss adjustment expenses	695.1		600.8
Payments:
Loss and loss adjustment expenses attributable to
insured events of the current year:
General Insurance	124.1		114.7
Title Insurance	0.2		0.3
Other	0.4		1.1
Subtotal	124.8		116.3
Loss and loss adjustment expenses attributable to
insured events of prior years:
General Insurance	496.4		436.7
Title Insurance	14.2		17.5
Other	1.3		4.1
Subtotal	512.1		458.4
Total payments	636.9		574.7
Net reserves at end of period:
General Insurance	7,016.0		6,861.9
Title Insurance	596.2		610.3


	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior Notes:
4.875% issued in 2014 and due 2024	$	399.7	$	398.2	$	399.5	$	397.0
3.875% issued in 2016 and due 2026	548.6		531.9		548.5		530.4
5.750% issued in 2024 and due 2034	396.0		402.4		—		—
3.850% issued in 2021 and due 2051	643.2		472.4		643.1		472.7

Total debt	$	1,987.6	$	1,805.1	$	1,591.2	$	1,400.3


	March 31,		December 31,
	2024		2023
Consolidated Assets:
General Insurance	$	22,832.4	$	22,710.5
Title Insurance	1,968.5		1,948.2
Total assets of reportable segments	24,800.9		24,658.8
Corporate & Other (b)	2,393.4		2,145.8
Consolidation elimination adjustments	(130.0)		(303.2)
Consolidated assets	$	27,064.3	$	26,501.4


	Fair Value Measurements
As of March 31, 2024:	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government & Agency	$	1,267.4	$	409.8	$	—	$	1,677.3
Municipal	—		726.5		—		726.5
Corporate	—		9,978.5		19.6		9,998.2
Short-term investments	1,338.4		—		—		1,338.4
Equity securities	$	2,542.6	$	—	$	7.0	$	2,549.6

As of December 31, 2023:
Fixed income securities:
Government & Agency	$	1,379.8	$	479.1	$	—	$	1,858.9
Municipal	—		767.6		—		767.6
Corporate	—		9,493.7		19.5		9,513.3
Short-term investments	1,032.6		—		—		1,032.6
Equity securities	$	2,653.8	$	—	$	7.0	$	2,660.8


Consolidated Revenues:
Total revenues of reportable segments	$	1,825.8	$	1,710.3
Corporate & Other (b)	52.5		59.0
Consolidated investment gains (losses):
Realized from actual transactions and impairments	180.4		28.2
Unrealized from changes in fair value of equity securities	(13.3)		(2.0)
Total realized and unrealized investment gains	167.1		26.2
Consolidation elimination adjustments	(29.6)		(36.9)
Consolidated revenues	$	2,015.9	$	1,758.7

Consolidated Pretax Income:
Total segment pretax operating income of
reportable segments	$	222.7	$	210.6
Corporate & Other (b)	8.8		12.3
Consolidated investment gains (losses):
Realized from actual transactions and impairments	180.4		28.2
Unrealized from changes in fair value of equity securities	(13.3)		(2.0)
Total realized and unrealized investment losses	167.1		26.2

Consolidated income before income taxes	$	398.7	$	249.2


OVERALL RESULTS

	Quarters Ended March 31,
		2024			2023			% Change
Pretax income		$	398.7		$	249.2
Pretax investment gains		167.1			26.2
Pretax income excluding investment gains		$	231.5		$	222.9		3.9	%

Net income		$	316.7		$	199.8
Net of tax investment gains		132.0			20.6
Net income excluding investment gains		$	184.7		$	179.2		3.1	%

Combined ratio		94.3		%	92.7		%

PER DILUTED SHARE

	Quarters Ended March 31,
		2024			2023			% Change
Net income		$	1.15		$	0.68
Net of tax investment gains		0.48			0.07
Net income excluding investment gains		$	0.67		$	0.61		9.8	%

SHAREHOLDERS' EQUITY (BOOK VALUE)

		Mar. 31,			Dec. 31,
		2024			2023			% Change
Total		$	6,400.9		$	6,410.7		(0.2)	%
Per Common Share		$	23.83		$	23.31		2.2	%


FINANCIAL HIGHLIGHTS
	Quarters Ended March 31,
SUMMARY INCOME STATEMENTS:		2024		2023		% Change
Revenues:
Net premiums and fees earned		$	1,642.7	$	1,555.2	5.6	%
Net investment income		164.1		137.8		19.1
Other income		41.9		39.4		6.2
Total operating revenues		1,848.8		1,732.4		6.7
Investment gains (losses):
Realized from actual transactions and impairments		180.4		28.2

Unrealized from changes in fair value of equity securities		(13.3)		(2.0)
Total investment gains		167.1		26.2
Total revenues		2,015.9		1,758.7
Operating expenses:
Loss and loss adjustment expenses		697.4		603.9		15.5
Sales and general expenses		903.3		888.6		1.7
Interest and other expenses		16.4		16.9		(2.8)
Total operating expenses		1,617.2		1,509.5		7.1	%
Pretax income		398.7		249.2
Income taxes		81.9		49.3
Net income		$	316.7	$	199.8


COMMON STOCK STATISTICS:
Components of net income per share:
Basic net income excluding investment gains		$	0.68	$	0.61	11.5	%
Net investment gains (losses):
Realized investment gains		0.53		0.08
Unrealized from changes in fair value of equity securities		(0.04)		(0.01)
Basic net income		$	1.17	$	0.68

Diluted net income excluding investment gains		$	0.67	$	0.61	9.8	%
Net investment gains (losses):
Realized investment gains		0.52		0.08
Unrealized from changes in fair value of equity securities		(0.04)		(0.01)
Diluted net income		$	1.15	$	0.68
Cash dividends on common stock		$	0.265	$	0.245


Sources of Consolidated Income
	Quarters Ended March 31,
		2024			2023			% Change
Net premiums and fees earned:
General Insurance		$	1,091.6		$	965.1		13.1	%
Title Insurance		545.4			583.2			(6.5)
Corporate & Other		5.5			6.8			(18.3)
Consolidated		$	1,642.7		$	1,555.2		5.6	%

Underwriting and related services income (loss):
General Insurance		$	105.8		$	103.8		1.9	%
Title Insurance		(13.5)			3.7			N/M
Corporate & Other		(8.4)			(5.4)			(54.0)
Consolidated		$	83.8		$	102.1		(17.9)	%

Consolidated combined ratio:
Loss ratio:
Current year		44.8		%	43.3		%
Prior years		(2.3)			(4.5)
Total		42.5			38.8
Expense ratio		51.8			53.9
Combined ratio		94.3		%	92.7		%

Net investment income:
General Insurance		$	131.1		$	108.7		20.6	%
Title Insurance		15.7			13.7			14.3
Corporate & Other		17.3			15.2			13.5
Consolidated		$	164.1		$	137.8		19.1	%

Interest and other expenses (income):
General Insurance		$	16.5		$	19.4
Title Insurance		(0.1)			—
Corporate & Other (a)		0.1			(2.5)
Consolidated		$	16.4		$	16.9		(2.8)	%

Pretax income excluding investment gains:

General Insurance		$	220.4		$	193.2		14.1	%
Title Insurance		2.3			17.4			(86.4)
Corporate & Other		8.8			12.3			(28.6)
Consolidated		231.5			222.9			3.9	%
Income taxes		46.8			43.7
Net income excluding investment
gains		184.7			179.2			3.1	%
Consolidated pretax investment gains (losses):
Realized from actual transactions
and impairments		180.4			28.2
Unrealized from changes in
fair value of equity securities		(13.3)			(2.0)
Total		167.1			26.2
Income taxes		35.1			5.5
Net of tax investment gains		132.0			20.6
Net income		$	316.7		$	199.8


Composition of shareholders' equity per share:
	Equity before items below			$	21.28	$	20.51	$	19.77
	Unrealized investment gains (losses) and other
		accumulated comprehensive income (loss)		2.55		2.80		2.14
			Total	$	23.83	$	23.31	$	21.91


		Net Earned Premiums and Fees
	Quarters Ended
	March 31,				Years Ended December 31,
		2024			2023			2023			2022			2021
General Insurance		$	1,091.6		$	965.1		$	4,119.2		$	3,808.6		$	3,555.5
Title Insurance		545.4			583.2			2,562.8			3,833.8			4,404.3
Corporate & Other		5.5			6.8			25.6			32.9			43.6
Total		$	1,642.7		$	1,555.2		$	6,707.7		$	7,675.3		$	8,003.6
Percentage change from prior period		5.6		%	(19.0)		%	(12.6)		%	(4.1)		%	18.8		%


	Investments at Cost								Fair Value Adjust- ment		Investments at Fair Value
	General Insurance		Title Insurance		Corporate & Other		Total
As of December 31:
2022	$	11,825.2	$	1,512.4	$	1,841.7	$	15,179.4	$	680.4	$	15,859.9
2023	12,030.5		1,350.2		1,463.8		14,844.5		1,023.1		15,867.7
As of March 31:
2023	11,863.4		1,438.3		1,845.5		15,147.4		855.0		16,002.4
2024	$	12,063.8	$	1,376.3	$	1,960.1	$	15,400.2	$	924.2	$	16,324.5


	Net Investment Income								Yield at
	General Insurance		Title Insurance		Corporate & Other		Total		Cost		Fair Value
Years Ended
December 31:
2021	$	342.4	$	43.8	$	48.0	$	434.3	3.02	%	2.72	%
2022	358.0		47.9		53.5		459.5		3.07		2.83
2023	462.7		57.0		58.5		578.3		3.82		3.62
Quarters Ended
March 31:
2023	108.7		13.7		15.2		137.8		3.64		3.46
2024	$	131.1	$	15.7	$	17.3	$	164.1	4.28	%	4.02	%


		General Insurance Net Earned Premiums by Type of Coverage
	Quarters Ended
	March 31,			Years Ended December 31,
		2024		2023		2023		2022		2021
Commercial auto		41.9	%	40.3	%	41.0	%	39.5	%	39.6	%
Workers' compensation		17.9		20.1		19.5		21.3		21.9
Property		12.4		11.0		11.5		9.8		9.7
Financial indemnity		7.7		9.1		8.4		10.3		9.7
General liability		7.2		5.8		6.1		5.2		5.2
Home and auto warranty		6.9		8.1		7.6		8.7		9.5
Other coverages		6.0		5.6		5.9		5.2		4.4
Total		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


		General Insurance Loss Ratios by Type of Coverage
	Quarters Ended
	March 31,			Years Ended December 31,
		2024		2023		2023		2022		2021
Commercial auto		71.9	%	73.7	%	71.5	%	66.6	%	71.5	%
Workers' compensation		47.0		52.5		41.4		45.9		58.9
Property		59.3		55.1		61.0		65.4		59.3
Financial indemnity		48.7		42.5		48.2		67.0		53.9
General liability		74.1		56.8		76.0		71.6		64.1
Home and auto warranty		56.9		55.7		65.5		66.9		67.9
Other coverages		62.9		60.5		65.9		60.4		63.8

All coverages		62.7	%	61.4	%	62.0	%	62.1	%	64.8	%


		Premium and Fee Production by Source
	Quarters Ended
	March 31,			Years Ended December 31,
		2024		2023		2023		2022		2021
Direct Operations		23.0	%	19.8	%	21.0	%	19.5	%	22.0	%
Independent Title Agents		77.0	%	80.2	%	79.0	%	80.5	%	78.0	%


Fixed Income Securities Stratified by Credit Quality (a):

	March 31,		December 31,
	2024		2023
Aaa	16.9	%	18.8	%
Aa	9.7		9.5
A	37.3		35.9
Baa	35.0		34.7
Total investment grade	98.9		98.9
Non-investment grade or non-rated issuers	1.1		1.1
Total	100.0	%	100.0	%


Gross Unrealized Gains and Losses Stratified by Industry Concentration for Fixed Income Securities

March 31, 2024			Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Non-Investment Grade Fixed Income Securities by Industry Concentration:
	Consumer, Cyclical		$	37.3	$	—	$	0.5	$	36.9
	Basic Materials		25.2		0.1		0.9		24.3
	Energy		22.5		—		0.3		22.2
	Industrial		19.2		—		1.1		18.1
	Other (includes three industry groups)		33.7		0.4		0.3		33.8
		Total	$	138.1	$	0.7	$	3.3	$	135.5

Investment Grade Fixed Income Securities by Industry Concentration:
	Governments		$	2,398.9	$	1.5	$	81.3	$	2,319.1
	Utilities		2,123.3		13.4		58.4		2,078.3
	Consumer, Non-cyclical		1,984.9		15.4		38.3		1,961.9
	Industrial		1,556.1		14.8		29.8		1,541.1
	Financial		1,525.1		13.6		28.9		1,509.9
	Consumer, Cyclical		1,020.1		9.2		14.8		1,014.5
	Energy		724.2		4.8		16.5		712.4
	Other (includes five industry groups)		1,139.9		10.4		21.4		1,128.9
		Total	$	12,472.7	$	83.5	$	289.7	$	12,266.4


Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Income Securities

		Amortized Cost				Gross Unrealized Losses
March 31, 2024		All		Non- Investment Grade Only		All		Non- Investment Grade Only
Maturity Ranges:
Due in one year or less		$	1,533.8	$	15.3	$	17.7	$	0.1
Due after one year through five years		4,768.5		49.4		165.1		1.3
Due after five years through ten years		2,379.1		24.8		109.2		1.7
Due after ten years		35.8		—		1.0		—
	Total	$	8,717.4	$	89.5	$	293.1	$	3.3


Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Income Securities

			Amount of Gross Unrealized Losses
March 31, 2024			Less than 20% of Cost		20% to 50% of Cost		More than 50% of Cost		Total Gross Unrealized Loss
Number of Months in Unrealized Loss Position:
Fixed Income Securities:
	One to six months		$	17.7	$	—	$	—	$	17.7
	Seven to twelve months		14.9		—		—		14.9
	More than twelve months		258.4		2.0		—		260.4
		Total	$	291.0	$	2.0	$	—	$	293.1


Age Distribution of Fixed Income Securities

			March 31,		December 31,
			2024		2023
Maturity Ranges:
	Due in one year or less		13.0	%	13.1	%
	Due after one year through five years		48.9		49.9
	Due after five years through ten years		37.4		36.3
	Due after ten years through fifteen years		0.6		0.6
	Due after fifteen years		0.1		0.1
		Total	100.0	%	100.0	%

Average Maturity in Years			4.3		4.3
Duration			3.7		3.7




Item 3 - Quantitative and Qualitative Disclosure About Market Risk


OLD REPUBLIC INTERNATIONAL CORPORATION
FORM 10-Q
PART II - OTHER INFORMATION


Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan	Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans ($ in Millions)
January 1 - January 31, 2024	234,397	$	28.05	234,397	$	76.7
February 1 - February 29, 2024	2,701,428	$	28.05	2,701,428	0.2
March 1 - March 31, 2024	3,742,043	$	29.46	3,742,043	988.6
Total	6,677,868	$	28.84	6,677,868	$	988.6