NYSE$ORI

Old Republic International Corp · Q4 2022 earnings

Q4 2022 earnings · · Investor relations

Briefing

Old Republic reported pretax income, excluding investment gains (losses), of $300.6 million for the quarter and a consolidated combined ratio of 89.6%.

Old Republic International Corporation reported solid underwriting results with General Insurance pretax operating income rising 34.6%, while Title Insurance pretax operating income decreased by 67.2%. The consolidated combined ratio was 89.6% for the quarter.

  • Pretax income, excluding investment gains (losses), was $300.6 million for the quarter.
  • General Insurance pretax operating income rose 34.6% for the quarter.
  • Title Insurance pretax operating income decreased by 67.2% due to increasing mortgage interest rates.
  • Consolidated combined ratio was 89.6% for the quarter, driven by solid underwriting results.

Headline financials

Total Revenue

$2B

Previous: $2.27B-11.9%
EPS (adj)

$0.80

Previous: $0.88-9.1%
Consolidated Combined Ratio

89.6%

Previous: 88.5%+1.2%
General Insurance Combined

84.0%

Previous: 88.2%-4.8%
Title Insurance Combined

96.2%

Previous: 89.4%+7.6%
Net Income

$512M

Previous: $627M-18.3%
Operating Income

$649M

Previous: $789M-17.8%
Gross Profit

$2.35B

Previous: $2.72B-13.8%
Cash & Equivalents

$81M

Previous: $158M-48.8%
Total Assets

$25.2B

Previous: $25B+0.7%

Revenue & EPS history

Old Republic · Revenue · Quarterly

$2B

Q4 2022-11.9%vs Q4 2021
Beat estimate in 8 of 15 quarters(53%)
ActualEstimate

Revenue by segment

Old Republic · $1.82B total across 2 segments · Q4 2022

  • Specialty Insurance
    $987M+6.5%
  • Title Insurance
    $836M-29.5%

Forward guidance

Old Republic expects revenues in Title Insurance to face headwinds into 2023 due to increasing mortgage interest rates.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2022

Historical avgQ4 2022

-0.4%

Avg return

Earnings day

+0.2%

Avg return

5 days after

+2.5%

Avg return

30 days after

51%

35 / 68 earnings

Positive

+9.2%

Q3 2018

Best reaction

-10.1%

Q3 2016

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-5.2%-4.5%-6.4%
Q4 2025-9.3%-10.3%-4.4%
Q3 2025-3.0%-6.3%+9.1%
Q2 2025-2.5%-0.8%+9.0%
Q1 2025+1.2%-0.6%-1.4%
Q4 2024+1.3%+2.6%+2.1%
Q3 2024-3.9%-1.8%+7.9%
Q1 2024-0.6%-1.5%+4.0%
Q4 2023-7.9%-7.0%-5.4%
Q3 2023+0.4%+2.0%+7.9%
Q2 2023+1.5%+1.8%+0.3%
Q1 2023+2.6%+3.5%+0.6%
Q4 2022+5.1%+6.8%+6.8%
Q3 2022+2.2%+1.5%+6.5%
Q2 2022+2.0%+0.1%+5.3%
Q1 2022-7.8%-5.6%-0.8%
Q4 2021+2.7%+4.6%+6.2%
Q3 2021+7.8%+8.3%+4.9%
Q2 2021-0.2%+0.4%+7.7%
Q1 2021+1.1%+2.7%+10.0%
Q4 2020+0.7%+5.1%+7.5%
Q3 2020+6.4%+0.3%+14.4%
Q2 2020-4.9%-6.3%-7.8%
Q1 2020-0.9%+5.6%-2.1%
Q4 2019+1.9%+0.6%+1.2%
Q3 2019-5.3%-6.1%-6.7%
Q2 2019-2.1%-1.8%-2.7%
Q1 2019+4.2%+5.5%+6.4%
Q4 2018-7.8%-7.9%-2.8%
Q3 2018+9.2%+10.8%+8.2%
Q2 2018+2.4%+4.3%+9.2%
Q1 2018-3.3%-3.6%+0.0%
Q4 2017+7.4%+7.8%-0.7%
Q3 2017+0.4%+4.4%+7.5%
Q2 2017-4.2%-2.2%-2.9%
Q1 2017+2.3%-0.3%-2.4%
Q4 2016+5.9%+6.3%+6.7%
Q3 2016-10.1%-8.6%-1.2%
Q2 2016-1.6%-2.1%-3.5%
Q1 2016+1.0%
Q4 2015+1.3%
Q3 2015+8.1%
Q2 2015+0.4%
Q1 2015+2.5%
Q4 2014-1.6%
Q3 2014-1.2%
Q2 2014-7.6%
Q1 2014-1.6%
Q4 2013-8.2%
Q3 2013+7.7%
Q2 2013+2.1%
Q1 2013+0.6%
Q4 2012-0.7%
Q3 2012-5.9%
Q2 2012+0.6%
Q1 2012-0.9%
Q4 2011+2.1%
Q3 2011-4.6%
Q2 2011-5.1%
Q1 2010-0.2%
Q1 2011+4.0%
Q4 2008-2.3%
Q4 2010-2.3%
Q3 2010+0.7%
Q2 2009+0.7%
Q3 2009+0.7%
Q2 2010-1.5%
Q4 2009-1.5%

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