Old Republic International : Fourth Quarter 2024 Fourth Quarter Presentation
ORI
MANAGING OLD REPUBLIC FOR THE LONG RUN
Investor Presentation
4th Quarter 2024
OLD REPUBLIC
Managing Old Republic for the Long Run
Primarily a Specialty underwriter serving the
insurance needs of a large number of organizations,
including Property & Casualty provider to
many of America's leading industrial and financial services
institutions andprovider of Title Insurance to
America's residential and commercial markets
Member of the Fortune 500
listing of America's largest companies
One of America's 50 Largest
shareholder-owned insurance businesses
#3 Title insurer in the nation
A history dating back 101 years
Total Market Return of 16.7%
per share for past 10 years
NYSE listed since 1990
83 years of cash dividends
without interruption
Annual cash dividend raised for each
of the past 43 years
$5.9 billion of dividends & share repurchases since 12.31.16
3
OLD REPUBLIC
Key Metrics
Market Cap / Stock price (NYSE: ORI)
$9.00 billion / $36.19
Shareholders' Equity / BVPS
$5.62 billion / $22.84
2024 Operating Income / EPS
$797.0 million / $3.03
2024 Operating ROE
12.4%
Regular Dividend / Yield
$1.06 / 2.9%
Employees
9,400
Insider and Employee Ownership
7.6%
Note: Market and financial data as of December 31, 2024
4
OLD REPUBLIC
Shareholder Returns are Driven by Our Long-Term Focus
Operating and growing a diverse & decentralized portfolio of specialty insurance products and services
Pursuing operational & underwriting excellence through narrow & deep expertise
Fostering a unique culture built around integrity, respect and accountability
Driving deep relationships built on outstanding customer service and risk management expertise
Investing in people and technology
Aligning incentives and accountability to drive profitable growth
Maintaining a lean and flat organizational structure
5
OLD REPUBLIC
Consolidated Financial Trend
Dollars in millions, except per share
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total Operating Revenues
$
5,850
$
6,032
$
6,281
$
6,494
$
6,824
$
7,308
$
8,583
$
8,285
$
7,449
$
8,162
Combined Ratio
96.1
94.8
96.9
94.9
95.3
93.3
89.9
91.0
92.6
93.9
Operating Income Per Share
$
1.28
$
1.46
$
1.11
$
1.86
$
1.84
$
2.24
$
3.08
$
2.79
$
2.63
$
3.03
Cash & Invested Assets
$
11,476
$
12,996
$
13,536
$
13,187
$
14,527
$
15,535
$
16,819
$
16,048
$
16,188
$
16,408
Shareholders' Equity
$
3,870
$
4,461
$
4,733
$
5,146
$
6,000
$
6,187
$
6,895
$
6,173
$
6,411
$
5,619
Book Value Per Share (BVPS)
$
14.98
$
17.16
$
17.72
$
17.23
$
19.98
$
20.75
$
22.77
$
21.07
$
23.31
$
22.84
Dividends Per Share (1)
$
0.74
$
0.75
$
1.76
$
0.78
$
1.80
$
1.84
$
2.38
$
1.92
$
0.98
$
3.06
(1) Includes special cash dividends declared of $2.00 in 2024, $1.00 in 2022, $1.50 in 2021 and $1.00 in 2020, 2019 and 2017.
13.1% Compound Annual Growth in
Book Value Per Share Including Dividends
over 50 years
1974
1979
1984
1989
1994
1999
2004
2009
2014
2019
2024
$50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $-
BVPS
Cumulative Dividends
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OLD REPUBLIC
4th Quarter 2024 Highlights
$0.90
Operating EPS
30% increase from $0.69 in the 4th quarter of 2023 driven by 17% pretax operating income increase in Specialty Insurance and 26% increase in Title Insurance.
$22.84
Adding back dividends,
book value increased 11.1%
Book Value Per Share
from year-end 2023.
$1.94 billion
Net Premiums & Fees Earned
11% increase from the 4th quarter of 2023 driven by Specialty Insurance (13%) and by Title Insurance (9%).
2.9 points
Favorable development in
all segments.
Favorable Development
92.7
Down 0.6 points versus last
year's 93.3. Specialty
Combined Ratio
Insurance at 91.8 (vs 92.0)
and Title Insurance at 94.4
(vs 95.5).
$0.265
Regular Quarterly Dividend
$2.00
Special Dividend
$174 million
Share Repurchases
Up 8.2% from prior year.
Approximately $496 million declared in December 2024 and paid in January 2025.
$240 million remaining authorization on the current $1.1 billion share repurchase program.
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OLD REPUBLIC
Business Profile
Unique and complimentary combination of Specialty P&C and Title offers diversification and supports our brand around customer service, financial strength, underwriting & trust
Specialty Insurance
Title Insurance
Title
Insurance
14%
Specialty
Insurance
85%
Based on 2024 Pre-Tax Operating Income
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OLD REPUBLIC
A history of launching and acquiring specialty businesses
Date of start-up or acquisition
'71
'71 Old Republic Canada
'83 Old Republic Aerospace
1970
1975
1980
Old Republic Title Insurance Group
'78
Old Republic Home Protection
'81
'85
BITCO & Great West Casualty
Company
'85
Old Republic Risk Management
'92
Old Republic Insured Automotive
Services
'15
Old Republic Specialty Insurance
Underwriters
'21
Old Republic Inland Marine
'23
Old Republic Accident & Health
'25
Old Republic Cyber
1985
1990
1995
2000
2005
2010
2015
2020
2025
Old Republic Professional
'83
Old Republic Surety
'86
PMA
'10
Old Republic Residual Market
Services
Old Republic Excess & Surplus
'22
Old Republic Lawyers Specialty
'23
Insurance Company
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OLD REPUBLIC
Specialty Insurance - Profile
Our business model emphasizes diversification to manage risk and decentralization to foster industry specialization, autonomy & accountability
ORINSCO
Includes large national accounts with
customers taking risk through captives and large deductibles; also includes Automotive Services, Aerospace and Professional Liability
$7.81 billion Gross Premiums + Fees (FY 2024)
Great West
Commercial auto, workers' compensation,
physical damage and cargo for the trucking industry, including accounts with customers taking risk through captives and large
deductibles.
PMA
TPA services, workers' compensation
and other coverages for large and mid-sizedcompanies, including accounts with customers taking risk through captives, large
deductibles and retrospectively rated
policies
ORINSCO
37%
Other
Great
Specialty
19%
West
25%
PMA
BITCO
11%
8%
Other Specialty Products
Specialty Ins. Underwriters, Home Protection, Canada, Surety, Residual
Markets and recent startups Inland
Marine, Excess & Surplus, Lawyers Specialty and Accident & Health
BITCO
Coverage for the
construction industries; primarily workers' compensation, GL and commercial auto, including accounts with customers taking risk
through large deductibles
10
Disclaimer
Old Republic International Corporation published this content on February 28, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 28, 2025 at 15:40:44.000.