Old Republic International : Investor Presentation 1st Quarter 2025
ORI
MANAGING OLD REPUBLIC FOR THE LONG RUN
Investor Presentation
1st Quarter 2025
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 102years
Total Market Return of 16.7%
per share for past 10 years
NYSE listed since 1990
84 years of cash dividends
without interruption
Annual cash dividend raised for each
of the past 44 years
$6.0 billion of dividends & share repurchases since 12.31.16
3
OLD REPUBLIC
Key Metrics
Market Cap / Stock price (NYSE: ORI)
$9.74 billion / $39.22
Shareholders' Equity / BVPS
$5.92 billion / $24.19
Trailing 4 Quarter Operating Income / EPS
$814.0 million / $3.18
Annualized Operating ROE
14.4%
Regular Dividend / Yield
$1.16 / 3.0%
Employees
9,300
Insider and Employee Ownership
7.7%
Note: Market and financial data as of March 31, 2025, except Regular Dividend / Yield which has been updated to reflect the current year run-rate.
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
Combining operational & underwriting excellence with 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, technology and growth initiatives
Aligning incentives and accountability to drive profitable growth
Maintaining a lean and flat organizational structure
5
OLD REPUBLIC
Consolidated Financial Trends
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
BVPS
Cumulative Dividends
$50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $-
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OLD REPUBLIC
1st Quarter 2025 Highlights
$0.81
Operating EPS
21% increase from $0.67 in the 1st quarter of 2024 driven by 18% pretax operating income increase in Specialty Insurance and 84% increase in Title Insurance.
$24.19
Book Value Per Share
Adding back dividends, book value increased 7.2% from year-end 2024.
$1.84 billion
Net Premiums & Fees Earned
12% increase from the
1st quarter of 2024 driven by Specialty Insurance (up 13%) and by Title Insurance (up 11%).
2.6 points
Favorable Development
Favorable development in all segments.
93.7
Combined Ratio
Down 0.6 points versus last year's 94.3. Specialty Insurance at 89.8 (vs 90.3) and Title Insurance at 102.1 (vs 102.5).
$0.29
Regular Quarterly Dividend
$25 million
Share Repurchases
Up 9.4% from prior year.
Just over $200 million remaining authorized 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
Specialty
Insurance
85%
14%
Based on 2024 Pre-Tax Operating Income
8
OLD REPUBLIC
A history of launching and acquiring specialty businesses
Date of start-up or acquisition
'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
Old Republic Surety
PMA
Old Republic Residual Market Services
Old Republic Excess & Surplus
Old Republic Lawyers Specialty Insurance Company
'83
'86
'10
'22
'23
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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
West
19%
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 forest, oil & gas and
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 April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 20:39 UTC.