OLD REPUBLIC INTERNATIONAL CORP [ORI] has reported a net loss of $598.6 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $7.3 billion
Based in CHICAGO, Illinois, OLD REPUBLIC INTERNATIONAL CORP operates in the FINANCE sector.
In the 12 months ended December 31, 2023, the financial performance of the company showed a decrease in revenues compared to the same period in 2022. The total revenues for the current reporting period stood at $7.25 billion, down from $8.08 billion in the previous year and significantly lower compared to $9.34 billion in 2021.
Net premiums earned, a key revenue component, also experienced a decline. In 2023, net premiums earned amounted to $6.45 billion, showing a decrease from $7.34 billion in 2022 and a further drop from $7.56 billion in 2021.
On the operating expenses side, total expenses for the period totaled $6.51 billion, marking a decrease from $7.23 billion in 2022 but remaining higher than $7.42 billion in 2021. This reduction in expenses contributed to the company's income before income taxes, which amounted to $747.4 million in 2023, down from $857.4 million in 2022 and significantly lower than $1.92 billion in 2021.
Net income for the period also saw a decline, with the company reporting $598.6 million in 2023, a decrease from $686.4 million in 2022 and a substantial drop from $1.53 billion in 2021.
In terms of earnings per share, the company reported a basic net income per share of $2.12 in 2023, down from $2.28 in 2022 and significantly lower than $5.08 in 2021. Similarly, the diluted net income per share was $2.10 in 2023, showing a decrease from $2.26 in 2022 and a substantial drop from $5.05 in 2021.
Overall, the company's financial performance in 2023 reflects a decrease in revenues and net income compared to the previous year, indicating challenges in the operating environment that impacted its profitability.
Also Read: