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![Old Republic International Corp [ORI] reports quarterly net loss of $316.7 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FORI.png&w=1200&q=75)
OLD REPUBLIC INTERNATIONAL CORP [ORI] has reported a net loss of $316.7 million for quarter ended Dec 31, 2022.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $2 billion
Based in CHICAGO, Illinois, OLD REPUBLIC INTERNATIONAL CORP operates in the FINANCE sector.
In the consolidated income statement reported for the quarter ended March 31, 2024, and March 31, 2023, the following financial details were noted:
Revenues:
- The total revenues for the current quarter reached $2.02 billion, a notable increase from the previous year's same period of $1.76 billion.
- Net premiums earned for the current period were $1.57 billion, compared to $1.50 billion in the previous year.
- Net investment income rose to $164.1 million from $137.8 million in the previous year.
- Total premiums and fees for the current quarter amounted to $1.64 billion, up from $1.56 billion in the corresponding period last year.
Expenses:
- Loss and loss adjustment expenses increased to $694.6 million from $600.2 million in the previous year's same quarter.
- Underwriting, acquisition, and other expenses also rose to $903.3 million compared to $888.6 million in the previous period.
Income and Earnings per Share:
- Income from Continuing Operations before Income Taxes and Noncontrolling Interests saw a significant increase to $398.7 million from $249.2 million in the prior year.
- Net income for the current quarter amounted to $316.7 million, up from $199.8 million in the same period last year.
- Earnings per share for basic and diluted amounts were $1.17 and $1.15, respectively, up from $0.68 in the previous year for both basic and diluted measures.
These financial results reflect a positive performance in terms of revenue growth, increased net income, and improved earnings per share compared to the corresponding period in the previous year.
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