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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM10-Q
☒Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934
for the quarterly period ended:June 30, 2023
or
☐Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934
Commission File Number:001-10607
OLD REPUBLIC INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-2678171
(State or other jurisdiction of(IRS Employer Identification No.)
incorporation or organization)
307 North Michigan AvenueChicagoIllinois60601
(Address of principal executive office)(Zip Code)

Registrant's telephone number, including area code: 312-346-8100

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock / $1 par valueORINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes: ☒ No: ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes: ☒ No: ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).Yes: ☐  No: ☒

The number of shares of the Registrant's Common Stock outstanding at June 30, 2023 was 284,642,735.

There are 45 pages in this report


OLD REPUBLIC INTERNATIONAL CORPORATION
Report on Form 10-Q / June 30, 2023
INDEX
PAGE NO.
PART IFINANCIAL INFORMATION:
CONSOLIDATED BALANCE SHEETS3
CONSOLIDATED STATEMENTS OF INCOME4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME5
CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND COMMON
SHAREHOLDERS' EQUITY6
CONSOLIDATED STATEMENTS OF CASH FLOWS7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS8 - 17
MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS18 - 40
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK41
CONTROLS AND PROCEDURES41
OTHER INFORMATION41
PART IIOTHER INFORMATION:
ITEM 1 - LEGAL PROCEEDINGS42
ITEM 1A - RISK FACTORS42
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS42
ITEM 6 - EXHIBITS43
SIGNATURE44
EXHIBIT INDEX45




2

Old Republic International Corporation and Subsidiaries
Consolidated Balance Sheets
($ in Millions, Except Share Data)
(Unaudited)
June 30,December 31,
20232022
Assets
Investments:
Fixed income securities (at fair value) (amortized cost: $12,206.9 and $12,336.3)$11,668.8 $11,746.7 
Short-term investments (at fair value which approximates cost)853.3 860.8 
Equity securities (at fair value) (cost: $1,841.9 and $1,948.1)3,080.2 3,220.9 
Other investments34.3 31.2 
Total Investments15,636.7 15,859.9 
Cash96.3 81.0 
Accrued investment income108.0 106.7 
Accounts and notes receivable2,334.4 1,927.5 
Federal income tax recoverable: Current22.8 15.7 
Reinsurance balances and funds held339.9 323.0 
Reinsurance recoverable: Paid losses134.7 119.4 
 Policy and loss reserves5,852.9 5,468.5 
Deferred policy acquisition costs407.4 382.5 
Other assets916.7 874.8 
Total Assets$25,850.3 $25,159.4 
Liabilities, Preferred Stock, and Common Shareholders' Equity
Liabilities:
Policy liabilities:
Loss and loss adjustment expense reserves$12,404.5 $12,221.5 
Unearned premiums3,149.0 2,787.8 
Other policyholders' benefits and funds143.8 182.2 
Total policy liabilities15,697.3 15,191.6 
Commissions, expenses, fees, and taxes425.6 514.8 
Reinsurance balances and funds1,342.5 1,079.4 
Federal income tax: Deferred47.3 42.7 
Debt1,590.5 1,597.0 
Other liabilities627.0 560.5 
Total Liabilities19,730.5 18,986.2 
Preferred Stock (1)
— — 
Common Shareholders' Equity:
Common stock (1)284.6 296.9 
Additional paid-in capital831.8 1,141.8 
Retained earnings5,536.1 5,321.8 
Accumulated other comprehensive income (loss)(468.9)(517.8)
Unallocated 401(k) plan shares (at cost)(63.9)(69.5)
Total Common Shareholders' Equity6,119.8 6,173.2 
Total Liabilities, Preferred Stock and Common Shareholders' Equity$25,850.3 $25,159.4 

________

(1)    At June 30, 2023 and December 31, 2022, there were 75,000,000 shares of $0.01 par value preferred stock authorized, of which no shares were outstanding. As of the same dates, there were 500,000,000 shares of common stock, $1.00 par value, authorized, of which 284,642,735 and 296,932,316 were issued as of June 30, 2023 and December 31, 2022, respectively. At June 30, 2023 and December 31, 2022, there were 100,000,000 shares of Class B Common Stock, $1.00 par value, authorized, of which no shares were issued.
See accompanying Notes to Consolidated Financial Statements.

3

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
($ in Millions, Except Share Data)
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
Revenues:
Operating revenues:
Premiums and fees:
Net premiums earned$1,577.4 $1,887.4 $3,073.7 $3,716.1 
Title, escrow, and other fees71.2 94.8 130.2 185.1 
Total premiums and fees1,648.7 1,982.3 3,203.9 3,901.3 
Net investment income139.4 107.8 277.2 214.1 
Other income40.6 37.6 80.1 73.9 
Total operating revenues1,828.8 2,127.8 3,561.3 4,189.4 
Net investment gains (losses):
Realized from actual transactions and impairments2.1 53.2 30.3 118.5 
Unrealized from changes in fair value of
equity securities(32.6)(370.7)(34.6)(290.9)
Total net investment gains (losses)(30.4)(317.4)(4.2)(172.3)
Total revenues1,798.3 1,810.3 3,557.0 4,017.0 
Expenses:
Loss and loss adjustment expenses612.8 635.6 1,213.1 1,240.1 
Dividends to policyholders4.9 3.0 8.6 6.5 
Underwriting, acquisition, and other expenses962.9 1,209.6 1,851.5 2,408.7 
Interest and other charges20.7 16.6 37.6 33.6 
Total expenses1,601.4 1,865.0 3,110.9 3,688.9 
Income (loss) before income taxes (credits)196.9 (54.6)446.1 328.0 
Income Taxes (Credits):
Current47.3 60.2 98.5 123.3 
Deferred(5.9)(74.6)(7.8)(61.4)
Total income taxes (credits)41.3 (14.4)90.6 61.9 
Net Income (Loss)$155.5 $(40.1)$355.4 $266.1 
Net Income (Loss) Per Share:
Basic$.55 $(.13)$1.23 $.88 
Diluted$.54 $(.13)$1.22 $.87 
Average shares outstanding: Basic285,426,801303,793,432288,744,341303,695,113
Diluted287,882,787303,793,432291,046,294305,312,529

See accompanying Notes to Consolidated Financial Statements.

4

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
($ in Millions)
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
Net Income (Loss) As Reported$155.5 $(40.1)$355.4 $266.1 
Other comprehensive income (loss):
Unrealized gains (losses) on securities not included
in the statements of income:
Unrealized gains (losses) before reclassifications,
not included in the statements of income(156.5)(356.1)17.2 (889.4)
Amounts reclassified as realized investment
losses in the statements of income34.7 38.6 37.8 60.4 
Pretax unrealized gains (losses) on securities not
included in the statements of income(121.8)(317.4)55.0 (829.0)
Deferred income taxes (credits)(25.4)(66.9)11.8 (175.0)
Net unrealized gains (losses) on securities not included
in the statements of income, net of tax(96.3)(250.4)43.1 (654.0)
Defined benefit pension plans:
Amounts reclassified as underwriting, acquisition,
and other expenses in the statements of income— .7 — 1.5 
Pretax net adjustment related to defined benefit
pension plans— .7 — 1.5 
Deferred income taxes— .1 — .3 
Net adjustment related to defined benefit pension
plans, net of tax— .6 — 1.2 
Foreign currency translation adjustment and other5.3 (3.3)5.6 3.5 
Total other comprehensive income (loss)(90.9)(253.1)48.9 (649.2)
Comprehensive Income (Loss)$64.5 $(293.3)$404.3 $(383.1)


See accompanying Notes to Consolidated Financial Statements.

5

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Preferred Stock
and Common Shareholders' Equity (Unaudited)
($ in Millions)
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
Preferred Stock:
Balance, beginning and end of period$— $— $— $— 
Common Stock:
Balance, beginning of period$292.7 $308.3 $296.9 $307.5 
Dividend reinvestment plan— — — — 
Stock based compensation.6 .6 1.7 1.3 
Treasury stock restored to unissued status(8.7)— (14.0)— 
Balance, end of period$284.6 $308.9 $284.6 $308.9 
Additional Paid-in Capital:
Balance, beginning of period$1,033.5 $1,391.3 $1,141.8 $1,376.1 
Dividend reinvestment plan.3 .2 .6 .5 
Stock based compensation8.5 3.1 27.4 16.4 
401(k) plan shares released.9 1.3 1.9 2.9 
Treasury stock restored to unissued status(211.4)— (339.9)— 
Other - net— (.1)— (.1)
Balance, end of period$831.8 $1,395.9 $831.8 $1,395.9 
Retained Earnings:
Balance, beginning of period$5,450.3 $5,452.9 $5,321.8 $5,214.0 
Adoption of new accounting principle (1)— — — 2.0 
Balance, beginning of period, as adjusted5,450.3 5,452.9 5,321.8 5,216.1 
Net income (loss)155.5 (40.1)355.4 266.1 
Dividends on common shares (2)(69.7)(69.6)(141.1)(139.1)
Balance, end of period$5,536.1 $5,343.1 $5,536.1 $5,343.1 
Accumulated Other Comprehensive Income (Loss):
Balance, beginning of period$(377.9)$(318.5)$(517.8)$78.0 
Adoption of new accounting principle (1)— — — (.5)
Balance, beginning of period, as adjusted(377.9)(318.5)(517.8)77.4 
Net unrealized gains (losses) on securities not included in the
statements of income, net of tax(96.3)(250.4)43.1 (654.0)
Net adjustment related to defined benefit pension plans,
net of tax— .6 — 1.2 
Foreign currency translation adjustment and other5.3 (3.3)5.6 3.5 
Balance, end of period$(468.9)$(571.7)$(468.9)$(571.7)
Unallocated 401(k) Plan Shares:
Balance, beginning of period$(66.7)$(79.6)$(69.5)$(82.5)
401(k) plan shares released2.8 2.9 5.6 5.9 
Balance, end of period$(63.9)$(76.6)$(63.9)$(76.6)
Treasury Stock:
Balance, beginning of period$— $— $— $— 
Acquired during the period(220.2)— (354.0)— 
Restored to unissued status220.2 — 354.0 — 
Balance, end of period$— $— $— $— 
________
(1)    Reflects the Company's adoption of a new accounting principle relating to long-duration contracts on January 1, 2023. Refer to additional discussion in Note 1 to the Consolidated Financial Statements.
(2)    Cash dividends per common share of $.245 and $.230 were declared for the quarters ended June 30, 2023 and 2022, respectively, and $.490 and $.460 were declared for the comparative six month periods.
See accompanying Notes to Consolidated Financial Statements.

6

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
($ in Millions)
Six Months Ended
June 30,
20232022
Cash flows from operating activities:
Net income$355.4 $266.1 
Adjustments to reconcile net income to
net cash provided by operating activities:
Deferred policy acquisition costs(24.9)(22.1)
Premiums and other receivables(406.8)(327.2)
Loss and loss adjustment expense reserves25.0 166.9 
Unearned premiums and other policyholders' liabilities96.7 104.6 
Income taxes(14.6)(65.4)
Reinsurance balances and funds230.8 196.4 
Realized investment gains from actual transactions(30.3)(118.5)
Unrealized investment losses from changes in fair value
of equity securities34.6 290.9 
Accounts payable, accrued expenses and other(18.6)(88.4)
Total247.2 403.2 
Cash flows from investing activities:
Maturities and calls of fixed income securities608.7 732.5 
Sales of:
Fixed income securities381.2 372.4 
Equity securities186.8 1,045.8 
Other investments5.8 5.1 
Purchases of:
Fixed income securities(879.0)(2,250.1)
Equity securities(11.8)(37.7)
Other investments(50.2)(24.8)
Net decrease (increase) in short-term investments7.8 (171.2)
Other - net.3 (7.0)
Total249.8 (335.0)
Cash flows from financing activities:
Issuance of common shares20.8 14.4 
Redemption of debentures and notes(5.3)— 
Dividends on common shares(141.0)(139.0)
Treasury stock acquired(354.0)— 
Other - net(2.2)(.9)
Total(481.8)(125.5)
Increase (decrease) in cash15.2 (57.3)
Cash, beginning of period81.0 158.1 
Cash, end of period$96.3 $100.8 
Supplemental cash flow information:
Cash paid during the period for: Interest$33.1 $32.9 
                                                        Income taxes$108.1 $128.0 
See accompanying Notes to Consolidated Financial Statements.

7

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
($ in Millions, Except Share Data)

Note 1 - Summary of Significant Accounting Policies

Accounting Principles - The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2022 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective.

Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation.

Accounting Standard Adoption - On January 1, 2023, the Company adopted FASB's Accounting Standards Update (ASU) No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The standard requires insurance companies with long duration contracts to review and update the assumptions used to measure expected cash flows at least annually, with changes flowing through the income statement, and update the discount rate assumption at each reporting date, with changes flowing through other comprehensive income, as well as enhance disclosures related to the liability. The standard most significantly impacts the discount rate used in estimating reserves for the Company’s life insurance business which is in runoff. The guidance was applied using a modified retrospective approach as of January 1, 2021, resulting in changes to other policyholders’ benefits and funds, and a net of tax opening equity adjustment to retained earnings and accumulated other comprehensive income, neither of which had a material impact on the consolidated financial statements.

Securities and Exchange Commission (SEC) Final Ruling - On July 26, 2023, the SEC published final rules on cybersecurity-related disclosures. The final rules will require registrants to disclose cybersecurity incidents within four business days after determining the incident to be material. Registrants will also be required to disclose in their annual report on Form 10-K:

•their processes for assessing, identifying, and managing material risks from cybersecurity threats,
•the material impacts of cybersecurity threats and previous cybersecurity incidents,
•the Board of Director’s oversight of risks posed by cybersecurity threats, and
•management’s role and expertise in assessing and managing material risks posed by cybersecurity threats.

The Company is in the process of evaluating the disclosure requirements required by the final rules which will be effective for 2023 annual reporting.

Investments - The Company classifies its fixed income securities as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. The Company's entire fixed income portfolio is classified as available for sale.

Fixed income securities classified as available for sale are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values are based on quoted market prices or estimates using values obtained from recognized independent pricing services.

The status and fair value changes of fixed income investments are reviewed at least once per quarter to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses).

Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At June 30, 2023, the Company and its subsidiaries did not have significant amounts of non-income producing securities.

Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at date of sale for fixed income securities, and cost in regard to equity securities; such bases apply to the specific securities sold.

Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows:
8


Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related loss and loss adjustment expenses.

Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent approximately 22% of 2023 consolidated title business revenues. Such premiums are generally recognized as income at the transaction closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and loss reserve provisions.

Loss and Loss Adjustment Expenses - The establishment of loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work-related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated loss costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts.

All reserves are therefore based on estimates which are periodically reviewed and evaluated in the light of emerging loss experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of losses in future years, may offset, in whole or in part, favorable or unfavorable loss developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of losses incurred. However, no representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates.

The Company's accounting policy regarding the establishment of loss reserve estimates is described in Note 1 to the consolidated financial statements included in Old Republic's 2022 Annual Report on Form 10-K.

Employee Benefit Plans - The Company has a closed pension plan (the Plan) for certain employees under which benefits were frozen as of December 31, 2013. The funded status of the Plan is recognized as a net pension asset or liability, as applicable, with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides long-term incentive awards to certain employees.

In March 2023, the Compensation Committee of the Company’s Board of Directors approved the Old Republic International Corporation 2023 Performance Recognition Plan (PRP), replacing the previous Key Employee Performance Recognition Plans, as a means of providing cash incentive compensation to named executive officers and certain other senior managers. The PRP is an objective performance-based program providing for annual payouts based on satisfaction of specified performance objectives and individual performance. Financial statement accruals established during the second quarter and six months ended June 30, 2023 reflect a pro-rata share of the Company’s estimate of annual performance-based incentive awards under the PRP.

Note 2 - Investments

The amortized cost and estimated fair values by type and contractual maturity of fixed income securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
9

Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Fixed Income Securities by Type:
June 30, 2023:
Government & Agency$2,199.3 $— $105.0 $2,094.3 
Municipal836.9 — 17.3 819.6 
Corporate9,170.6 27.5 443.3 8,754.8 
$12,206.9 $27.5 $565.6 $11,668.8 
December 31, 2022:
Government & Agency$2,300.0 $— $114.8 $2,185.2 
Municipal896.9 .1 15.5 881.5 
Corporate9,139.3 20.3 479.6 8,680.0 
$12,336.3 $20.5 $610.1 $11,746.7 
Amortized
Cost		Estimated
Fair
Value
Fixed Income Securities Stratified by Contractual Maturity at June 30, 2023:
Due in one year or less$1,535.3 $1,518.3 
Due after one year through five years6,019.5 5,758.4 
Due after five years through ten years4,553.8 4,296.2 
Due after ten years98.1 95.8 
$12,206.9 $11,668.8 

The following tables reflect the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:

Less than 12 Months12 Months or GreaterTotal
Fair
Value		Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
June 30, 2023:
Fixed Income Securities:
Government & Agency$627.3 $14.2 $1,461.5 $90.7 $2,088.9 $105.0 
Municipal597.9 10.1 197.6 7.1 795.6 17.3 
Corporate3,762.0 103.1 3,662.8 340.1 7,424.9 443.3 
$4,987.4 $127.5 $5,322.0 $438.1 $10,309.4 $565.6 
December 31, 2022:
Fixed Income Securities:
Government & Agency$1,769.6 $71.0 $403.8 $43.8 $2,173.4 $114.8 
Municipal845.6 13.0 9.8 2.5 855.5 15.5 
Corporate6,796.7 355.0 1,043.7 124.6 7,840.4 479.6 
$9,412.0 $439.1 $1,457.4 $170.9 $10,869.5 $610.1 

In the above tables the unrealized losses on fixed income securities are deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers whether it intends to sell or is more likely than not required to sell securities, principally in consideration of its asset and liability maturity matching objectives. Net realized investment gains (losses) in the second quarter and six months ended June 30, 2023 include $4.5 of impairment losses on fixed income securities held in conjunction with a deferred compensation plan for which management intends to dispose. The comparable 2022 periods include impairment losses of $2.5. The Company recorded a $1.6 allowance for credit losses as of June 30, 2023. No such allowance was recorded as of December 31, 2022.

10

The following table shows cost and fair value information for equity securities:
Equity Securities

Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
June 30, 2023$1,841.9 $1,280.0 $41.8 $3,080.2 
December 31, 2022$1,948.1 $1,291.5 $18.6 $3,220.9 

During the second quarter and first six months of 2023 and 2022, the Company recognized pretax unrealized investment gains (losses) of $(32.6) and $(34.6), respectively for 2023, and $(370.7) and $(290.9), respectively, for 2022, emanating from changes in the fair value of equity securities in the consolidated statements of income. Changes in the fair value of equity securities still held at June 30, 2023 and 2022 were $10.0 and $24.0 for the quarter and first six months of 2023, respectively, and $(292.4) and $(154.6) for the second quarter and first six months of 2022, respectively.

Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources (inputs) used to measure fair value into three broad levels: Level 1 inputs are based on quoted market prices in active markets; Level 2 observable inputs are based on corroboration with available market data; and Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions. Following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value.

The Company uses quoted values and other data provided by a nationally recognized independent pricing source as inputs into its quarterly process for determining fair values of fixed income and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. The independent pricing source obtains market quotations and actual transaction prices for securities that have quoted prices in active markets and uses their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value.

Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of June 30, 2023 and December 31, 2022.

The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
Fair Value Measurements
As of June 30, 2023:Level 1Level 2Level 3Total
Fixed income securities:
Government & Agency$1,536.1 $558.1 $— $2,094.3 
Municipal— 819.6 — 819.6 
Corporate— 8,735.5 19.3 8,754.8 
Short-term investments853.3 — — 853.3 
Equity securities$3,078.3 $— $1.8 $3,080.2 
As of December 31, 2022:
Fixed income securities:
Government & Agency$1,598.8 $586.3 $— $2,185.2 
Municipal— 881.5 — 881.5 
Corporate— 8,659.2 20.8 8,680.0 
Short-term investments860.8 — — 860.8 
Equity securities$3,219.1 $— $1.7 $3,220.9 

There were no transfers between Levels 1, 2 or 3 during the quarter ended June 30, 2023.


11

The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
Investment income:
Fixed income securities$105.9 $73.3 $209.7 $139.6 
Equity securities23.7 35.3 49.2 76.9 
Short-term investments10.9 1.1 20.8 1.2 
Other investments2.9 .5 4.9 .8 
Gross investment income143.5 110.4 284.8 218.5 
Investment expenses4.0 2.5 7.5 4.4 
Net investment income$139.4 $107.8 $277.2 $214.1 
Net investment gains (losses):
Realized from actual transactions:
Fixed income securities:
Gains$.3 $.1 $1.0 $.1 
Losses(29.7)(37.5)(33.4)(59.3)
Net(29.3)(37.4)(32.4)(59.1)
Equity securities:
Gains40.8 106.6 79.1 220.1 
Losses(3.9)(14.6)(10.9)(41.1)
Net36.8 91.9 68.1 179.0 
Other investments, net.8 1.2 .8 1.2 
Total realized from actual transactions8.3 55.8 36.6 121.1 
From impairments(6.2)(2.5)(6.2)(2.5)
From unrealized changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total realized and unrealized investment gains (losses)(30.4)(317.4)(4.2)(172.3)
Current and deferred income taxes (credits)(6.4)(67.0)(0.8)(36.4)
Net of tax realized and unrealized investment gains (losses)$(24.0)$(250.4)$(3.3)$(135.9)
Changes in unrealized investment gains (losses)
reflected directly in shareholders' equity:
Fixed income securities$(125.7)$(314.6)$49.9 $(822.0)
Less: Deferred income taxes (credits)(26.3)(66.3)10.7 (173.5)
(99.4)(248.2)39.2 (648.4)
Other investments3.9 (2.8)5.0 (7.0)
Less: Deferred income taxes (credits).8 (.5)1.0 (1.4)
3.1 (2.2)3.9 (5.5)
Net changes in unrealized investment gains (losses),
net of tax$(96.3)$(250.4)$43.1 $(654.0)




12

Note 3 - Loss and Loss Adjustment Expenses

The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:

Six Months Ended
June 30,
20232022
Gross reserves at beginning of period$12,221.5 $11,425.5 
Less: reinsurance losses recoverable4,699.5 4,125.3 
Net reserves at beginning of period:
General Insurance6,824.8 6,587.0 
Title Insurance612.8 594.2 
RFIG Run-off77.9 111.2 
Other6.3 7.6 
Sub-total7,521.9 7,300.2 
Incurred loss and loss adjustment expenses:
Provisions for insured events of the current year:
General Insurance1,301.6 1,238.7 
Title Insurance46.3 72.8 
RFIG Run-off6.1 7.3 
Other4.5 4.8 
Sub-total1,358.7 1,323.8 
Change in provision for insured events of prior years:
General Insurance(113.4)(46.8)
Title Insurance(14.6)(14.4)
RFIG Run-off(15.1)(19.7)
Other(1.5)(2.1)
Sub-total(144.7)(83.1)
Total incurred loss and loss adjustment expenses1,213.9 1,240.6 
Payments:
Loss and loss adjustment expenses attributable to
   insured events of the current year:
General Insurance328.5 291.5 
Title Insurance3.1 2.2 
RFIG Run-off— — 
Other2.5 2.2 
Sub-total334.2 296.1 
Loss and loss adjustment expenses attributable to
   insured events of prior years:
General Insurance817.4 734.5 
Title Insurance29.6 34.1 
RFIG Run-off6.5 7.9 
Other1.0 .9 
Sub-total854.6 777.5 
Total payments1,188.8 1,073.6 
Net reserves at end of period:
General Insurance6,867.1 6,752.7 
Title Insurance611.7 616.2 
RFIG Run-off62.3 91.0 
Other5.7 7.1 
Sub-total7,546.9 7,467.2 
Reinsurance losses recoverable4,857.5 4,438.2 
Gross reserves at end of period$12,404.5 $11,905.4 

The favorable development experienced by General Insurance came predominantly from the workers’ compensation and to a lesser extent, commercial auto lines of coverage, with most accident years between 2010-2022 developing favorably. Favorable development experienced by Title Insurance occurred largely within the 2018-2020 accident years, while RFIG Run-off was driven by positive trends in delinquency cure rates.

13

Note 4 - Income Taxes

Tax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge, there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. The Company classifies interest and penalties as income tax expense in the consolidated statement of income. The Company is not currently under audit by the IRS and 2019 and subsequent tax years remain open.

Note 5 - Net Income (Loss) Per Share

Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income available to common stockholders by the weighted-average number of common shares actually outstanding for the periods presented. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income and the number of shares used in basic and diluted earnings per share calculations.
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
Numerator:
Net income (loss)$155.5 $(40.1)$355.4 $266.1 
Denominator:
Basic weighted-average shares (a)285,426,801 303,793,432 288,744,341 303,695,113 
Effect of dilutive securities - stock based
   compensation awards2,455,986 — 2,301,953 1,617,416 
Diluted adjusted weighted-average shares (a)287,882,787 303,793,432 291,046,294 305,312,529 
Earnings (loss) per share: Basic$.55 $(.13)$1.23 $.88 
         Diluted$.54 $(.13)$1.22 $.87 
Anti-dilutive common stock equivalents
excluded from earnings per share computations:
Stock based compensation awards5,559,885 10,876,599 5,559,885 2,670,000 
__________

(a)     In calculating earnings per share, accounting standards require that common shares owned by the ORI 401(k) Savings and Profit Sharing Plan that are unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.

Note 6 - Credit Losses

Credit losses on financial assets measured at amortized cost, primarily the Company's reinsurance recoverables and accounts and notes receivable, are recognized based on estimated losses expected to occur over the life of the asset. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented on the consolidated balance sheets.

The Company's credit allowance was comprised of $17.0 and $16.0 related to reinsurance recoverables as of June 30, 2023 and December 31, 2022, respectively, and $28.0 and $27.0 related to accounts and notes receivable, as of June 30, 2023 and December 31, 2022, respectively.

The Company's evaluation of credit losses on available for sale securities is discussed further in Note 2. The Company is not exposed to material concentrations of credit risks as to any one issuer of investment securities.

14

Note 7 - Debt

Consolidated debt of Old Republic and its subsidiaries is summarized below:
June 30, 2023December 31, 2022
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Senior Notes:
4.875% issued in 2014 and due 2024$399.3 $394.3 $399.0 $397.5 
3.875% issued in 2016 and due 2026548.2 519.3 547.9 522.1 
3.850% issued in 2021 and due 2051643.0 468.1 642.9 449.1 
Other miscellaneous debt— — 7.1 7.1 
Total debt$1,590.5 $1,381.8 $1,597.0 $1,375.9 

Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations to estimate the fair value of outstanding debt classified within Level 2 of the fair value hierarchy as presented below. The Company used an internally generated interest yield market matrix table, which incorporates maturity, coupon rate, credit quality, structure and current market conditions to estimate the fair value of its outstanding debt classified within Level 3.

The following table shows a summary of financial liabilities disclosed, but not carried at fair value, segregated among the various input levels described in Note 3 above:
CarryingFair
ValueValueLevel 1Level 2Level 3
Financial Liabilities:
Debt:
June 30, 2023$1,590.5 $1,381.8 $— $1,381.8 $— 
December 31, 2022$1,597.0 $1,375.9 $— $1,368.7 $7.1 

Note 8 - Common Share Repurchases

On August 18, 2022, the Board of Directors authorized a $450.0 share repurchase program. This authorization was completed during the quarter following the repurchase of $35.0 of common shares, inclusive of taxes and fees (1.3 million shares at an average price of $25.22 per share). On May 12, 2023, the Board of Directors authorized a share repurchase program for an additional $450.0. During the quarter, the Company repurchased $185.2 of common shares under this program, inclusive of taxes and fees (7.3 million shares at an average price of $25.15 per share).

Total share repurchases, inclusive of taxes and fees, under these programs for the quarter and first six months of 2023, were 8.7 million shares for $220.2 (average price of $25.16) and 14.0 million shares for $354.0 (average price of $25.14), respectively. Following the close of the quarter and through August 2, 2023, the Company repurchased 3.4 million additional shares for $88.8 (average price of $25.89).

Note 9 - Commitments and Contingent Liabilities

Legal Proceedings - Legal proceedings against the Company and its subsidiaries routinely arise in the normal course of business and usually pertain to claim matters related to insurance policies and contracts issued by its insurance subsidiaries. At June 30, 2023, the Company had no material non-claim litigation exposures in its consolidated business.

Note 10 - Information About Segments of Business

The Company is engaged in the single business of insurance underwriting and related services. It conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments: General Insurance (property and liability insurance), Title Insurance and the Republic Financial Indemnity Group (RFIG) Run-off. The results of a small life and accident insurance business are included within the Corporate & Other caption of this report. Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of net investment gains (losses). Under GAAP, however, net income, inclusive of net investment gains (losses), is the measure of total profitability. In management's opinion, the focus on income excluding net investment gains (losses), also described herein as segment pretax operating income, provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results, because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations. The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.

15

Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
General Insurance:
Net premiums earned$992.8 $943.5 $1,958.0 $1,854.5 
Net investment income and other income151.8 121.0 299.9 239.4 
Total revenues excluding investment gains$1,144.7 $1,064.5 $2,257.9 $2,094.0 
Segment pretax operating income (a)$184.2 $137.9 $377.5 $280.4 
Income tax expense$38.9 $27.3 $78.0 $55.0 
Title Insurance:
Net premiums earned$578.4 $935.3 $1,102.7 $1,844.0 
Title, escrow and other fees71.2 94.8 130.2 185.1 
Sub-total649.6 1,030.2 1,232.9 2,029.2 
Net investment income and other income14.4 11.4 28.3 22.9 
Total revenues excluding investment gains$664.0 $1,041.6 $1,261.2 $2,052.1 
Segment pretax operating income (a)$34.7 $109.5 $52.1 $190.5 
Income tax expense$7.6 $23.2 $10.5 $40.1 
RFIG Run-off:
Net premiums earned$4.3 $6.0 $8.9 $12.6 
Net investment income and other income1.4 1.5 2.9 3.6 
Total revenues excluding investment gains$5.7 $7.6 $11.9 $16.2 
Segment pretax operating income$7.2 $12.2 $14.2 $22.0 
Income tax expense$1.5 $2.5 $2.9 $4.5 
Consolidated Revenues:
Total revenues of Company segments$1,814.5 $2,113.8 $3,531.1 $4,162.4 
Corporate & other (b)52.2 48.2 105.1 93.6 
Consolidated investment gains (losses):
Realized from actual transactions and impairments2.1 53.2 30.3 118.5 
Unrealized from changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total realized and unrealized investment gains(30.4)(317.4)(4.2)(172.3)
Consolidation elimination adjustments(37.9)(34.2)(74.8)(66.7)
Consolidated revenues$1,798.3 $1,810.3 $3,557.0 $4,017.0 
Consolidated Pretax Income (Loss):
Total segment pretax operating income of
Company segments $226.3 $259.8 $443.9 $493.1 
Corporate & other (b)1.0 3.0 6.4 7.3 
Consolidated investment gains (losses):
Realized from actual transactions and impairments2.1 53.2 30.3 118.5 
Unrealized from changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total realized and unrealized investment gains (losses)(30.4)(317.4)(4.2)(172.3)
Consolidated income (loss) before income taxes (credits)$196.9 $(54.6)$446.1 $328.0 
Consolidated Income Tax Expense (Credits):
Total income tax expense
of Company segments$48.1 $53.1 $91.6 $99.7 
Corporate & other (b)(.3)(.5)— (1.3)
Income tax expense (credits) on consolidated realized
and unrealized investment gains (losses)(6.4)(67.0)(.8)(36.4)
Consolidated income tax expense (credits)$41.3 $(14.4)$90.6 $61.9 
16

June 30,December 31,
20232022
Consolidated Assets:
General Insurance$22,153.3 $21,227.9 
Title Insurance1,973.8 2,077.6 
RFIG Run-off281.6 344.2 
Total assets of company segments24,408.8 23,649.9 
Corporate & other (b)1,704.4 1,736.8 
Consolidation elimination adjustments(262.9)(227.2)
Consolidated assets$25,850.3 $25,159.4 

(a)    Segment pretax operating income is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $19.8 and $39.1 compared to $16.5 and $32.6 for the quarters and six months ended June 30, 2023 and 2022, respectively, and Title - $- and $- compared to $.3 and $.8 for the quarters and six months ended June 30, 2023 and 2022, respectively.
(b)    Includes amounts for a small life and accident insurance business as well as those of the parent holding company and several internal corporate services subsidiaries.

17

OLD REPUBLIC INTERNATIONAL CORPORATION
MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS
Six Months Ended June 30, 2023 and 2022
($ in Millions, Except Share Data)
OVERVIEW

This management analysis of financial position and results of operations pertains to the consolidated accounts of Old Republic International Corporation ("Old Republic", "ORI", or "the Company"). The Company conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments: General Insurance (property and liability insurance), Title Insurance and Republic Financial Indemnity Group (RFIG) Run-off. A small life and accident insurance business, accounting for 0.2% of consolidated operating revenues for the six months ended June 30, 2023 and 0.4% of consolidated assets as of that date, is included within the Corporate & Other caption of this report.

The consolidated accounts are presented in conformity with the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). As a publicly held company, Old Republic utilizes GAAP to comply with the financial reporting requirements of the Securities and Exchange Commission (SEC). From time to time the FASB and the SEC issue various releases, many of which require additional financial statement disclosures and provide related application guidance. Recent guidance issued by the FASB is summarized further in the Notes to Consolidated Financial Statements where applicable.

As a state regulated financial institution vested with the public interest, however, business of the Company's insurance subsidiaries is managed pursuant to the laws, regulations, and accounting practices of the various states in the U.S. and those of a small number of other jurisdictions outside the U.S. in which they operate. In comparison with GAAP, the statutory accounting practices generally reflect greater conservatism and comparability among insurers, and are intended to address the primary financial security interests of policyholders and their beneficiaries. Additionally, these practices also affect a significant number of important factors such as product pricing, risk bearing capacity and capital adequacy, the determination of Federal income taxes payable currently among ORI's tax-consolidated entities, and the upstreaming of dividends by insurance subsidiaries to the parent holding company. The major differences between these statutory financial accounting practices and GAAP are summarized in Note 1 to the consolidated financial statements included in Old Republic's 2022 Annual Report on Form 10-K.

The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be. The Company also cannot know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts the business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support our subsidiaries' long-term obligations to policyholders and their beneficiaries. To achieve these objectives, adherence to insurance risk management principles is stressed, and asset diversification and quality are emphasized. In addition, management engages in an ongoing assessment of operating risks, such as cybersecurity risks, that could adversely affect the Company's business and reputation.

In addition to income arising from Old Republic's basic underwriting and related services functions, significant investment income is earned from invested funds generated by those functions and from capital resources. Investment management aims for stability of income from interest and dividends, protection of capital, and for sufficiency of liquidity to meet insurance underwriting and other obligations as they become payable in the future. Securities trading and the realization of capital gains are not primary objectives. The investment philosophy is therefore best characterized as emphasizing value, credit quality, and relatively long-term holding periods. The Company's ability to hold both fixed income and equity securities for long periods of time is enabled by the scheduling of maturities in contemplation of an appropriate matching of assets and liabilities, and by investments in dividend paying, publicly traded, large capitalization, highly liquid equity securities.

In light of the above factors, the Company is managed for the long run and with little regard for quarterly or even annual reporting periods. These time frames are too short. Management believes results are best evaluated by looking at underwriting and overall operating performance trends over 10-year intervals. These likely include one or two economic and/or underwriting cycles. This provides enough time for these cycles to run its course, for premium rate changes and subsequent underwriting results to be reflected in financial statements, and for reserved loss costs to be quantified with greater certainty.

This management analysis should be read in conjunction with the consolidated financial statements and the footnotes appended to them.

18

EXECUTIVE SUMMARY

Old Republic International Corporation reported the following consolidated results:

OVERALL RESULTS
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Pretax income (loss)$196.9 $(54.6)$446.1 $328.0 
Pretax investment losses(30.4)(317.4)(4.2)(172.3)
Pretax income (loss) excluding investment losses$227.3 $262.8 (13.5)%$450.3 $500.4 (10.0)%
Net income (loss)$155.5 $(40.1)$355.4 $266.1 
Net of tax investment losses(24.0)(250.4)(3.3)(135.9)
Net income (loss) excluding investment losses$179.6 $210.2 (14.6)%$358.8 $402.0 (10.8)%
Combined ratio92.6 %90.9 %92.6 %91.4 %
PER DILUTED SHARE
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Net income (loss)$0.54 $(0.13)$1.22 $0.87 
Net of tax investment losses(0.08)(0.82)(0.01)(0.45)
Net income (loss) excluding investment losses$0.62 $0.69 (10.1)%$1.23 $1.32 (6.8)%
SHAREHOLDERS' EQUITY (BOOK VALUE)
June 30,Dec. 31,
20232022% Change
Total$6,119.8 $6,173.2 (0.9)%
Per Common Share$21.78 $21.07 3.4 %

The Company reported pretax income, excluding investment gains (losses), of $227.3 for the quarter and $450.3 for the first six months of 2023. Title Insurance results declined in both periods, affected by higher mortgage interest rates. General Insurance pretax operating income rose 33.6% for the quarter and 34.6% for the first six months, driven by solid underwriting income. These results produced a consolidated combined ratio of 92.6% for both the quarter and first six months.

Consolidated net premiums and fees earned were down 16.8% for the quarter and 17.9% for the first six months. Title Insurance dropped as a result of lower revenues in both direct and agency operations, while General Insurance grew by mid-single digits in both periods. Net investment income increased significantly in the quarter and the first six months, primarily due to higher investment yields earned.

During the quarter, the Company returned total capital to shareholders of approximately $288, comprised of $70 in dividends, and $218 of share repurchases (8.7 million shares at an average price of $25.16 per share). For the first six months, this results in total capital returned of approximately $492, including $141 in dividends and nearly $351 of share repurchases (14.1 million shares at an average price of $25.14 per share). Following the close of the quarter, the Company repurchased $88 of additional shares (3.4 million shares at an average price of $25.89 per share), leaving approximately $175 remaining under the most recent authorization approved by the Company's Board of Directors in May 2023.

Book value per share grew from $21.07 at year-end 2022 to $21.78 as of June 30, 2023, primarily reflecting the addition of operating earnings less shareholder dividends. With the addition of dividends declared during the first six months, this was an increase of 5.7% over year-end 2022.



19

Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of all investment gains (losses). Under Generally Accepted Accounting Principles (GAAP), however, net income, inclusive of investment gains (losses), is the measure of total profitability.

In management's opinion, the focus on income excluding investment gains (losses), also described herein as segment pretax operating income, provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results, because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations.

FINANCIAL HIGHLIGHTS
Quarters Ended June 30,Six Months Ended June 30,
SUMMARY INCOME STATEMENTS:20232022% Change20232022% Change
Revenues:
Net premiums and fees earned$1,648.7 $1,982.3 (16.8)%$3,203.9 $3,901.3 (17.9)%
Net investment income139.4 107.8 29.3 277.2 214.1 29.5 
Other income40.6 37.6 7.8 80.1 73.9 8.3 
Total operating revenues1,828.8 2,127.8 (14.1)3,561.3 4,189.4 (15.0)
Investment gains (losses):
Realized from actual transactions and impairments2.1 53.2 30.3 118.5 
Unrealized from changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total investment losses(30.4)(317.4)(4.2)(172.3)
Total revenues1,798.3 1,810.3 3,557.0 4,017.0 
Operating expenses:
Loss and loss adjustment expenses617.8 638.6 (3.3)1,221.7 1,246.6 (2.0)
Sales and general expenses962.9 1,209.6 (20.4)1,851.5 2,408.7 (23.1)
Interest and other charges20.7 16.6 24.1 37.6 33.6 11.9 
Total operating expenses1,601.4 1,865.0 (14.1)%3,110.9 3,688.9 (15.7)%
Pretax income (loss)196.9 (54.6)446.1 328.0 
Income taxes (credits)41.3 (14.4)90.6 61.9 
Net income (loss)$155.5 $(40.1)$355.4 $266.1 
COMMON STOCK STATISTICS:
Components of net income per share:
Basic net income (loss) excluding investment gains (losses)
$0.63 $0.69 (8.7)%$1.24 $1.32 (6.1)%
Net investment gains (losses):
Realized from actual transactions and impairments0.01 0.14 0.08 0.31 
Unrealized from changes in fair value of equity securities(0.09)(0.96)(0.09)(0.75)
Basic net income (loss)$0.55 $(0.13)$1.23 $0.88 
Diluted net income (loss) excluding investment gains (losses)
$0.62 $0.69 (10.1)%$1.23 $1.32 (6.8)%
Net investment gains (losses):
Realized from actual transactions and impairments0.01 0.14 0.08 0.30 
Unrealized from changes in fair value of equity securities(0.09)(0.96)(0.09)(0.75)
Diluted net income (loss)$0.54 $(0.13)$1.22 $0.87 
Cash dividends on common stock$0.245 $0.230 $0.490 $0.460 
Book value per share$21.78 $21.01 3.7 %
We believe the information presented in the following table highlights the most meaningful indicators of ORI's segmented and consolidated financial performance. The information underscores the performance of our underwriting subsidiaries, as well as our sound investment of their capital and underwriting cash flows.


20

Sources of Consolidated Income
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Net premiums and fees earned:
General insurance$992.8 $943.5 5.2 %$1,958.0 $1,854.5 5.6 %
Title insurance649.6 1,030.2 (36.9)1,232.9 2,029.2 (39.2)
RFIG run-off4.3 6.0 (28.8)8.9 12.6 (28.8)
Corporate & other1.9 2.4 (22.9)4.0 4.9 (18.1)
Consolidated$1,648.7 $1,982.3 (16.8)%$3,203.9 $3,901.3 (17.9)%
Underwriting and related services income (loss):
General insurance$97.0 $70.9 36.7 %$200.9 $147.3 36.4 %
Title insurance20.0 98.7 (79.7)23.7 168.9 (85.9)
RFIG run-off5.8 10.6 (45.4)11.2 18.4 (38.9)
Corporate & other(14.3)(8.7)(64.5)(25.2)(14.8)(70.4)
Consolidated$108.6 $171.7 (36.7)%$210.7 $319.9 (34.1)%
Consolidated underwriting ratio:
Loss ratio:
Current year42.1 %34.1 %42.6 %34.1 %
Prior years(4.6)(1.9)(4.5)(2.1)
Total37.5 32.2 38.1 32.0 
Expense ratio55.1 58.7 54.5 59.4 
Combined ratio92.6 %90.9 %92.6 %91.4 %
Net investment income:
General insurance$111.4 $83.6 33.3 %$220.1 $166.0 32.6 %
Title insurance14.1 11.1 27.6 27.9 22.4 24.6 
RFIG run-off1.4 1.5 (9.1)2.9 3.6 (18.6)
Corporate & other12.3 11.5 7.6 26.1 21.9 19.0 
Consolidated$139.4 $107.8 29.3 %$277.2 $214.1 29.5 %
Interest and other charges (credits):
General insurance$24.2 $16.6 $43.6 $32.9 
Title insurance(0.5)0.2 (0.4)0.8 
Corporate & other (a)(3.0)(0.2)(5.5)(0.1)
Consolidated$20.7 $16.6 24.1 %$37.6 $33.6 11.9 %
Segmented and consolidated pretax income
excluding investment gains (losses):
General insurance$184.2 $137.9 33.6 %$377.5 $280.4 34.6 %
Title insurance34.7 109.5 (68.3)52.1 190.5 (72.6)
RFIG run-off7.2 12.2 (40.7)14.2 22.0 (35.5)
Corporate & other1.0 3.0 (64.8)6.4 7.3 (11.9)
Consolidated 227.3 262.8 (13.5)%450.3 500.4 (10.0)%
Income taxes on above47.7 52.5 91.5 98.3 
Net income (loss) excluding investment
gains (losses)179.6 210.2 (14.6)%358.8 402.0 (10.8)%
Consolidated pretax investment gains (losses):
Realized from actual transactions
and impairments2.1 53.2 30.3 118.5 
Unrealized from changes in
fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total(30.4)(317.4)(4.2)(172.3)
Income tax credits on above(6.4)(67.0)(0.8)(36.4)
Net of tax investment losses(24.0)(250.4)(3.3)(135.9)
 Net income (loss)$155.5 $(40.1)$355.4 $266.1 
Consolidated operating cash flow$90.6 $124.7 $247.2 $403.2 
(a) Includes consolidation/elimination entries.

21

General Insurance Segment Operating Results
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Net premiums written$1,081.0 $1,002.3 7.8 %$2,095.1 $1,963.1 6.7 %
Net premiums earned992.8 943.5 5.2 1,958.0 1,854.5 5.6 
Net investment income111.4 83.6 33.3 220.1 166.0 32.6 
Other income40.4 37.3 8.1 79.7 73.3 8.6 
Operating revenues1,144.7 1,064.5 7.5 2,257.9 2,094.0 7.8 
Loss and loss adjustment expenses604.5 616.1 (1.9)1,196.9 1,198.3 (0.1)
Sales and general expenses331.6 293.8 12.9 639.8 582.2 9.9 
Interest and other charges24.2 16.6 45.6 43.6 32.9 32.5 
Operating expenses960.4 926.6 3.7 1,880.4 1,813.5 3.7 
Segment pretax operating income$184.2 $137.9 33.6 %$377.5 $280.4 34.6 %
Loss ratio:
Current year66.9 %67.2 %66.9 %67.1 %
Prior years(6.0)(1.9)(5.8)(2.5)
Total60.9 65.3 61.1 64.6 
Expense ratio29.3 27.2 28.6 27.4 
Combined ratio90.2 %92.5 %89.7 %92.0 %

General Insurance net premiums earned increased 5.2% and 5.6% for the quarter and first six months of 2023, respectively, driven by premium rate increases, high renewal retention ratios, and new business production. Premium growth was experienced across most lines of coverage and was most pronounced within commercial auto, partially offset by declines experienced within certain financial indemnity and warranty products. Commercial auto achieved strong rate increases while rate declines were experienced within public D&O and workers' compensation coverages. Net investment income increased significantly in both 2023 periods, driven largely by higher investment yields earned.

The reported loss ratio for General Insurance improved considerably in both periods. Favorable development of approximately 6% for both the quarter and first six months came predominantly from the workers' compensation and commercial auto lines of coverage. The trends in current period loss and expense ratios mostly reflect a shift in the line of coverage mix. Investments in new products and geographies in recent years have diversified the General Insurance business, resulting in shifts in the lines of coverage mix toward lines with lower current period loss ratios and higher expense ratios.

Together, these factors produced highly profitable combined ratios and greater pretax operating income for the periods reported. For General Insurance, we target combined ratios between 90% and 95% over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range, particularly given the long claim payment patterns associated with the business.

The following table shows recent annual and interim periods' loss ratios and the effects of loss development trends:
Effect of Prior Periods'
(Favorable)/Loss Ratio Excluding
ReportedUnfavorable LossPrior Periods' Loss
Loss RatioReserves DevelopmentReserves Development
201872.2 %— %72.2 %
201971.8 0.4 71.4 
202069.9 (0.8)70.7 
202164.8 (3.8)68.6 
202262.1 %(5.1)%67.2 %
2nd Quarter 202265.3 %(1.9)%67.2 %
2nd Quarter 202360.9 %(6.0)%66.9 %
1st Six Months 202264.6 %(2.5)%67.1 %
1st Six Months 202361.1 %(5.8)%66.9 %



22

Title Insurance Segment Operating Results
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Net premiums and fees earned$649.6 $1,030.2 (36.9)%$1,232.9 $2,029.2 (39.2)%
Net investment income14.1 11.1 27.6 27.9 22.4 24.6 
Other income0.2 0.2 (27.8)0.3 0.5 (34.1)
Operating revenues664.0 1,041.6 (36.2)1,261.2 2,052.1 (38.5)
Loss and loss adjustment expenses16.2 29.0 (44.1)31.6 58.4 (45.8)
Sales and general expenses613.5 902.7 (32.0)1,177.8 1,802.3 (34.6)
Interest and other charges(0.5)0.2 (274.0)(0.4)0.8 (155.4)
Operating expenses629.3 932.1 (32.5)1,209.0 1,861.6 (35.1)
Segment pretax operating income$34.7 $109.5 (68.3)%$52.1 $190.5 (72.6)%
Loss ratio:
Current year3.8 %3.6 %3.8 %3.6 %
Prior years(1.3)(0.8)(1.2)(0.7)
Total2.5 2.8 2.6 2.9 
Expense ratio94.4 87.6 95.5 88.8 
Combined ratio96.9 %90.4 %98.1 %91.7 %


Title Insurance net premiums and fees earned decreased by 36.9% and 39.2% for the quarter and first six months of 2023, respectively. Both directly produced and agency produced revenues declined, driven by a continued drop in mortgage originations attributable to higher mortgage interest rates. Commercial premiums decreased commensurately, and represent 22% of premiums earned in the second quarter of both 2023 and 2022. Despite the downward trends experienced when compared to the prior year, Title Insurance pretax operating income increased compared to the first quarter of 2023, primarily due to higher net premium and fees earned. Net investment income increased in both 2023 periods, reflecting higher investment yields earned partially offset by a slightly lower invested asset base.

Title Insurance loss ratios decreased slightly for the quarter and first six months due to higher levels of favorable development as a percentage of premium. Both period's expense ratios were elevated compared to last year, generally reflecting lower directly produced revenues that carry higher fixed expenses. In addition, the first six months 2023 expense ratio reflects the recovery of the $17.2 (1.4 percentage points) state sales tax assessment paid in the fourth quarter of last year.

Together, these factors produced a higher combined ratio and lower pretax operating income for the periods reported.

The following table shows recent annual and interim periods’ loss ratios and the effects of loss development trends:
Effect of Prior Periods'
(Favorable)/Loss Ratio Excluding
ReportedUnfavorable LossPrior Periods' Loss
Loss RatioReserves DevelopmentReserves Development
20181.9 %(1.8)%3.7 %
20192.5 (1.2)3.7 
20202.3 (1.3)3.6 
20212.6 (1.0)3.6 
20222.3 %(1.3)%3.6 %
2nd Quarter 20222.8 %(0.8)%3.6 %
2nd Quarter 20232.5 %(1.3)%3.8 %
1st Six Months 20222.9 %(0.7)%3.6 %
1st Six Months 20232.6 %(1.2)%3.8 %

23

RFIG Run-off Segment Operating Results - Mortgage Insurance
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Net premiums earned$4.3 $6.0 (28.8)%$8.9 $12.6 (28.8)%
Net investment income1.4 1.5 (9.1)2.9 3.6 (18.6)
Loss and loss adjustment expenses(4.5)(8.0)43.6 (9.0)(12.3)26.8 
Pretax operating income$7.2 $12.2 (40.7)%$14.2 $22.0 (35.5)%
Loss ratio:
Current year72.8 %62.4 %76.8 %64.4 %
Prior years(178.7)(196.1)(177.4)(162.2)
Total(105.9)(133.7)(100.6)(97.8)
Expense ratio70.1 56.6 74.9 51.5 
Combined ratio(35.8)%(77.1)%(25.7)%(46.3)%

Given the volatility inherent with a lack of scale, RFIG Run-off is expected to produce highly variable results. Pretax operating income reflects the continuing drop in net earned premiums offset by favorable loss reserve development from improved cure rates on reported defaults. Net investment income decreased due to a declining invested asset base partially offset by higher investment yields earned. Extraordinary dividends of $35.0 and $60.0 were paid to the parent company during the second quarter and first six months of 2023, respectively.

The following table shows recent annual and interim periods' loss ratios and the effects of loss development trends:

Effect of Prior Periods'
(Favorable)/Loss Ratio Excluding
ReportedUnfavorable LossPrior Periods' Loss
Loss RatioReserves DevelopmentReserves Development
201843.2 %(27.0)%70.2 %
201955.0 (12.5)67.5 
202081.7 (26.5)108.2 
2021(5.3)(67.5)62.2 
2022(75.5)%(156.3)%80.8 %
2nd Quarter 2022(133.7)%(196.1)%62.4 %
2nd Quarter 2023(105.9)%(178.7)%72.8 %
1st Six Months 2022(97.8)%(162.2)%64.4 %
1st Six Months 2023(100.6)%(177.4)%76.8 %

24

Corporate & Other Operating Results
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Net life and accident premiums earned$1.9 $2.4 (22.9)%$4.0 $4.9 (18.1)%
Net investment income12.3 11.5 7.6 26.1 21.9 19.0 
Other operating income— — — — — — 
Operating revenues14.2 14.0 2.1 30.2 26.9 12.2 
Benefits and loss and loss adjustment expenses1.5 1.5 1.1 2.2 2.1 1.3 
Insurance expenses0.7 0.8 (10.0)1.8 1.7 4.3 
Corporate, interest and other expenses - net10.8 8.5 27.3 19.7 15.7 25.7 
Operating expenses13.2 10.9 20.7 23.7 19.6 21.1 
Corporate & other pretax operating income$1.0 $3.0 (64.8)%$6.4 $7.3 (11.9)%

This segment includes a small life and accident insurance business and the net costs associated with the parent holding company and several internal corporate services subsidiaries. The segment tends to produce highly variable results stemming from volatility inherent from the lack of scale. For the quarter and first six months of 2023, net investment income increased due to a higher investment yield earned on a slightly lower average invested asset base attributable to the return of capital to shareholders.

Summary Consolidated Balance Sheet
June 30,December 31,June 30,
202320222022
Assets:
Cash and fixed income securities$12,618.5 $12,688.7 $11,751.9 
Equity securities3,080.2 3,220.9 4,182.4 
Other invested assets142.4 138.0 125.4 
Cash and invested assets15,841.1 16,047.7 16,059.9 
Accounts and premiums receivable2,334.4 1,927.5 2,096.0 
Federal income tax recoverable22.8 15.7 19.6 
Reinsurance balances recoverable5,987.6 5,588.0 5,551.1 
Deferred policy acquisition costs407.4 382.5 372.6 
Other assets1,256.7 1,197.9 1,195.9 
Total assets$25,850.3 $25,159.4 $25,295.4 
Liabilities and Shareholders' Equity:
Policy liabilities$3,292.8 $2,970.0 $3,121.6 
Loss and loss adjustment expense reserves12,404.5 12,221.5 11,905.4 
Federal income tax - deferred47.3 42.7 18.9 
Reinsurance balances and funds1,342.5 1,079.4 1,177.3 
Debt1,590.5 1,597.0 1,594.5 
Other liabilities1,052.6 1,075.3 1,077.9 
Total liabilities19,730.5 18,986.2 18,895.8 
Shareholders' equity6,119.8 6,173.2 6,399.5 
Total liabilities and shareholders' equity$25,850.3 $25,159.4 $25,295.4 

25

Cash, Invested Assets, and Shareholders' Equity
% Change
June 30,Dec. 31,June 30,June '23/June '23/
202320222022Dec. '22June '22
Cash and invested assets:
Fixed income securities, cash and other invested assets$12,760.9 $12,826.7 $11,877.4 (0.5)%7.4 %
Equity securities3,080.2 3,220.9 4,182.4 (4.4)(26.4)
Total per balance sheet$15,841.1 $16,047.7 $16,059.9 (1.3)%(1.4)%
Total at cost for all$15,143.5 $15,365.7 $15,402.2 (1.4)%(1.7)%
Composition of shareholders' equity per share:
Equity before items below$19.99 $19.43 $19.68 2.9 %1.6 %
Unrealized investment gains (losses) and other
accumulated comprehensive income (loss)1.79 1.64 1.33 
Total$21.78 $21.07 $21.01 3.4 %3.7 %
Segmented composition of
 shareholders' equity per share:
Excluding RFIG run-off segment$21.01 $20.17 $19.93 4.2 %5.4 %
RFIG run-off segment0.77 0.90 1.08 
Consolidated total$21.78 $21.07 $21.01 3.4 %3.7 %

As of June 30, 2023, the consolidated investment portfolio reflected an allocation of approximately 80% to fixed income (bonds and notes) and short-term investments, and 20% to equity securities (common stock). Our investment management process remains focused on retaining quality investments that produce consistent streams of investment income. The fixed income portfolio continues to be the anchor for the insurance underwriting subsidiaries' obligations. The maturities of our fixed income assets are matched to the expected liabilities for claim payment obligations to policyholders and their beneficiaries. Our equity portfolio consists of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends.

Old Republic's investment portfolio is directed in consideration of enterprise-wide risk management objectives, intended to ensure solid funding of our underwriting subsidiaries' long-term claim payment obligations to policyholders and their beneficiaries, as well as the long-term stability of the subsidiaries’ capital base. For these reasons, the investment portfolio does not contain high risk or illiquid asset classes and has zero or extremely limited exposure to, collateralized debt obligations (CDO's), credit default and interest rate swaps, hybrid securities, asset-backed securities (ABS), guaranteed investment contracts (GIC), structured investment vehicles (SIV), auction rate variable short-term securities, limited partnerships, derivatives, hedge funds or private equity investments. Moreover, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities whose values are predicated on non-regulated financial instruments exhibiting amorphous or unfunded counter-party risk attributes. Pursuant to our enterprise risk management guidelines and controls, we perform regular stress tests of our investment portfolio to gain reasonable assurance that periodic downdrafts in market prices do not seriously undermine our financial strength and the long-term continuity and prospects of our underwriting subsidiaries.

26

Changes in shareholders' equity per share are reflected in the following table. As shown, these resulted mostly from net income excluding net investment gains (losses), realized and unrealized investment gains (losses), and dividend payments to shareholders.

Shareholders' Equity Per Share
QuarterYear
EndedEnded
June 30,Six Months Ended June 30,Dec. 31,
2023202320222022
Beginning balance$21.91 $21.07 $22.77 $22.77 
Changes in shareholders' equity:
Net income excluding net investment gains (losses)0.63 1.24 1.32 2.80 
Net of tax realized investment gains0.01 0.08 0.31 0.17 
Net of tax unrealized investment gains (losses):
Fixed income securities(0.34)0.15 (2.15)(2.18)
Equity securities(0.09)(0.09)(0.75)(0.69)
Total net of tax realized and unrealized
investment gains (losses)(0.42)0.14 (2.59)(2.70)
Cash dividends(0.245)(0.490)(0.460)(1.920)
Other(0.09)(0.18)(0.03)0.12 
Net change(0.13)0.71 (1.76)(1.70)
Ending balance$21.78 $21.78 $21.01 $21.07 
Percentage change for the period(0.6)%3.4 %(7.7)%(7.5)%

Capitalization
June 30,December 31,June 30,
202320222022
Debt:
4.875% Senior Notes due 2024$399.3 $399.0 $398.7 
3.875% Senior Notes due 2026548.2 547.9 547.6 
3.850% Senior Notes due 2051643.0 642.9 642.7 
Other miscellaneous debt— 7.1 5.3 
Total debt1,590.5 1,597.0 1,594.5 
Common shareholders' equity6,119.8 6,173.2 6,399.5 
Total capitalization$7,710.3 $7,770.2 $7,994.1 
Capitalization ratios:
Debt20.6 %20.6 %19.9 %
Common shareholders' equity79.4 79.4 80.1 
Total100.0 %100.0 %100.0 %
27

DETAILED MANAGEMENT ANALYSIS

This section of the Management Analysis of Financial Position and Results of Operations is additive to and should be read in conjunction with the Executive Summary which precedes it.

RESULTS OF OPERATIONS
Consolidated Overview
Premiums & Fees
The major sources of Old Republic's consolidated earned premiums and fees for the periods shown were as follows:
Net Earned Premiums and Fees
GeneralTitle RFIG Run-off Corporate & OtherTotal% Change
from prior
period
Years Ended December 31:
2020$3,394.2 $3,286.3 $45.1 $12.0 $6,737.8 8.0 %
20213,555.5 4,404.3 32.6 11.0 8,003.6 18.8 
20223,808.6 3,833.8 23.2 9.6 7,675.3 (4.1)
Six Months Ended June 30:
20221,854.5 2,029.2 12.6 4.9 3,901.3 2.0 
20231,958.0 1,232.9 8.9 4.0 3,203.9 (17.9)
Quarters Ended June 30:
2022943.5 1,030.2 6.0 2.4 1,982.3 (.2)
2023$992.8 $649.6 $4.3 $1.9 $1,648.7 (16.8)%

Consolidated net premiums and fees earned were down 16.8% for the quarter and 17.9% for the first six months. Title Insurance dropped as a result of lower revenues in both direct and agency operations, while General Insurance grew by mid-single digits in both periods.

Net Investment Income
The following tables reflect the segmented and consolidated invested asset bases as of the indicated dates, the investment income earned and resulting yields on such assets. Since the Company can exercise little control over fair values, management evaluates yields on the basis of investment income earned in relation to the cost of the underlying invested assets.
Invested Assets at CostFair
Value
Adjust-
ment		Invested
Assets at
Fair
Value
GeneralTitleRFIG Run-offCorporate
& Other		Total
As of December 31:
2021$11,379.7 $1,569.2 $459.0 $1,394.8 $14,802.9 $1,773.4 $16,576.3 
202211,852.2 1,512.4 341.6 1,500.1 15,179.4 680.4 15,859.9 
As of June 30:
202211,553.3 1,539.6 412.6 1,702.9 15,208.5 656.3 15,864.9 
2023$11,841.9 $1,398.9 $276.3 $1,421.8 $14,939.1 $697.6 $15,636.7 

28

Net Investment IncomeYield at
GeneralTitle RFIG Run-offCorporate
& Other		Total CostFair
Value
Years Ended
December 31:
2020$352.2 $42.0 $15.2 $29.4 $438.9 3.24 %2.96 %
2021342.4 43.8 11.4 36.5 434.3 3.02 2.72 
2022358.0 47.9 6.7 46.8 459.5 3.07 2.83 
Six Months Ended
June 30:
2022166.0 22.4 3.6 21.9 214.1 2.85 2.64 
2023220.1 27.9 2.9 26.1 277.2 3.68 3.52 
Quarters Ended
June 30:
202283.6 11.1 1.5 11.5 107.8 2.84 2.67 
2023$111.4 $14.1 $1.4 $12.3 $139.4 3.71 %3.52 %

Net investment income increased significantly in the quarter and the first six months, primarily due to higher investment yields earned on the fixed income portfolio.

Loss and Loss Adjustment Expenses
Total loss costs are affected by the amount of paid claims and the adequacy of reserve estimates established for current and prior years' claim occurrences at each balance sheet date.

The following table shows a breakdown of gross and net of reinsurance loss reserve estimates for major types of insurance coverages as of June 30, 2023 and December 31, 2022:

Loss and Loss Adjustment Expense Reserves
June 30, 2023December 31, 2022
GrossNetGrossNet
Workers' compensation$4,810.1 $2,823.1 $4,855.2 $2,879.6 
General liability1,460.7 654.2 1,427.3 641.9 
Commercial automobile3,374.9 1,772.0 3,233.9 1,747.3 
Other coverages1,778.4 1,320.8 1,707.8 1,260.0 
Unallocated loss adjustment expense reserves296.8 296.8 296.9 295.8 
Total general insurance reserves11,721.1 6,867.1 11,521.2 6,824.8 
Title611.7 611.7 612.8 612.8 
RFIG Run-off62.3 62.3 77.9 77.9 
Life and accident9.2 5.7 9.4 6.3 
Total loss and loss adjustment expense reserves$12,404.5 $7,546.9 $12,221.5 $7,521.9 
Asbestosis and environmental loss reserves included
in the above general insurance reserves:
Amount$123.8 $85.7 $121.3 $84.0 
% of total general insurance reserves1.1 %1.2 %1.1 %1.2 %

A summary of changes in aggregate reserves for loss and loss adjustment expenses is included in Note 3 of the Consolidated Financial Statements.

29

The percentage of net loss and loss adjustment expenses incurred as a percentage of premiums and related fee revenues of the Company's three major operating segments and for consolidated operations were as follows:
GeneralTitleRFIG Run-offConsolidated
Years Ended December 31:
202069.9 %2.3 %81.7 %37.0 %
202164.8 2.6 (5.3)30.2 
202262.1 2.3 (75.5)31.8 
Six Months Ended June 30:
202264.6 2.9 (97.8)32.0 
202361.1 2.6 (100.6)38.1 
Quarters Ended June 30:
202265.3 2.8 (133.7)32.2 
202360.9 %2.5 %(105.9)%37.5 %

The Company's reserve for loss and loss adjustment expenses represents the accumulation of estimates of ultimate losses payable, including incurred but not reported losses and loss adjustment expenses. The establishment of loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. Consequently, reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated loss costs and the resulting changes in estimates are recorded in operations of the periods during which they are made.

The increase in the second quarter and first six months 2023 consolidated loss and loss adjustment expense ratio is due to a change in mix commensurate with the drop in Title Insurance premiums which carry lower loss and loss adjustment expense ratios.

Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of losses incurred. However, no representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates. In management's opinion, such changes in net losses and related costs are not likely to have a material effect on the Company's consolidated financial position, although it could materially affect its consolidated results of operations for any one annual or interim reporting period. See further discussion in the Company's 2022 Annual Report on Form 10-K under Item 1A - Risk Factors.

Underwriting Acquisition and Other Expenses
The following table sets forth the expense ratios registered by each major business segment and in consolidation for the periods shown:
RFIG
GeneralTitleRun-off Consolidated
Years Ended December 31:
202025.6 %88.4 %30.2 %56.3 %
202126.5 86.7 39.9 59.7 
202227.4 90.9 53.0 59.2 
Six Months Ended June 30:
202227.4 88.8 51.5 59.4 
202328.6 95.5 74.9 54.5 
Quarters Ended June 30:
202227.2 87.6 56.6 58.7 
202329.3 %94.4 %70.1 %55.1 %

Variations in the Company's consolidated expense ratios reflect a continually changing mix of coverages sold and costs of producing business. To a significant degree, expense ratios for both the General and Title Insurance segments are mostly reflective of variable costs, such as commissions or similar charges, that rise or decline along with corresponding changes in premium and fee income. General operating expenses are routinely subject to timing, and can fluctuate with line of coverage mix, as well as investments in business expansion and information technology. The decrease in the second quarter and first six months 2023 consolidated expense ratio is due to a change in mix commensurate with the drop in Title Insurance premiums which carry a higher expense ratio.

30

Combined Ratios
The combined ratios of the above summarized net loss and loss adjustment expenses and underwriting expenses are as follows:
RFIG
GeneralTitleRun-offConsolidated
Years Ended December 31:
202095.5 %90.7 %111.9 %93.3 %
202191.3 89.3 34.6 89.9 
202289.5 93.2 (22.5)91.0 
Six Months Ended June 30:
202292.0 91.7 (46.3)91.4 
202389.7 98.1 (25.7)92.6 
Quarters Ended June 30:
202292.5 90.4 (77.1)90.9 
202390.2 %96.9 %(35.8)%92.6 %

Net Investment Gains (Losses)
The Company's investment policies are designed to produce a stable source of income from interest and dividends, protection of capital, and providing sufficient liquidity to meet insurance underwriting and other obligations as they become payable in the future.

The following table reflects the composition of net investment gains or losses for the periods shown.
Realized Investment Gains (Losses) from Actual TransactionsImpairment LossesUnrealized Gains (Losses) from Changes in Fair Value of Equity SecuritiesTotal Investment Gains (Losses)
Fixed
Income		Equity
Securities
and Other		Total
Years Ended
December 31:
2020$(7.4)$21.6 $14.2 $— $(156.2)$(142.0)
20211.5 5.3 6.9 — 751.1 758.0 
2022(187.6)373.3 185.7 (123.5)(263.4)(201.1)
Six Months Ended
June 30:
2022(59.1)180.2 121.1 (2.5)(290.9)(172.3)
2023(32.4)69.0 36.6 (6.2)(34.6)(4.2)
Quarters Ended
June 30:
2022(37.4)93.2 55.8 (2.5)(370.7)(317.4)
2023$(29.3)$37.7 $8.3 $(6.2)$(32.6)$(30.4)

During 2022, the Company rebalanced the investment portfolio by reducing equity security holdings and increasing fixed income holdings as reinvestment rates began to materially improve. Dispositions of fixed income securities from scheduled maturities and early calls were 61.5% and 66.3% of total dispositions occurring in the first six months of 2023 and 2022, respectively. Additionally, 2022 includes investment impairment charges of $123.5 on fixed income securities, which management intended to and subsequently disposed of during the year, driven primarily by tax planning considerations. Impairment charges in 2023 primarily reflect management’s intent to dispose of certain securities held in conjunction with a deferred compensation plan as well as a small credit loss.

Income Taxes
The effective consolidated income tax rates were 21.0% and 20.3% in the second quarter and first six months of 2023, compared to (26.4)% and 18.9% in the second quarter and first six months of 2022. The rates for each period reflect primarily the varying proportions of pretax operating income derived from partially tax preferred investment income (principally tax-exempt interest and dividend income).


31

Segment Overview
General Insurance

Summary Operating Results
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Net premiums earned$992.8 $943.5 5.2 %$1,958.0 $1,854.5 5.6 %
Loss and loss adjustment expenses604.5 616.1 (1.9)1,196.9 1,198.3 (0.1)
Sales and general expenses331.6 293.8 12.9 639.8 582.2 9.9 
Segment pretax operating income$184.2 $137.9 33.6 %$377.5 $280.4 34.6 %
Loss ratio:
Current year66.9 %67.2 %66.9 %67.1 %
Prior years(6.0)(1.9)(5.8)(2.5)
Total60.9 65.3 61.1 64.6 
Expense ratio29.3 27.2 28.6 27.4 
Combined ratio90.2 %92.5 %89.7 %92.0 %

Premiums & Fees
The percentage of net premiums earned for major insurance coverages in the General Insurance Group was as follows:
General Insurance Net Earned Premiums by Type of Coverage
Commercial
Automobile		Workers'
Compensation		PropertyFinancial
Indemnity		General
Liability		Other
Years Ended December 31:
202038.4 %25.5 %8.7 %8.0 %6.0 %13.4 %
202139.6 21.9 9.7 9.7 5.2 13.9 
202239.5 21.3 9.8 10.3 5.2 13.9 
Six Months Ended June 30:
202239.2 21.0 10.0 10.6 5.0 14.2 
202340.7 20.0 11.0 8.9 5.7 13.7 
Quarters Ended June 30:
202239.4 21.0 10.0 10.3 5.1 14.2 
202341.1 %19.9 %11.0 %8.6 %5.7 %13.7 %
General Insurance net premiums earned increased 5.2% and 5.6% for the quarter and first six months of 2023, respectively, driven by premium rate increases, high renewal retention ratios, and new business production. Premium growth was experienced across most lines of coverage and was most pronounced within commercial auto, partially offset by declines experienced within certain financial indemnity and warranty products. Commercial auto achieved strong rate increases while rate declines were experienced within public D&O (included within Financial Indemnity) and workers' compensation coverages. Consistent with the Company's strategy to diversify its lines of coverage, 2023 growth in property was partially attributed to premiums from Old Republic Inland Marine.

Loss and Loss Adjustment Expenses
The percentage of net loss and loss adjustment expenses measured against premiums earned by major types of insurance coverage were as follows:
32

General Insurance Loss Ratios by Type of Coverage
All
Coverages 		Commercial
Automobile		Workers'
Compen-sation		PropertyFinancial
Indemnity		General
Liability		Other
Years Ended
December 31:
202069.9 %80.8 %60.8 %58.2 %57.1 %73.5 %69.2 %
202164.8 71.5 58.9 59.3 53.9 64.1 66.6 
202262.1 66.6 45.9 65.4 67.0 71.6 64.5 
Six Months Ended
June 30:
202264.6 68.4 57.3 58.3 78.3 55.9 62.3 
202361.1 70.5 45.1 61.8 44.3 69.2 63.6 
Quarters Ended
June 30:
202265.3 66.6 52.3 57.5 103.5 52.9 63.4 
202360.9 %67.5 %37.9 %68.3 %46.2 %81.6 %69.4 %

The reported loss ratio for General Insurance improved considerably in both periods of 2023. Favorable development of approximately 6% for both the quarter and first six months came predominantly from the workers' compensation and to a lesser extent commercial auto lines of coverage. The favorable development in 2023 is wide spread, with most accident years between 2010 - 2022 developing favorably. The trends in the current period loss ratio mostly reflect a shift in the line of coverage mix. Favorable development in the second quarter of 2022 occurred within the commercial auto and workers' compensation lines of coverage partially offset by unfavorable development in the financial indemnity (which includes public company D&O) line of coverage, stemming from large security class action claims activity occurring from accident years 2018 and 2019.

Sales and General Expenses
The trends in the expense ratio mostly reflect a shift in the line of coverage mix. Investments in new products and geographies in recent years have diversified the General Insurance business, resulting in shifts in the lines of coverage mix toward lines with lower current period loss ratios and higher expense ratios. The current quarter and year to date ratios are also reflective of increased expenses related to personnel and IT costs.

Title Insurance

Summary Operating Results
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Net premiums and fees earned$649.6 $1,030.2 (36.9)%$1,232.9 $2,029.2 (39.2)%
Loss and loss adjustment expenses16.2 29.0 (44.1)31.6 58.4 (45.8)
Sales and general expenses613.5 902.7 (32.0)1,177.8 1,802.3 (34.6)
Segment pretax operating income$34.7 $109.5 (68.3)%$52.1 $190.5 (72.6)%
Loss ratio:
Current year3.8 %3.6 %3.8 %3.6 %
Prior years(1.3)(0.8)(1.2)(0.7)
Total2.5 2.8 2.6 2.9 
Expense ratio94.4 87.6 95.5 88.8 
Combined ratio96.9 %90.4 %98.1 %91.7 %

Premiums & Fees
The following table shows the percentage distribution of Title Insurance premium and fee revenues by production sources:

33

Title Premium and Fee Production by Source
Direct
Operations		Independent
Title Agents
Years Ended December 31:
202024.9 %75.1 %
202122.0 78.0 
202219.5 80.5 
Six Months Ended June 30:
202220.5 79.5 
202321.5 78.5 
Quarters Ended June 30:
202221.4 78.6 
202323.0 %77.0 %

Title Insurance net premiums and fees earned decreased by 36.9% and 39.2% for the quarter and first six months of 2023, respectively. Both directly produced and agency produced revenues declined, driven by a continued drop in mortgage originations attributable to higher mortgage interest rates. Commercial premiums decreased commensurately, and represent 22% of premiums earned in the second quarter of both 2023 and 2022.

Loss and Loss Adjustment Expenses
Title Insurance loss ratios have remained in the low single digits for a number of years due to a continuation of favorable trends in claims frequency and severity and decreased slightly for the quarter and first six months due to higher levels of favorable development as a percentage of premium.

Sales and General Expenses
Both period's expense ratios were elevated compared to last year, generally reflecting lower directly produced revenues that carry higher fixed expenses. In addition, the first six months 2023 expense ratio reflects the recovery of the $17.2 (1.4 percentage points) state sales tax assessment paid in the fourth quarter of last year.

RFIG Run-off

Summary Operating Results
Quarters Ended June 30,Six Months Ended June 30,
20232022% Change20232022% Change
Net premiums earned$4.3 $6.0 (28.8)%$8.9 $12.6 (28.8)%
Loss and loss adjustment expenses(4.5)(8.0)43.6(9.0)(12.3)26.8
Pretax operating income$7.2 $12.2 (40.7)%$14.2 $22.0 (35.5)%
Loss ratio:
Current year72.8 %62.4 %76.8 %64.4 %
Prior years(178.7)(196.1)(177.4)(162.2)
Total(105.9)(133.7)(100.6)(97.8)
Expense ratio70.1 56.6 74.9 51.5 
Combined ratio(35.8)%(77.1)%(25.7)%(46.3)%

RFIG Run-off's mortgage guaranty insurance carriers ceased the underwriting of new policies effective August 31, 2011 and the existing book of business was placed in run-off operating mode. Given the volatility inherent with a lack of scale, RFIG Run-off is expected to produce highly variable results.

Premiums & Fees
The following tables provide information on production and related risk exposure trends for Old Republic's mortgage guaranty insurance operation:
34

Premium and Persistency Trends:Net Earned PremiumsPersistency
Years Ended December 31:
2020$45.1 77.6 %
202132.6 74.8 
202223.2 78.1 
Six Months Ended June 30:
202212.6 74.0 
20238.9 84.2 %
Quarters Ended June 30:
20226.0 
2023$4.3 
Persistency trends improved in 2023, mostly due to the impact of rising mortgage interest rates on the real estate market.

Net Risk in Force
Net Risk in Force By Type:Traditional PrimaryBulk & OtherTotal
As of December 31:
2020$1,842.2 $169.0 $2,011.2 
20211,364.9 140.4 1,505.4 
20221,059.1 114.4 1,173.5 
As of June 30:
20221,158.7 125.6 1,284.3 
2023$983.3 $94.9 $1,078.2 
The results of RFIG Run-off reflect the continuing drop in net earned premiums predominantly related to the declining risk in force.
Loss and Loss Adjustment Expenses

Certain mortgage guaranty average loss related trends are listed below:
Average Settled Claim Amount (a)Reported Delinquency
Ratio at End of Period
Years Ended December 31:
2020$37,172 14.2 %
202131,682 12.4 
202248,313 11.8 
Six Months Ended June 30:
202244,192 11.7 
2023$44,219 10.1 %
__________

(a)    Amounts are in whole dollars.

Generally consistent loss costs reflect favorable loss reserve development from improved cure rates on reported defaults.

FINANCIAL POSITION

The Company's financial position at June 30, 2023 reflects increases in assets and liabilities of 2.7% and 3.9%, respectively, and a decrease in shareholders' equity of .9% when compared to the immediately preceding year-end. Cash and invested assets represent 61.3% of consolidated assets as of June 30, 2023 and December 31, 2022. As of June 30, 2023, the invested asset base, cash and accrued investment income decreased by 1.3% to $15,841.1.

35

Investment Portfolio

Old Republic continues to adhere to its long-term policy of investing primarily in investment grade, marketable securities. At both June 30, 2023 and December 31, 2022, nearly all of the Company's investments consisted of marketable securities. The investment portfolio does not contain high risk or illiquid asset classes and has zero or extremely limited exposure to collateralized debt obligations (CDO's), credit default and interest rate swaps, hybrid securities, asset-backed securities (ABS), guaranteed investment contracts (GIC), structured investment vehicles (SIV), auction rate variable short-term securities, limited partnerships, derivatives, hedge funds or private equity investments. Moreover, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities whose values are predicated on non-regulated financial instruments exhibiting amorphous or unfunded counter-party risk attributes. At June 30, 2023, the Company had no fixed income investments in default as to principal and/or interest.

Short-term maturity investment positions reflect a large variety of factors including current operating needs, expected operating cash flows, debt maturities, and investment strategy considerations. Accordingly, the future level of short-term investments will vary and respond to the interplay of these factors and may, as a result, increase or decrease from current levels.

The Company does not own or utilize derivative financial instruments for the purpose of hedging, enhancing the overall return of its investment portfolio, or reducing the cost of its debt obligations. With regard to its equity portfolio, the Company does not own any options nor does it engage in any type of option writing. Traditional investment management tools and techniques are employed to address the yield and valuation exposures of the invested assets base. The fixed income investment portfolio is managed so as to limit various risks inherent in the bond market. Credit risk is addressed through asset diversification and the purchase of investment grade securities. Reinvestment rate risk is reduced by concentrating on non-callable issues, and by taking asset-liability matching considerations into account. Purchases of mortgage and asset backed securities, which have variable principal prepayment options, are generally avoided. Market value risk is limited through the purchase of bonds of intermediate maturity. The combination of these investment management practices is expected to produce a more stable fixed income investment portfolio that is not subject to extreme interest rate sensitivity and principal deterioration.

The fair value of the Company's fixed income investment portfolio is sensitive, however, to fluctuations in the level of interest rates, but not materially affected by changes in anticipated cash flows caused by any prepayments. The impact of interest rate movements on the fixed income investment portfolio generally affects net unrealized gains or losses. As a general rule, rising interest rates enhance currently available yields but typically lead to a reduction in the fair value of existing fixed income investments. By contrast, a decline in such rates reduces currently available yields but usually serves to increase the fair value of the existing fixed income investment portfolio. All such changes in fair value of securities are reflected, net of deferred income taxes, directly in the shareholders' equity account, and as a separate component of the statement of comprehensive income. Given the Company's inability to forecast or control the movement of interest rates, Old Republic sets the maturity spectrum of its fixed income securities portfolio within parameters of estimated liability payouts, and focuses the overall portfolio on high quality investments. By so doing, Old Republic believes it is reasonably assured of its ability to hold securities to maturity as it may deem necessary in changing environments, and of ultimately recovering their aggregate cost.

Possible future declines in fair values for Old Republic's fixed income portfolio would negatively affect the common shareholders' equity account at any point in time, but would not necessarily result in the recognition of realized investment losses.

The following tables show certain information relating to the Company's fixed income and equity portfolios as of the dates shown.
Fixed Income Securities Stratified by Credit Quality (a):
June 30,December 31,
20232022
Aaa21.3 %22.1 %
Aa10.3 10.0 
A34.2 34.1 
Baa33.1 32.3 
Total investment grade98.9 98.5 
Non-investment grade or non-rated issuers1.1 1.5 
Total100.0 %100.0 %
__________
(a)    Credit quality ratings referred to herein are a blend of those assigned by the major credit rating agencies for U.S. and Canadian Governments, Agencies, Corporates and Municipal issuers.

36

Gross Unrealized Losses Stratified by Industry Concentration for Fixed Income Securities
June 30, 2023Amortized
Cost		Gross
Unrealized
Losses
Non-Investment Grade Fixed Income Securities by Industry Concentration:
Industrial$28.5 $1.6 
Basic Materials17.3 1.4 
Consumer, Cyclical30.9 1.2 
Energy24.6 .7 
Other (includes 3 industry groups)11.3 .4 
Total$112.8 $5.5 

Investment Grade Fixed Income Securities by Industry Concentration:
U.S. Governments & Agencies$2,864.7 $117.1 
Utilities1,747.2 105.5 
Consumer, Non-cyclical1,450.4 81.0 
Financial1,249.8 68.3 
Industrial1,191.0 66.3 
Energy625.7 34.3 
Consumer, Cyclical712.9 32.3 
Other (includes 5 industry groups)920.3 55.0 
Total$10,762.2 $560.1 

The level of gross unrealized losses for this portfolio is primarily driven by changes in the interest rate environment.

Gross Unrealized Losses Stratified by Industry Concentration for Equity Securities
June 30, 2023
Cost		Gross
Unrealized
Losses
Equity Securities by Industry Concentration:
Utilities$148.2 $22.2 
Communications44.7 8.7 
Consumer, Cyclical21.1 5.1 
Financial31.0 5.0 
Other (includes 4 industry groups)11.8 .5 
Total$257.0 $41.8 

Our equity portfolio consists of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends.

Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Income Securities
Amortized CostGross Unrealized Losses
June 30, 2023AllNon-
Investment
Grade Only		AllNon-
Investment
Grade Only
Maturity Ranges:
Due in one year or less$1,517.6 $12.0 $17.0 $— 
Due after one year through five years5,656.4 71.5 265.7 2.6 
Due after five years through ten years3,646.1 29.1 280.2 2.8 
Due after ten years54.7 — 2.5 — 
Total$10,875.0 $112.8 $565.6 $5.5 
37

Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Income Securities
Amount of Gross Unrealized Losses
June 30, 2023Less than
20% of
Cost		20% to
50%
of Cost		More than
50% of Cost		Total Gross
Unrealized
Loss
Number of Months in Unrealized Loss Position:
Fixed Income Securities:
One to six months$44.9 $— $— $44.9 
Seven to twelve months81.9 .5 — 82.5 
More than twelve months436.3 1.7 — 438.1 
Total$563.2 $2.3 $— $565.6 

In the above tables the unrealized losses on fixed income securities are primarily deemed to reflect changes in the interest rate environment.

Age Distribution of Fixed Income Securities
June 30,December 31,
20232022
Maturity Ranges:
Due in one year or less12.6 %11.4 %
Due after one year through five years49.3 48.5 
Due after five years through ten years37.3 38.8 
Due after ten years through fifteen years.7 1.2 
Due after fifteen years.1 .1 
Total100.0 %100.0 %
Average Maturity in Years4.2 4.3 
Duration3.6 3.9 

Duration is used as a measure of bond price sensitivity to interest rate changes. A duration of 3.6 as of June 30, 2023 implies that a 100 basis point parallel increase in interest rates from current levels would result in a possible decline in the fair value of the fixed income investment portfolio of approximately 3.6%.

Liquidity and Capital Resources

The parent holding company meets its liquidity and capital needs principally through dividends and interest on intercompany financing arrangements paid by its subsidiaries. The insurance subsidiaries' ability to pay cash dividends and interest to the parent company is generally restricted by law or subject to approval of the insurance regulatory authorities. Based on December 31, 2022 statutory balances, the Company can receive up to $924.9 in ordinary dividends from its subsidiaries in 2023 without the prior approval of regulatory authorities of which $357.6 has been received through June 30, 2023. The liquidity achievable through such permitted dividend payments is sufficient to cover the parent holding company's currently expected regularly recurring cash outflows represented mostly by interest, anticipated cash dividend payments to shareholders, operating expenses, and the near-term capital needs of its operating company subsidiaries.

Old Republic's total capitalization of $7,710.3 at June 30, 2023 consisted of debt of $1,590.5 and common shareholders' equity of $6,119.8. Changes in the common shareholders' equity account reflect primarily net income excluding net investment gains (losses), realized and unrealized gains (losses), dividend payments to shareholders and share repurchases for the period then ended. At June 30, 2023, the Company's consolidated debt to equity ratio was 26.0%. The Company plans to have adequate liquidity available to retire the senior notes maturing in October 2024 in the event that market conditions are not conducive to refinancing.

Old Republic has paid a cash dividend without interruption since 1942 (82 years), and it has raised the annual cash dividend payout for each of the past 42 years. The dividend rate is reviewed and approved by the Board of Directors on a quarterly basis each year. In establishing each year's cash dividend rate the Company does not follow a strict formulaic approach. Rather, it favors a gradual rise in the annual dividend rate that is largely reflective of long-term consolidated operating earnings trends. Accordingly, each year's dividend rate is set judgmentally in consideration of such key factors as the dividend paying capacity of the Company's insurance subsidiaries, the trends in average annual earnings for the five to ten most recent calendar years, and management's long-term expectations for the Company's consolidated business and its individual operating subsidiaries.

38

During the quarter, the Company returned total capital to shareholders of approximately $288, comprised of $70 in dividends, and $218 of share repurchases (8.7 million shares at an average price of $25.16 per share). For the first six months, this resulted in total capital returned of approximately $492, including $141 in dividends and nearly $351 of share repurchases (14.1 million shares at an average price of $25.14 per share). Following the close of the quarter, the Company repurchased $87 of additional shares (3.4 million shares at an average price of $25.89 per share), leaving approximately $178 remaining under the most recent authorization approved by the Company's Board of Directors in May 2023.

Under state insurance regulations, the Company's three mortgage guaranty insurance subsidiaries are required to hold minimum amounts of capital based on specified formulas. Since the Company's mortgage insurance subsidiaries have discontinued writing new business the risk-to-capital ratio considerations are therefore no longer of consequence.

The Company's principal mortgage insurance subsidiaries sought and received approval from the North Carolina Department of Insurance to pay extraordinary dividends amounting to $35.0 and $60.0 during the second quarter and first six months 2023.

Other Assets

Substantially all of the Company's receivables are current. Reinsurance recoverable balances on paid or estimated unpaid losses are deemed recoverable from solvent reinsurers or have otherwise been reduced by allowances for estimated credit losses. Deferred policy acquisition costs are estimated by taking into account the direct costs relating to the successful acquisition of new or renewal insurance contracts and evaluating their recoverability on the basis of recent trends in loss costs.

Reinsurance Programs

In order to maintain premium production within its capacity and limit maximum losses for which it might become liable under its policies, Old Republic, as is common practice in the insurance industry, may cede a portion or all of its premiums and related liabilities on certain classes of insurance, individual policies, or blocks of business to other insurers and reinsurers. Further discussion of the Company's reinsurance programs can be found in Part 1 of the Company's 2022 Annual Report on Form 10-K.


CRITICAL ACCOUNTING ESTIMATES

The Company's annual and interim financial statements incorporate a large number and types of estimates relative to matters which are highly uncertain at the time the estimates are made. The estimation process required of an insurance enterprise such as Old Republic is by its very nature highly dynamic inasmuch as it necessitates a continuous evaluation, analysis, and quantification of factual data as it becomes known to the Company. As a result, actual experienced outcomes can differ from the estimates made at any point in time and thus affect future periods' reported revenues, expenses, net income or loss, and financial condition.

Old Republic believes that its most critical accounting estimates relate to the establishment of reserves for losses and loss adjustment expenses and the recoverability of reinsured outstanding losses. The major assumptions and methods used in setting these estimates are summarized in the Company's 2022 Annual Report on Form 10-K.
39


OTHER INFORMATION

Reference is here made to "Information About Segments of Business" appearing elsewhere herein.

Historical data pertaining to the operating results, liquidity, and other performance indicators applicable to an insurance enterprise such as Old Republic are not necessarily indicative of results to be achieved in succeeding years. In addition to the factors cited below, the long-term nature of the insurance business, seasonal and annual patterns in premium production and incidence of claims, changes in yields obtained on invested assets, changes in government policies and free markets affecting inflation rates and general economic conditions, and changes in legal precedents or the application of law affecting the settlement of disputed and other claims can have a bearing on period-to-period comparisons and future operating results.

Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve assumptions, uncertainties, and risks that may affect the Company's future performance. With regard to Old Republic's General Insurance segment, its results can be particularly affected by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors, the levels of investment yields and inflation rates, and periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, work-related injuries, and unanticipated external events. Title Insurance and RFIG Run-off results can be affected by similar factors, and by changes in national and regional housing demand and values, the availability and cost of mortgage loans, employment trends, and default rates on mortgage loans. Life and accident insurance earnings can be affected by the levels of employment and consumer spending, changes in mortality and health trends, and alterations in policy lapsation rates. At the parent holding company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income on temporary holdings of short-term investments, and period-to-period variations in the costs of administering the Company's widespread operations.

General Insurance, Title Insurance, Corporate & Other, and RFIG Run-off maintain customer information and rely upon technology platforms to conduct their business. As a result, each of them and the Company are exposed to cyber risk. Many of the Company's operating subsidiaries maintain separate IT systems which are deemed to reduce enterprise-wide risks of potential cybersecurity incidents. However, given the potential magnitude of a significant breach, the Company continually evaluates on an enterprise-wide basis its IT hardware, security infrastructure and business practices to respond to these risks and to detect and remediate in a timely manner significant cybersecurity incidents or business process interruptions.

A more detailed listing and discussion of the risks and other factors which affect the Company's risk-taking insurance business are included in Part I, Item 1A - Risk Factors, of the Company's 2022 Form 10-K Annual Report filing to the Securities and Exchange Commission, which is specifically incorporated herein by reference.

Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise any and all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.
40

OLD REPUBLIC INTERNATIONAL CORPORATION
Item 3 - Quantitative and Qualitative Disclosure About Market Risk

Market risk represents the potential for loss due to adverse changes in the fair value of financial instruments as a result of changes in interest rates, equity prices, foreign exchange rates and commodity prices. Old Republic's primary market risks consist of interest rate risk associated with investments in fixed income and equity price risk associated with investments in equity securities. The Company has no material foreign exchange or commodity risk.

Old Republic's market risk exposures at June 30, 2023, have not materially changed from those identified in the Company's 2022 Annual Report on Form 10-K.

Item 4 - Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company's principal executive officer and its principal financial officer have evaluated the Company's disclosure controls and procedures as of the end of the period covered by this quarterly report. Based upon their evaluation, the principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective for the above referenced evaluation period.

Changes in Internal Control

During the second quarter of 2023, the Company implemented a new investment accounting system that replaced the legacy system formerly used to account for the consolidated investment portfolio. This system provides automation over certain manual processes and enhanced reporting capabilities. As part of this implementation, the Company evaluated the impact of this new system on its internal control over financial reporting and made changes to controls and procedures where necessary to support these new processes.

During the three month period ended June 30, 2023, there were no other changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Management's Report on Internal Control Over Financial Reporting

The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Item 5 - Other Information

During the quarter ended June 30, 2023, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K) for the purchase or sale of the Company’s securities.


41

OLD REPUBLIC INTERNATIONAL CORPORATION
FORM 10-Q
PART II - OTHER INFORMATION

Item 1 - Legal Proceedings

The information contained in Note 9 "Commitments and Contingent Liabilities" of the Notes to Consolidated Financial Statements filed as Part 1 of this Quarterly Report on Form 10-Q is incorporated herein by reference.

Item 1A - Risk Factors

There have been no material changes with respect to the risk factors disclosed in the Company's 2022 Annual report on Form 10-K.

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds

Purchase of Equity Securities

The following table summarizes share repurchase activity for the three months ended June 30, 2023:
PeriodTotal Number of Shares Purchased (1)Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced PlanApproximate Dollar Value of Shares That May Yet be Purchased Under the Plans ($ in Millions)
April 1 - April 30, 20231,388,261$24.97 1,388,261$— 
May 1 - May 31, 20232,018,328$25.16 2,018,328398.7 
June 1 - June 30, 20235,346,379$24.81 5,346,379264.7 
Total8,752,968$24.91 8,752,968$264.7 

(1) On August 18, 2022, the Company announced a share repurchase program authorizing the repurchase of up to $450 million in shares of the Company's common stock. During the quarter, the Company repurchased 1.3 million shares for $34.6 (average price of $24.97), completing its repurchase program under the authorization. On May 12, 2023, the Company announced a share repurchase program authorizing the repurchase of up to an additional $450 in shares of the Company's common stock. Following the close of the quarter and through August 2, 2023, the Company repurchased 3.4 million additional shares for $88.8 (average price of $25.89).

42

Item 6 - Exhibits

(a) Exhibits
3(A)Restated Certificate of Incorporation
31.1 Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Section 1350, Chapter 63 of Title
18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Section 1350, Chapter 63 of Title
18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INSXBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema
101.CALXBRL Taxonomy Extension Calculation Linkbase
101.DEFXBRL Taxonomy Extension Definition Linkbase
101.LABXBRL Taxonomy Extension Label Linkbase
101.PREXBRL Taxonomy Extension Presentation Linkbase
43


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Old Republic International Corporation
(Registrant)
Date:August 7, 2023
/s/ Frank J. Sodaro
Frank J. Sodaro
Senior Vice President,
Chief Financial Officer, and
Principal Accounting Officer

44

EXHIBIT INDEX

Exhibit
No.Description
101.INSXBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema
101.CALXBRL Taxonomy Extension Calculation Linkbase
101.DEFXBRL Taxonomy Extension Definition Linkbase
101.LABXBRL Taxonomy Extension Label Linkbase
101.PREXBRL Taxonomy Extension Presentation Linkbase

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Exhibit 31.1 Rule 13a–14(a)/15d-14(a) Certifications




CERTIFICATIONS



I, Craig R. Smiddy, certify that:

    1.    I have reviewed this quarterly report on Form 10-Q of Old Republic International Corporation (“the registrant”);

    2.    Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

    3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

    4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

        (a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;

        (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

    (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

        (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
1


5.        The registrant’s other certifying officer(s) and I have disclosed, based upon our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

        (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

        (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: August 1, 2023
                                
                                /s/ Craig R. Smiddy                
                                Craig R. Smiddy, President and
                                Chief Executive Officer










2




    Exhibit 31.2 Rule 13a–14(a)/15d-14(a) Certifications





CERTIFICATIONS



I, Frank J. Sodaro, certify that:

    1.    I have reviewed this quarterly report on Form 10-Q of Old Republic International Corporation (“the registrant”);

    2.    Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

    3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

    4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

        (a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;

        (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

        (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

        (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
1

5.        The registrant’s other certifying officer(s) and I have disclosed, based upon our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

        (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

        (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: August 1, 2023

            
                                
                                /s/ Frank J. Sodaro                
                                Frank J. Sodaro
                                Senior Vice President,
                                Chief Financial Officer and
                                Principal Accounting Officer








2



Item 32.1, 18 U.S.C. Section 1350 Certification









CERTIFICATION OF PERIODIC REPORT


    I, Craig R. Smiddy, the President and Chief Executive Officer of Old Republic International Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

    (1)    the quarterly report on Form 10-Q of the Company for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

    (2)    the information contained in the Report fairly presents the financial condition and results of operations of the Company.


Dated: August 1, 2023

                                
                             /s/ Craig R. Smiddy                
                             Craig R. Smiddy, President and
                             Chief Executive Officer















             Item 32.2, 18 U.S.C. Section 1350 Certification













CERTIFICATION OF PERIODIC REPORT


    I, Frank J. Sodaro, the Senior Vice President and Chief Financial Officer of Old Republic International Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1)the quarterly report on Form 10-Q of the Company for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents the financial condition and results of operations of the Company.



Dated: August 1, 2023

                                    
                            /s/ Frank J. Sodaro                
                            Frank J. Sodaro, Senior Vice
                            President, Chief Financial Officer and
Principal Accounting Officer















v3.23.2
Cover Page
 6 Months Ended
Jun. 30, 2023
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 30, 2023
Document Transition Report false
Entity File Number 001-10607
Entity Registrant Name OLD REPUBLIC INTERNATIONAL CORPORATION
Entity Central Index Key 0000074260
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q2
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-2678171
Entity Address, Address Line One 307 North Michigan Avenue
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60601
City Area Code 312
Local Phone Number 346-8100
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Title of 12(b) Security Common Stock / $1 par value
Entity Common Stock, Shares Outstanding 284,642,735
Trading Symbol ORI
Security Exchange Name NYSE
v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Available for sale:    
Fixed income securities (at fair value) (amortized cost: $12,206.9 and $12,336.3) $ 11,668.8 $ 11,746.7
Short-term investments (at fair value which approximates cost) 853.3 860.8
Equity securities (at fair value) (cost: $1,841.9 and $1,948.1) 3,080.2 3,220.9
Other investments 34.3 31.2
Total investments 15,636.7 15,859.9
Cash 96.3 81.0
Accrued investment income 108.0 106.7
Accounts and notes receivable 2,334.4 1,927.5
Federal income tax recoverable: Current 22.8 15.7
Reinsurance balances and funds held 339.9 323.0
Reinsurance recoverable: Paid losses 134.7 119.4
Reinsurance recoverable: Policy and claim reserves 5,852.9 5,468.5
Deferred policy acquisition costs 407.4 382.5
Other assets 916.7 874.8
Total Assets 25,850.3 25,159.4
Liabilities and Common Shareholders' Equity Liabilities:    
Loss and loss adjustment expense reserves 12,404.5 12,221.5
Unearned premiums 3,149.0 2,787.8
Other policyholders' benefits and funds 143.8 182.2
Total policy liabilities 15,697.3 15,191.6
Commissions, expenses, fees, and taxes 425.6 514.8
Reinsurance balances and funds 1,342.5 1,079.4
Deferred Income Tax Liabilities, Net 47.3 42.7
Debt 1,590.5 1,597.0
Other liabilities 627.0 560.5
Total Liabilities 19,730.5 18,986.2
Preferred Stock [1] 0.0 0.0
Common Shareholders' Equity:    
Common stock [1] 284.6 296.9
Additional paid-in capital 831.8 1,141.8
Retained earnings 5,536.1 5,321.8
Accumulated other comprehensive income (loss) (468.9) (517.8)
Unallocated 401(k) plan shares (at cost) (63.9) (69.5)
Total Common Shareholders' Equity 6,119.8 6,173.2
Total Liabilities, Preferred Stock and Common Shareholders' Equity $ 25,850.3 $ 25,159.4
[1] At June 30, 2023 and December 31, 2022, there were 75,000,000 shares of $0.01 par value preferred stock authorized, of which no shares were outstanding. As of the same dates, there were 500,000,000 shares of common stock, $1.00 par value, authorized, of which 284,642,735 and 296,932,316 were issued as of June 30, 2023 and December 31, 2022, respectively. At June 30, 2023 and December 31, 2022, there were 100,000,000 shares of Class B Common Stock, $1.00 par value, authorized, of which no shares were issued.
v3.23.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Available for sale:    
Fixed income securities (amortized costs) $ 12,206.9  
Preferred Stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred Stock, authorized shares (in shares) 75,000,000 75,000,000
Preferred Stock, outstanding shares (in shares) 0 0
Common Stock, par value (in dollars per share) $ 1.00 $ 1.00
Common Stock, authorized shares (in shares) 500,000,000 500,000,000
Common Stock, issued shares (in shares) 284,642,735 296,932,316
Stockholders' Equity Attributable to Parent $ 6,119.8 $ 6,173.2
Fixed Income Securities [Member]    
Available for sale:    
Fixed income securities (amortized costs) 12,206.9 12,336.3
Equity Securities [Member]    
Available for sale:    
Equity securities - cost $ 1,841.9 $ 1,948.1
Common Class B [Member]    
Available for sale:    
Common Stock, par value (in dollars per share) $ 1.00 $ 1.00
Common Stock, authorized shares (in shares) 100,000,000 100,000,000
Common Stock, issued shares (in shares) 0 0
v3.23.2
Consolidated Statements of Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Net premiums earned $ 1,577.4 $ 1,887.4 $ 3,073.7 $ 3,716.1
Title, escrow, and other fees 71.2 94.8 130.2 185.1
Total premiums and fees 1,648.7 1,982.3 3,203.9 3,901.3
Net investment income 139.4 107.8 277.2 214.1
Other income 40.6 37.6 80.1 73.9
Total operating revenues 1,828.8 2,127.8 3,561.3 4,189.4
Net investment gains (losses):        
Realized from actual transactions and impairments 2.1 53.2 30.3 118.5
Equity Securities, FV-NI, Unrealized Gain (Loss) (32.6) (370.7) (34.6) (290.9)
Total realized and unrealized investment gains (losses) (30.4) (317.4) (4.2) (172.3)
Total revenues 1,798.3 1,810.3 3,557.0 4,017.0
Expenses:        
Loss and loss adjustment expenses 612.8 635.6 1,213.1 1,240.1
Dividends to policyholders 4.9 3.0 8.6 6.5
Underwriting, acquisition, and other expenses 962.9 1,209.6 1,851.5 2,408.7
Interest and other charges 20.7 16.6 37.6 33.6
Total expenses 1,601.4 1,865.0 3,110.9 3,688.9
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 196.9 (54.6) 446.1 328.0
Income Taxes (Credits):        
Current 47.3 60.2 98.5 123.3
Deferred (5.9) (74.6) (7.8) (61.4)
Total income taxes (credits) 41.3 (14.4) 90.6 61.9
Net income $ 155.5 $ (40.1) $ 355.4 $ 266.1
Net Income (Loss) Per Share:        
Net income (loss) per share: Basic (in dollars per share) $ 0.55 $ (0.13) $ 1.23 $ 0.88
Net income (loss) per share: Diluted (in dollars per share) $ 0.54 $ (0.13) $ 1.22 $ 0.87
Average shares outstanding: Basic (in shares) 285,426,801 303,793,432 288,744,341 303,695,113
Weighted Average Number of Shares Outstanding, Diluted, Total 287,882,787 303,793,432 291,046,294 305,312,529
v3.23.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 155.5 $ (40.1) $ 355.4 $ 266.1
Unrealized gains (losses) on securities:        
Unrealized gains (losses) on securities before reclassifications, not included in the statements of income (156.5) (356.1) 17.2 (889.4)
Amounts reclassified as realized investment gains from sales in the statements of income 34.7 38.6 37.8 60.4
Pretax unrealized gains (losses) on securities not included in the statements of income (121.8) (317.4) 55.0 (829.0)
Less: Deferred income taxes (credits) (25.4) (66.9) 11.8 (175.0)
Net unrealized gains (losses) on securities not included in the statements of income, net of tax (96.3) (250.4) 43.1 (654.0)
Defined benefit pension plans:        
Amounts reclassified as underwriting, acquisition, and other expenses in the statements of income 0.0 0.7 0.0 1.5
Pretax net adjustment related to defined benefit pension plans 0.0 0.7 0.0 1.5
Deferred income taxes (credits) 0.0 0.1 0.0 0.3
Net adjustment related to defined benefit pension plans, net of tax 0.0 0.6 0.0 1.2
Foreign currency translation adjustment and other 5.3 (3.3) 5.6 3.5
Total other comprehensive income (loss) (90.9) (253.1) 48.9 (649.2)
Comprehensive Income (Loss) $ 64.5 $ (293.3) $ 404.3 $ (383.1)
v3.23.2
Consolidated Statements of Preferred Stock and Common Shareholders' Equity - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
AOCI Attributable to Parent
AOCI Attributable to Parent
Cumulative Effect, Period of Adoption, Adjustment
 [1]
AOCI Attributable to Parent
Cumulative Effect, Period of Adoption, Adjusted Balance
Unallocated ESSOP Shares
Treasury Stock, Common
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholders' Equity Attributable to Parent           $ 2.0 $ 5,216.1   $ (0.5) $ 77.4    
Balance at Dec. 31, 2021   $ 0.0 $ 307.5 $ 1,376.1 $ 5,214.0     $ 78.0     $ (82.5) $ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Dividend reinvestment plan     0.0 0.5                
Net issuance of shares under stock based compensation plans     1.3                  
APIC, Share-based Payment Arrangement, Recognition and Exercise       16.4                
ESSOP shares released       2.9             5.9  
Adjustments to Additional Paid in Capital, Other       (0.1)                
Net income $ 266.1       266.1              
Dividends on common stock [2]         (139.1)              
Net unrealized gains (losses) on securities, net of tax (654.0)             (654.0)        
Net adjustment related to defined benefit pension plans, net of tax 1.2             1.2        
Foreign currency translation adjustment and other 3.5             3.5        
Treasury Stock, Value, Acquired, Cost Method                       0.0
Treasury Stock, Retired, Cost Method, Amount     0.0 0.0               0.0
Balance at Jun. 30, 2022   0.0 308.9 1,395.9 5,343.1     (571.7)     (76.6) 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholders' Equity Attributable to Parent           0.0 5,452.9   0.0 (318.5)    
Balance at Mar. 31, 2022   0.0 308.3 1,391.3 5,452.9     (318.5)     (79.6) 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Dividend reinvestment plan     0.0 0.2                
Net issuance of shares under stock based compensation plans     0.6                  
APIC, Share-based Payment Arrangement, Recognition and Exercise       3.1                
ESSOP shares released       1.3             2.9  
Adjustments to Additional Paid in Capital, Other       (0.1)                
Net income (40.1)       (40.1)              
Dividends on common stock [2]         (69.6)              
Net unrealized gains (losses) on securities, net of tax (250.4)             (250.4)        
Net adjustment related to defined benefit pension plans, net of tax 0.6             0.6        
Foreign currency translation adjustment and other (3.3)             (3.3)        
Treasury Stock, Value, Acquired, Cost Method                       0.0
Treasury Stock, Retired, Cost Method, Amount     0.0 0.0               0.0
Balance at Jun. 30, 2022   0.0 308.9 1,395.9 5,343.1     (571.7)     (76.6) 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholders' Equity Attributable to Parent 6,173.2         0.0 5,321.8   0.0 (517.8)    
Balance at Dec. 31, 2022   0.0 296.9 1,141.8 5,321.8     (517.8)     (69.5) 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Dividend reinvestment plan     0.0 0.6                
Net issuance of shares under stock based compensation plans     1.7                  
APIC, Share-based Payment Arrangement, Recognition and Exercise       27.4                
ESSOP shares released       1.9             5.6  
Adjustments to Additional Paid in Capital, Other       0.0                
Net income 355.4       355.4              
Dividends on common stock [2]         (141.1)              
Net unrealized gains (losses) on securities, net of tax 43.1             43.1        
Net adjustment related to defined benefit pension plans, net of tax 0.0             0.0        
Foreign currency translation adjustment and other 5.6             5.6        
Treasury Stock, Value, Acquired, Cost Method 354.0                     (354.0)
Treasury Stock, Retired, Cost Method, Amount     14.0 339.9               354.0
Balance at Jun. 30, 2023   0.0 284.6 831.8 5,536.1     (468.9)     (63.9) 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholders' Equity Attributable to Parent           $ 0.0 $ 5,450.3   $ 0.0 $ (377.9)    
Balance at Mar. 31, 2023   0.0 292.7 1,033.5 5,450.3     (377.9)     (66.7) 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Dividend reinvestment plan     0.0 0.3                
Net issuance of shares under stock based compensation plans     0.6                  
APIC, Share-based Payment Arrangement, Recognition and Exercise       8.5                
ESSOP shares released       0.9             2.8  
Adjustments to Additional Paid in Capital, Other       0.0                
Net income 155.5       155.5              
Dividends on common stock [2]         (69.7)              
Net unrealized gains (losses) on securities, net of tax (96.3)             (96.3)        
Net adjustment related to defined benefit pension plans, net of tax 0.0             0.0        
Foreign currency translation adjustment and other 5.3             5.3        
Treasury Stock, Value, Acquired, Cost Method 220.2                     (220.2)
Treasury Stock, Retired, Cost Method, Amount     8.7 211.4               220.2
Balance at Jun. 30, 2023   $ 0.0 $ 284.6 $ 831.8 $ 5,536.1     $ (468.9)     $ (63.9) $ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholders' Equity Attributable to Parent $ 6,119.8                      
[1] (1)    Reflects the Company's adoption of a new accounting principle relating to long-duration contracts on January 1, 2023. Refer to additional discussion in Note 1 to the Consolidated Financial Statements.
[2] (2)    Cash dividends per common share of $.245 and $.230 were declared for the quarters ended June 30, 2023 and 2022, respectively, and $.490 and $.460 were declared for the comparative six month periods.
v3.23.2
Consolidated Statements of Preferred Stock and Common Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dividends on common share (in usd per share) $ 0.245 $ 0.230 $ 0.490 $ 0.460
v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 355.4 $ 266.1
Adjustments to reconcile net income to    
Deferred policy acquisition costs (24.9) (22.1)
Premiums and other receivables (406.8) (327.2)
Loss and loss adjustment expense reserves 25.0 166.9
Unearned premiums and other policyholders' liabilities 96.7 104.6
Income taxes (14.6) (65.4)
Reinsurance balances and funds 230.8 196.4
Realized from actual transactions and impairments (30.3) (118.5)
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI 34.6 290.9
Accounts payable, accrued expenses and other (18.6) (88.4)
Total 247.2 403.2
Available for sale    
Maturities and calls of fixed income securities 608.7 732.5
Fixed income securities 381.2 372.4
Proceeds from Sale of Equity Securities, FV-NI 186.8 1,045.8
Sales of:    
Other investments 5.8 5.1
Purchases of:    
Fixed income securities (879.0) (2,250.1)
Payments to Acquire Equity Securities, FV-NI (11.8) (37.7)
Other investments (50.2) (24.8)
Net decrease (increase) in short-term investments 7.8 (171.2)
Other - net 0.3 (7.0)
Total 249.8 (335.0)
Cash flows from financing activities:    
Issuance of common shares 20.8 14.4
Redemption of debentures and notes (5.3) 0.0
Dividends on common shares (141.0) (139.0)
Payments for Repurchase of Common Stock 354.0 0.0
Treasury stock acquired (2.2) (0.9)
Total (481.8) (125.5)
Increase (decrease) in cash    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 15.2 (57.3)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 81.0 158.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 96.3 100.8
Supplemental cash flow information:    
Cash paid (received) during the period for: Interest 33.1 32.9
Cash paid (received) during the period for: Income taxes $ 108.1 $ 128.0
v3.23.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Accounting Policies and Basis of Presentation Summary of Significant Accounting Policies
Accounting Principles - The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2022 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective.

Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation.

Accounting Standard Adoption - On January 1, 2023, the Company adopted FASB's Accounting Standards Update (ASU) No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The standard requires insurance companies with long duration contracts to review and update the assumptions used to measure expected cash flows at least annually, with changes flowing through the income statement, and update the discount rate assumption at each reporting date, with changes flowing through other comprehensive income, as well as enhance disclosures related to the liability. The standard most significantly impacts the discount rate used in estimating reserves for the Company’s life insurance business which is in runoff. The guidance was applied using a modified retrospective approach as of January 1, 2021, resulting in changes to other policyholders’ benefits and funds, and a net of tax opening equity adjustment to retained earnings and accumulated other comprehensive income, neither of which had a material impact on the consolidated financial statements.

Securities and Exchange Commission (SEC) Final Ruling - On July 26, 2023, the SEC published final rules on cybersecurity-related disclosures. The final rules will require registrants to disclose cybersecurity incidents within four business days after determining the incident to be material. Registrants will also be required to disclose in their annual report on Form 10-K:

•their processes for assessing, identifying, and managing material risks from cybersecurity threats,
•the material impacts of cybersecurity threats and previous cybersecurity incidents,
•the Board of Director’s oversight of risks posed by cybersecurity threats, and
•management’s role and expertise in assessing and managing material risks posed by cybersecurity threats.

The Company is in the process of evaluating the disclosure requirements required by the final rules which will be effective for 2023 annual reporting.

Investments - The Company classifies its fixed income securities as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. The Company's entire fixed income portfolio is classified as available for sale.

Fixed income securities classified as available for sale are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values are based on quoted market prices or estimates using values obtained from recognized independent pricing services.

The status and fair value changes of fixed income investments are reviewed at least once per quarter to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses).

Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At June 30, 2023, the Company and its subsidiaries did not have significant amounts of non-income producing securities.

Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at date of sale for fixed income securities, and cost in regard to equity securities; such bases apply to the specific securities sold.

Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows:
Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related loss and loss adjustment expenses.

Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent approximately 22% of 2023 consolidated title business revenues. Such premiums are generally recognized as income at the transaction closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and loss reserve provisions.

Loss and Loss Adjustment Expenses - The establishment of loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work-related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated loss costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts.

All reserves are therefore based on estimates which are periodically reviewed and evaluated in the light of emerging loss experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of losses in future years, may offset, in whole or in part, favorable or unfavorable loss developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of losses incurred. However, no representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates.

The Company's accounting policy regarding the establishment of loss reserve estimates is described in Note 1 to the consolidated financial statements included in Old Republic's 2022 Annual Report on Form 10-K.

Employee Benefit Plans - The Company has a closed pension plan (the Plan) for certain employees under which benefits were frozen as of December 31, 2013. The funded status of the Plan is recognized as a net pension asset or liability, as applicable, with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides long-term incentive awards to certain employees.

In March 2023, the Compensation Committee of the Company’s Board of Directors approved the Old Republic International Corporation 2023 Performance Recognition Plan (PRP), replacing the previous Key Employee Performance Recognition Plans, as a means of providing cash incentive compensation to named executive officers and certain other senior managers. The PRP is an objective performance-based program providing for annual payouts based on satisfaction of specified performance objectives and individual performance. Financial statement accruals established during the second quarter and six months ended June 30, 2023 reflect a pro-rata share of the Company’s estimate of annual performance-based incentive awards under the PRP.
v3.23.2
Investments
 6 Months Ended
Jun. 30, 2023
Investments [Abstract]  
Investment InvestmentsThe amortized cost and estimated fair values by type and contractual maturity of fixed income securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Fixed Income Securities by Type:
June 30, 2023:
Government & Agency$2,199.3 $— $105.0 $2,094.3 
Municipal836.9 — 17.3 819.6 
Corporate9,170.6 27.5 443.3 8,754.8 
$12,206.9 $27.5 $565.6 $11,668.8 
December 31, 2022:
Government & Agency$2,300.0 $— $114.8 $2,185.2 
Municipal896.9 .1 15.5 881.5 
Corporate9,139.3 20.3 479.6 8,680.0 
$12,336.3 $20.5 $610.1 $11,746.7 
Amortized
Cost		Estimated
Fair
Value
Fixed Income Securities Stratified by Contractual Maturity at June 30, 2023:
Due in one year or less$1,535.3 $1,518.3 
Due after one year through five years6,019.5 5,758.4 
Due after five years through ten years4,553.8 4,296.2 
Due after ten years98.1 95.8 
$12,206.9 $11,668.8 

The following tables reflect the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:

Less than 12 Months12 Months or GreaterTotal
Fair
Value		Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
June 30, 2023:
Fixed Income Securities:
Government & Agency$627.3 $14.2 $1,461.5 $90.7 $2,088.9 $105.0 
Municipal597.9 10.1 197.6 7.1 795.6 17.3 
Corporate3,762.0 103.1 3,662.8 340.1 7,424.9 443.3 
$4,987.4 $127.5 $5,322.0 $438.1 $10,309.4 $565.6 
December 31, 2022:
Fixed Income Securities:
Government & Agency$1,769.6 $71.0 $403.8 $43.8 $2,173.4 $114.8 
Municipal845.6 13.0 9.8 2.5 855.5 15.5 
Corporate6,796.7 355.0 1,043.7 124.6 7,840.4 479.6 
$9,412.0 $439.1 $1,457.4 $170.9 $10,869.5 $610.1 

In the above tables the unrealized losses on fixed income securities are deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers whether it intends to sell or is more likely than not required to sell securities, principally in consideration of its asset and liability maturity matching objectives. Net realized investment gains (losses) in the second quarter and six months ended June 30, 2023 include $4.5 of impairment losses on fixed income securities held in conjunction with a deferred compensation plan for which management intends to dispose. The comparable 2022 periods include impairment losses of $2.5. The Company recorded a $1.6 allowance for credit losses as of June 30, 2023. No such allowance was recorded as of December 31, 2022.
The following table shows cost and fair value information for equity securities:
Equity Securities

Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
June 30, 2023$1,841.9 $1,280.0 $41.8 $3,080.2 
December 31, 2022$1,948.1 $1,291.5 $18.6 $3,220.9 

During the second quarter and first six months of 2023 and 2022, the Company recognized pretax unrealized investment gains (losses) of $(32.6) and $(34.6), respectively for 2023, and $(370.7) and $(290.9), respectively, for 2022, emanating from changes in the fair value of equity securities in the consolidated statements of income. Changes in the fair value of equity securities still held at June 30, 2023 and 2022 were $10.0 and $24.0 for the quarter and first six months of 2023, respectively, and $(292.4) and $(154.6) for the second quarter and first six months of 2022, respectively.

Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources (inputs) used to measure fair value into three broad levels: Level 1 inputs are based on quoted market prices in active markets; Level 2 observable inputs are based on corroboration with available market data; and Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions. Following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value.

The Company uses quoted values and other data provided by a nationally recognized independent pricing source as inputs into its quarterly process for determining fair values of fixed income and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. The independent pricing source obtains market quotations and actual transaction prices for securities that have quoted prices in active markets and uses their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value.

Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of June 30, 2023 and December 31, 2022.

The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
Fair Value Measurements
As of June 30, 2023:Level 1Level 2Level 3Total
Fixed income securities:
Government & Agency$1,536.1 $558.1 $— $2,094.3 
Municipal— 819.6 — 819.6 
Corporate— 8,735.5 19.3 8,754.8 
Short-term investments853.3 — — 853.3 
Equity securities$3,078.3 $— $1.8 $3,080.2 
As of December 31, 2022:
Fixed income securities:
Government & Agency$1,598.8 $586.3 $— $2,185.2 
Municipal— 881.5 — 881.5 
Corporate— 8,659.2 20.8 8,680.0 
Short-term investments860.8 — — 860.8 
Equity securities$3,219.1 $— $1.7 $3,220.9 

There were no transfers between Levels 1, 2 or 3 during the quarter ended June 30, 2023.
The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
Investment income:
Fixed income securities$105.9 $73.3 $209.7 $139.6 
Equity securities23.7 35.3 49.2 76.9 
Short-term investments10.9 1.1 20.8 1.2 
Other investments2.9 .5 4.9 .8 
Gross investment income143.5 110.4 284.8 218.5 
Investment expenses4.0 2.5 7.5 4.4 
Net investment income$139.4 $107.8 $277.2 $214.1 
Net investment gains (losses):
Realized from actual transactions:
Fixed income securities:
Gains$.3 $.1 $1.0 $.1 
Losses(29.7)(37.5)(33.4)(59.3)
Net(29.3)(37.4)(32.4)(59.1)
Equity securities:
Gains40.8 106.6 79.1 220.1 
Losses(3.9)(14.6)(10.9)(41.1)
Net36.8 91.9 68.1 179.0 
Other investments, net.8 1.2 .8 1.2 
Total realized from actual transactions8.3 55.8 36.6 121.1 
From impairments(6.2)(2.5)(6.2)(2.5)
From unrealized changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total realized and unrealized investment gains (losses)(30.4)(317.4)(4.2)(172.3)
Current and deferred income taxes (credits)(6.4)(67.0)(0.8)(36.4)
Net of tax realized and unrealized investment gains (losses)$(24.0)$(250.4)$(3.3)$(135.9)
Changes in unrealized investment gains (losses)
reflected directly in shareholders' equity:
Fixed income securities$(125.7)$(314.6)$49.9 $(822.0)
Less: Deferred income taxes (credits)(26.3)(66.3)10.7 (173.5)
(99.4)(248.2)39.2 (648.4)
Other investments3.9 (2.8)5.0 (7.0)
Less: Deferred income taxes (credits).8 (.5)1.0 (1.4)
3.1 (2.2)3.9 (5.5)
Net changes in unrealized investment gains (losses),
net of tax$(96.3)$(250.4)$43.1 $(654.0)
v3.23.2
Losses, Claims and Settlement Expenses
 6 Months Ended
Jun. 30, 2023
Insurance [Abstract]  
Losses, Claims and Settlement Expenses
Note 3 - Loss and Loss Adjustment Expenses

The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:

Six Months Ended
June 30,
20232022
Gross reserves at beginning of period$12,221.5 $11,425.5 
Less: reinsurance losses recoverable4,699.5 4,125.3 
Net reserves at beginning of period:
General Insurance6,824.8 6,587.0 
Title Insurance612.8 594.2 
RFIG Run-off77.9 111.2 
Other6.3 7.6 
Sub-total7,521.9 7,300.2 
Incurred loss and loss adjustment expenses:
Provisions for insured events of the current year:
General Insurance1,301.6 1,238.7 
Title Insurance46.3 72.8 
RFIG Run-off6.1 7.3 
Other4.5 4.8 
Sub-total1,358.7 1,323.8 
Change in provision for insured events of prior years:
General Insurance(113.4)(46.8)
Title Insurance(14.6)(14.4)
RFIG Run-off(15.1)(19.7)
Other(1.5)(2.1)
Sub-total(144.7)(83.1)
Total incurred loss and loss adjustment expenses1,213.9 1,240.6 
Payments:
Loss and loss adjustment expenses attributable to
   insured events of the current year:
General Insurance328.5 291.5 
Title Insurance3.1 2.2 
RFIG Run-off— — 
Other2.5 2.2 
Sub-total334.2 296.1 
Loss and loss adjustment expenses attributable to
   insured events of prior years:
General Insurance817.4 734.5 
Title Insurance29.6 34.1 
RFIG Run-off6.5 7.9 
Other1.0 .9 
Sub-total854.6 777.5 
Total payments1,188.8 1,073.6 
Net reserves at end of period:
General Insurance6,867.1 6,752.7 
Title Insurance611.7 616.2 
RFIG Run-off62.3 91.0 
Other5.7 7.1 
Sub-total7,546.9 7,467.2 
Reinsurance losses recoverable4,857.5 4,438.2 
Gross reserves at end of period$12,404.5 $11,905.4 

The favorable development experienced by General Insurance came predominantly from the workers’ compensation and to a lesser extent, commercial auto lines of coverage, with most accident years between 2010-2022 developing favorably. Favorable development experienced by Title Insurance occurred largely within the 2018-2020 accident years, while RFIG Run-off was driven by positive trends in delinquency cure rates.
v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesTax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge, there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. The Company classifies interest and penalties as income tax expense in the consolidated statement of income. The Company is not currently under audit by the IRS and 2019 and subsequent tax years remain open.
v3.23.2
Common Share Data
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Common Share Data Net Income (Loss) Per Share
Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income available to common stockholders by the weighted-average number of common shares actually outstanding for the periods presented. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income and the number of shares used in basic and diluted earnings per share calculations.
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
Numerator:
Net income (loss)$155.5 $(40.1)$355.4 $266.1 
Denominator:
Basic weighted-average shares (a)285,426,801 303,793,432 288,744,341 303,695,113 
Effect of dilutive securities - stock based
   compensation awards2,455,986 — 2,301,953 1,617,416 
Diluted adjusted weighted-average shares (a)287,882,787 303,793,432 291,046,294 305,312,529 
Earnings (loss) per share: Basic$.55 $(.13)$1.23 $.88 
         Diluted$.54 $(.13)$1.22 $.87 
Anti-dilutive common stock equivalents
excluded from earnings per share computations:
Stock based compensation awards5,559,885 10,876,599 5,559,885 2,670,000 
__________

(a)     In calculating earnings per share, accounting standards require that common shares owned by the ORI 401(k) Savings and Profit Sharing Plan that are unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.
v3.23.2
Credit Losses
 6 Months Ended
Jun. 30, 2023
Credit Loss [Abstract]  
Credit Loss, Financial Instrument Credit Losses
Credit losses on financial assets measured at amortized cost, primarily the Company's reinsurance recoverables and accounts and notes receivable, are recognized based on estimated losses expected to occur over the life of the asset. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented on the consolidated balance sheets.

The Company's credit allowance was comprised of $17.0 and $16.0 related to reinsurance recoverables as of June 30, 2023 and December 31, 2022, respectively, and $28.0 and $27.0 related to accounts and notes receivable, as of June 30, 2023 and December 31, 2022, respectively.

The Company's evaluation of credit losses on available for sale securities is discussed further in Note 2. The Company is not exposed to material concentrations of credit risks as to any one issuer of investment securities.
v3.23.2
Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Consolidated debt of Old Republic and its subsidiaries is summarized below:
June 30, 2023December 31, 2022
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Senior Notes:
4.875% issued in 2014 and due 2024$399.3 $394.3 $399.0 $397.5 
3.875% issued in 2016 and due 2026548.2 519.3 547.9 522.1 
3.850% issued in 2021 and due 2051643.0 468.1 642.9 449.1 
Other miscellaneous debt— — 7.1 7.1 
Total debt$1,590.5 $1,381.8 $1,597.0 $1,375.9 

Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations to estimate the fair value of outstanding debt classified within Level 2 of the fair value hierarchy as presented below. The Company used an internally generated interest yield market matrix table, which incorporates maturity, coupon rate, credit quality, structure and current market conditions to estimate the fair value of its outstanding debt classified within Level 3.

The following table shows a summary of financial liabilities disclosed, but not carried at fair value, segregated among the various input levels described in Note 3 above:
CarryingFair
ValueValueLevel 1Level 2Level 3
Financial Liabilities:
Debt:
June 30, 2023$1,590.5 $1,381.8 $— $1,381.8 $— 
December 31, 2022$1,597.0 $1,375.9 $— $1,368.7 $7.1 
v3.23.2
Common Share Repurchases
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Treasury Stock Common Share Repurchases
On August 18, 2022, the Board of Directors authorized a $450.0 share repurchase program. This authorization was completed during the quarter following the repurchase of $35.0 of common shares, inclusive of taxes and fees (1.3 million shares at an average price of $25.22 per share). On May 12, 2023, the Board of Directors authorized a share repurchase program for an additional $450.0. During the quarter, the Company repurchased $185.2 of common shares under this program, inclusive of taxes and fees (7.3 million shares at an average price of $25.15 per share).

Total share repurchases, inclusive of taxes and fees, under these programs for the quarter and first six months of 2023, were 8.7 million shares for $220.2 (average price of $25.16) and 14.0 million shares for $354.0 (average price of $25.14), respectively. Following the close of the quarter and through August 2, 2023, the Company repurchased 3.4 million additional shares for $88.8 (average price of $25.89).
v3.23.2
Commitments and Contingent Liabilities Commitments and Contingent Liabilities
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities Commitments and Contingent LiabilitiesLegal Proceedings - Legal proceedings against the Company and its subsidiaries routinely arise in the normal course of business and usually pertain to claim matters related to insurance policies and contracts issued by its insurance subsidiaries. At June 30, 2023, the Company had no material non-claim litigation exposures in its consolidated business.
v3.23.2
Information About Segments of Business
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Information About Segments of Business Information About Segments of BusinessThe Company is engaged in the single business of insurance underwriting and related services. It conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments: General Insurance (property and liability insurance), Title Insurance and the Republic Financial Indemnity Group (RFIG) Run-off. The results of a small life and accident insurance business are included within the Corporate & Other caption of this report. Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of net investment gains (losses). Under GAAP, however, net income, inclusive of net investment gains (losses), is the measure of total profitability. In management's opinion, the focus on income excluding net investment gains (losses), also described herein as segment pretax operating income, provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results, because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations. The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
General Insurance:
Net premiums earned$992.8 $943.5 $1,958.0 $1,854.5 
Net investment income and other income151.8 121.0 299.9 239.4 
Total revenues excluding investment gains$1,144.7 $1,064.5 $2,257.9 $2,094.0 
Segment pretax operating income (a)$184.2 $137.9 $377.5 $280.4 
Income tax expense$38.9 $27.3 $78.0 $55.0 
Title Insurance:
Net premiums earned$578.4 $935.3 $1,102.7 $1,844.0 
Title, escrow and other fees71.2 94.8 130.2 185.1 
Sub-total649.6 1,030.2 1,232.9 2,029.2 
Net investment income and other income14.4 11.4 28.3 22.9 
Total revenues excluding investment gains$664.0 $1,041.6 $1,261.2 $2,052.1 
Segment pretax operating income (a)$34.7 $109.5 $52.1 $190.5 
Income tax expense$7.6 $23.2 $10.5 $40.1 
RFIG Run-off:
Net premiums earned$4.3 $6.0 $8.9 $12.6 
Net investment income and other income1.4 1.5 2.9 3.6 
Total revenues excluding investment gains$5.7 $7.6 $11.9 $16.2 
Segment pretax operating income$7.2 $12.2 $14.2 $22.0 
Income tax expense$1.5 $2.5 $2.9 $4.5 
Consolidated Revenues:
Total revenues of Company segments$1,814.5 $2,113.8 $3,531.1 $4,162.4 
Corporate & other (b)52.2 48.2 105.1 93.6 
Consolidated investment gains (losses):
Realized from actual transactions and impairments2.1 53.2 30.3 118.5 
Unrealized from changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total realized and unrealized investment gains(30.4)(317.4)(4.2)(172.3)
Consolidation elimination adjustments(37.9)(34.2)(74.8)(66.7)
Consolidated revenues$1,798.3 $1,810.3 $3,557.0 $4,017.0 
Consolidated Pretax Income (Loss):
Total segment pretax operating income of
Company segments $226.3 $259.8 $443.9 $493.1 
Corporate & other (b)1.0 3.0 6.4 7.3 
Consolidated investment gains (losses):
Realized from actual transactions and impairments2.1 53.2 30.3 118.5 
Unrealized from changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total realized and unrealized investment gains (losses)(30.4)(317.4)(4.2)(172.3)
Consolidated income (loss) before income taxes (credits)$196.9 $(54.6)$446.1 $328.0 
Consolidated Income Tax Expense (Credits):
Total income tax expense
of Company segments$48.1 $53.1 $91.6 $99.7 
Corporate & other (b)(.3)(.5)— (1.3)
Income tax expense (credits) on consolidated realized
and unrealized investment gains (losses)(6.4)(67.0)(.8)(36.4)
Consolidated income tax expense (credits)$41.3 $(14.4)$90.6 $61.9 
June 30,December 31,
20232022
Consolidated Assets:
General Insurance$22,153.3 $21,227.9 
Title Insurance1,973.8 2,077.6 
RFIG Run-off281.6 344.2 
Total assets of company segments24,408.8 23,649.9 
Corporate & other (b)1,704.4 1,736.8 
Consolidation elimination adjustments(262.9)(227.2)
Consolidated assets$25,850.3 $25,159.4 

(a)    Segment pretax operating income is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $19.8 and $39.1 compared to $16.5 and $32.6 for the quarters and six months ended June 30, 2023 and 2022, respectively, and Title - $- and $- compared to $.3 and $.8 for the quarters and six months ended June 30, 2023 and 2022, respectively.
(b)    Includes amounts for a small life and accident insurance business as well as those of the parent holding company and several internal corporate services subsidiaries.
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure        
Net income $ 155.5 $ (40.1) $ 355.4 $ 266.1
v3.23.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
v3.23.2
Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Basis of Accounting, Policy
Accounting Principles - The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2022 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective.

Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation.
New Accounting Pronouncements, Policy
Accounting Standard Adoption - On January 1, 2023, the Company adopted FASB's Accounting Standards Update (ASU) No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The standard requires insurance companies with long duration contracts to review and update the assumptions used to measure expected cash flows at least annually, with changes flowing through the income statement, and update the discount rate assumption at each reporting date, with changes flowing through other comprehensive income, as well as enhance disclosures related to the liability. The standard most significantly impacts the discount rate used in estimating reserves for the Company’s life insurance business which is in runoff. The guidance was applied using a modified retrospective approach as of January 1, 2021, resulting in changes to other policyholders’ benefits and funds, and a net of tax opening equity adjustment to retained earnings and accumulated other comprehensive income, neither of which had a material impact on the consolidated financial statements.

Securities and Exchange Commission (SEC) Final Ruling - On July 26, 2023, the SEC published final rules on cybersecurity-related disclosures. The final rules will require registrants to disclose cybersecurity incidents within four business days after determining the incident to be material. Registrants will also be required to disclose in their annual report on Form 10-K:

•their processes for assessing, identifying, and managing material risks from cybersecurity threats,
•the material impacts of cybersecurity threats and previous cybersecurity incidents,
•the Board of Director’s oversight of risks posed by cybersecurity threats, and
•management’s role and expertise in assessing and managing material risks posed by cybersecurity threats.

The Company is in the process of evaluating the disclosure requirements required by the final rules which will be effective for 2023 annual reporting.
Investment, Policy
Investments - The Company classifies its fixed income securities as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. The Company's entire fixed income portfolio is classified as available for sale.

Fixed income securities classified as available for sale are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values are based on quoted market prices or estimates using values obtained from recognized independent pricing services.

The status and fair value changes of fixed income investments are reviewed at least once per quarter to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses).

Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At June 30, 2023, the Company and its subsidiaries did not have significant amounts of non-income producing securities.

Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at date of sale for fixed income securities, and cost in regard to equity securities; such bases apply to the specific securities sold.
Insurance Premiums Revenue Recognition, Policy Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows:
Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related loss and loss adjustment expenses.

Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent approximately 22% of 2023 consolidated title business revenues. Such premiums are generally recognized as income at the transaction closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and loss reserve provisions.
Unpaid Policy Claims and Claims Adjustment Expense, Policy
Loss and Loss Adjustment Expenses - The establishment of loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work-related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated loss costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts.

All reserves are therefore based on estimates which are periodically reviewed and evaluated in the light of emerging loss experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of losses in future years, may offset, in whole or in part, favorable or unfavorable loss developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of losses incurred. However, no representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates.

The Company's accounting policy regarding the establishment of loss reserve estimates is described in Note 1 to the consolidated financial statements included in Old Republic's 2022 Annual Report on Form 10-K.
Postemployment Benefit Plans, Policy
Employee Benefit Plans - The Company has a closed pension plan (the Plan) for certain employees under which benefits were frozen as of December 31, 2013. The funded status of the Plan is recognized as a net pension asset or liability, as applicable, with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides long-term incentive awards to certain employees.

In March 2023, the Compensation Committee of the Company’s Board of Directors approved the Old Republic International Corporation 2023 Performance Recognition Plan (PRP), replacing the previous Key Employee Performance Recognition Plans, as a means of providing cash incentive compensation to named executive officers and certain other senior managers. The PRP is an objective performance-based program providing for annual payouts based on satisfaction of specified performance objectives and individual performance. Financial statement accruals established during the second quarter and six months ended June 30, 2023 reflect a pro-rata share of the Company’s estimate of annual performance-based incentive awards under the PRP.
v3.23.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments [Abstract]  
Amortized Cost and Estimated Fair Values Of Fixed Income Securities The amortized cost and estimated fair values by type and contractual maturity of fixed income securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Fixed Income Securities by Type:
June 30, 2023:
Government & Agency$2,199.3 $— $105.0 $2,094.3 
Municipal836.9 — 17.3 819.6 
Corporate9,170.6 27.5 443.3 8,754.8 
$12,206.9 $27.5 $565.6 $11,668.8 
December 31, 2022:
Government & Agency$2,300.0 $— $114.8 $2,185.2 
Municipal896.9 .1 15.5 881.5 
Corporate9,139.3 20.3 479.6 8,680.0 
$12,336.3 $20.5 $610.1 $11,746.7 
Amortized Cost and Estimated Fair Values Of Fixed Income Securities By Contractual Maturities
Amortized
Cost		Estimated
Fair
Value
Fixed Income Securities Stratified by Contractual Maturity at June 30, 2023:
Due in one year or less$1,535.3 $1,518.3 
Due after one year through five years6,019.5 5,758.4 
Due after five years through ten years4,553.8 4,296.2 
Due after ten years98.1 95.8 
$12,206.9 $11,668.8 
Gross Unrealized Losses and Fair Value, Aggregated
The following tables reflect the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:

Less than 12 Months12 Months or GreaterTotal
Fair
Value		Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
June 30, 2023:
Fixed Income Securities:
Government & Agency$627.3 $14.2 $1,461.5 $90.7 $2,088.9 $105.0 
Municipal597.9 10.1 197.6 7.1 795.6 17.3 
Corporate3,762.0 103.1 3,662.8 340.1 7,424.9 443.3 
$4,987.4 $127.5 $5,322.0 $438.1 $10,309.4 $565.6 
December 31, 2022:
Fixed Income Securities:
Government & Agency$1,769.6 $71.0 $403.8 $43.8 $2,173.4 $114.8 
Municipal845.6 13.0 9.8 2.5 855.5 15.5 
Corporate6,796.7 355.0 1,043.7 124.6 7,840.4 479.6 
$9,412.0 $439.1 $1,457.4 $170.9 $10,869.5 $610.1 
Equity Securities Reflecting Reported Cost
The following table shows cost and fair value information for equity securities:
Equity Securities

Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
June 30, 2023$1,841.9 $1,280.0 $41.8 $3,080.2 
December 31, 2022$1,948.1 $1,291.5 $18.6 $3,220.9 
Fair Value, Assets Measured on Recurring Basis
The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
Fair Value Measurements
As of June 30, 2023:Level 1Level 2Level 3Total
Fixed income securities:
Government & Agency$1,536.1 $558.1 $— $2,094.3 
Municipal— 819.6 — 819.6 
Corporate— 8,735.5 19.3 8,754.8 
Short-term investments853.3 — — 853.3 
Equity securities$3,078.3 $— $1.8 $3,080.2 
As of December 31, 2022:
Fixed income securities:
Government & Agency$1,598.8 $586.3 $— $2,185.2 
Municipal— 881.5 — 881.5 
Corporate— 8,659.2 20.8 8,680.0 
Short-term investments860.8 — — 860.8 
Equity securities$3,219.1 $— $1.7 $3,220.9 
Investment Income
The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
Investment income:
Fixed income securities$105.9 $73.3 $209.7 $139.6 
Equity securities23.7 35.3 49.2 76.9 
Short-term investments10.9 1.1 20.8 1.2 
Other investments2.9 .5 4.9 .8 
Gross investment income143.5 110.4 284.8 218.5 
Investment expenses4.0 2.5 7.5 4.4 
Net investment income$139.4 $107.8 $277.2 $214.1 
Net investment gains (losses):
Realized from actual transactions:
Fixed income securities:
Gains$.3 $.1 $1.0 $.1 
Losses(29.7)(37.5)(33.4)(59.3)
Net(29.3)(37.4)(32.4)(59.1)
Equity securities:
Gains40.8 106.6 79.1 220.1 
Losses(3.9)(14.6)(10.9)(41.1)
Net36.8 91.9 68.1 179.0 
Other investments, net.8 1.2 .8 1.2 
Total realized from actual transactions8.3 55.8 36.6 121.1 
From impairments(6.2)(2.5)(6.2)(2.5)
From unrealized changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total realized and unrealized investment gains (losses)(30.4)(317.4)(4.2)(172.3)
Current and deferred income taxes (credits)(6.4)(67.0)(0.8)(36.4)
Net of tax realized and unrealized investment gains (losses)$(24.0)$(250.4)$(3.3)$(135.9)
Changes in unrealized investment gains (losses)
reflected directly in shareholders' equity:
Fixed income securities$(125.7)$(314.6)$49.9 $(822.0)
Less: Deferred income taxes (credits)(26.3)(66.3)10.7 (173.5)
(99.4)(248.2)39.2 (648.4)
Other investments3.9 (2.8)5.0 (7.0)
Less: Deferred income taxes (credits).8 (.5)1.0 (1.4)
3.1 (2.2)3.9 (5.5)
Net changes in unrealized investment gains (losses),
net of tax$(96.3)$(250.4)$43.1 $(654.0)
v3.23.2
Losses, Claims and Settlement Expenses (Tables)
 6 Months Ended
Jun. 30, 2023
Insurance [Abstract]  
Schedule of Changes in Aggregate Reserves for Losses, Claims and Settlement Expenses
The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:

Six Months Ended
June 30,
20232022
Gross reserves at beginning of period$12,221.5 $11,425.5 
Less: reinsurance losses recoverable4,699.5 4,125.3 
Net reserves at beginning of period:
General Insurance6,824.8 6,587.0 
Title Insurance612.8 594.2 
RFIG Run-off77.9 111.2 
Other6.3 7.6 
Sub-total7,521.9 7,300.2 
Incurred loss and loss adjustment expenses:
Provisions for insured events of the current year:
General Insurance1,301.6 1,238.7 
Title Insurance46.3 72.8 
RFIG Run-off6.1 7.3 
Other4.5 4.8 
Sub-total1,358.7 1,323.8 
Change in provision for insured events of prior years:
General Insurance(113.4)(46.8)
Title Insurance(14.6)(14.4)
RFIG Run-off(15.1)(19.7)
Other(1.5)(2.1)
Sub-total(144.7)(83.1)
Total incurred loss and loss adjustment expenses1,213.9 1,240.6 
Payments:
Loss and loss adjustment expenses attributable to
   insured events of the current year:
General Insurance328.5 291.5 
Title Insurance3.1 2.2 
RFIG Run-off— — 
Other2.5 2.2 
Sub-total334.2 296.1 
Loss and loss adjustment expenses attributable to
   insured events of prior years:
General Insurance817.4 734.5 
Title Insurance29.6 34.1 
RFIG Run-off6.5 7.9 
Other1.0 .9 
Sub-total854.6 777.5 
Total payments1,188.8 1,073.6 
Net reserves at end of period:
General Insurance6,867.1 6,752.7 
Title Insurance611.7 616.2 
RFIG Run-off62.3 91.0 
Other5.7 7.1 
Sub-total7,546.9 7,467.2 
Reinsurance losses recoverable4,857.5 4,438.2 
Gross reserves at end of period$12,404.5 $11,905.4 
v3.23.2
Common Share Data (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share The following table provides a reconciliation of net income and the number of shares used in basic and diluted earnings per share calculations.
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
Numerator:
Net income (loss)$155.5 $(40.1)$355.4 $266.1 
Denominator:
Basic weighted-average shares (a)285,426,801 303,793,432 288,744,341 303,695,113 
Effect of dilutive securities - stock based
   compensation awards2,455,986 — 2,301,953 1,617,416 
Diluted adjusted weighted-average shares (a)287,882,787 303,793,432 291,046,294 305,312,529 
Earnings (loss) per share: Basic$.55 $(.13)$1.23 $.88 
         Diluted$.54 $(.13)$1.22 $.87 
Anti-dilutive common stock equivalents
excluded from earnings per share computations:
Stock based compensation awards5,559,885 10,876,599 5,559,885 2,670,000 
__________

(a)     In calculating earnings per share, accounting standards require that common shares owned by the ORI 401(k) Savings and Profit Sharing Plan that are unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.
v3.23.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
Consolidated debt of Old Republic and its subsidiaries is summarized below:
June 30, 2023December 31, 2022
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Senior Notes:
4.875% issued in 2014 and due 2024$399.3 $394.3 $399.0 $397.5 
3.875% issued in 2016 and due 2026548.2 519.3 547.9 522.1 
3.850% issued in 2021 and due 2051643.0 468.1 642.9 449.1 
Other miscellaneous debt— — 7.1 7.1 
Total debt$1,590.5 $1,381.8 $1,597.0 $1,375.9 
Fair Value, Debt Measured on Recurring Basis
The following table shows a summary of financial liabilities disclosed, but not carried at fair value, segregated among the various input levels described in Note 3 above:
CarryingFair
ValueValueLevel 1Level 2Level 3
Financial Liabilities:
Debt:
June 30, 2023$1,590.5 $1,381.8 $— $1,381.8 $— 
December 31, 2022$1,597.0 $1,375.9 $— $1,368.7 $7.1 
v3.23.2
Information About Segments of Business (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.
Quarters EndedSix Months Ended
June 30,June 30,
2023202220232022
General Insurance:
Net premiums earned$992.8 $943.5 $1,958.0 $1,854.5 
Net investment income and other income151.8 121.0 299.9 239.4 
Total revenues excluding investment gains$1,144.7 $1,064.5 $2,257.9 $2,094.0 
Segment pretax operating income (a)$184.2 $137.9 $377.5 $280.4 
Income tax expense$38.9 $27.3 $78.0 $55.0 
Title Insurance:
Net premiums earned$578.4 $935.3 $1,102.7 $1,844.0 
Title, escrow and other fees71.2 94.8 130.2 185.1 
Sub-total649.6 1,030.2 1,232.9 2,029.2 
Net investment income and other income14.4 11.4 28.3 22.9 
Total revenues excluding investment gains$664.0 $1,041.6 $1,261.2 $2,052.1 
Segment pretax operating income (a)$34.7 $109.5 $52.1 $190.5 
Income tax expense$7.6 $23.2 $10.5 $40.1 
RFIG Run-off:
Net premiums earned$4.3 $6.0 $8.9 $12.6 
Net investment income and other income1.4 1.5 2.9 3.6 
Total revenues excluding investment gains$5.7 $7.6 $11.9 $16.2 
Segment pretax operating income$7.2 $12.2 $14.2 $22.0 
Income tax expense$1.5 $2.5 $2.9 $4.5 
Consolidated Revenues:
Total revenues of Company segments$1,814.5 $2,113.8 $3,531.1 $4,162.4 
Corporate & other (b)52.2 48.2 105.1 93.6 
Consolidated investment gains (losses):
Realized from actual transactions and impairments2.1 53.2 30.3 118.5 
Unrealized from changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total realized and unrealized investment gains(30.4)(317.4)(4.2)(172.3)
Consolidation elimination adjustments(37.9)(34.2)(74.8)(66.7)
Consolidated revenues$1,798.3 $1,810.3 $3,557.0 $4,017.0 
Consolidated Pretax Income (Loss):
Total segment pretax operating income of
Company segments $226.3 $259.8 $443.9 $493.1 
Corporate & other (b)1.0 3.0 6.4 7.3 
Consolidated investment gains (losses):
Realized from actual transactions and impairments2.1 53.2 30.3 118.5 
Unrealized from changes in fair value of equity securities(32.6)(370.7)(34.6)(290.9)
Total realized and unrealized investment gains (losses)(30.4)(317.4)(4.2)(172.3)
Consolidated income (loss) before income taxes (credits)$196.9 $(54.6)$446.1 $328.0 
Consolidated Income Tax Expense (Credits):
Total income tax expense
of Company segments$48.1 $53.1 $91.6 $99.7 
Corporate & other (b)(.3)(.5)— (1.3)
Income tax expense (credits) on consolidated realized
and unrealized investment gains (losses)(6.4)(67.0)(.8)(36.4)
Consolidated income tax expense (credits)$41.3 $(14.4)$90.6 $61.9 
June 30,December 31,
20232022
Consolidated Assets:
General Insurance$22,153.3 $21,227.9 
Title Insurance1,973.8 2,077.6 
RFIG Run-off281.6 344.2 
Total assets of company segments24,408.8 23,649.9 
Corporate & other (b)1,704.4 1,736.8 
Consolidation elimination adjustments(262.9)(227.2)
Consolidated assets$25,850.3 $25,159.4 

(a)    Segment pretax operating income is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $19.8 and $39.1 compared to $16.5 and $32.6 for the quarters and six months ended June 30, 2023 and 2022, respectively, and Title - $- and $- compared to $.3 and $.8 for the quarters and six months ended June 30, 2023 and 2022, respectively.
(b)    Includes amounts for a small life and accident insurance business as well as those of the parent holding company and several internal corporate services subsidiaries.
v3.23.2
Summary of Significant Accounting Policies (Details)
Jun. 30, 2023
Accounting Policies [Abstract]  
Title Premium And Fee Revenues Stemming From Direct Operations 22.00%
v3.23.2
Investments Fixed Income Securities by Type (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]          
Available for sale, Fixed income securities (amortized cost) $ 12,206.9   $ 12,206.9    
Available for sale, Fixed income securities (estimated fair value) 11,668.8   11,668.8   $ 11,746.7
Debt Securities, Available-for-sale, Allowance for Credit Loss 1.6   1.6   0.0
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings (4.5) $ (2.5) (4.5) $ (2.5)  
U.S. & Canadian Governments [Member]          
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]          
Available for sale, Fixed income securities (amortized cost) 2,199.3   2,199.3   2,300.0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0.0   0.0   0.0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 105.0   105.0   114.8
Available for sale, Fixed income securities (estimated fair value) 2,094.3   2,094.3   2,185.2
Municipal [Member]          
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]          
Available for sale, Fixed income securities (amortized cost) 836.9   836.9   896.9
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0.0   0.0   0.1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 17.3   17.3   15.5
Available for sale, Fixed income securities (estimated fair value) 819.6   819.6   881.5
Corporate [Member]          
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]          
Available for sale, Fixed income securities (amortized cost) 9,170.6   9,170.6   9,139.3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 27.5   27.5   20.3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 443.3   443.3   479.6
Available for sale, Fixed income securities (estimated fair value) 8,754.8   8,754.8   8,680.0
Fixed Income Securities [Member]          
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]          
Available for sale, Fixed income securities (amortized cost) 12,206.9   12,206.9   12,336.3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 27.5   27.5   20.5
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 565.6   565.6   610.1
Available for sale, Fixed income securities (estimated fair value) $ 11,668.8   $ 11,668.8   $ 11,746.7
v3.23.2
Investments Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities $ 3,080.2 $ 3,220.9
Available for sale, Fixed income securities 11,668.8 11,746.7
Short-term investments 853.3 860.8
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 853.3 860.8
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0.0 0.0
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0.0 0.0
U.S. & Canadian Governments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 2,094.3 2,185.2
U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 1,536.1 1,598.8
U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 558.1 586.3
U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 0.0 0.0
Municipal [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 819.6 881.5
Municipal [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 0.0 0.0
Municipal [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 819.6 881.5
Municipal [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 0.0 0.0
Corporate [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 8,754.8 8,680.0
Corporate [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 0.0 0.0
Corporate [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 8,735.5 8,659.2
Corporate [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale, Fixed income securities 19.3 20.8
Equity Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 3,080.2 3,220.9
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 3,078.3 3,219.1
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 0.0 0.0
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities $ 1.8 $ 1.7
v3.23.2
Investments Net Investment Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Gain (Loss) on Securities [Line Items]        
Gross investment income $ 143.5 $ 110.4 $ 284.8 $ 218.5
Investment expenses 4.0 2.5 7.5 4.4
Net investment income 139.4 107.8 277.2 214.1
Net realized gains (losses) (24.0) (250.4) (3.3) (135.9)
Equity Securities, FV-NI, Unrealized Gain (Loss) (32.6) (370.7) (34.6) (290.9)
Total realized and unrealized investment gains (losses) (30.4) (317.4) (4.2) (172.3)
Current and deferred income taxes (credits) (6.4) (67.0) (0.8) (36.4)
Changes in unrealized investment gains (losses) on, fixed income securities (121.8) (317.4) 55.0 (829.0)
Less: Deferred income taxes (credits) (25.4) (66.9) 11.8 (175.0)
Net unrealized gains (losses) on securities, net of tax (96.3) (250.4) 43.1 (654.0)
Debt Securities, Available-for-sale, Realized Gain 0.3 0.1 1.0 0.1
Debt Securities, Available-for-sale, Realized Loss 29.7 37.5 33.4 59.3
Debt Securities, Available-for-sale, Realized Gain (Loss) (29.3) (37.4) (32.4) (59.1)
Debt and Equity Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment 8.3 55.8 36.6 121.1
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings (6.2) (2.5) (6.2) (2.5)
Equity Securities [Member]        
Gain (Loss) on Securities [Line Items]        
Equity securities, gross realized gains 40.8 106.6 79.1 220.1
Equity securities, gross realized losses (3.9) (14.6) (10.9) (41.1)
Equity securities, net realized gains (losses) 36.8 91.9 68.1 179.0
Fixed Income Securities [Member]        
Gain (Loss) on Securities [Line Items]        
Changes in unrealized investment gains (losses) on, fixed income securities (125.7) (314.6) 49.9 (822.0)
Less: Deferred income taxes (credits) (26.3) (66.3) 10.7 (173.5)
Net changes in unrealized investment gains (losses) (99.4) (248.2) 39.2 (648.4)
Other long-term investments [Member]        
Gain (Loss) on Securities [Line Items]        
Changes in unrealized investment gains (losses) on, fixed income securities 3.9 (2.8) 5.0 (7.0)
Less: Deferred income taxes (credits) 0.8 (0.5) 1.0 (1.4)
Net changes in unrealized investment gains (losses) 3.1 (2.2) 3.9 (5.5)
Other Investments        
Gain (Loss) on Securities [Line Items]        
Investment gains (losses) - other investments 0.8 1.2 0.8 1.2
Fixed Income Securities [Member]        
Gain (Loss) on Securities [Line Items]        
Gross investment income 105.9 73.3 209.7 139.6
Equity Securities [Member]        
Gain (Loss) on Securities [Line Items]        
Gross investment income 23.7 35.3 49.2 76.9
Short-term Investments [Member]        
Gain (Loss) on Securities [Line Items]        
Gross investment income 10.9 1.1 20.8 1.2
Investments [Member]        
Gain (Loss) on Securities [Line Items]        
Gross investment income $ 2.9 $ 0.5 $ 4.9 $ 0.8
v3.23.2
Investments Textuals (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]          
Equity Securities, FV-NI, Unrealized Gain (Loss) $ (32.6) $ (370.7) $ (34.6) $ (290.9)  
Net Unrealized Gains Losses Recognized from Changes in Fair Value of Equity Securities Held 10.0 (292.4) 24.0 (154.6)  
Debt Securities, Available-for-sale, Allowance for Credit Loss 1.6   1.6   $ 0.0
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings $ (4.5) $ (2.5) $ (4.5) $ (2.5)  
v3.23.2
Investments Fixed Income Securities Stratified by Contractual Maturity (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Investments [Abstract]    
Available for sale, Due in one year or less (amortized cost) $ 1,535.3  
Available for sale, Due after one year through five years (amortized cost) 6,019.5  
Available for sale, Due after five years through ten years (amortized cost) 4,553.8  
Available for sale, Due after ten years (amortized cost) 98.1  
Available for sale, Fixed income securities (amortized cost) 12,206.9  
Available for sale, Due in one year or less (estimated fair value) 1,518.3  
Available for sale, Due after one year through five years (estimated fair value) 5,758.4  
Available for sale, Due after five years through ten years (estimated fair value) 4,296.2  
Available for sale, Due after ten years (estimated fair value) 95.8  
Available for sale, Fixed income securities (estimated fair value) $ 11,668.8 $ 11,746.7
v3.23.2
Investments Gross Unrealized Losses and Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]    
Available for sale, Unrealized Losses, Less than 12 Months $ 127.5 $ 439.1
Available for sale, Unrealized Losses, 12 Months or Greater 438.1 170.9
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 4,987.4 9,412.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 5,322.0 1,457.4
Debt Securities, Available-for-sale, Unrealized Loss Position 10,309.4 10,869.5
U.S. & Canadian Governments [Member]    
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]    
Available for sale, Unrealized Losses, Less than 12 Months 14.2 71.0
Available for sale, Unrealized Losses, 12 Months or Greater 90.7 43.8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 627.3 1,769.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 1,461.5 403.8
Debt Securities, Available-for-sale, Unrealized Loss Position 2,088.9 2,173.4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 105.0 114.8
Municipal [Member]    
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]    
Available for sale, Unrealized Losses, Less than 12 Months 10.1 13.0
Available for sale, Unrealized Losses, 12 Months or Greater 7.1 2.5
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 597.9 845.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 197.6 9.8
Debt Securities, Available-for-sale, Unrealized Loss Position 795.6 855.5
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 17.3 15.5
Corporate [Member]    
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]    
Available for sale, Unrealized Losses, Less than 12 Months 103.1 355.0
Available for sale, Unrealized Losses, 12 Months or Greater 340.1 124.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 3,762.0 6,796.7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 3,662.8 1,043.7
Debt Securities, Available-for-sale, Unrealized Loss Position 7,424.9 7,840.4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax 443.3 479.6
Fixed Income Securities [Member]    
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]    
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax $ 565.6 $ 610.1
v3.23.2
Investments Equity Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Equity securities $ 3,080.2 $ 3,220.9
Equity Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Equity securities, gross unrealized gains 1,280.0 1,291.5
Equity securities, gross unrealized losses 41.8 18.6
Equity securities - cost 1,841.9 1,948.1
Equity securities $ 3,080.2 $ 3,220.9
v3.23.2
Losses, Claims and Settlement Expenses (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]        
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments     $ 4,699.5 $ 4,125.3
Liability for Unpaid Claims and Claims Adjustment Expense        
Gross reserves at beginning of period $ 12,221.5 $ 11,425.5    
Less: reinsurance losses recoverable 4,857.5 4,438.2    
Net reserves at beginning of period     7,521.9 7,300.2
Provisions for insured events of the current year 1,358.7 1,323.8    
Change in provision for insured events of prior years (144.7) (83.1)    
Total incurred claims and claim adjustment expenses 1,213.9 1,240.6    
Claims and claim adjustment expenses attributable to insured events of the current year 334.2 296.1    
Claims and claim adjustment expenses attributable to insured events of prior years 854.6 777.5    
Total payments 1,188.8 1,073.6    
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable 7,546.9 7,467.2    
Gross reserves at end of period 12,404.5 11,905.4    
General Insurance        
Liability for Unpaid Claims and Claims Adjustment Expense        
Net reserves at beginning of period     6,824.8 6,587.0
Provisions for insured events of the current year 1,301.6 1,238.7    
Change in provision for insured events of prior years (113.4) (46.8)    
Claims and claim adjustment expenses attributable to insured events of the current year 328.5 291.5    
Claims and claim adjustment expenses attributable to insured events of prior years 817.4 734.5    
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable 6,867.1 6,752.7    
Title Insurance        
Liability for Unpaid Claims and Claims Adjustment Expense        
Net reserves at beginning of period     612.8 594.2
Provisions for insured events of the current year 46.3 72.8    
Change in provision for insured events of prior years (14.6) (14.4)    
Claims and claim adjustment expenses attributable to insured events of the current year 3.1 2.2    
Claims and claim adjustment expenses attributable to insured events of prior years 29.6 34.1    
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable 611.7 616.2    
RFIG Run-off        
Liability for Unpaid Claims and Claims Adjustment Expense        
Net reserves at beginning of period     77.9 111.2
Provisions for insured events of the current year 6.1 7.3    
Change in provision for insured events of prior years (15.1) (19.7)    
Claims and claim adjustment expenses attributable to insured events of the current year 0.0 0.0    
Claims and claim adjustment expenses attributable to insured events of prior years 6.5 7.9    
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable 62.3 91.0    
Other        
Liability for Unpaid Claims and Claims Adjustment Expense        
Net reserves at beginning of period     $ 6.3 $ 7.6
Provisions for insured events of the current year 4.5 4.8    
Change in provision for insured events of prior years (1.5) (2.1)    
Claims and claim adjustment expenses attributable to insured events of the current year 2.5 2.2    
Claims and claim adjustment expenses attributable to insured events of prior years 1.0 0.9    
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable $ 5.7 $ 7.1    
v3.23.2
Common Share Data (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Earnings Per Share [Abstract]        
Net income $ 155.5 $ (40.1) $ 355.4 $ 266.1
Average shares outstanding: Basic (in shares) 285,426,801 303,793,432 288,744,341 303,695,113
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 2,455,986 0 2,301,953 1,617,416
Weighted Average Number of Shares Outstanding, Diluted, Total 287,882,787 303,793,432 291,046,294 305,312,529
Net income (loss) per share: Basic (in dollars per share) $ 0.55 $ (0.13) $ 1.23 $ 0.88
Net income (loss) per share: Diluted (in dollars per share) $ 0.54 $ (0.13) $ 1.22 $ 0.87
Stock based compensation awards [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive common stock equivalents excluded from earnings per share computations 5,559,885 10,876,599 5,559,885 2,670,000
v3.23.2
Credit Losses (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Credit Loss [Abstract]    
Reinsurance Recoverable, Allowance for Credit Loss $ 17.0 $ 16.0
Accounts Receivable, Allowance for Credit Loss $ 28.0 $ 27.0
v3.23.2
Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Fair value $ 1,381.8 $ 1,375.9
Debt and Lease Obligation 1,590.5 1,597.0
Senior Notes Due 2024    
Debt Instrument [Line Items]    
Fair value $ 394.3 $ 397.5
Debt Instrument, Interest Rate, Stated Percentage 4.875% 4.875%
Debt and Lease Obligation $ 399.3 $ 399.0
Senior Notes Due 2026 [Member]    
Debt Instrument [Line Items]    
Fair value $ 519.3 $ 522.1
Debt Instrument, Interest Rate, Stated Percentage 3.875% 3.875%
Debt and Lease Obligation $ 548.2 $ 547.9
Senior Notes Due 2051    
Debt Instrument [Line Items]    
Fair value $ 468.1 $ 449.1
Debt Instrument, Interest Rate, Stated Percentage 3.85% 3.85%
Debt and Lease Obligation $ 643.0 $ 642.9
Other miscellaneous debt    
Debt Instrument [Line Items]    
Fair value 0.0 7.1
Debt and Lease Obligation $ 0.0 $ 7.1
v3.23.2
Debt Financial Liabilities Disclosed, but not Carried, at Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt $ 1,590.5 $ 1,597.0
Fair value 1,381.8 1,375.9
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 0.0 0.0
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 1,381.8 1,368.7
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value $ 0.0 $ 7.1
v3.23.2
Common Share Repurchases (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 02, 2023
Jun. 30, 2023
Jun. 30, 2023
Equity, Class of Treasury Stock [Line Items]      
Treasury Stock, Value, Acquired, Cost Method   $ 220.2 $ 354.0
Treasury Stock, Shares, Acquired   8.7 14.0
Treasury Stock Acquired, Average Cost Per Share   $ 25.16 $ 25.14
August 18, 2022 Authorization      
Equity, Class of Treasury Stock [Line Items]      
Treasury Stock, Value, Acquired, Cost Method     $ 35.0
Treasury Stock, Shares, Acquired     1.3
Treasury Stock Acquired, Average Cost Per Share     $ 25.22
Stock Repurchase Program, Authorized Amount   $ 450.0 $ 450.0
May 12, 2023 Authorization      
Equity, Class of Treasury Stock [Line Items]      
Treasury Stock, Value, Acquired, Cost Method     $ 185.2
Treasury Stock, Shares, Acquired     7.3
Treasury Stock Acquired, Average Cost Per Share     $ 25.15
Stock Repurchase Program, Authorized Amount   $ 450.0 $ 450.0
Subsequent Event      
Equity, Class of Treasury Stock [Line Items]      
Treasury Stock, Value, Acquired, Cost Method $ 88.8    
Treasury Stock, Shares, Acquired 3.4    
Treasury Stock Acquired, Average Cost Per Share $ 25.89    
v3.23.2
Information About Segments of Business (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Consolidated Revenues [Abstract]        
Consolidated revenues $ 1,798.3 $ 1,810.3 $ 3,557.0 $ 4,017.0
Total realized and unrealized investment gains (losses) (30.4) (317.4) (4.2) (172.3)
Consolidated Income (Loss) Before Taxes (Credits) [Abstract]        
Total realized and unrealized investment gains (losses) (30.4) (317.4) (4.2) (172.3)
Consolidated Income Tax Expense (Credits) [Abstract]        
Income tax expense (credits) 41.3 (14.4) 90.6 61.9
Income tax expense (credits) on consolidated net realized investment gains (losses) (6.4) (67.0) (0.8) (36.4)
Premiums Earned, Net 1,577.4 1,887.4 3,073.7 3,716.1
Title, escrow, and other fees 71.2 94.8 130.2 185.1
Total premiums and fees 1,648.7 1,982.3 3,203.9 3,901.3
Total Operating Revenues 1,828.8 2,127.8 3,561.3 4,189.4
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 196.9 (54.6) 446.1 328.0
Realized from actual transactions and impairments 2.1 53.2 30.3 118.5
Equity Securities, FV-NI, Unrealized Gain (Loss) (32.6) (370.7) (34.6) (290.9)
General Insurance Group [Member]        
Consolidated Income Tax Expense (Credits) [Abstract]        
Income tax expense (credits) 38.9 27.3 78.0 55.0
Premiums Earned, Net 992.8 943.5 1,958.0 1,854.5
Net investment income and other income 151.8 121.0 299.9 239.4
Total Operating Revenues 1,144.7 1,064.5 2,257.9 2,094.0
Income (loss) before income taxes (credits) and realized investment gains or losses [1] 184.2 137.9 377.5 280.4
Title Insurance        
Consolidated Income Tax Expense (Credits) [Abstract]        
Income tax expense (credits) 7.6 23.2 10.5 40.1
Premiums Earned, Net 578.4 935.3 1,102.7 1,844.0
Title, escrow, and other fees 71.2 94.8 130.2 185.1
Total premiums and fees 649.6 1,030.2 1,232.9 2,029.2
Net investment income and other income 14.4 11.4 28.3 22.9
Total Operating Revenues 664.0 1,041.6 1,261.2 2,052.1
Income (loss) before income taxes (credits) and realized investment gains or losses [1] 34.7 109.5 52.1 190.5
RFIG Run-off Business [Member]        
Consolidated Income Tax Expense (Credits) [Abstract]        
Income tax expense (credits) 1.5 2.5 2.9 4.5
Premiums Earned, Net 4.3 6.0 8.9 12.6
Net investment income and other income 1.4 1.5 2.9 3.6
Total Operating Revenues 5.7 7.6 11.9 16.2
Income (loss) before income taxes (credits) and realized investment gains or losses 7.2 12.2 14.2 22.0
Total of major segments        
Consolidated Income Tax Expense (Credits) [Abstract]        
Income tax expense (credits) 48.1 53.1 91.6 99.7
All Other Segments [Member]        
Consolidated Revenues [Abstract]        
Consolidated revenues [2] 52.2 48.2 105.1 93.6
Consolidated Income (Loss) Before Taxes (Credits) [Abstract]        
Income (loss) before income taxes (credits) [2] 1.0 3.0 6.4 7.3
Consolidated Income Tax Expense (Credits) [Abstract]        
Income tax expense (credits) [2] (0.3) (0.5) 0.0 (1.3)
Total Company Segments [Member]        
Consolidated Revenues [Abstract]        
Consolidated revenues 1,814.5 2,113.8 3,531.1 4,162.4
Consolidated Income (Loss) Before Taxes (Credits) [Abstract]        
Income (loss) before income taxes (credits) 226.3 259.8 443.9 493.1
Consolidation elimination adjustments [Member]        
Consolidated Revenues [Abstract]        
Consolidated revenues $ (37.9) $ (34.2) $ (74.8) $ (66.7)
[1] Segment pretax operating income is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $19.8 and $39.1 compared to $16.5 and $32.6 for the quarters and six months ended June 30, 2023 and 2022, respectively, and Title - $- and $- compared to $.3 and $.8 for the quarters and six months ended June 30, 2023 and 2022, respectively.
[2] Includes amounts for a small life and accident insurance business as well as those of the parent holding company and several internal corporate services subsidiaries.
v3.23.2
Information About Segments of Business Textuals (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
General Insurance Group [Member]        
Segment Reporting Information        
Interest - other $ 19.8 $ 16.5 $ 39.1 $ 32.6
Title Insurance        
Segment Reporting Information        
Interest - other $ 0.0 $ 0.3 $ 0.0 $ 0.8
v3.23.2
Information About Segments of Business Reconciliation of Assets from Segment to Consolidated (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Segment Reporting, Asset Reconciling Item    
Assets $ 25,850.3 $ 25,159.4
Total Company Segments [Member]    
Segment Reporting, Asset Reconciling Item    
Assets 24,408.8 23,649.9
Intersegment Elimination [Member]    
Segment Reporting, Asset Reconciling Item    
Assets (262.9) (227.2)
General Insurance Group [Member]    
Segment Reporting, Asset Reconciling Item    
Assets 22,153.3 21,227.9
Title Insurance    
Segment Reporting, Asset Reconciling Item    
Assets 1,973.8 2,077.6
RFIG Run-off Business [Member]    
Segment Reporting, Asset Reconciling Item    
Assets 281.6 344.2
All Other Segments [Member]    
Segment Reporting, Asset Reconciling Item    
Assets $ 1,704.4 $ 1,736.8
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