ORI - Old Republic International rises as Q3 net premiums fees soar ~19% Y/Y

Old Republic International Corporation (ORI +7.3%) is rising after Q3 results beat analysts' estimates. Net premiums and fees earned of $2.06B (+18.6% Y/Y). The company said consolidated pretax income, excluding investment gains or losses continued to show strong growth in profitability in the General Insurance and Title Insurance businesses. Solid underwriting results produced consolidated combined ratios of 89.8% for the third quarter and 90.4% for the first nine months of 2021, compared to 92.3% and 94.4% in the respective 2020 periods. Total operating revenues rose to 17.8% Y/Y to $2.21B. General insurance  net premiums earned rose 4.7% Y/Y to $902.8M; while Title insurance net premiums and fees earned rose 33.3% Y/Y to $1.14B. Title Insurance continued to experience robust growth in premium and fee revenues as low interest rates and a favorable real estate market persisted. Book value per share rose to $20.96 as of Sept. 30, from $20.75 at Dec. 31, 2020.

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Old Republic International rises as Q3 net premiums, fees soar ~19% Y/Y