ORI - Old Republic International stock dips after disappointing Q1 earnings
Old Republic International (NYSE:ORI) stock dropped 4.5% in Thursday midday trading after Q1 earnings fell short of Wall Street expectations and book value declined during the quarter. Q1 net income, excluding investment gains, of $0.63 per share fell from $0.69 in the year-ago quarter and trailed the average analyst estimate of $0.69. The company said the decline was within its expectations as rising mortgage interest rates started to affect its Title Insurance results. General Insurance and Title Insurance underwriting results drove a consolidated combined ratio of 91.9% for Q1, which rose from 90.9% in Q1 2021. General insurance underwriting and related services income rose 6.2% Y/Y to $76.3M; Title Insurance underwriting and related services income of $70.2M fell 25% from a year ago. Book value of $22.23 at March 31, 2022 slipped from $22.76 at Dec. 31, 2021. Net premiums and fees earned rose 4.4% Y/Y to $1.92B; net investment income of
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Old Republic International stock dips after disappointing Q1 earnings