ORI - Old Republic Q1 earnings beat on strong gains in general title insurance

Old Republic ([[ORI]] -0.3%) Q1 EPS, excluding investment gain/losses, of 69 cents beats the average analyst estimate of 45 cents, and increased from 47 cents in the year-ago quarter.Consolidated combined ratio of 90.9% improved from 95.1% a year ago.Net premiums, fees, and other income of $1.88B increased 17.6% Y/Y, with General Insurance up 0.7% to $859.1M and Title Insurance up 40% to $967.7M.Q1 net investment income of $104.3M fell 8.6% from $114.1M in Q1 2020; moderate growth in the invested asset base was more than offset by lower investment yields.Q1 total operating expenses rose 12% Y/Y to $1.72B; sales and general expenses of $1.11B increased 23% Y/Y.General Insurance pretax income, excluding investment gain, jumped 28% to $140.8M.Title Insurance pretax income, excluding investment gains, increased 139% to $103.7M.Book value per share of $21.59 at March 31, 2021 increased from $17.29 at March 31, 2020.Conference call at 3:00 PM ET.Previously (April 22): Old

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Old Republic Q1 earnings beat on strong gains in general, title insurance