Old Republic International’s net premiums and fees earned fell to $1.64 billion in the first quarter of 2024, down from $1.74 billion in the previous quarter and $1.73 billion a year before. This decline was driven by lower premiums in the property and casualty segment due to increased competition and a decline in new business. The combined ratio, which measures underwriting profitability, also rose to 94.3%, up from 93.3% in the previous quarter and 92.7% a year ago. The higher combined ratio reflects increased claims costs and expenses. Despite the weaker underwriting results, Old Republic’s net investment income increased to $164.1 million from $155 million in the previous quarter and $137.8 million a year ago. The increase was driven by higher interest rates on the company’s bond portfolio. As a result of the mixed results, Old Republic’s book value per share rose mod. from $23.31 at Dec. 31, 2023, to $23.83 at March 31, 2024. The company is scheduled to host a conference call at 3:00 p.m. ET to discuss the results in more detail.
Old Republic International Reports Mixed Q1 Results
