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- Shares of Old Republic International (ORI -1.2%) are trading lower despite posting solid Q2 earnings including strong growth in the General and Title insurance businesses' profitability.
- Old Republic's Q2 earnings per share, excluding investment gains/losses, of $0.73 increases from $0.42 in Q2 2020, beats average analyst estimate of $0.52.
- Net investment income of $107.6M fell 1.0% from $108.7M a year ago.
- Q2 total operating revenue of $2.13B jumps from $1.68B in the same period last year, beating consensus of $1.71B.
- Net premiums and fees earned in Q2 increased to $1.98B from $1.54B in Q2 of last year.
- General Insurance combined ratio, which measures an insurers' profitability, improves to 94.0% in Q2 from 98.4% in Q2 2020; driven by strong premium rate increases for most lines of coverage, and new business production.
- Thanks to low interest rates and a robust real estate market, title insurance combined ratio also improves to 88.4% in Q2, compared with 92.1% in Q2 2020.
- Earlier, Old Republic EPS beats by $0.21, beats on revenue.