{"id":701699,"date":"2022-10-27T07:59:54","date_gmt":"2022-10-27T11:59:54","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/old-republic-reports-results-for-the-third-quarter-and-first-nine-months-2022\/"},"modified":"2022-10-27T07:59:54","modified_gmt":"2022-10-27T11:59:54","slug":"old-republic-reports-results-for-the-third-quarter-and-first-nine-months-2022","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/old-republic-reports-results-for-the-third-quarter-and-first-nine-months-2022\/","title":{"rendered":"OLD REPUBLIC REPORTS RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS 2022"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n CHICAGO<\/span>
\n <\/span>, Oct. 27, 2022<\/span><\/span> \/PRNewswire\/ —<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n OVERALL RESULTS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Quarters Ended September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Nine Months Ended September 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Pretax income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ (119.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 106.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0 208.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 1,132.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Pretax investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (377.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (192.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (549.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 303.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Pretax income (loss) excluding investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 257.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 298.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -13.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 757.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 828.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -8.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 (91.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 88.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0 174.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 907.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net of tax investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (297.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (151.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (433.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 239.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss) excluding investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 206.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 240.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -14.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 608.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 667.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -8.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Combined ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 91.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 89.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 91.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 90.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n PER DILUTED SHARE<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Quarters Ended September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Nine Months Ended September 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 (.31)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 .29<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 .57<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 3.00<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net of tax investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (.99)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (.50)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.42)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n .79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss) excluding investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 .68<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 .79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -13.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 1.99<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 2.21<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -10.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n SHAREHOLDERS’ EQUITY (BOOK VALUE)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Sep. 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Dec. 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0 5,678.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 6,893.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -17.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Per Common Share<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0 18.92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 22.76<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -16.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n

\n
\n ________<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n All amounts in this report are stated in millions except where noted, common stock data and percentages.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

Old Republic International Corporation (NYSE: ORI) today reported pretax income, excluding investment gains (losses), of $257.5<\/span> for the quarter and $757.9<\/span> for the first nine months of 2022. Results are within expectations, with General Insurance pretax operating income rising 15%, while the effect of increasing mortgage interest rates contributed to a reduction in Title Insurance pretax operating income of 46%. Both General Insurance and Title Insurance produced solid underwriting results that drove a consolidated combined ratio of 91.4% for both the quarter and first nine months of 2022.<\/p>\n

Consolidated net premiums and fees earned were down 5.5% for the quarter, with General Insurance net earned premiums growing 7.1%, offset by a 15.2% decline in Title Insurance net premiums and fees earned as a result of lower revenues in both direct and agency operations. For the first nine months, consolidated net premiums and fees earned were relatively steady, reflecting growth in General Insurance of 7.3%, offset by a 6.9% decline in Title Insurance. Net investment income increased in both 2022 periods, primarily reflecting growth in the invested asset base and slightly higher investment yields earned in the quarter.\u00a0\u00a0<\/p>\n

During the quarter, the Company returned total capital to shareholders of $479.1<\/span>, comprised of $374.3<\/span> in common stock dividends, including a special cash dividend of $1.00<\/span> per share, and $104.8<\/span> of share repurchases (4.8 million shares at an average price of $21.49<\/span> per share).\u00a0\u00a0 Following the close of the quarter and through October 26<\/span>, the company repurchased 5.3 million additional shares for $119.3<\/span> (average price of $22.37<\/span>), leaving $225.8<\/span> remaining under the current repurchase authorization.<\/p>\n

Book value per share was $18.92<\/span> as of September\u00a030, 2022, reflecting declining fair market values in both the fixed income and equity portfolios, partially offset by strong operating earnings. With the addition of dividends declared during the first nine months, this was a decrease of 9.4% over year-end 2021.<\/p>\n

Old Republic’s business is managed for the long run. In this context management’s key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries’ underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of all investment gains (losses). Under Generally Accepted Accounting Principles (GAAP), however, net income, inclusive of investment gains (losses), is the measure of total profitability.<\/p>\n

In management’s opinion, the focus on income excluding investment gains (losses), also described herein as segment pretax operating income (loss), provides a better way\u00a0 to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results, because such realizations are often highly discretionary.\u00a0 Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n FINANCIAL HIGHLIGHTS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Quarters Ended September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Nine Months Ended September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n
\n SUMMARY INCOME STATEMENTS:<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net premiums and fees earned<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 1,943.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 2,055.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -5.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 5,844.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 5,881.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -0.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n

\n 115.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 111.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 329.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 323.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Other income<\/span>\n <\/p>\n<\/td>\n

\n

\n 39.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 37.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 113.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 112.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Total operating revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 2,098.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,204.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -4.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,287.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,317.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Investment gains (losses):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Realized from actual transactions and impairments<\/span>\n <\/p>\n<\/td>\n

\n

\n (26.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 92.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Unrealized from changes in fair value of equity securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (350.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (199.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (641.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 288.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Total investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n

\n (377.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (192.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (549.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 303.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Total revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,721.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,012.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 5,738.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,621.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Operating expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 628.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 618.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,875.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,846.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Sales and general expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,195.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,270.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -5.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,604.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,601.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Interest and other charges<\/span>\n <\/p>\n<\/td>\n

\n

\n 16.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -3.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 39.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Total operating expenses<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,840.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,906.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -3.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,529.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,488.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Pretax income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (119.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 106.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 208.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,132.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Income taxes (credits)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (27.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 34.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 225.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 (91.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 88.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 174.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 907.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n
\n COMMON STOCK STATISTICS:<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Components of net income (loss) per share:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Basic<\/b> net income (loss) excluding investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.68<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -13.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.00<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.22<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -9.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net investment gains (losses):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Realized from actual transactions and impairments<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.07)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.02<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.24<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.04<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Unrealized from changes in fair value of equity securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.92)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.52)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.67)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Basic net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 (0.31)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.29<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.57<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.01<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Diluted<\/b> net income (loss) excluding investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.68<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -13.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.99<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.21<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -10.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net investment gains (losses):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Realized from actual transactions and impairments<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.07)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.02<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.24<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.04<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Unrealized from changes in fair value of equity securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.92)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.52)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.66)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Diluted net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 (0.31)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.29<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.57<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.00<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Cash dividends on common stock<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.23<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.72<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.69<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.16<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Book value per share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 18.92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 20.96<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -9.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

We believe the information presented in the following table highlights the most meaningful indicators of ORI’s segmented and consolidated financial performance. The information underscores the performance of our underwriting operations, as well as our sound investment of the capital and underwriting cash flows from these operations.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Sources of Consolidated Income (Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Quarters Ended September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Nine Months Ended September 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net premiums and fees earned:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n General insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 967.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 902.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 2,821.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 2,629.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.3\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Title insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n 968.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,142.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -15.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,997.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,218.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -6.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n RFIG run-off<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -28.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -28.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate & other<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -12.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -11.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 1,943.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 2,055.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -5.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 5,844.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 5,881.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -0.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Underwriting and related services income (loss):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n General insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 96.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 77.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 243.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 202.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Title insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n 61.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 125.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -51.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 230.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 347.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -33.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n RFIG run-off<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 114.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate & other<\/span>\n <\/p>\n<\/td>\n

\n

\n (6.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -28.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (21.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (17.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -23.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 158.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 203.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -22.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 478.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 544.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -12.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Consolidated underwriting ratio:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss ratio:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Current year<\/span>\n <\/p>\n<\/td>\n

\n

\n 35.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 34.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Prior years<\/span>\n <\/p>\n<\/td>\n

\n

\n (3.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (2.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total<\/span>\n <\/p>\n<\/td>\n

\n

\n 32.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 32.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Expense ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 59.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 59.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 59.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 59.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Combined ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 91.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 89.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 91.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 90.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net investment income:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n General insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 88.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 84.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 254.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 256.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -0.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Title insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n RFIG run-off<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -39.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -40.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate & other<\/span>\n <\/p>\n<\/td>\n

\n

\n 12.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -6.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 115.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 111.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 329.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 323.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Interest and other charges (credits):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n General insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 16.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 50.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 48.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Title insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n RFIG run-off<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Corporate & other (a)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Consolidated<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 16.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -3.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 49.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Segmented and consolidated pretax income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n excluding investment gains (losses):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n General insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 167.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 145.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 448.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 410.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.3\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Title insurance<\/span>\n <\/p>\n<\/td>\n

\n

\n 73.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 135.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -46.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 263.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 378.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -30.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n RFIG run-off<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate & other<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -15.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -25.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated <\/span>\n <\/p>\n<\/td>\n

\n

\n 257.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 298.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -13.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 757.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 828.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -8.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Income taxes (credits) on above<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 51.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 58.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 149.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 161.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net income (loss) excluding<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n investment gains (losses)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 206.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 240.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -14.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 608.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 667.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -8.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Consolidated pretax investment gains (losses):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Realized from actual transactions<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n and impairments<\/span>\n <\/p>\n<\/td>\n

\n

\n (26.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 92.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Unrealized from changes in <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n fair value of equity securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (350.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (199.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (641.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 288.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total<\/span>\n <\/p>\n<\/td>\n

\n

\n (377.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (192.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (549.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 303.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income taxes (credits) on above<\/span>\n <\/p>\n<\/td>\n

\n

\n (79.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (40.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (115.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net of tax investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n

\n (297.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (151.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (433.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 239.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0Net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 (91.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 88.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 174.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 907.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Consolidated operating cash flow<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 500.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 455.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 903.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 970.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n (a) Includes consolidation\/elimination entries.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n General Insurance Segment Operating Results<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Quarters Ended September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Nine Months Ended September 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net premiums written<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 1,066.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 972.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 3,029.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 2,742.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.5\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net premiums earned<\/span>\n <\/p>\n<\/td>\n

\n

\n 967.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 902.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,821.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,629.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n

\n 88.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 84.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 254.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 256.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -0.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other income<\/span>\n <\/p>\n<\/td>\n

\n

\n 39.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 37.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 112.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 111.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,095.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,024.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,189.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,996.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 606.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 585.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,804.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,743.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales and general expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 304.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 277.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 886.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 794.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest and other charges<\/span>\n <\/p>\n<\/td>\n

\n

\n 17.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 50.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 928.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 878.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,741.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,586.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Segment pretax operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 167.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 145.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 448.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 410.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.3\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 62.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 64.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 66.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Expense ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 27.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 27.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Combined ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 90.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 91.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 91.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 92.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

General Insurance net premiums earned increased 7.1% and 7.3% for the quarter and first nine months, respectively, driven by growth in commercial auto and workers’ compensation lines of coverage. Premium rate increases for most lines of coverage, high renewal retention ratios, and new business production all contributed. Net investment income increased in the quarter, reflecting growth in the investment base and slightly higher investment yields earned.<\/p>\n

The reported loss ratio for General Insurance improved in the quarter, inclusive of favorable reserve development from prior periods and lower current period loss costs. Favorable development of 4.7% in the quarter came predominantly from the commercial auto and workers’ compensation lines of coverage, partially offset by unfavorable development in the financial indemnity line of coverage. The current period loss costs reflect several years of premium rate increases, underwriting actions, a shift in the line of coverage mix, and a relatively nominal amount from Hurricane Ian.<\/p>\n

The third quarter and first nine month expense ratios were elevated compared to the same periods last year, generally reflecting the shift in line of coverage mix. Investments in new products and geographies in recent years have diversified the General Insurance business, resulting in shifts in the lines of coverage mix toward lines with higher expense ratios and lower current period loss ratios.<\/p>\n

Together, these factors produced highly profitable combined ratios and greater pretax operating income for the periods reported.<\/p>\n

The following table shows recent annual and interim periods’ loss ratios and the effects of loss development trends:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Effect of Prior Periods’<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (Favorable)\/<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Loss Ratio Excluding<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Reported<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Unfavorable Loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Prior Periods’ Loss<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Loss Ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Reserves Development<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Reserves Development<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2017<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 71.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 71.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2018<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 72.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 72.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 71.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 71.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 69.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 70.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (3.8)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 68.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 3rd Quarter 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (3.2)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 68.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 3rd Quarter 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 62.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (4.7)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 67.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 1st Nine Months 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 66.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (2.9)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 69.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 1st Nine Months 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (3.3)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 67.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

Quarterly and annual loss ratios and trends may not be indicative of future outcomes for a business with relatively long claim payment patterns. We target combined ratios between 90% and 95%, and based on our historical line of coverage mix, a loss ratio average in the high 60% to low 70% range, and an expense ratio average of 25%. These components of the combined ratio will continue to reflect the line of coverage mix.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Title Insurance Segment Operating Results<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Quarters Ended September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Nine Months Ended September 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net premiums and fees earned<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0 968.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 1,142.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -15.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 2,997.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 3,218.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -6.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other income<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -27.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -12.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 980.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,153.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -15.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,032.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,252.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -6.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 26.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -20.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 84.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 95.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -11.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales and general expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 880.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 984.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -10.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,683.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,776.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -3.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest and other charges<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -165.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -73.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 906.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,017.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -10.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,768.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,873.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -3.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Segment pretax operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 73.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 135.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -46.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 263.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 378.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -30.3\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 2.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Expense ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 91.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 86.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 89.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 86.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Combined ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 93.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 89.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 92.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 89.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

Title Insurance net premiums and fees earned declined by 15.2% and 6.9% for the third quarter and first nine months, respectively. Both directly produced and agency produced revenues declined during the quarter, and it is expected that such revenues will continue to be lower in the fourth quarter of this year when compared to the same period last year. The main driver of these trends is increasing mortgage interest rates which continue to drive a steep reduction in refinance activity and to a lesser extent, purchase activity. An uptick in commercial transaction activity resulted in strong commercial premium growth during the quarter and first nine month periods. Net investment income increased in both 2022 periods, reflecting growth in the invested asset base and slightly higher investment yields earned in the quarter.<\/p>\n

Title Insurance’s loss ratios were relatively consistent for the quarter and first nine months. The third quarter and first nine month’s expense ratios were elevated compared to the same periods last year, generally reflecting the combination of lower directly produced revenues that carry higher fixed expenses, and to a lesser extent, a greater proportion of agency produced revenues that have a higher overall expense ratio.<\/p>\n

Together, these factors produced profitable combined ratios albeit lower pretax operating income for the periods reported.<\/p>\n

The following table shows recent annual and interim periods’ loss ratios and the effects of loss development trends:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Effect of Prior Periods’<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (Favorable)\/<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Loss Ratio Excluding<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Reported<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Unfavorable Loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Prior Periods’ Loss<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Loss Ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Reserves Development<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Reserves Development<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2017<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (3.0)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2018<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.0)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 3rd Quarter 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.8)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 3rd Quarter 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.9)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 1st Nine Months 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.7)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 1st Nine Months 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.8)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n RFIG Run-off Segment Operating Results – Mortgage Insurance<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Quarters Ended September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Nine Months Ended September 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net premiums earned<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -28.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -28.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -39.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -40.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n (5.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (17.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n N\/M<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Pretax operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n -93.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -14.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n -96.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Expense ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 55.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 39.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 52.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Combined ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n -38.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n -43.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 52.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

Pretax operating results of RFIG Run-off reflect the continuing drop in net earned premiums in line with the declining risk in force, and significantly lower loss costs compared to the 2021 periods. Net investment income decreased in both 2022 periods, reflecting a declining invested asset base, driven by the payment of extraordinary dividends of $35.0<\/span> and $105.0<\/span> to the parent company during the third quarter and first nine months, respectively. Loss costs reflect fewer newly reported delinquencies along with improving trends in cure rates.<\/p>\n

Together, these factors produced greater pretax operating income for the periods reported.<\/p>\n

The following table shows recent annual and interim periods’ loss ratios and the effects of loss development trends:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Effect of Prior Periods’<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (Favorable)\/<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Loss Ratio Excluding<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Reported<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Unfavorable Loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Prior Periods’ Loss<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Loss Ratio<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Reserves Development<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Reserves Development<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2017<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 57.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (38.3)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 95.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2018<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 43.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (27.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 70.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 55.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (12.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 67.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 81.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (26.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 108.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.3)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (67.5)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 62.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 3rd Quarter 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (14.5)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (106.3)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 91.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 3rd Quarter 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (93.3)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (186.8)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 93.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 1st Nine Months 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (47.7)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 61.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 1st Nine Months 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (96.5)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (169.7)\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 73.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Corporate & Other Operating Results<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n Quarters Ended September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Nine Months Ended September 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net life and accident premiums earned<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -12.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -11.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net investment income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -6.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other operating income<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -7.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Benefits and loss and loss adjustment expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -18.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -31.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Insurance expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -11.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -7.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate, interest and other expenses – net<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 191.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 86.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate & other pretax operating income (loss)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -15.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -25.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

This segment includes a small life and accident insurance business and the net costs associated with the parent holding company and several internal corporate services subsidiaries. The segment tends to produce highly variable results stemming from volatility inherent from the lack of scale. For the quarter, net investment income declined partially attributable to the return of capital to shareholders. For the first nine months, interest expense increased due to the issuance of $650 million<\/span> of debt late in the second quarter of 2021, partially offset by net investment income from a higher level of investments and higher investment yields earned.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Summary Consolidated Balance Sheet<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n December 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n September 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Assets:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and fixed income securities<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,305.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,399.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,721.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Equity securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,045.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,302.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,828.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other invested assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 140.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 116.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 116.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash and invested assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 15,491.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,818.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,666.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accounts and premiums receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,096.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,768.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,861.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Federal income tax recoverable<\/span>\n <\/p>\n<\/td>\n

\n

\n 127.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reinsurance balances recoverable<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,679.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,943.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,054.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred policy acquisition costs<\/span>\n <\/p>\n<\/td>\n

\n

\n 386.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 350.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 355.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sundry assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,164.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,088.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,051.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total assets<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,947.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,981.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,989.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Liabilities and Shareholders’ Equity:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Policy liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,182.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,752.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,884.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss and loss adjustment expense reserves<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,174.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,425.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,433.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Federal income tax payable<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 249.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 152.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reinsurance balances and funds<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,154.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 866.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 942.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,596.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,588.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,588.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sundry liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,158.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,206.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,658.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 19,268.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18,088.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18,660.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,678.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,893.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,329.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total liabilities and shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,947.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,981.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,989.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Cash, Invested Assets, and Shareholders’ Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n % Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n Sep. 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Dec. 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Sep. 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Sep. ’22\/<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Sep. ’22\/<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Dec. ’21<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Sep. ’21<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Cash and invested assets:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Fixed income securities, cash and other invested assets<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 12,446.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 11,516.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 11,838.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Equity securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,045.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,302.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,828.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -42.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -36.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Total per balance sheet<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 15,491.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 16,818.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 16,666.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -7.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -7.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Total at cost for all<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 15,363.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 15,045.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 15,244.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.8\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Composition of shareholders’ equity per share:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Equity before items below<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19.00<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18.50<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17.85<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.4\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Unrealized investment gains (losses) and other<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n accumulated comprehensive income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.08)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.26<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.11<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Total<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18.92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.76<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.96<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -16.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -9.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Segmented composition of <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0shareholders’ equity per share:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Excluding RFIG run-off segment<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17.94<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.47<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19.65<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -16.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -8.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n RFIG run-off segment<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.98<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.29<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.31<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Consolidated total<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18.92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.76<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.96<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -16.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -9.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

Old Republic’s invested assets portfolio is directed in consideration of enterprise-wide risk management objectives. Most importantly, these are intended to ensure solid funding of the insurance subsidiaries’ long-term claim payment obligations to policyholders and their beneficiaries, as well as the long-term stability of the subsidiaries’ capital base. For these reasons, the investment portfolio does not contain high risk or illiquid asset classes and has zero or extremely limited exposure to, collateralized debt obligations (CDO’s), credit default and interest rate swaps, hybrid securities, asset-backed securities (ABS), guaranteed investment contracts (GIC), structured investment vehicles (SIV), auction rate variable short-term securities, limited partnerships, derivatives, hedge funds or private equity investments. Moreover, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities whose values are predicated on non-regulated financial instruments exhibiting amorphous or unfunded counter-party risk attributes.<\/p>\n

As of September\u00a030, 2022, the consolidated investment portfolio reflected an allocation of approximately 80% to fixed income (bonds and notes) and short-term investments, and 20% to equity securities (common stock). During the quarter, we continued to reduce our equity holdings and reinvest the proceeds in fixed income securities. The fixed income portfolio continues to be the anchor for the insurance underwriting subsidiaries’ obligations. The maturities of our fixed income assets are matched to the expected liabilities for claim payment obligations to policyholders and their beneficiaries. The quality of the investment portfolio remains at high levels. The Company’s third quarter net income includes investment impairment charges of $120.9<\/span>, reflecting management’s intent to dispose of certain fixed income securities currently in an unrealized loss position, driven by tax planning considerations.<\/p>\n

A significant portion of our investable funds have been directed toward high-quality common stocks of U.S. companies (currently limited to approximately 75 issues). We favor those with long-term records of reasonable earnings growth and steadily increasing dividends. Pursuant to our enterprise risk management guidelines and controls, we perform regular stress tests of the equities portfolio to gain reasonable assurance that periodic downdrafts in market prices would not seriously undermine our financial strength and the long-term continuity and prospects of our insurance underwriting business.<\/p>\n

Changes in shareholders’ equity per share are reflected in the following table. As shown, these resulted mostly from net income excluding net investment gains (losses), realized and unrealized investment gains (losses), and dividend payments to shareholders.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Shareholders’ Equity Per Share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Quarter<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Year<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Ended<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Nine Months Ended <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Ended<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Sep. 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Dec. 31,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Beginning balance<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.99<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.76<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.75<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Changes in shareholders’ equity:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss) excluding net investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.68<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.00<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.22<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.10<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net of tax realized investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.07)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.24<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.04<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.02<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net of tax unrealized investment gains (losses):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Fixed income securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.47)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.62)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.66)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.97)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Equity securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.92)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.67)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.96<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total net of tax realized and unrealized<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n investment gains (losses)<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.46)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4.05)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.13<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.01<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash dividends<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.23)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.69)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.16)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.38)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.06)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.10)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.02<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.28<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net change<\/span>\n <\/p>\n<\/td>\n

\n

\n (2.07)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.84)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.21<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.01<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Ending balance<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18.92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18.92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20.96<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.76<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Percentage change for the period<\/span>\n <\/p>\n<\/td>\n

\n

\n -9.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n -16.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Capitalization<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Capitalization<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n September 30,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n December 31,<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n September 30,<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Debt:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n 4.875% Senior Notes due 2024<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 398.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 398.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 398.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 3.875% Senior Notes due 2026<\/span>\n <\/p>\n<\/td>\n

\n

\n 547.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 547.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 547.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 3.850% Senior Notes due 2051<\/span>\n <\/p>\n<\/td>\n

\n

\n 642.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 642.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 642.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other miscellaneous debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 7.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,596.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,588.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,588.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,678.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,893.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,329.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total capitalization<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,274.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,481.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,917.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Capitalization ratios:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 21.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n 78.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 81.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 79.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total<\/span>\n <\/p>\n<\/td>\n

\n

\n 100.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 100.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 100.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n Managing Old Republic’s Insurance Business for the Long-Run<\/b>\n <\/p>\n

The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be. We also can’t know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts the business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support our subsidiaries’ long-term obligations to policyholders and their beneficiaries.<\/p>\n

The Company is managed for the long run and with little regard for quarterly or even annual reporting periods. These time frames are too short. Management believes results are best evaluated by looking at underwriting and overall operating performance trends over 10-year intervals. These likely include one or two economic and\/or underwriting cycles. This provides enough time for these cycles to run their course, for underwriting and premium rate changes to appear in financial results, and for reserved loss costs to be quantified with greater certainty.<\/p>\n

\n Accompanying Financial Data and Other Information:<\/b>\n <\/p>\n