Old Republic International Corporation (NYSE:ORI) Q2 2023 Earnings Conference Call July 27, 2023 3:00 PM ET
Company Participants
Joe Calabrese - IR
Craig Smiddy - President and CEO
Frank Sodaro - CFO
Carolyn Monroe - President and CEO of Title Holding Company
Conference Call Participants
Greg Peters - Raymond James
Paul Newsome - Piper Sandler
Matt Carletti - JMP
John Heagney - Dowling & Partners
Ryan Winrick - Guggenheim
Operator
Hello. My name is Chris and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Old Republic International Second Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there'll be a question-and-answer session. [Operator Instructions]. Thank you.
Joe Calabrese with the Financial Relations Board, you may begin.
Joe Calabrese
Thank you. Good afternoon, everyone. And thank you for joining us for the Old Republic conference call to discuss second quarter 2023 results. This morning, we distributed a copy of the press release and posted a separate financial supplement, which we assume you have seen and/or otherwise have access to during the call. Both of the documents are available at Old Republic's website, which is www.oldrepublic.com.
Please be advised that this call may involve forward-looking statements as discussed in the press release and financial supplement dated July 27, 2023. Risks associated with these statements can be found in the company's latest SEC filings. This afternoon's conference call will be led by Craig Smiddy, President and CEO of Old Republic International Corporation, and several other senior executive members as planned for this meeting.
At this time, I'd like to turn the call over to Craig Smiddy. Please go ahead, sir.
Craig Smiddy
All right, Joe. Thank you. Good afternoon, and welcome again everyone to Old Republic's second quarter earnings call. With me today is Frank Sodaro, our CFO of ORI, and Carolyn Monroe, our President and CEO of Title Insurance.
Well, during the second quarter, General Insurance continued to produce strong underwriting results, which drove its 34% increase in pretax operating income. And despite continued challenges with mortgage interest rates affecting the top line, our Title Insurance pretax operating income improved over the first quarter of the year.
Our focus on specialization and diversification across Title and P&C Insurance paid off in the second quarter, producing $227 million of consolidated pretax operating income. And on a year-to-date basis, General Insurance has produced $378 million of pretax operating income while Title Insurance produced $52 million, alongside of a consolidated combined ratio of 92.6.