Old Republic International Corporation (NYSE:ORI) Q4 2022 Results Conference Call January 26, 2023 3:00 PM ET
Company Participants
Joe Calabrese - IR
Craig Smiddy - President and CEO
Frank Sodaro - CFO
Carolyn Monroe - President, Title Insurance
Conference Call Participants
Greg Peters - Raymond James
Matt Carletti - JMP Securities
Paul Newsome - Piper Sandler
Operator
Good afternoon. 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 Fourth Quarter 2022 Earnings Conference Call [Operator Instructions]. Joe Calabrese with the Financial Relations Board, you may begin.
Joe Calabrese
Thank you, Chris. Good afternoon, everyone, and thank you for joining us for the Old Republic conference call to discuss the company's fourth quarter 2022 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 our Republic's Web site, which is [Technical Difficulty] that this call may involve forward-looking statements as discussed in the press release and financial supplement dated January 26, 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 would like to turn the call over to Craig Smiddy. Please go ahead, sir.
Craig Smiddy
Okay. Joe, thank you very much. Good afternoon, everyone, and welcome again to Old Republic's fourth quarter earnings call. With me today are Frank Sodaro, our CFO of ORI and Carolyn Monroe, our President of the Title Insurance business. Well, as some of you may have seen earlier this week, we officially kicked off our recognition of the 100-year anniversary of Old Republic and throughout the year, we plan on engaging with all of our stakeholders, including our shareholders, associates, customers, distribution partners as we look to celebrate this milestone.
So ORI had another good quarter, contributing to a strong performance for 2022 with General Insurance producing significantly greater pretax operating income in the quarter and for the year, while Title Insurance pretax operating income was considerably less than the record setting 2021 results, mainly due to the effects of increasing mortgage interest rates. Our reserve position remains healthy in all of our segments, led by General Insurance with very strong favorable prior year reserve development in the quarter and in the year.