Old Republic International Corporation (NYSE:ORI) Q3 2022 Results Conference Call October 27, 2022 3:00 PM ET
Company Participants
Joe Calabrese - Financial Relations Board
Craig Smiddy - President, CEO
Frank Sodaro - CFO
Carolyn Monroe - President, Title Insurance
Conference Call Participants
Matt Carletti - JMP
Greg Peters - Raymond James
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 Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will 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 third quarter 2022 results. This morning, we distributed a completed press release and posted a separate financial supplement which we assume you have seen 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 October 27, 2022. 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 Corporation, Old Republic International Corporation and several other senior executives.
At this time, I would like to turn the call over to Craig Smiddy. Please go ahead, sir.
Craig Smiddy
Okay. Thank you, Joe. Good afternoon, everyone, and welcome again to Old Republic's third quarter earnings call. With me today, I have Frank Sodaro, our CFO of ORI; and Carolyn Monroe, President of our Title Insurance business. And
Well, as you've seen in this morning's release, ORI had another strong quarter, with General Insurance producing significantly greater pretax operating income, while our Title Insurance business pretax operating income was considerably less than the record-setting 2021 results due, of course, to the effects of the increasing mortgage interest rate environment.
Our reserve position remains very healthy in all three of our segments with a very high level of favorable reserve releases for General Insurance in the quarter. Our balance sheet remains strong. We returned considerable amount of capital to shareholders during the quarter, which we'll talk about a little bit.