Old Republic International Corporation (NYSE:ORI) Q2 2022 Results Conference Call July 28, 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
Greg Peters - Raymond James
Operator
Good afternoon. My name is Julian, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Old Republic International Second 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]
I would now like to turn the call over to Joe Calabrese with the Financial Relations Board. Sir, you may begin your conference.
Joe Calabrese
Thank you. Good afternoon, everyone, and thank you for joining us for the Old Republic conference call to discuss second 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 are 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 28, 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 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
Okay. Thank you, Joe, and good afternoon, everyone, and welcome again to Old Republic's second quarter earnings call. With me today, I have Frank Sodaro, our CFO of Old Republic International; and Carolyn Monroe, the President of our Title Insurance business.
Well, Old Republic produced another highly profitable quarter in both general insurance and title insurance, even though title insurance revenues and operating income were less than the record setting 2021 results due to the increasing mortgage rate environment.
Net premiums and fees were just below $2 billion, while pretax operating income was $263 million. And our consolidated combined ratio continues to come in at a strong level, just under 91% for the quarter. In general insurance, net premiums earned increased over the prior year by almost 9%.