Old Republic International Corp. (NYSE:ORI) Q1 2022 Results Conference Call April 28, 2022 3:00 PM ET
Company Participants
Craig Smiddy - President, CEO
Carolyn Monroe - President, Western Division
Francis Sodaro - CFO
Conference Call Participants
Boris Kuzmin - Crawford Investment
Greg Peters - Raymond James
Matt Carletti - JMP
Joe Calabrese - Financial Relations Board
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 First Quarter 2022 Earnings Conference Call. [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 first 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 Old Republic's website, which is www.oldrepublic.com.
Please be advised this call may involve forward-looking statements as discussed in the press release and financial supplement dated April 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 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
Thank you, Joe. Good afternoon, everyone, and welcome again to the Old Republic's First Quarter Earnings Call. With me today, I have Frank Sodaro, the CFO of ORI; and Carolyn Monroe, the President of our Title Insurance business.
Well, ORI produced another highly profitable quarter in both general insurance and Title Insurance, even though we saw increases in mortgage interest rates begin to influence our Title Insurance revenues and operating income. And we certainly will provide more insight on that as we go through our prepared remarks.
Net premium and fees earned were $1.9 billion, while pretax operating income was at $237.5 million, and our consolidated combined ratio was a very profitable 91.9%. In general insurance, net premiums earned increased by 6%. And even though Title Insurance net premiums and fees earned increased by 3%, we're not expecting revenues to come in higher the remainder of 2022 quarters relative to their respective 2021 quarters.