Old Republic International Corporation (NYSE:ORI) Q4 2023 Earnings Call January 25, 2024 3:00 PM ET

Company Participants

Joe Calabrese - Investor Relations

Craig Smiddy - President and Chief Executive Officer

Frank Sodaro - Chief Financial Officer

Carolyn Monroe - President and Chief Executive Officer, Old Republic National Title Holding Company

Conference Call Participants

Gregory Peters - Raymond James

Greg Powell - Miller/Howard Investments

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Old Republic International's Fourth Quarter 2023 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded Thursday, January 25, 2024.

I would now like to turn the conference over to Joe Calabrese with the Financial Relations Board.

Joe Calabrese

Thank you. Good afternoon, everyone. Thank you for joining us for the Old Republic conference call to discuss fourth quarter 2023 results. This morning, we distributed a copy to 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 January 25, 2024. Risk 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

Okay, Joe. Thank you. Good afternoon, everyone, and welcome again to Old Republic's fourth quarter and year-end 2023 earnings call. With me today is Frank Sodaro, our CFO of ORI and Carolyn Monroe, our President and CEO of our Title Insurance Business.

So our focus on specialization and diversification across Title and P&C Insurance enabled us to produce a consolidated combined ratio of 93.3% and $237 million of consolidated pre-tax operating income in the quarter. For the full year, the consolidated combined ratio was 92.6% compared to 91% in 2022 and consolidated pre-tax operating income was $938 million compared to $1.59 billion in 2022.

In General Insurance, we continued to produce strong underwriting results with a 92% combined ratio and a $195 million of pre-tax operating income in the quarter. For the full year, the General Insurance combined ratio was 90.2% just slightly higher than our 89.5% in 2022. And pre-tax operating income was $788 million up 14% from the $690 million we produced in 2022.