Old Republic International Corporation (NYSE:ORI) Q1 2024 Earnings Conference Call April 25, 2024 3:00 PM ET
Company Participants
Joe Calabrese - Financial Relations Board
Craig Smiddy - President, CEO & Director
Francis Sodaro - SVP, CFO & CAO
Carolyn Monroe - President
Conference Call Participants
Matthew Carletti - JMP Securities
Charles Peters - Raymond James & Associates
Jon Newsome - Piper Sandler & Co.
Operator
Good afternoon. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Old Republic International First Quarter 2024 Earnings Conference Call. Today's conference is being recorded. [Operator Instructions].
At this time, I would like to turn the conference over to Joe Calabrese with the Financial Relations Board. Please go ahead.
Joe Calabrese
Thank you. Good afternoon, everyone and thank you for joining us for the Old Republic conference call to discuss first quarter 2024 results. This morning, we distributed a copy of the press release and posted a separate financial supplement. Both of these 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 April 25, 2024.
Risks associated with these statements can be found in the company's latest SEC filing. 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 again, everyone, and welcome to Old Republic's First Quarter 2024 Earnings Call. With me today is Frank Sodaro, our CFO of ORI, and Carolyn Monroe, our President and CEO of our Title Insurance business.
Well, during the first quarter of 2024, we produced $231.5 million of consolidated pretax operating income. That's up from $222.9 million in 2023 despite the challenges that we'll talk about that we're seeing in Title insurance. Our consolidated combined ratio was 94.3%, a bit higher than the 92.7% last year. And primarily, that's because of the higher combined ratio we're seeing in Title Insurance.
General Insurance's strong underwriting results continued into 2024, producing $220 million of pretax operating income, and that's a 14% increase year-over-year. The General Insurance combined ratio was 90.3% in the quarter.