Old Republic International Corporation. (NYSE:ORI) Q2 2024 Earnings Conference Call July 25, 2024 3:00 PM ET

Company Participants

Joe Calabrese - MWW
Craig Smiddy - President and CEO of Old Republic International Corporation
Francis Sodaro - CFO
Carolyn Monroe - President and CEO of Title Insurance

Conference Call Participants

Greg Peters - Raymond James
Matthew Carletti - JMP Securities
Paul Newsome - Piper Sandler Companies

Operator

Thank you for standing by. At this time, I would like to welcome everyone to today's Old Republic International Second Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. I would now like to turn the call over to Joe Calabrese with MWW. Joe, please go ahead.

Joe Calabrese

Thank you. Good afternoon, everyone. And thank you for joining us for the Old Republic conference call. Second quarter 2024 results. This morning, we distributed a copy of the press release and posted a separate financial supplement. Both of the documents are available on all republics website at 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 25th, 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. Well, good afternoon, everyone. We hope you're enjoying your summers and welcome again to Old Republic's second quarter 2024 earnings call. With me today are Frank Sodaro, our CFO of ORI and Carolyn Monroe, our President and CEO of Title Insurance.

So during the second quarter, we produced $254 million of consolidated pre-tax operating income. That was up from $227 million in 2023. Our consolidated combined ratio was 93.5, which was little changed from the 92.6 we saw last year.

General Insurance's strong underwriting results continued through the first half of 2024, producing $202.5 million of pre-tax operating income in the quarter, an increase of 10%. The General Insurance combined ratio was 92.4% in the quarter. In Title Insurance, they continued to face headwinds from mortgage interest rates in the real estate market, but we were still able to produce 46 million of pre-tax operating income in the quarter, an increase of 32%. The Title Insurance combined ratio was 95.4% in the quarter.