Old Republic International Corporation (NYSE:ORI) Q3 2024 Earnings Conference Call October 24, 2024 3:00 PM ET
Company Participants
Joe Calabrese - FRB
Craig Smiddy - President and Chief Executive Officer
Francis Sodaro - Chief Financial Officer
Carolyn Monroe - President and Chief Executive Officer, Title Insurance Group
Conference Call Participants
Gregory Peters - Raymond James
Karol Chmiel - Citizens JMP
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 Third 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 FRB. Please go ahead.
Joe Calabrese
Thank you. Good afternoon, everyone, and thank you for joining us for the Old Republic conference call to discuss third 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 Old Republic's 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 October 24, 2024. 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
All right. Thanks, Joe. Well, good afternoon, everyone, and welcome again to Old Republic's third quarter 2024 earnings call.
With me today are Frank Sodaro, CFO of ORI; and Carolyn Monroe, President and CEO of our Title Insurance Group.
So during the third quarter, we produced $229 million of consolidated pretax operating income, which is down from $251 million in '23. And our consolidated combined ratio was 95% compared to 92% last year. General Insurance had strong underwriting results, which continued through the third quarter, producing $197 million of pretax operating income, and that was down from $216 million last year.
The General Insurance combined ratio was at 94% in the quarter compared to 89% last year. And this mostly reflects the anticipated lower level of favorable prior-year loss reserve development when compared to the historically high level of favorable development we experienced in 2023.