Old Republic International Corporation (ORI) 10-Year Financial Performance & Capital Metrics

ORI • • Insurance & Managed Care

Financial ServicesDiversified InsuranceMulti-Line InsuranceRegional Multi-Line Insurers

AboutOld Republic International Corporation, through its subsidiaries, engages in the insurance underwriting and related services business primarily in the United States and Canada. The company operates through three segments: General Insurance, Title Insurance, and the Republic Financial Indemnity Group Run-off Business. The General Insurance segment offers automobile extended warranty, aviation, commercial automobile, commercial multi-peril, commercial property, general liability, home warranty, inland marine, travel accident, and workers' compensation insurance products; and financial indemnity products for specialty coverages, including errors and omissions, fidelity, guaranteed asset protection, and surety. This segment provides its insurance products to businesses, government, and other institutions in transportation, commercial construction, healthcare, education, retail and wholesale trade, forest products, energy, general manufacturing, and financial services industries. The Title Insurance segment offers lenders' and owners' title insurance policies to real estate purchasers and investors based upon searches of the public records. This segment also provides escrow closing and construction disbursement services; and real estate information products, national default management services, and various other services pertaining to real estate transfers and loan transactions. The Republic Financial Indemnity Group Run-off Business segment offers private mortgage insurance coverage that protects mortgage lenders and investors from default related losses on residential mortgage loans made primarily to homebuyers. The company was founded in 1923 and is based in Chicago, Illinois.Show more

Revenue $8.23B +13.4%
Combined Ratio 87.01% -3.0%
Net Income $853M +42.4%
Return on Equity 14.18% +48.9%
Medical Cost Ratio 36.74% +3.4%
Operating Margin 12.99% +26.2%
Net Margin 10.36% +25.6%
ROA 3.14% +35.4%
Equity / Assets 20.18% -16.6%
Book Value per Share 21.35 -4.9%
Tangible BV/Share 21.35 -4.9%
Debt/Equity 0.28 +13.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 87.0% combined ratio
✓Strong Piotroski F-Score: 7/9
✓Low loss ratio of 36.7%
✓Healthy dividend yield of 2.4%
✓Share count reduced 7.8% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.06%

5Y1.99%

3Y-4.13%

TTM7.09%

Profit (Net Income) CAGR

10Y7.61%

5Y-4.19%

3Y-17.78%

TTM-11.09%

EPS CAGR

10Y8.45%

5Y-1.59%

3Y-13.75%

TTM-5.41%

ROCE

10Y Avg6.08%

5Y Avg6.37%

3Y Avg3.82%

Latest3.94%

Peer Comparison

Regional Multi-Line Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSHDGoosehead Insurance, Inc	1.8B	72.10	62.16	20.37%	8.55%	108.93%	3.93%	3.93
ORIOld Republic International Corporation	10.69B	43.32	13.37	13.41%	9.53%	12.95%	11.54%	0.28
HIGThe Hartford Financial Services Group, Inc.	36.49B	130.82	12.64	8.44%	12.84%	19.28%	15.8%	0.27
AIZNAssurant, Inc. 5.25% Subordinat	1.03B	20.17	1.39	6.7%	6.75%	14.74%	100%	0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	5.77B	5.9B	6.26B	6.26B	7.46B	7.17B	9.34B	8.08B	7.26B	8.23B
Revenue Growth %	0.04%	0.02%	0.06%	-0%	0.19%	-0.04%	0.3%	-0.13%	-0.1%	0.13%
Medical Costs & Claims+	5.07B	5.15B	5.45B	5.52B	5.82B	2.47B	2.4B	2.43B	2.58B	3.02B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	691.6M	754.2M	808M	737.1M	1.64B	4.69B	6.94B	5.66B	4.68B	5.21B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.06%	0.09%	0.07%	-0.09%	1.22%	1.87%	0.48%	-0.19%	-0.17%	0.11%
Operating Expenses+	60M	68.4M	82.8M	299.2M	314.3M	4B	5.02B	4.8B	3.93B	4.14B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	631.6M	685.8M	725.2M	437.9M	1.32B	688.1M	1.92B	857.1M	747.3M	1.07B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.04%	0.09%	0.06%	-0.4%	2.02%	-0.48%	1.79%	-0.55%	-0.13%	0.43%
EBITDA+	673.7M	736.2M	788.4M	480.3M	1.36B	732.1M	1.98B	924.1M	817.9M	1.15B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	41.9M	50.2M	63M	42.2M	40M	43.7M	56.2M	66.7M	70.5M	77.3M
Non-Operating Income	-42.1M	-50.4M	-63.2M	-42.4M	-40.2M	-44M	-56.4M	-67M	-70.6M	-77.4M
Pretax Income+	631.8M	686M	725.4M	438.1M	1.32B	688.4M	1.92B	857.4M	747.4M	1.07B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	209.6M	219M	164.8M	67.6M	265.9M	129.7M	387.7M	170.9M	148.7M	216.9M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	422.1M	466.9M	560.5M	370.5M	1.06B	558.6M	1.53B	686.4M	598.6M	852.7M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.03%	0.11%	0.2%	-0.34%	1.85%	-0.47%	1.75%	-0.55%	-0.13%	0.42%
EPS (Diluted)+	1.48	1.62	1.92	1.23	3.51	1.87	5.05	2.26	2.10	3.24
EPS Growth %	0.03%	0.09%	0.19%	-0.36%	1.85%	-0.47%	1.7%	-0.55%	-0.07%	0.54%
EPS (Basic)	1.63	1.80	2.14	1.26	3.52	1.87	5.08	2.28	2.12	3.30
Diluted Shares Outstanding	296.09M	296.38M	299.39M	301.02M	301.23M	298.9M	303.67M	303.3M	285.47M	263.18M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	17.11B	18.59B	19.4B	19.33B	21.08B	22.82B	24.98B	25.16B	26.5B	27.84B
Asset Growth %	0.01%	0.09%	0.04%	-0%	0.09%	0.08%	0.09%	0.01%	0.05%	0.05%
Total Investment Assets+	1.99B	2.9B	3.27B	3.38B	14.36B	15.33B	16.58B	15.86B	15.87B	16.08B
Long-Term Investments	1.99B	2.9B	3.27B	3.38B	14.33B	15.3B	5.3B	3.22B	15.83B	16.04B
Short-Term Investments	0	0	0	0	9.28B	11.25B	11.24B	12.61B	13.17B	2.84B
Total Current Assets+	170.3M	223.7M	292.9M	13.64B	0	0	18.12B	20.22B	0	0
Cash & Equivalents	9.37B	9.97B	10.15B	9.68B	78.8M	118.7M	158.1M	81M	202.8M	201.9M
Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-14.66B	-17.32B	3.82B	5.15B	-21.55B	-12.44B
Goodwill & Intangibles+	255.4M	274M	297.8M	490.3M	0	0	349M	356.2M	0	0
Goodwill	0	0	0	174M	0	0	174.5M	178.1M	0	0
Intangible Assets	255.4M	274M	297.8M	316.3M	0	0	174.5M	178.1M	0	0
PP&E (Net)	0	3.15B	2.71B	-771M	0	0	4.62B	-677.8M	0	0
Other Assets	-255.4M	-2.9B	-3.27B	9.58B	-14.33B	-15.3B	-5.3B	12.61B	-15.83B	-16.04B
Total Liabilities	13.23B	14.12B	14.67B	14.18B	15.08B	16.63B	18.09B	18.99B	20.09B	22.22B
Total Debt+	961.7M	1.53B	1.45B	981.3M	973.9M	966.4M	1.59B	1.6B	1.59B	1.59B
Net Debt	-8.4B	-8.44B	-8.7B	-8.7B	895.1M	847.7M	-9.81B	-11.09B	1.39B	1.39B
Long-Term Debt	952.8M	1.53B	1.45B	981.3M	576.6M	568.5M	1.59B	1.6B	1.19B	1.59B
Short-Term Debt	0	0	0	0	397.3M	397.9M	1.59B	58.8M	399.5M	0
Total Current Liabilities+	452.3M	10.15B	10.3B	10.54B	0	0	12.75B	399M	0	0
Accounts Payable	0	0	0	0	0	0	292.5M	0	0	0
Deferred Revenue	0	0	0	0	0	0	-467.6M	-680.4M	0	0
Other Current Liabilities	-452.3M	-485.4M	-554.2M	-525.4M	-948.2M	-1.07B	10.76B	-9M	-932.4M	-547.5M
Deferred Taxes	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	12.28B	12.56B	13.22B	13.2B	-688.8M	-705.8M	-1.84B	17.35B	-1.3B	-1.72B
Total Equity+	3.88B	4.47B	4.73B	5.15B	6B	6.19B	6.89B	6.17B	6.41B	5.62B
Equity Growth %	-0.01%	0.15%	0.06%	0.09%	0.17%	0.03%	0.11%	-0.11%	0.04%	-0.12%
Shareholders Equity	3.88B	4.47B	4.73B	5.15B	6B	6.19B	6.89B	6.17B	6.41B	5.62B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	2.94B	3.21B	3.21B	3.85B	4.39B	4.39B	5.21B	5.32B	5.64B	5.52B
Common Stock	261.9M	262.7M	269.2M	302.7M	303.6M	304.1M	307.5M	296.9M	278.3M	248.8M
Accumulated OCI	29.2M	323.6M	474.2M	-210M	77.7M	284M	78M	-522.7M	-132.4M	-102.4M
Return on Equity (ROE)	0.11%	0.11%	0.12%	0.08%	0.19%	0.09%	0.23%	0.11%	0.1%	0.14%
Return on Assets (ROA)	0.02%	0.03%	0.03%	0.02%	0.05%	0.03%	0.06%	0.03%	0.02%	0.03%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.25x	0.34x	0.31x	0.19x	0.16x	0.16x	0.23x	0.26x	0.25x	0.28x
Book Value per Share	13.11	15.09	15.81	17.10	19.92	20.70	22.70	20.33	22.46	21.35
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	688.2M	637.3M	452.8M	760.5M	936.2M	1.19B	1.31B	1.17B	880.4M	1.23B
Operating CF Growth %	4.8%	-0.07%	-0.29%	0.68%	0.23%	0.27%	0.11%	-0.11%	-0.25%	0.4%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	422.1M	466.9M	560.5M	370.5M	1.06B	558.6M	1.53B	686.4M	598.6M	852.7M
Depreciation & Amortization	26.6M	0	27.2M	27.6M	26.8M	26.9M	27.2M	28.3M	33M	0
Stock-Based Compensation	2.3M	3.1M	3.5M	3.8M	3.7M	2.1M	3.2M	9M	19.5M	0
Deferred Taxes	13.4M	40.6M	49.5M	-69.5M	37.2M	-18.3M	151.4M	-37.3M	0	0
Other Non-Cash Items	-128.7M	-131.6M	-315.1M	185.9M	-712.5M	128.9M	-962M	169.3M	421.7M	-228.9M
Working Capital Changes	381.4M	261.4M	127.2M	172.7M	524.6M	486.8M	557.6M	314.9M	-192.4M	609.6M
Cash from Investing+	-449.8M	-1.04B	-293.9M	-239.5M	-424.6M	-845.2M	-936.5M	-415M	25.3M	-7.2M
Capital Expenditures	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	-13.1M	-1.2M	0	0	0	0	136.6M
Purchase of Investments	-1.92B	-2.74B	-2.45B	-2.17B	-2.65B	-2.65B	-3.36B	-5.42B	-3.48B	-4.53B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-12.5M	9.2M	-24.3M	-31.9M	-28M	-41.8M	-47.1M	-12.3M	200K	-4.5M
Cash from Financing+	-215.2M	385M	-178.5M	-546.5M	-533.1M	-300M	-335.7M	-832.7M	-783.2M	-1.23B
Dividends Paid	-191.3M	-193.8M	-198.8M	-498.8M	-538.7M	-250.1M	-1.02B	-579.7M	-275.5M	-271.9M
Share Repurchases	-34M	0	0	0	0	0	0	-281.2M	-535.3M	-942.2M
Stock Issued	12M	8.4M	17.8M	13.1M	13.8M	6.7M	60M	26.6M	31.1M	2M
Debt Issuance (Net)	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	0	-1000K	-1000K
Other Financing	1.4M	-2.9M	6.4M	-6.1M	200K	2M	2.7M	1.6M	1.8M	-10.7M
Net Change in Cash+	23.1M	-14.1M	-19.8M	-25.6M	-21.5M	39.9M	39.4M	-77.1M	121.8M	-900K
Exchange Rate Effect	-100K	0	-200K	-100K	0	100K	-100K	0	-700K	-200K
Cash at Beginning	136.7M	159.8M	145.7M	125.9M	100.3M	78.8M	118.7M	158.1M	81M	202.8M
Cash at End	159.8M	145.7M	125.9M	100.3M	78.8M	118.7M	158.1M	81M	202.8M	201.9M
Free Cash Flow+	688.2M	637.3M	452.8M	760.5M	936.2M	1.19B	1.31B	1.17B	880.4M	1.23B
FCF Growth %	4.8%	-0.07%	-0.29%	0.68%	0.23%	0.27%	0.11%	-0.11%	-0.25%	0.4%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	2.32	2.15	1.51	2.53	3.11	3.96	4.32	3.86	3.08	4.69

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	89.05%	88.38%	88.42%	93%	82.28%	90.4%	79.43%	89.4%	89.7%	87.01%
Medical Cost Ratio	88.01%	87.22%	87.1%	88.22%	78.06%	34.51%	25.67%	30.03%	35.55%	36.74%
Return on Equity (ROE)	10.82%	11.18%	12.18%	7.5%	18.96%	9.17%	23.46%	10.51%	9.52%	14.18%
Return on Assets (ROA)	2.48%	2.62%	2.95%	1.91%	5.23%	2.55%	6.42%	2.74%	2.32%	3.14%
Equity / Assets	22.68%	24.05%	24.39%	26.63%	28.47%	27.12%	27.59%	24.51%	24.19%	20.18%
Book Value / Share	13.11	15.09	15.81	17.1	19.92	20.7	22.7	20.33	22.46	21.35
Debt / Equity	0.25x	0.34x	0.31x	0.19x	0.16x	0.16x	0.23x	0.26x	0.25x	0.28x
Revenue Growth	4.26%	2.33%	6.15%	-0.07%	19.2%	-3.95%	30.36%	-13.47%	-10.21%	13.41%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
General Insurance	-	-	-	-	-	-	-	-	4.12B	4.68B
General Insurance Growth	-	-	-	-	-	-	-	-	-	13.54%
Title Insurance Group	-	-	-	-	-	-	4.45B	3.88B	2.3B	2.33B
Title Insurance Group Growth	-	-	-	-	-	-	-	-12.73%	-40.74%	1.46%
Corporate & Other	-	-	-	-	-	-	-	-	9.1M	14.6M
Corporate & Other Growth	-	-	-	-	-	-	-	-	-	60.44%
RFIG Run-off Business	-	-	-	96.1M	76.8M	60.4M	44.1M	30M	16.4M	-
RFIG Run-off Business Growth	-	-	-	-	-20.08%	-21.35%	-26.99%	-31.97%	-45.33%	-
Reinsurance Recoverable	-	-	-	-	-	-	-	-	-	-
Reinsurance Recoverable Growth	-	-	-	-	-	-	-	-	-	-
Total of major segments	5.64B	5.79B	6B	6.21B	6.53B	7.27B	8.54B	8.23B	-	-
Total of major segments Growth	-	2.72%	3.61%	3.49%	5.12%	11.30%	17.47%	-3.60%	-	-
General Insurance Group	3.31B	3.35B	3.53B	3.74B	3.92B	3.88B	4.04B	4.32B	-	-
General Insurance Group Growth	-	1.25%	5.27%	5.88%	4.85%	-1.12%	4.27%	6.76%	-	-
Others	118.1M	130.4M	170.3M	169.1M	170M	149.6M	166.6M	195.5M	-	-
Others Growth	-	10.41%	30.60%	-0.70%	0.53%	-12.00%	11.36%	17.35%	-	-
Title Insurance Product Line	-	-	-	2.38B	2.53B	3.33B	-	-	-	-
Title Insurance Product Line Growth	-	-	-	-	6.56%	31.53%	-	-	-	-
Intersegment Eliminations	-82.3M	-94.9M	-120.1M	-122.7M	-121.4M	-108.2M	-	-	-	-
Intersegment Eliminations Growth	-	-15.31%	-26.55%	-2.16%	1.06%	10.87%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Old Republic International Corporation (ORI) has a price-to-earnings (P/E) ratio of 13.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Old Republic International Corporation (ORI) grew revenue by 13.4% over the past year. This is steady growth.

Yes, Old Republic International Corporation (ORI) is profitable, generating $834.0M in net income for fiscal year 2024 (10.4% net margin).

Dividend & Returns

Yes, Old Republic International Corporation (ORI) pays a dividend with a yield of 2.38%. This makes it attractive for income-focused investors.

Old Republic International Corporation (ORI) has a return on equity (ROE) of 14.2%. This is reasonable for most industries.

Industry Metrics

Old Republic International Corporation (ORI) has a combined ratio of 87.0%. A ratio below 100% indicates underwriting profitability.

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