Overview

* Old Republic ( ORI ) Q3 net income falls, but net operating income rises 7.7% yr/yr

* Net premiums and fees earned increase 8.1% yr/yr

* Company returns $115 mln to shareholders via dividends and buybacks

Outlook

* Old Republic ( ORI ) did not provide specific future financial guidance

Result Drivers

* PREMIUM GROWTH - Specialty insurance premiums rose due to rate increases, high renewal retention, and new business production

* INVESTMENT INCOME - Net investment income increased by 6.7%, driven by higher yields and a larger asset base

* LOSS RESERVE DEVELOPMENT - Favorable loss reserve development contributed positively, particularly in workers compensation

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 95.30%

Combined

Ratio

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the property & casualty insurance peer group is "buy"

* Wall Street's median 12-month price target for Old Republic International Corp ( ORI ) is $47.00, about 10.7% above its October 21 closing price of $41.97

* The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)