Old Republic International (NYSE:ORI) just delivered an eye-catching third-quarter report, with net income skyrocketing to $338.9 millionup from a mere $52.6 million last year. The boost came on the back of a 17.3% surge in net investment income, thanks to higher yields, and a solid 9.6% increase in premiums driven by momentum across General and Title Insurance. Yet, rising costs nudged the combined ratio up to 95.0%, reflecting a dip in favorable loss reserve development.
General Insurance led the charge with a 13.9% spike in premiums, fueled by rate increases and new business, although some areas, like public D&O coverage, faced headwinds. Title Insurance didn't lag too far behind, notching a 3.5% gain in premiums even as commercial demand slipped. Across the board, higher investment yields kept profitability on track, bolstering quarterly performance.
Shareholders saw equity per share climb to $25.71, marking a 10.3% gain year-to-date. The company kept its promise to investors, dishing out $232 million in returns through dividends and buybacks. With the market in flux, Old Republic's strategic moves underscore a commitment to driving shareholder value while navigating the shifting landscape.
This article first appeared on GuruFocus.免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。