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OLD REPUBLIC INTERNATIONAL CORP (ORI)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| RFIG Run-off | 30.0 | 44.1 | 60.4 | 76.8 | | | | |
| Other | 8,053.7 | 9,297.5 | 7,105.6 | 7,383.7 | | | | |
| Total revenues | 8,083.7 | 9,341.6 | 7,166.0 | 7,460.5 | 6,258.8 | 6,263.1 | 5,900.5 | 5,766.1 |
| Revenue growth | -13.5% | 30.4% | -3.9% | 19.2% | -0.1% | 6.1% | 2.3% | 4.3% |
| Loss and loss adjustment expenses | 2,427.7 | 2,398.2 | 2,472.5 | 2,545.3 | 2,440.9 | 2,459.2 | 2,329.8 | 2,441.3 |
| Policy acquisition costs | 591.4 | 502.2 | 501.5 | 532.2 | 489.6 | 454.0 | 393.7 | 396.1 |
| Investment expenses | 9.7 | 6.1 | 6.6 | 6.9 | 6.2 | 4.6 | 3.8 | 3.4 |
| Other operating expenses | 4,130.8 | 4,456.8 | 3,453.3 | 3,013.7 | 2,841.8 | 2,556.9 | 2,437.0 | 2,251.6 |
| Equity in earnings | | | | | 58.2 | 211.6 | | |
| EBIT | 924.1 | 1,978.3 | 732.1 | 1,362.4 | 480.3 | 788.4 | 736.2 | 673.7 |
| EBIT margin | 11.4% | 21.2% | 10.2% | 18.3% | 7.7% | 12.6% | 12.5% | 11.7% |
| Interest expense | 66.7 | 56.2 | 43.7 | 40.0 | 42.2 | 63.0 | 50.2 | 41.9 |
| Interest expense | 66.7 | 56.2 | 43.7 | 40.0 | 42.2 | 63.0 | 50.2 | 41.9 |
| Pre-tax income | 857.4 | 1,922.1 | 688.4 | 1,322.4 | 438.1 | 725.4 | 686.0 | 631.8 |
| Income taxes | 170.9 | 387.7 | 259.5 | 265.9 | 135.1 | 164.8 | 219.0 | 209.6 |
| Tax rate | 19.9% | 20.2% | 37.7% | 20.1% | 30.8% | 22.7% | 31.9% | 33.2% |
| Net income | 686.4 | 1,534.3 | 558.6 | 1,056.4 | 370.5 | 560.5 | 466.9 | 422.1 |
| Net margin | 8.5% | 16.4% | 7.8% | 14.2% | 5.9% | 8.9% | 7.9% | 7.3% |
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| Basic EPS | $2.28 | $5.08 | $1.87 | $3.52 | $1.26 | $2.14 | $1.80 | $1.63 |
| Diluted EPS | $2.26 | $5.05 | $1.87 | $3.51 | $1.23 | $1.87 | $1.58 | $1.43 |
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| Shares outstanding (basic) | 301.7 | 301.9 | 298.4 | 299.9 | 294.2 | 262.1 | 259.4 | 259.5 |
| Shares outstanding (diluted) | 303.3 | 303.7 | 298.9 | 301.2 | 301.0 | 299.4 | 296.4 | 296.1 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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