On Thursday, Old Republic International Corporation (ORI) announced a significant increase in net income for the first quarter, totaling $316.7 million or $1.15 per share. This marked an appreciable rise from the $199.8 million or $0.68 per share reported in the same period last year. The substantial increase can be attributed mainly to the company's investment gains of $132 million in the recent quarter.
Excluding these investment gains, the net income rose to $184.7 million or $0.67 per share, a modest increase from the previous year's $179.2 million or $0.61 per share.
In terms of projected profit, the company's performance exceeded the predictions of the average estimate by four analysts polled by Thomson-Reuters. They had expected ORI to report profit earnings of $0.65 per share. It's worth mentioning that analysts' predictions ordinarily exclude extraordinary items.
The company also reported an increase in revenue for the quarter, rising to $1.849 billion from $1.732 billion the previous year.
Old Republic International Corporation recorded a 19.1 percent increase in net investment income, totalling $164.1 million. This surge was spurred by higher investment yields. The company's net premiums and fees earned amounted to $1.643 billion, showing a 5.6 percent year-on-year increase.
