MANAGING FORTHE LONG RUN
Business Update November 2005
Safe Harbor Statement
2
Historical data pertaining to the operating performance, liquidity, and other performance indicators applicable to an insurance enterprise such as Old Republic are not necessarily indicative of results to be achieved in succeeding years. In addition to the factors cited below, the long-term nature of the insurance business, seasonal and annual patterns in premium production and incidence of claims, changes in yields obtained on invested assets, changes in government policies and free markets affecting inflation rates and general economic conditions, and changes in legal precedents or the application of law affecting the settlement of disputed and other claims can have a bearing on period-to-period comparisons and future operating results.
Some of the statements made in this presentation, as well as oral statements or commentaries made by the Company’s management, can constitute “forward-looking statements” within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Of necessity, any such forward-looking statements, commentaries, or inferences, involve assumptions, uncertainties, and risks that may affect the Company’s future performance. With regard to Old Republic’s General Insurance segment, its results can be affected in particular by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors, the levels of interest and inflation rates, and periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, work-related injuries, and unanticipated external events. Mortgage Guaranty and Title insurance results can be impacted by similar factors and, most particularly, by changes in national and regional housing demand and values, the availability and cost of mortgage loans, employment trends, and default rates on mortgage loans. Additionally, mortgage guaranty results, may also be affected by various risk-sharing arrangements with business producers as well as the riskmanagement and pricing policies of government sponsored enterprises. Life and health insurance earnings can be affected by the levels of employment and consumer spending, variations in mortality and health trends, and changes in policy lapsation rates. At the parent company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income on temporary holdings of short-term investments, and period-to-period variations in the costs of administering the Company’s widespread operations.
Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.
3
Old Republic’s Long Term Performance Book and Market Total Return vs. S&P 500
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
22,500
1967
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
Sept. 2
005
Uni
t Val
ue
ORI Book Value Unit Value
ORI Market Value Unit Value
S & P 500 Unit Value
4
Old RepublicBusiness Objectives & Strengths
Underwriting Strengths
Balanced Book =Earnings Sustainability
Focus On CoreIndustries
Price Discipline
Cost Control
Balance Sheet Strengths
Quality Asset Base
Strong ReservePosition
Ample Capital
Financial Ratings
5
Key Insurance SubsidiariesFinancial Strength
General Insurance:– Bituminous Casualty– Great West Casualty– International Business & Mercantile
REassurance Company– Old Republic Insurance Company– Old Republic Surety
Republic Mortgage Insurance Company
Old Republic National Title
Old Republic International
Rating History: Uniquely Stable for Past 25 Years!
Most Current Ratings Assigned by:
N/R: No rating sought
A.M. StandardBest Fitch & Poor's Moody's
A+ AA AA Aa2A+ AA AA Aa2
A N/R AA N/RA+ AA AA Aa2A N/R AA N/R
N/R AA AA Aa3
A+ AA- AA A1
N/R A+ A+ Aa3
6
Old RepublicMix of Business by Economic Sector
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
1980 1990 2004
Gro
ss P
rem
ium
Writ
ten
and
Fees
($ in
Mill
ions
)
AmericanTransportation
AmericanBusinesses &Institutions
AmericanHousing
Other
7
Old Republic’s Business BalanceSegmented Operating Revenue Trends
Consolidated
General
Mortgage Guaranty
Title
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2000 2001 2002 2003 2004 2005 Fiscal$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
($ in Millions)Fiscal
Years Ended December 31, Year Ended % ChangeOperating Revenues: 2000 2001 2002 2003 2004 9/30/2005 2000 - 2005
General $1,057.1 $1,195.0 $1,376.6 $1,572.7 $1,822.5 $1,987.3 88.0%Mortgage Guaranty 395.3 436.0 467.1 498.6 489.9 509.8 29.0%Title 518.7 648.9 836.5 1,128.0 1,051.8 1,067.4 105.8%Other 62.0 58.4 57.0 58.4 71.4 87.4 41.0%
Consolidated $2,036.9 $2,343.7 $2,742.4 $3,266.5 $3,443.7 $3,652.0 79.3%
8
Old Republic’s Business BalanceSegmented Pretax Operating Income Trends
($ in Millions)Fiscal
Years Ended December 31, Year Ended % ChangePretax Operating Income (Loss): 2000 2001 2002 2003 2004 9/30/2005 2000 - 2005
General $117.6 $141.5 $182.1 $258.9 $333.0 $346.9 195.0%Mortgage Guaranty 240.1 261.9 267.7 276.4 224.5 242.3 0.9%Title 40.2 75.0 97.6 129.6 62.5 63.5 58.0%Other 5.3 4.9 6.4 4.3 (5.1) (13.5) N/A
Consolidated $394.9 $476.9 $546.7 $660.4 $602.9 $639.3 61.9%
GeneralMortgage Guaranty
Title
Consolidated
$0
$100
$200
$300
$400
$500
$600
$700
2000 2001 2002 2003 2004 2005 Fiscal$0
$100
$200
$300
$400
$500
$600
$700
9
Old RepublicPretax Operating Margin Trends*
Years Ended December 31, General Guaranty Title Consolidated
2000 11.1% 60.7% 7.8% 19.4%2001 11.8% 60.1% 11.6% 20.3%2002 13.2% 57.3% 11.7% 19.9%2003 16.5% 55.4% 11.5% 20.2%2004 18.3% 45.8% 5.9% 17.5%
Nine Months Ended September 30,
2004 18.3% 46.6% 8.4% 18.6%2005 17.2% 48.8% 8.4% 18.6%
Latest 5 Years' Average 14.2% 55.9% 9.7% 19.5%
Mortgage
* Percent of operating revenues
10
Old RepublicCapital Allocation
Latest 3 Years' AverageCurrent Pretax
As of Long Term Operating OperatingSept. 30, 2005 Objective Revenues Income
General Insurance 54.8% 50.0% - 55.0% 50.6% 42.1%
Housing Mortgage Guaranty 33.1% 30.0% - 35.0% 15.4% 41.8% Title 10.0% 7.0% - 8.0% 32.0% 15.8%
Life & Health 2.1% 2.0% - 3.0% 2.0% 0.3%100.0% 100.0% 100.0% 100.0%
11
Old Republic InvestmentsFunding Liabilities & Protecting Capital(As of September 30, 2005)
Credit Quality Distribution of Fixed-Maturity Securities Investment Portfolio Composition
Aaa(37.2%)
Baa(16.8%)
A(27.2%)
Aa(17.8%)
All Other(1.0%) Taxable
Bonds(64.3%)
Short-Term Investments
(6.3%)
Equity Securities
(5.9%)
Tax-Exempt Bonds(23.5%)
Average Quality Rating: AA
Old RepublicInvestment and Cash Flow Trends
12
$10
$15
$20
$25
$30
$35
$40
$45
$50
$55
$60
2000 2001 2002 2003 2004 2005 Fiscal
Cas
h &
Inve
sted
Ass
ets
Per
Shar
e
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
$5.50
$6.00 Operating C
ash Flow/N
et Investment Incom
e P
er Share
Cash & Invested Assets
Operating Cash Flow
Pretax Net Investment Income
13
Old RepublicInvestments, Cash Flow, and Shareholders’ Equity
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005Fiscal
Cas
h &
Inve
sted
Ass
ets
and
Sha
reho
lder
s' E
quity
($ in
Mill
ions
)
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
Operating C
ash Flow ($ in M
illions)
Cash & Invested Assets Shareholders' Equity Operating Cash Flow
General Insurance
Old Republic General Insurance
15
What we do – Provide property and liability insurance mostly to niche commercial
markets– Distribute products through 10 operating subsidiaries – Underwriting focused
General Insurance Drivers– Strong US economy– Specialization– Rate adequate environment– Well positioned market share
16
General Insurance - Gross Revenues by Major Coverage
September 2005
34.5%
22.9%
24.2%
9.8%
8.6%
December 1999
47.1%
14.9%
17.8%
8.1%
12.1%
Commercial Auto Workers’ Compensation
Other Specialty Coverages General Liability Property
17
General InsuranceUnderwriting Performance*
75%
85%
95%
105%
115%
125%
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Sept.2005
75%
85%
95%
105%
115%
125%
Insurance IndustryComposite Ratio**
Old RepublicComposite
Ratio***
* The lower the composite ratio, the better the underwriting performance.
** Source: A.M. Best (Sept. 2005 results represent the 2005 industry estimate as published by AM Best in January 2005)
*** GAAP basis
18
General InsuranceUnderwriting Performance
60%
70%
80%
90%
100%
110%
120%
130%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q60%
70%
80%
90%
100%
110%
120%
130%
Loss Ratio
Composite Ratio
2000 | 2001 | 2002 | 2003 | 2004 | 2005
19
General InsuranceIssues and Opportunities
Issues –– Modest rate softening– TRIA– Growth sustainability
Opportunities –– Relatively stable competition– Capacity to grow certain coverages– Geographic and distribution opportunities
Mortgage Guaranty
Old Republic Mortgage Guaranty
21
Supports US residential real estate market– Substitute for homebuyers down payment– Protects investors from default costs– Provides capital relief and supports capital markets
executions
11.6% national market share*Strong history of earnings growthWell positioned for the future
* Traditional primary – six months ended June 30, 2005
22
Mortgage GuarantyUnderwriting Performance
Expense Ratio
Composite Ratio
Loss Ratio
0%
10%
20%
30%
40%
50%
60%
70%
2000 2001 2002 2003 2004 Sept. 20050%
10%
20%
30%
40%
50%
60%
70%
23
Mortgage GuarantyNew Insurance Written
New Insurance Written ($ in Billions)
$0
$5
$10
$15
$20
$25
$30
$35
$40
2001 2002 2003 2004 2005 Fiscal
Traditional Primary Bulk Other
24
Mortgage GuarantyNet Risk In Force
Total Net Risk In Force ($ in Billions)
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
2001 2002 2003 2004 Sept. 2005
Total Traditional Primary Bulk Other
25
Mortgage GuarantyIssues and Opportunities
DCWV
AK
WA
OR
NDMTMN
ID
NV
CA
AZ
UT
HI
TX
COKS MO
NE
WYSD
IA
LA
NM
MS
FL
AL
TN
AROK
MD
VA
NC
GA
WI
KY
MI
IN OH
MI NHVT
PA
RIMANY
SC
ME
WV
CT
DE
IL
NJ
Total Direct Risk in Force
15.6%44.1%17.3%23.0%
0.0% to 5.0% Growth5.1% to 10.0% Growth10.1% to 20.0% Growth20.1 % + GrowthSource: OFHEO HPI 2Q 2005
Housing bubble debate: Annual home price growth and total risk in force
26
Mortgage GuarantyIssues and Opportunities
Housing demographics– Positive long term trends
Subordinate financing– Improved regulatory guidance
Increasing premium rates– Ratable vs. difficult to rate risks
GSE legislation and MI tax deductibility
27
Mortgage GuarantyIssues and Opportunities
2006 mortgage market outlook– Trends and volume
2006 RMIC focus– Profitably improving share in bulk and traditional primary
markets
Title Insurance
Old Republic Title Insurance
29
What we do – Title insurance required for virtually every real estate transaction– Loss prevention– Operates in 49 states– Ranks 5th nationally with approximately 6% market share
Title Insurance Drivers– Housing trends
• Transaction driven, interest rate sensitive business• One time up-front premiums and fees
– Distribution• Volume approximately 60% independent agents/40% direct
30
Title InsuranceHousing Trends/Premiums & Fees Production
0
2
4
6
8
10
12
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Natio
nwid
e Ho
usin
g Sa
les
(in M
illio
ns)
$0
$200
$400
$600
$800
$1,000
$1,200
Net Prem
iums and Fees ($ in M
illions)
Nationwide Housing Sales Net Premiums and Fees
31
Title InsuranceProduction Sources
$0
$200
$400
$600
$800
$1,000
$1,200
2000 2001 2002 2003 2004 2005Fiscal
($ in Millions)
Direct Premiums & Fees Agency Premiums
32
Title InsuranceUnderwriting Performance
Expense Ratio
Composite Ratio
Loss Ratio
0%
20%
40%
60%
80%
100%
120%
2000 2001 2002 2003 2004 Sept. 20050%
20%
40%
60%
80%
100%
120%
33
Title InsuranceIssues and Opportunities
Issues– Housing trends
• New originations, refinancing volume, price appreciation
– Increased regulatory environment• Captive reinsurance/affiliated business arrangements• RESPA reform
Opportunities– Continued agency emphasis– Expand cross selling efforts– Continue technology initiatives
To Summarize
34
Retain our focus on the strengths that have enabled our success to date:
Retain focus on long term values:– Balanced book = Earnings sustainability– Book value growth: Based on balance sheet integrity– Dividend growth: Based on real earnings growth
UnderwritingStrengths
Balanced Book =Earnings Sustainability
Focus on CoreIndustries
Price Discipline
Cost Control
Balance Sheet Strengths
Quality Asset Base
Strong ReservePosition
Ample Capital
Financial Ratings
35
Old Republic’s Long Term Performance Book and Market Total Return vs. S&P 500
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
22,500
1967
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
Sept. 2
005
Uni
t Val
ue
ORI Book Value Unit Value
ORI Market Value Unit Value
S & P 500 Unit Value
Supplemental Schedules
37
Old RepublicSummary of Consolidated Results
($ in Millions, Except Per Share Data)
Nine Months Ended September 30, Fiscal Years Ended September 30,
Operating Revenues 2005 2004 % Change 2005 2004 % ChangeNet Premiums and Fees $2,500.4 $2,303.7 8.5% $3,312.8 $3,080.8 7.5%Net Investment Income 229.3 214.6 6.9% 305.5 285.2 7.1%Other Income 25.6 28.6 33.6 37.9 Operating Revenues 2,755.4 2,547.0 8.2% 3,652.0 3,404.0 7.3%Total Expenses 2,244.0 2,072.0 8.3% 3,012.6 2,769.0 8.8%
Pretax Operating Income 511.3 474.9 7.7% 639.3 634.9 0.7%Realized Investment Gains 24.5 22.7 49.7 31.4 Revenues, Net of Expenses 535.8 497.7 7.7% 689.1 666.4 3.4%Income Taxes 127.6 (*) 163.1 -21.8% 180.3 (*) 217.9 -17.2%Net Income $408.2 $334.5 22.0% $508.7 $448.4 13.4%
Operating Cash Flow $655.8 $605.0 8.4% $879.0 $801.1 9.7%
Income Tax Rate 23.8% (*) 32.8% 26.2% (*) 32.7% Diluted Earnings Per Share: Operating Income $2.12 (*) $1.73 22.5% $2.57 (*) $2.32 10.8% Realized Gains 0.08 0.08 0.17 0.11 Net Income $2.20 $1.81 21.5% $2.74 $2.43 12.8%
(*) Includes non-recurring tax credit of $45.9 million or $0.25 per share in 2005 periods.
38
Old RepublicBusiness Model: Industry Focus
Actual / Longer TermCurrent (*) Objective
Trucking 20.0% 20.0%General Industry (**) 10.9% 10.0%Contractors 8.2% 9.5%Financial Indemnities 6.4% 7.5%General Aviation 3.9% 4.0%Energy 2.2% 2.5%Home & Auto Warranties 3.2% 3.5%Forestry & Timber 1.7% 2.0%Miscellaneous 2.1% 1.0% Total General Insurance 58.6% 60.0%Mortgage Guaranty 12.4% 15.0%Title Insurance 26.6% 22.5%Other 2.4% 2.5% Total 100.0% 100.0%
(*) Based on gross premiums and fees production for the year ended December 31, 2004.(**) Mostly Alternative Market Risk Management Business.
39
Old Republic General InsuranceFinancial Performance
Nine Months Ended
September 30,2000 2001 2002 2003 2004 2004 2005
Net Premiums Earned $857.8 $1,000.2 $1,184.1 $1,379.5 $1,623.0 $1,194.2 $1,349.9Pretax Operating Income $117.6 $141.5 $182.1 $258.9 $333.0 $244.9 $258.8Operating Cash Flow $74.3 $161.8 $309.8 $375.7 $495.2 $368.1 $428.5
Loss Ratio 77.5% 74.8% 72.0% 67.6% 65.9% 66.0% 67.1%Expense Ratio 28.8% 27.8% 27.1% 26.2% 24.8% 24.7% 24.3%Composite Ratio: ORI * 106.3% 102.6% 99.1% 93.8% 90.7% 90.7% 91.4%
Industry Average ** 110.0% 116.0% 107.2% 100.1% 97.6% N/A 97.3%
* Old Republic's Composite Ratio (GAAP basis) has bested the Industry's in nine of the past ten years.
** Source: A.M. Best (Sept. 2005 results represent the 2005 industry estimate as published by AM Best in January 2005)
Years Ended December 31,
($ in Millions)
Old Republic General Insurance Gross Revenue Contributions by Major Coverage
40
2000 2001 2002 2003 2004 2004 2005
Commercial Auto (Trucking) 41.4% 37.9% 35.1% 33.4% 32.7% 33.3% 34.5%
Workers' Compensation 17.7% 19.4% 20.6% 22.6% 24.0% 24.0% 22.9%Property 12.0% 11.3% 10.9% 9.7% 8.9% 8.9% 8.6% Commercial Multi-Peril, Inland Marine, Fire
Financial Indemnities 7.1% 6.9% 9.7% 11.4% 10.3% 9.8% 10.0% Mostly: E&O / D&O, Consumer Credit Indemnity, Fidelity & Surety
General Liability 8.2% 9.3% 9.0% 9.9% 10.5% 10.1% 9.8%
Home & Auto Warranties 4.7% 5.8% 5.6% 5.2% 5.5% 5.4% 6.1%
General Aviation 6.4% 6.3% 6.5% 5.8% 5.8% 5.9% 5.7%
Other Specialty Coverages 2.5% 3.1% 2.6% 2.0% 2.3% 2.6% 2.4% Travel & Other Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Years Ended December 31,Nine Months Ended
September 30,
41
Old Republic General Insurance - GrossRevenue Contributions by Major Industry Served
Years Ended December 31,2000 2001 2002 2003 2004
Transportation (Trucking) 41.6% 36.9% 35.4% 34.5% 34.1%
General Industry (*) 12.6% 16.5% 15.6% 16.1% 18.6%
Contractors 13.4% 14.5% 15.9% 15.3% 14.1%
Energy 5.8% 5.7% 4.5% 3.9% 3.7%
Financial Indemnities 7.7% 7.6% 10.4% 12.1% 10.9%
Home & Auto Warranties 4.7% 5.8% 5.6% 5.2% 5.5%
Forestry & Timber 3.8% 3.2% 3.1% 3.1% 2.9%
General Aviation 6.9% 6.9% 7.4% 6.8% 6.6%
Wholesale/Retail Trade 1.0% 0.9% 1.1% 2.2% 2.6%
Other 2.5% 2.0% 1.0% 0.8% 1.0%100.0% 100.0% 100.0% 100.0% 100.0%
(*) Represents mostly business written in a risk management/ alternative market basis.
42
Old Republic General InsuranceUnderwriting Performance**
Years Ended December 31, September 30, 2000 2001 2002 2003 2004 2004 2005
All Lines CombinedNet Premiums Earned $859.8 $1,000.7 $1,182.3 $1,382.7 $1,626.0 $1,197.7 $1,352.6Composite Ratio 106.0% 102.0% 98.4% 93.3% 90.7% 90.5% 91.1%
Commercial Auto (Trucking)Net Premiums Earned $427.5 $457.7 $508.0 $545.6 $616.3 $454.2 $521.6Composite Ratio 115.6% 105.1% 100.0% 92.3% 88.5% 89.0% 91.4%
Workers' CompensationNet Premiums Earned $142.4 $173.8 $226.2 $277.2 $353.9 $262.3 $294.0Composite Ratio 116.4% 114.2% 117.6% 105.8% 97.1% 95.1% 95.3%
Financial Indemnity Coverages (a)Net Premiums Earned $68.0 $72.3 $104.1 $161.8 $191.4 $142.1 $152.0Composite Ratio 84.0% 88.6% 79.6% 79.0% 74.5% 75.3% 77.5%
Property (b)Net Premiums Earned $118.0 $128.1 $151.9 $169.0 $184.5 $135.4 $147.3Composite Ratio 84.5% 89.1% 83.0% 90.2% 84.6% 85.5% 80.4%
General LiabilityNet Premiums Earned $44.1 $53.7 $55.3 $72.6 $94.4 $66.7 $70.9Composite Ratio 106.1% 103.8% 97.8% 118.1% 133.6% 142.1% 133.1%
Other Coverages (c)Net Premiums Earned $59.5 $114.8 $136.6 $156.4 $185.2 $136.8 $166.6Composite Ratio 82.3% 93.9% 91.9% 81.5% 86.1% 83.0% 86.9%
(a) Includes Executive Indemnity (E&O/D&O), Consumer Credit Indemnity, Fidelity and Surety.(b) Includes Fire, Allied Lines, Commercial Multi-Peril and Inland Marine.(c) Includes Home and Auto Warranty, Aviation and Travel Accident.** All amounts and ratios are presented on a statutory basis.
Nine Months Ended($ in Millions)
43
Old Republic Mortgage GuarantyFinancial Performance
($ in Millions)Nine Months Ended
September 30,2000 2001 2002 2003 2004 2004 2005
Operating Revenues $395.4 $436.1 $467.1 $498.6 $489.9 $366.6 $386.6Pretax Operating Income $240.1 $261.9 $267.7 $276.4 $224.5 $170.7 $188.5
Loss Ratio 15.0% 16.1% 14.1% 22.7% 35.5% 34.4% 35.4%Expense Ratio 29.6% 27.5% 32.3% 24.8% 25.6% 25.7% 22.2%Composite Ratio 44.6% 43.6% 46.4% 47.5% 61.1% 60.1% 57.6%
Paid Loss Ratios 15.1% 13.4% 16.1% 23.9% 30.7% 30.0% 33.2%
Traditional Primary National Market Share 9.9% 10.0% 10.9% 11.3% 11.4% 11.5% 11.6% (1)
Delinquency Ratios: Traditional Primary 2.51% 2.84% 3.43% 3.95% 4.11% 3.90% 4.14% Bulk - 0.33% 3.28% 4.76% 4.59% 4.84% 3.41%
(1) Market Share for the Six Months Ended June 30, 2005.
Years Ended December 31,
44
Old Republic Mortgage Guaranty Operating Statistics
($ in Millions)Nine Months Ended
September 30,2000 2001 2002 2003 2004 2004 2005
New Insurance Written: Traditional Primary $14,929.7 $25,085.4 $30,809.6 $37,255.8 $24,749.4 $19,080.7 $15,585.5 Bulk 35.3 2,614.4 5,130.0 6,806.6 4,487.8 3,136.1 7,465.9 Other 1,594.7 3,675.3 7,555.5 5,802.8 7,324.7 6,801.1 63.2 Total $16,559.8 $31,375.1 $43,495.1 $49,865.2 $36,562.0 $29,018.0 $23,114.7
Net Risk In Force: Traditional Primary $14,840.7 $15,043.5 $15,367.6 $15,329.5 $15,452.2 $15,474.4 $14,882.4 Bulk 8.7 167.0 513.0 802.2 834.8 813.9 1,482.2 Other 271.5 336.9 450.7 493.4 580.9 576.1 575.8 Total $15,120.9 $15,547.4 $16,331.3 $16,625.1 $16,868.0 $16,864.4 $16,940.5
Bulk as a % of Total Risk In Force 0.1% 1.1% 3.1% 4.8% 4.9% 4.8% 8.7%
Persistency Traditional Primary 82.1% 65.3% 59.1% 46.0% 64.5% 62.8% 65.2%
Years Ended December 31,
45
Old Republic Title InsuranceFinancial Performance
Nine Months EndedSeptember 30,
2000 2001 2002 2003 2004 2004 2005Net Premiums and Fees Earned $494.0 $625.3 $813.4 $1,103.8 $1,025.2 $759.8 $775.5Pretax Operating Income $40.2 $75.0 $97.6 $129.6 $62.5 $65.4 $66.4Operating Cash Flow $43.0 $73.4 $96.3 $129.5 $74.6 $44.7 $35.8
Loss Ratio 3.6% 4.0% 5.0% 5.8% 5.8% 5.8% 5.9%Expense Ratio 92.4% 87.2% 85.6% 84.6% 90.5% 88.1% 87.9%Composite Ratio 96.0% 91.2% 90.6% 90.4% 96.3% 93.9% 93.8%
Pretax Operating Margin: Old Republic 7.8% 11.6% 11.7% 11.5% 5.9% 8.4% 8.4% Composite of Public Peers: - Stewart & LandAmerica -4.6% 5.1% 8.9% 8.9% 6.4% 6.6% 6.1% - 4 National Companies 2.4% 8.8% 11.9% 13.5% 10.7% 10.1% 10.1%
Years Ended December 31,
($ in Millions)
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