
OLD REPUBLIC INTERNATIONAL CORPORATION

Report on Form 10-Q / ~~March 31,~~June 30, 2022

INDEX



		PAGE NO.

PART I	FINANCIAL INFORMATION:

	CONSOLIDATED BALANCE SHEETS	3

	CONSOLIDATED STATEMENTS OF INCOME	4

	CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	5

	CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND COMMON
	SHAREHOLDERS' EQUITY	6

	CONSOLIDATED STATEMENTS OF CASH FLOWS	7

	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	8 - 17

	MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS	18 - 40

	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK	41

	CONTROLS AND PROCEDURES	41

PART II	OTHER INFORMATION:

	ITEM 1 - LEGAL PROCEEDINGS	42

	ITEM 1A - RISK FACTORS	42

	ITEM 6 - EXHIBITS	42

SIGNATURE		43

EXHIBIT INDEX		44


Old Republic International Corporation and Subsidiaries	Old Republic International Corporation and Subsidiaries					Old Republic International Corporation and Subsidiaries
Consolidated Balance Sheets	Consolidated Balance Sheets					Consolidated Balance Sheets
($ in Millions, Except Share Data)	($ in Millions, Except Share Data)					($ in Millions, Except Share Data)
		(Unaudited)					(Unaudited)
		March 31,		December 31,			June 30,		December 31,
		2022		2021			2022		2021
Assets	Assets					Assets
Investments:	Investments:					Investments:
Available for sale:	Available for sale:					Available for sale:
Fixed income securities (at fair value) (amortized cost: $11,007.8 and $10,438.6)		$	10,736.2	$	10,675.7
Fixed income securities (at fair value) (amortized cost: $11,500.8 and $10,438.6)						Fixed income securities (at fair value) (amortized cost: $11,500.8 and $10,438.6)	$	10,914.1	$	10,675.7
Short-term investments (at fair value which approximates cost)	Short-term investments (at fair value which approximates cost)	739.8		565.7		Short-term investments (at fair value which approximates cost)	736.9		565.7
Total	Total	11,476.1		11,241.4		Total	11,651.1		11,241.4
Equity securities (at fair value) (cost: $3,356.3 and $3,766.5)		4,972.4		5,302.8
Equity securities (at fair value) (cost: $2,937.1 and $3,766.5)						Equity securities (at fair value) (cost: $2,937.1 and $3,766.5)	4,182.4		5,302.8
Other investments	Other investments	31.8		32.0		Other investments	31.2		32.0
Total Investments	Total Investments	16,480.3		16,576.3		Total Investments	15,864.9		16,576.3
Other Assets:	Other Assets:					Other Assets:
Cash	Cash	95.1		158.1		Cash	100.8		158.1
Accrued investment income	Accrued investment income	88.8		84.4		Accrued investment income	94.1		84.4
Accounts and notes receivable	Accounts and notes receivable	1,861.8		1,768.7		Accounts and notes receivable	2,096.0		1,768.7
Federal income tax recoverable: Current	Federal income tax recoverable: Current	—		11.8		Federal income tax recoverable: Current	19.6		11.8

Reinsurance balances and funds held	Reinsurance balances and funds held	346.4		258.1		Reinsurance balances and funds held	351.1		258.1
Reinsurance recoverable: Paid losses	Reinsurance recoverable: Paid losses	114.3		118.2		Reinsurance recoverable: Paid losses	140.0		118.2
Policy and claim reserves		4,952.6		4,825.1
Policy and loss reserves						Policy and loss reserves	5,411.0		4,825.1
Deferred policy acquisition costs	Deferred policy acquisition costs	358.9		350.4		Deferred policy acquisition costs	372.6		350.4
Sundry assets	Sundry assets	820.2		830.3		Sundry assets	844.8		830.3
Total Other Assets	Total Other Assets	8,638.4		8,405.5		Total Other Assets	9,430.5		8,405.5
Total Assets	Total Assets	$	25,118.8	$	24,981.8	Total Assets	$	25,295.4	$	24,981.8
Liabilities, Preferred Stock, and Common Shareholders' Equity	Liabilities, Preferred Stock, and Common Shareholders' Equity					Liabilities, Preferred Stock, and Common Shareholders' Equity
Liabilities:	Liabilities:					Liabilities:
Losses, claims, and settlement expenses		$	11,569.1	$	11,425.5
Loss and loss adjustment expense reserves						Loss and loss adjustment expense reserves	$	11,905.4	$	11,425.5
Unearned premiums	Unearned premiums	2,675.7		2,559.4		Unearned premiums	2,937.3		2,559.4
Other policyholders' benefits and funds	Other policyholders' benefits and funds	193.9		192.6		Other policyholders' benefits and funds	192.4		192.6
Total policy liabilities and accruals	Total policy liabilities and accruals	14,438.8		14,177.5		Total policy liabilities and accruals	15,035.2		14,177.5
Commissions, expenses, fees, and taxes	Commissions, expenses, fees, and taxes	568.2		573.5		Commissions, expenses, fees, and taxes	512.5		573.5
Reinsurance balances and funds	Reinsurance balances and funds	1,002.1		866.0		Reinsurance balances and funds	1,177.3		866.0
Federal income tax payable: Current		46.1		—
Deferred		157.2		249.5

Federal income tax payable: Deferred						Federal income tax payable: Deferred	17.2		249.5
Debt	Debt	1,594.2		1,588.5		Debt	1,594.5		1,588.5
Sundry liabilities	Sundry liabilities	561.8		633.3		Sundry liabilities	565.3		633.3
Commitments and contingent liabilities		0		0
Total Liabilities	Total Liabilities	18,368.6		18,088.6		Total Liabilities	18,902.2		18,088.6
Preferred Stock (1)	Preferred Stock (1)	—		—		Preferred Stock (1)	—		—
Common Shareholders' Equity:	Common Shareholders' Equity:					Common Shareholders' Equity:
Common stock (1)	Common stock (1)	308.3		307.5		Common stock (1)	308.9		307.5
Additional paid-in capital	Additional paid-in capital	1,391.3		1,376.1		Additional paid-in capital	1,395.9		1,376.1
Retained earnings	Retained earnings	5,450.8		5,214.0		Retained earnings	5,341.0		5,214.0
Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss)	(320.7)		78.0		Accumulated other comprehensive income (loss)	(576.0)		78.0
Unallocated ESSOP shares (at cost)	Unallocated ESSOP shares (at cost)	(79.6)		(82.5)		Unallocated ESSOP shares (at cost)	(76.6)		(82.5)
Total Common Shareholders' Equity	Total Common Shareholders' Equity	6,750.1		6,893.2		Total Common Shareholders' Equity	6,393.1		6,893.2
Total Liabilities, Preferred Stock and Common Shareholders' Equity	Total Liabilities, Preferred Stock and Common Shareholders' Equity	$	25,118.8	$	24,981.8	Total Liabilities, Preferred Stock and Common Shareholders' Equity	$	25,295.4	$	24,981.8

(1) At ~~March 31,~~June 30, 2022 and December 31, 2021, there were 75,000,000 shares of $0.01 par value preferred stock authorized, of which no shares were outstanding. As of the same dates, there were 500,000,000 shares of common stock, $1.00 par value, authorized, of which ~~308,303,220~~308,937,054 and 307,565,632 were issued as of ~~March 31,~~June 30, 2022 and December 31, 2021, respectively. At ~~March 31,~~June 30, 2022 and December 31, 2021, there were 100,000,000 shares of Class B Common Stock, $1.00 par value, authorized, of which no shares were issued.


Old Republic International Corporation and Subsidiaries	Old Republic International Corporation and Subsidiaries		Old Republic International Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)	Consolidated Statements of Income (Unaudited)		Consolidated Statements of Income (Unaudited)
($ in Millions, Except Share Data)	($ in Millions, Except Share Data)		($ in Millions, Except Share Data)
		Quarters Ended				Quarters Ended						Six Months Ended
		March 31,				June 30,						June 30,
				2022			2021			2022		2021		2022		2021
Revenues:	Revenues:								Revenues:
Net premiums earned	Net premiums earned			$	1,828.7		$	1,732.2	Net premiums earned	$	1,887.4	$	1,868.5	$	3,716.1	$	3,600.7
Title, escrow, and other fees	Title, escrow, and other fees			90.2			106.6		Title, escrow, and other fees	94.8		118.7		185.1		225.4
Total premiums and fees	Total premiums and fees			1,919.0			1,838.9		Total premiums and fees	1,982.3		1,987.3		3,901.3		3,826.2
Net investment income	Net investment income			106.2			104.3		Net investment income	107.8		107.6		214.1		211.9
Other income	Other income			36.2			36.3		Other income	37.6		37.8		73.9		74.1
Total operating revenues	Total operating revenues			2,061.5			1,979.6		Total operating revenues	2,127.8		2,132.8		4,189.4		4,112.4
Net investment gains (losses):	Net investment gains (losses):								Net investment gains (losses):
Realized from actual transactions				65.2			7.8

Realized from actual transactions and impairments									Realized from actual transactions and impairments	53.2		1.0		118.5		8.9
Unrealized from changes in fair value of	Unrealized from changes in fair value of								Unrealized from changes in fair value of
equity securities	equity securities			79.8			367.5		equity securities	(370.7)		119.9		(290.9)		487.4
Total realized and unrealized investment	Total realized and unrealized investment								Total realized and unrealized investment
gains (losses)	gains (losses)			145.1			375.4		gains (losses)	(317.4)		120.9		(172.3)		496.4
Total revenues	Total revenues			2,206.6			2,355.0		Total revenues	1,810.3		2,253.7		4,017.0		4,608.8

Benefits, Claims and Expenses:
Benefits, claims and settlement expenses				604.4			598.0
Expenses:									Expenses:
Loss and loss adjustment expenses									Loss and loss adjustment expenses	635.6		615.8		1,240.1		1,213.8
Dividends to policyholders	Dividends to policyholders			3.4			5.4		Dividends to policyholders	3.0		9.1		6.5		14.5
Underwriting, acquisition, and other expenses	Underwriting, acquisition, and other expenses			1,199.0			1,110.3		Underwriting, acquisition, and other expenses	1,209.6		1,220.6		2,408.7		2,330.9
Interest and other charges	Interest and other charges			16.9			10.6		Interest and other charges	16.6		12.1		33.6		22.8
Total expenses	Total expenses			1,823.9			1,724.4		Total expenses	1,865.0		1,857.7		3,688.9		3,582.2
Income (loss) before income taxes (credits)	Income (loss) before income taxes (credits)			382.6			630.6		Income (loss) before income taxes (credits)	(54.6)		396.0		328.0		1,026.6

Income Taxes (Credits):	Income Taxes (Credits):								Income Taxes (Credits):
Current	Current			63.1			50.7		Current	60.2		46.6		123.3		97.4
Deferred	Deferred			13.2			77.7		Deferred	(74.6)		32.9		(61.4)		110.6
Total	Total			76.3			128.5		Total	(14.4)		79.5		61.9		208.0

Net Income (Loss)	Net Income (Loss)			$	306.3		$	502.1	Net Income (Loss)	$	(40.1)	$	316.4	$	266.1	$	818.5

Net Income (Loss) Per Share:	Net Income (Loss) Per Share:								Net Income (Loss) Per Share:
Basic	Basic			$	1.01		$	1.68	Basic	$	(.13)	$	1.06	$	.88	$	2.73
Diluted	Diluted			$	1.00		$	1.68	Diluted	$	(.13)	$	1.05	$	.87	$	2.72

Average shares outstanding: Basic	Average shares outstanding: Basic			303,582,578			298,753,132		Average shares outstanding: Basic	303,793,432		299,934,621		303,695,113		299,831,932
Diluted	Diluted			305,424,592			299,693,514		Diluted	303,793,432		302,328,012		305,312,529		301,381,955


Old Republic International Corporation and Subsidiaries	Old Republic International Corporation and Subsidiaries		Old Republic International Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)	Consolidated Statements of Comprehensive Income (Unaudited)		Consolidated Statements of Comprehensive Income (Unaudited)
($ in Millions)	($ in Millions)								($ in Millions)
		Quarters Ended				Quarters Ended						Six Months Ended
		March 31,				June 30,						June 30,
				2022			2021			2022		2021		2022		2021
Net Income (Loss) As Reported	Net Income (Loss) As Reported			$	306.3		$	502.1	Net Income (Loss) As Reported	$	(40.1)	$	316.4	$	266.1	$	818.5

Other comprehensive income (loss):	Other comprehensive income (loss):								Other comprehensive income (loss):
Unrealized gains (losses) on securities not included	Unrealized gains (losses) on securities not included								Unrealized gains (losses) on securities not included
in the statements of income:	in the statements of income:								in the statements of income:
Unrealized gains (losses) before reclassifications,	Unrealized gains (losses) before reclassifications,								Unrealized gains (losses) before reclassifications,
not included in the statements of income	not included in the statements of income			(533.2)			(242.4)		not included in the statements of income	(356.1)		61.4		(889.4)		(180.9)
Amounts reclassified as realized investment (gains)	Amounts reclassified as realized investment (gains)								Amounts reclassified as realized investment (gains)
losses in the statements of income	losses in the statements of income			21.7			(.3)		losses in the statements of income	38.6		(.6)		60.4		(1.0)
Pretax unrealized gains (losses) on securities not	Pretax unrealized gains (losses) on securities not								Pretax unrealized gains (losses) on securities not
included in the statements of income	included in the statements of income			(511.5)			(242.7)		included in the statements of income	(317.4)		60.7		(829.0)		(182.0)
Deferred income taxes (credits)	Deferred income taxes (credits)			(108.0)			(51.1)		Deferred income taxes (credits)	(66.9)		12.7		(175.0)		(38.4)
Net unrealized gains (losses) on securities not included	Net unrealized gains (losses) on securities not included								Net unrealized gains (losses) on securities not included
in the statements of income, net of tax	in the statements of income, net of tax			(403.5)			(191.5)		in the statements of income, net of tax	(250.4)		47.9		(654.0)		(143.6)
Defined benefit pension plans:	Defined benefit pension plans:								Defined benefit pension plans:
Net pension adjustment before reclassifications	Net pension adjustment before reclassifications			—			—		Net pension adjustment before reclassifications	—		—		—		—
Amounts reclassified as underwriting, acquisition,	Amounts reclassified as underwriting, acquisition,								Amounts reclassified as underwriting, acquisition,
and other expenses in the statements of income	and other expenses in the statements of income			.7			1.8		and other expenses in the statements of income	.7		1.8		1.5		3.6
Pretax net adjustment related to defined benefit	Pretax net adjustment related to defined benefit								Pretax net adjustment related to defined benefit
pension plans	pension plans			.7			1.8		pension plans	.7		1.8		1.5		3.6
Deferred income taxes (credits)	Deferred income taxes (credits)			.1			.3		Deferred income taxes (credits)	.1		.3		.3		.7
Net adjustment related to defined benefit pension	Net adjustment related to defined benefit pension								Net adjustment related to defined benefit pension
plans, net of tax	plans, net of tax			.6			1.4		plans, net of tax	.6		1.4		1.2		2.9
Foreign currency translation adjustment	Foreign currency translation adjustment			4.1			3.0		Foreign currency translation adjustment	(5.5)		4.0		(1.3)		7.0
Total other comprehensive income (loss)	Total other comprehensive income (loss)			(398.7)			(187.0)		Total other comprehensive income (loss)	(255.3)		53.4		(654.1)		(133.6)
Comprehensive Income (Loss)	Comprehensive Income (Loss)			$	(92.4)		$	315.0	Comprehensive Income (Loss)	$	(295.5)	$	369.8	$	(388.0)	$	684.9


Old Republic International Corporation and Subsidiaries	Old Republic International Corporation and Subsidiaries		Old Republic International Corporation and Subsidiaries
Consolidated Statements of Preferred Stock	Consolidated Statements of Preferred Stock		Consolidated Statements of Preferred Stock
and Common Shareholders' Equity (Unaudited)	and Common Shareholders' Equity (Unaudited)		and Common Shareholders' Equity (Unaudited)
($ in Millions)	($ in Millions)								($ in Millions)
		Quarters Ended				Quarters Ended						Six Months Ended
		March 31,				June 30,						June 30,
				2022			2021			2022		2021		2022		2021
Preferred Stock:	Preferred Stock:								Preferred Stock:
Balance, beginning and end of period	Balance, beginning and end of period			$	—		$	—	Balance, beginning and end of period	$	—	$	—	$	—	$	—

Common Stock:	Common Stock:								Common Stock:
Balance, beginning of period	Balance, beginning of period			$	307.5		$	304.1	Balance, beginning of period	$	308.3	$	304.7	$	307.5	$	304.1
Dividend reinvestment plan	Dividend reinvestment plan			—			—		Dividend reinvestment plan	—		—		—		—
Net issuance of shares under stock based compensation plans				.7			.5
Stock based compensation									Stock based compensation	.6		.9		1.3		1.5
Balance, end of period	Balance, end of period			$	308.3		$	304.7	Balance, end of period	$	308.9	$	305.7	$	308.9	$	305.7

Additional Paid-in Capital:	Additional Paid-in Capital:								Additional Paid-in Capital:
Balance, beginning of period	Balance, beginning of period			$	1,376.1		$	1,306.9	Balance, beginning of period	$	1,391.3	$	1,318.9	$	1,376.1	$	1,306.9
Dividend reinvestment plan	Dividend reinvestment plan			.2			1.1		Dividend reinvestment plan	.2		.2		.5		1.4
Net issuance of shares under stock based compensation plans				12.8			7.8

Stock based compensation	Stock based compensation			.4			2.3		Stock based compensation	3.1		16.8		16.4		27.1
ESSOP shares released	ESSOP shares released			1.6			.6		ESSOP shares released	1.3		1.5		2.9		2.1

Other - net									Other - net	(.1)		—		(.1)		—
Balance, end of period	Balance, end of period			$	1,391.3		$	1,318.9	Balance, end of period	$	1,395.9	$	1,337.6	$	1,395.9	$	1,337.6

Retained Earnings:	Retained Earnings:								Retained Earnings:
Balance, beginning of period	Balance, beginning of period			$	5,214.0		$	4,394.8	Balance, beginning of period	$	5,450.8	$	4,831.4	$	5,214.0	$	4,394.8

Net income (loss)	Net income (loss)			306.3			502.1		Net income (loss)	(40.1)		316.4		266.1		818.5
Dividends on common shares ($.23 and $.22 per common share)				(69.4)			(65.4)
Dividends on common shares (1)									Dividends on common shares (1)	(69.6)		(65.7)		(139.1)		(131.2)
Balance, end of period	Balance, end of period			$	5,450.8		$	4,831.4	Balance, end of period	$	5,341.0	$	5,082.1	$	5,341.0	$	5,082.1

Accumulated Other Comprehensive Income (Loss):	Accumulated Other Comprehensive Income (Loss):								Accumulated Other Comprehensive Income (Loss):
Balance, beginning of period	Balance, beginning of period			$	78.0		$	284.0	Balance, beginning of period	$	(320.7)	$	96.9	$	78.0	$	284.0
Net unrealized gains (losses) on securities not included in the	Net unrealized gains (losses) on securities not included in the								Net unrealized gains (losses) on securities not included in the
statements of income, net of tax	statements of income, net of tax			(403.5)			(191.5)		statements of income, net of tax	(250.4)		47.9		(654.0)		(143.6)
Net adjustment related to defined benefit pension plans,	Net adjustment related to defined benefit pension plans,								Net adjustment related to defined benefit pension plans,
net of tax	net of tax			.6			1.4		net of tax	.6		1.4		1.2		2.9
Foreign currency translation adjustment	Foreign currency translation adjustment			4.1			3.0		Foreign currency translation adjustment	(5.5)		4.0		(1.3)		7.0

Balance, end of period	Balance, end of period			$	(320.7)		$	96.9	Balance, end of period	$	(576.0)	$	150.4	$	(576.0)	$	150.4

Unallocated ESSOP Shares:	Unallocated ESSOP Shares:								Unallocated ESSOP Shares:
Balance, beginning of period	Balance, beginning of period			$	(82.5)		$	(103.2)	Balance, beginning of period	$	(79.6)	$	(100.3)	$	(82.5)	$	(103.2)
ESSOP shares released	ESSOP shares released			2.9			2.9		ESSOP shares released	2.9		2.9		5.9		5.9

Balance, end of period	Balance, end of period			$	(79.6)		$	(100.3)	Balance, end of period	$	(76.6)	$	(97.3)	$	(76.6)	$	(97.3)


Old Republic International Corporation and Subsidiaries	Old Republic International Corporation and Subsidiaries					Old Republic International Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)	Consolidated Statements of Cash Flows (Unaudited)					Consolidated Statements of Cash Flows (Unaudited)
($ in Millions)	($ in Millions)					($ in Millions)
		Quarters Ended					Six Months Ended
		March 31,					June 30,
		2022		2021			2022		2021
Cash flows from operating activities:	Cash flows from operating activities:					Cash flows from operating activities:
Net income (loss)	Net income (loss)	$	306.3	$	502.1	Net income (loss)	$	266.1	$	818.5
Adjustments to reconcile net income (loss) to	Adjustments to reconcile net income (loss) to					Adjustments to reconcile net income (loss) to
net cash provided by operating activities:	net cash provided by operating activities:					net cash provided by operating activities:
Deferred policy acquisition costs	Deferred policy acquisition costs	(8.4)		(6.8)		Deferred policy acquisition costs	(22.1)		(18.3)
Premiums and other receivables	Premiums and other receivables	(93.0)		(32.7)		Premiums and other receivables	(327.2)		(234.7)
Unpaid claims and related items		84.5		102.4
Loss and loss adjustment expense reserves						Loss and loss adjustment expense reserves	166.9		205.3
Unearned premiums and other policyholders' liabilities	Unearned premiums and other policyholders' liabilities	49.0		15.5		Unearned premiums and other policyholders' liabilities	104.6		46.1
Income taxes	Income taxes	73.5		111.1		Income taxes	(65.4)		89.0

Reinsurance balances and funds	Reinsurance balances and funds	51.6		37.9		Reinsurance balances and funds	196.4		168.7
Realized investment (gains) losses from actual transactions	Realized investment (gains) losses from actual transactions	(65.2)		(7.8)		Realized investment (gains) losses from actual transactions	(118.5)		(8.9)
Unrealized investment (gains) losses from changes in fair value	Unrealized investment (gains) losses from changes in fair value					Unrealized investment (gains) losses from changes in fair value
of equity securities	of equity securities	(79.8)		(367.5)		of equity securities	290.9		(487.4)
Accounts payable, accrued expenses and other	Accounts payable, accrued expenses and other	(40.0)		(58.1)		Accounts payable, accrued expenses and other	(88.4)		(62.7)
Total	Total	278.4		296.0		Total	403.2		515.4

Cash flows from investing activities:	Cash flows from investing activities:					Cash flows from investing activities:
Fixed income securities:	Fixed income securities:					Fixed income securities:
Maturities and early calls	Maturities and early calls	324.6		335.6		Maturities and early calls	732.5		740.6
Sales	Sales	173.7		156.5		Sales	372.4		168.3

Sales of:	Sales of:					Sales of:
Equity securities	Equity securities	497.9		195.7		Equity securities	1,045.8		197.7
Other - net		2.2		2.2
Other investments						Other investments	5.1		4.8

Purchases of:	Purchases of:					Purchases of:
Fixed income securities	Fixed income securities	(1,094.3)		(659.3)		Fixed income securities	(2,250.1)		(1,086.2)
Equity securities	Equity securities	(.1)		(36.5)		Equity securities	(37.7)		(850.5)
Other - net		(9.5)		(17.6)
Other investments						Other investments	(24.8)		(30.2)
Net decrease (increase) in short-term investments	Net decrease (increase) in short-term investments	(174.1)		111.7		Net decrease (increase) in short-term investments	(171.2)		115.7
Other - net	Other - net	(5.8)		—		Other - net	(7.0)		—
Total	Total	(285.4)		88.3		Total	(335.0)		(739.6)

Cash flows from financing activities:	Cash flows from financing activities:					Cash flows from financing activities:

Issuance of debentures and notes						Issuance of debentures and notes	—		642.5
Issuance of common shares	Issuance of common shares	13.8		9.6		Issuance of common shares	14.4		27.5
Redemption of debentures and notes	Redemption of debentures and notes	—		(19.5)		Redemption of debentures and notes	—		(19.5)

Dividends on common shares (including a special dividend paid in January	Dividends on common shares (including a special dividend paid in January					Dividends on common shares (including a special dividend paid in January
2021 of $304.0)	2021 of $304.0)	(69.4)		(369.5)		2021 of $304.0)	(139.0)		(435.3)
Other - net	Other - net	(.3)		(.3)		Other - net	(.9)		(.6)
Total	Total	(56.0)		(379.7)		Total	(125.5)		214.7

Increase (decrease) in cash	Increase (decrease) in cash	(63.0)		4.7		Increase (decrease) in cash	(57.3)		(9.4)
Cash, beginning of period	Cash, beginning of period	158.1		118.7		Cash, beginning of period	158.1		118.7
Cash, end of period	Cash, end of period	$	95.1	$	123.4	Cash, end of period	$	100.8	$	109.2

Supplemental cash flow information:	Supplemental cash flow information:					Supplemental cash flow information:
Cash paid (received) during the period for: Interest	Cash paid (received) during the period for: Interest	$	20.4	$	20.4	Cash paid (received) during the period for: Interest	$	32.9	$	20.4
Income taxes	Income taxes	$	2.8	$	17.1	Income taxes	$	128.0	$	119.2

Accounting Principles - The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP"). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2021 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective.

The status and fair value changes of each of the fixed income investments are reviewed at least once per quarter ~~during the year~~ to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses).

Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent approximately ~~20%~~21% of 2022 consolidated title business revenues. Such premiums are generally recognized as income at the escrow closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and ~~claim~~loss reserve provisions.

~~Losses, Claims~~Loss and ~~Settlement~~Loss Adjustment Expenses - The establishment of ~~claim~~loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work-related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated ~~claim~~loss costs due to all of these factors, and to the evolution, interpretation, and

All reserves are therefore based on estimates which are periodically reviewed and evaluated in the light of emerging ~~claim~~loss experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of ~~claims~~losses in future years, may offset, in whole or in part, favorable or unfavorable ~~claim~~loss developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of ~~claims~~losses incurred. However, no representation is made nor is any guaranty given that ultimate net ~~claim~~losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates.


		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value			Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed Income Securities by Type:	Fixed Income Securities by Type:									Fixed Income Securities by Type:
March 31, 2022:
June 30, 2022:										June 30, 2022:
U.S. & Canadian Governments	U.S. & Canadian Governments	$	2,244.4	$	5.6	$	44.0	$	2,206.0	U.S. & Canadian Governments	$	2,233.8	$	.9	$	74.0	$	2,160.6
Tax-exempt	Tax-exempt	929.5		4.3		2.9		930.9		Tax-exempt	908.1		1.6		5.7		904.0
Corporate	Corporate	7,833.7		47.6		282.1		7,599.2		Corporate	8,358.9		9.2		518.7		7,849.4
		$	11,007.8	$	57.6	$	329.1	$	10,736.2		$	11,500.8	$	11.8	$	598.5	$	10,914.1

December 31, 2021:	December 31, 2021:									December 31, 2021:
U.S. & Canadian Governments	U.S. & Canadian Governments	$	2,121.6	$	44.8	$	7.9	$	2,158.5	U.S. & Canadian Governments	$	2,121.6	$	44.8	$	7.9	$	2,158.5
Tax-exempt	Tax-exempt	944.9		44.3		—		989.2		Tax-exempt	944.9		44.3		—		989.2
Corporate	Corporate	7,372.1		220.0		64.2		7,527.9		Corporate	7,372.1		220.0		64.2		7,527.9
		$	10,438.6	$	309.2	$	72.2	$	10,675.7		$	10,438.6	$	309.2	$	72.2	$	10,675.7


		Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value
Fixed Income Securities Stratified by Contractual Maturity at March 31, 2022:
Fixed Income Securities Stratified by Contractual Maturity at June 30, 2022:						Fixed Income Securities Stratified by Contractual Maturity at June 30, 2022:
Due in one year or less	Due in one year or less	$	1,270.0	$	1,274.5	Due in one year or less	$	1,243.8	$	1,241.5
Due after one year through five years	Due after one year through five years	5,433.1		5,414.4		Due after one year through five years	5,739.1		5,614.3
Due after five years through ten years	Due after five years through ten years	4,217.2		3,962.4		Due after five years through ten years	4,451.5		3,994.5
Due after ten years	Due after ten years	87.4		84.8		Due after ten years	66.2		63.6
		$	11,007.8	$	10,736.2		$	11,500.8	$	10,914.1


		Less than 12 Months				12 Months or Greater				Total					Less than 12 Months				12 Months or Greater				Total
		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2022:
June 30, 2022:														June 30, 2022:

Fixed Income Securities:	Fixed Income Securities:													Fixed Income Securities:
U.S. & Canadian Governments	U.S. & Canadian Governments	$	1,503.4	$	33.3	$	213.7	$	10.7	$	1,717.2	$	44.0	U.S. & Canadian Governments	$	1,601.4	$	39.7	$	435.2	$	34.3	$	2,036.6	$	74.0
Tax-exempt	Tax-exempt	349.0		2.9		—		—		349.0		2.9		Tax-exempt	578.2		5.7		—		—		578.2		5.7
Corporate	Corporate	3,895.0		249.2		250.2		32.9		4,145.3		282.1		Corporate	5,738.1		335.3		992.3		183.3		6,730.4		518.7
		$	5,747.5	$	285.5	$	464.0	$	43.6	$	6,211.6	$	329.1		$	7,917.8	$	380.7	$	1,427.5	$	217.7	$	9,345.4	$	598.5

Number of securities in	Number of securities in													Number of securities in
unrealized loss position	unrealized loss position			980				60				1,040		unrealized loss position			1,413				222				1,635

December 31, 2021:	December 31, 2021:													December 31, 2021:

Fixed Income Securities:	Fixed Income Securities:													Fixed Income Securities:
U.S. & Canadian Governments	U.S. & Canadian Governments	$	761.8	$	6.2	$	43.2	$	1.6	$	805.0	$	7.9	U.S. & Canadian Governments	$	761.8	$	6.2	$	43.2	$	1.6	$	805.0	$	7.9
Corporate	Corporate	2,032.8		55.5		174.1		8.7		2,207.0		64.2		Corporate	2,032.8		55.5		174.1		8.7		2,207.0		64.2
		$	2,794.7	$	61.8	$	217.3	$	10.3	$	3,012.0	$	72.2		$	2,794.7	$	61.8	$	217.3	$	10.3	$	3,012.0	$	72.2

Number of securities in	Number of securities in													Number of securities in
unrealized loss position	unrealized loss position			419				32				451		unrealized loss position			419				32				451

In the above tables the unrealized losses on fixed income securities are primarily deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers its intent and ability to continue to hold the securities until cost recovery, principally in consideration of its asset and liability maturity matching objectives. Net realized investment gains (losses) in the second quarter and first six months of 2022 included $2.5 of losses on fixed income securities for which the Company no longer intends to hold until recovery. No such losses were recognized during the same periods of 2021. The Company recorded no allowance for credit losses as of ~~March 31,~~June 30, 2022, and December 31, 2021.


		Equity Securities									Equity Securities
		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value			Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2022		$	3,356.3	$	1,658.1	$	42.0	$	4,972.4
June 30, 2022										June 30, 2022	$	2,937.1	$	1,289.2	$	43.9	$	4,182.4
December 31, 2021	December 31, 2021	$	3,766.5	$	1,620.8	$	84.5	$	5,302.8	December 31, 2021	$	3,766.5	$	1,620.8	$	84.5	$	5,302.8

During the second quarter and first ~~quarters~~six months of 2022 and 2021, the Company recognized pretax unrealized investment gains (losses) of ~~$79.8~~$(370.7) and ~~$367.5,~~$(290.9), respectively for 2022, and $119.9 and $487.4, respectively for 2021, emanating from changes in the fair value of equity securities in the consolidated statements of income. Changes in the fair value of equity securities still held at ~~March 31,~~June 30, 2022 and 2021 were ~~$182.2,~~$(292.4) and ~~$359.8,~~$(154.6) for the second quarter and first six months of 2022, respectively, and $119.9 and $479.7 for the second quarter and first six months of 2021, respectively.

Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources ("inputs") used to measure fair value into three broad levels: Level 1 inputs are based on quoted market prices in active markets; Level 2 observable inputs are based on corroboration with available market data; and Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions. Following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value.

The Company uses quoted values and other data provided by a nationally recognized independent pricing source as inputs into its quarterly process for determining fair values of fixed income and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. The independent pricing source obtains market quotations and actual transaction prices for securities that have quoted prices in active markets and uses their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including,


		Fair Value Measurements									Fair Value Measurements
As of March 31, 2022:		Level 1		Level 2		Level 3		Total
As of June 30, 2022:										As of June 30, 2022:	Level 1		Level 2		Level 3		Total
Available for sale:	Available for sale:									Available for sale:
Fixed income securities:	Fixed income securities:									Fixed income securities:
U.S. & Canadian Governments	U.S. & Canadian Governments	$	1,530.9	$	675.0	$	—	$	2,206.0	U.S. & Canadian Governments	$	1,521.0	$	639.6	$	—	$	2,160.6
Tax-exempt	Tax-exempt	—		930.9		—		930.9		Tax-exempt	—		904.0		—		904.0
Corporate	Corporate	—		7,588.7		10.5		7,599.2		Corporate	—		7,838.9		10.5		7,849.4
Short-term investments	Short-term investments	739.8		—		—		739.8		Short-term investments	736.9		—		—		736.9
Equity securities	Equity securities	$	4,970.5	$	—	$	1.8	$	4,972.4	Equity securities	$	4,180.6	$	—	$	1.7	$	4,182.4

As of December 31, 2021:	As of December 31, 2021:									As of December 31, 2021:
Available for sale:	Available for sale:									Available for sale:
Fixed income securities:	Fixed income securities:									Fixed income securities:
U.S. & Canadian Governments	U.S. & Canadian Governments	$	1,453.8	$	704.6	$	—	$	2,158.5	U.S. & Canadian Governments	$	1,453.8	$	704.6	$	—	$	2,158.5
Tax-exempt	Tax-exempt	—		989.2		—		989.2		Tax-exempt	—		989.2		—		989.2
Corporate	Corporate	—		7,517.4		10.5		7,527.9		Corporate	—		7,517.4		10.5		7,527.9
Short-term investments	Short-term investments	565.7		—		—		565.7		Short-term investments	565.7		—		—		565.7
Equity securities	Equity securities	$	5,300.8	$	—	$	1.9	$	5,302.8	Equity securities	$	5,300.8	$	—	$	1.9	$	5,302.8

Quarters Ended
March 31,
2022 2021
Investment income:
Fixed income securities $ 66.2 $ 69.7
Equity securities 41.5 36.1
Short-term investments .1 —
Other sources .2 —
Gross investment income 108.1 105.9
Investment expenses (a) 1.8 1.6
Net investment income $ 106.2 $ 104.3
Net investment gains (losses):
Realized from actual transactions:
Fixed income securities:
Gains $ — $ .6
Losses (21.8) (.2)
Net (21.7) .3
Equity securities:
Gains 113.5 36.3
Losses (26.5) (28.8)
Net 87.0 7.5
Total realized from actual transactions 65.2 7.8
From unrealized changes in fair value of equity securities 79.8 367.5
Total realized and unrealized investment gains (losses) 145.1 375.4
Current and deferred income taxes (credits) 30.5 79.6
Net of tax realized and unrealized investment gains (losses) $ 114.5 $ 295.7
Changes in unrealized investment gains (losses)
reflected directly in shareholders' equity:
Fixed income securities $ (507.3) $ (241.1)
Less: Deferred income taxes (credits) (107.1) (50.8)
(400.2) (190.3)
Other investments (4.1) (1.6)
Less: Deferred income taxes (credits) (.8) (.3)
(3.3) (1.2)
Net changes in unrealized investment gains (losses),
net of tax $ (403.5) $ (191.5)

~~__________~~


	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Investment income:
Fixed income securities	$	73.3	$	72.6	$	139.6	$	142.4
Equity securities	35.3		35.4		76.9		71.6
Short-term investments	1.1		—		1.2		—
Other sources	.5		.7		.8		.7
Gross investment income	110.4		108.9		218.5		214.9
Investment expenses	2.5		1.3		4.4		2.9
Net investment income	$	107.8	$	107.6	$	214.1	$	211.9

Net investment gains (losses):
Realized from actual transactions:
Fixed income securities:
Gains	$	.1	$	1.0	$	.1	$	1.6
Losses	(37.5)		(.3)		(59.3)		(.5)
Net	(37.4)		.6		(59.1)		1.0
Equity securities:
Gains	106.6		.3		220.1		36.7
Losses	(14.6)		—		(41.1)		(28.8)
Net	91.9		.3		179.0		7.8
Other investments, net	1.2		—		1.2		—
Total realized from actual transactions	55.8		1.0		121.1		8.9
From impairments	(2.5)		—		(2.5)		—
From unrealized changes in fair value of equity securities	(370.7)		119.9		(290.9)		487.4
Total realized and unrealized investment gains (losses)	(317.4)		120.9		(172.3)		496.4
Current and deferred income taxes (credits)	(67.0)		25.4		(36.4)		105.0
Net of tax realized and unrealized investment gains (losses)	$	(250.4)	$	95.5	$	(135.9)	$	391.3

Changes in unrealized investment gains (losses)
reflected directly in shareholders' equity:
Fixed income securities	$	(314.6)	$	60.2	$	(822.0)	$	(180.8)
Less: Deferred income taxes (credits)	(66.3)		12.6		(173.5)		(38.1)
	(248.2)		47.6		(648.4)		(142.6)

Other investments	(2.8)		.4		(7.0)		(1.2)
Less: Deferred income taxes (credits)	(.5)		—		(1.4)		(.2)
	(2.2)		.3		(5.5)		(.9)
Net changes in unrealized investment gains (losses),
net of tax	$	(250.4)	$	47.9	$	(654.0)	$	(143.6)


		Quarters Ended					Six Months Ended
		March 31,					June 30,
		2022		2021			2022		2021
Gross reserves at beginning of period	Gross reserves at beginning of period	$	11,425.5	$	10,671.0	Gross reserves at beginning of period	$	11,425.5	$	10,671.0
Less: reinsurance losses recoverable	Less: reinsurance losses recoverable	4,125.3		3,650.5		Less: reinsurance losses recoverable	4,125.3		3,650.5
Net reserves at beginning of period:	Net reserves at beginning of period:					Net reserves at beginning of period:
General Insurance	General Insurance	6,587.0		6,328.0		General Insurance	6,587.0		6,328.0
Title Insurance	Title Insurance	594.2		556.1		Title Insurance	594.2		556.1
RFIG Run-off	RFIG Run-off	111.2		127.6		RFIG Run-off	111.2		127.6
Other	Other	7.6		8.6		Other	7.6		8.6
Sub-total	Sub-total	7,300.2		7,020.4		Sub-total	7,300.2		7,020.4
Incurred claims and claim adjustment expenses:
Incurred loss and loss adjustment expenses:						Incurred loss and loss adjustment expenses:
Provisions for insured events of the current year:	Provisions for insured events of the current year:					Provisions for insured events of the current year:
General Insurance	General Insurance	607.6		585.0		General Insurance	1,238.7		1,191.6
Title Insurance	Title Insurance	35.7		35.3		Title Insurance	72.8		75.9
RFIG Run-off	RFIG Run-off	4.0		5.5		RFIG Run-off	7.3		7.9
Other	Other	2.4		4.2		Other	4.8		5.9
Sub-total	Sub-total	649.8		630.1		Sub-total	1,323.8		1,281.5
Change in provision for insured events of prior years:	Change in provision for insured events of prior years:					Change in provision for insured events of prior years:
General Insurance	General Insurance	(28.8)		(23.1)		General Insurance	(46.8)		(48.2)
Title Insurance	Title Insurance	(6.3)		(6.0)		Title Insurance	(14.4)		(13.5)
RFIG Run-off	RFIG Run-off	(8.3)		(1.2)		RFIG Run-off	(19.7)		(3.3)
Other	Other	(1.5)		(1.6)		Other	(2.1)		(2.3)
Sub-total	Sub-total	(45.0)		(32.0)		Sub-total	(83.1)		(67.4)
Total incurred claims and claim adjustment expenses		604.7		598.1
Total incurred loss and loss adjustment expenses						Total incurred loss and loss adjustment expenses	1,240.6		1,214.0
Payments:	Payments:					Payments:
Claims and claim adjustment expenses attributable to
Loss and loss adjustment expenses attributable to						Loss and loss adjustment expenses attributable to
insured events of the current year:	insured events of the current year:					insured events of the current year:
General Insurance	General Insurance	100.4		93.4		General Insurance	291.5		276.5
Title Insurance	Title Insurance	.5		1.1		Title Insurance	2.2		2.6
RFIG Run-off	RFIG Run-off	—		—		RFIG Run-off	—		—
Other	Other	.5		1.5		Other	2.2		3.0
Sub-total	Sub-total	101.4		96.2		Sub-total	296.1		282.2
Claims and claim adjustment expenses attributable to
Loss and loss adjustment expenses attributable to						Loss and loss adjustment expenses attributable to
insured events of prior years:	insured events of prior years:					insured events of prior years:
General Insurance	General Insurance	394.2		380.8		General Insurance	734.5		688.5
Title Insurance	Title Insurance	20.1		12.9		Title Insurance	34.1		27.8
RFIG Run-off	RFIG Run-off	3.4		4.4		RFIG Run-off	7.9		8.7
Other	Other	.8		1.1		Other	.9		1.1
Sub-total	Sub-total	418.6		399.4		Sub-total	777.5		726.2
Total payments	Total payments	520.1		495.6		Total payments	1,073.6		1,008.5
Amount of reserves for unpaid claims and claim adjustment expenses
at the end of each period, net of reinsurance losses recoverable:
Net reserves at end of period:						Net reserves at end of period:
General Insurance	General Insurance	6,671.1		6,415.5		General Insurance	6,752.7		6,506.3
Title Insurance	Title Insurance	602.9		571.4		Title Insurance	616.2		588.1
RFIG Run-off	RFIG Run-off	103.5		127.4		RFIG Run-off	91.0		123.4
Other	Other	7.2		8.5		Other	7.1		8.0
Sub-total	Sub-total	7,384.8		7,122.9		Sub-total	7,467.2		7,226.0
Reinsurance losses recoverable	Reinsurance losses recoverable	4,184.2		3,730.4		Reinsurance losses recoverable	4,438.2		3,949.2
Gross reserves at end of period	Gross reserves at end of period	$	11,569.1	$	10,853.3	Gross reserves at end of period	$	11,905.4	$	11,175.2

For the ~~quarter~~six months ended ~~March 31,~~June 30, 2022, all operating segments experienced favorable loss reserve development. General Insurance favorable development continued in the commercial auto and workers' compensation lines of coverage. This was partially offset by unfavorable development in the ~~result~~financial indemnity (which includes public company D&O) line of ~~better than expected~~coverage, stemming from large security class action claims ~~experience related predominantly to workers’ compensation and commercial automobile reserves on 2015-2018 and 2020 accident~~activity occurring

Tax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge, there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. The Company classifies interest and penalties as income tax expense in the consolidated statement of income. The Company is not currently under audit by the IRS and 2018 and subsequent tax years remain open.

Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares actually outstanding for the periods presented. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.


		Quarters Ended			Quarters Ended						Six Months Ended
		March 31,			June 30,						June 30,
			2022			2021			2022		2021		2022		2021
Numerator:	Numerator:							Numerator:
Basic and diluted earnings per share -	Basic and diluted earnings per share -							Basic and diluted earnings per share -
income (loss) available to common stockholders	income (loss) available to common stockholders		$	306.3		$	502.1	income (loss) available to common stockholders	$	(40.1)	$	316.4	$	266.1	$	818.5

Denominator:	Denominator:							Denominator:
Basic earnings per share -	Basic earnings per share -							Basic earnings per share -
weighted-average shares (a)	weighted-average shares (a)		303,582,578			298,753,132		weighted-average shares (a)	303,793,432		299,934,621		303,695,113		299,831,932
Effect of dilutive securities - stock based	Effect of dilutive securities - stock based							Effect of dilutive securities - stock based
compensation awards	compensation awards		1,842,014			940,382		compensation awards	—		2,393,391		1,617,416		1,550,023
Diluted earnings per share -	Diluted earnings per share -							Diluted earnings per share -
adjusted weighted-average shares (a)	adjusted weighted-average shares (a)		305,424,592			299,693,514		adjusted weighted-average shares (a)	303,793,432		302,328,012		305,312,529		301,381,955
Earnings per share: Basic	Earnings per share: Basic		$	1.01		$	1.68	Earnings per share: Basic	$	(.13)	$	1.06	$	.88	$	2.73
Diluted	Diluted		$	1.00		$	1.68	Diluted	$	(.13)	$	1.05	$	.87	$	2.72

Anti-dilutive common stock equivalents	Anti-dilutive common stock equivalents							Anti-dilutive common stock equivalents
excluded from earnings per share computations:	excluded from earnings per share computations:							excluded from earnings per share computations:
Stock based compensation awards	Stock based compensation awards		—			7,020,142		Stock based compensation awards	10,876,599		—		2,670,000		350,000

March 31, 2022 December 31, 2021
Carrying
Amount Fair
Value Carrying
Amount Fair
Value
4.875% Senior Notes issued in 2014 and due 2024 $ 398.6 $ 414.9 $ 398.4 $ 435.8
3.875% Senior Notes issued in 2016 and due 2026 547.5 555.8 547.3 597.0
3.850% Senior Notes issued in 2021 and due 2051 642.7 601.5 642.6 702.9
Other miscellaneous debt 5.3 5.3 — —
Total debt $ 1,594.2 $ 1,577.6 $ 1,588.5 $ 1,735.7


	June 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior Notes:
4.875% issued in 2014 and due 2024	$	398.7	$	407.0	$	398.4	$	435.8
3.875% issued in 2016 and due 2026	547.6		536.4		547.3		597.0
3.850% issued in 2021 and due 2051	642.7		493.0		642.6		702.9
Other miscellaneous debt	5.3		5.3		—		—
Total debt	$	1,594.5	$	1,441.8	$	1,588.5	$	1,735.7

Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations to estimate the fair value of outstanding debt securities that are classified within Level 2 of the fair value hierarchy as presented below. The Company used an internally generated interest yield market matrix table, which incorporates maturity, coupon rate, credit quality, structure and current market conditions to estimate the fair value of its outstanding debt securities that were classified within Level 3.


		Carrying		Fair									Carrying		Fair
		Value		Value		Level 1		Level 2		Level 3			Value		Value		Level 1		Level 2		Level 3
Financial Liabilities:	Financial Liabilities:											Financial Liabilities:
Debt:	Debt:											Debt:
March 31, 2022		$	1,594.2	$	1,577.6	$	—	$	1,572.3	$	5.3
June 30, 2022												June 30, 2022	$	1,594.5	$	1,441.8	$	—	$	1,436.5	$	5.3
December 31, 2021	December 31, 2021	$	1,588.5	$	1,735.7	$	—	$	1,735.7	$	—	December 31, 2021	$	1,588.5	$	1,735.7	$	—	$	1,735.7	$	—

The Company is engaged in the single business of insurance underwriting and related services. It conducts its operations through a number of regulated insurance company subsidiaries organized into 3 major segments: General Insurance (property and liability insurance), Title Insurance and the Republic Financial Indemnity Group ("RFIG") Run-off. The results of a small life and accident insurance business are included within the Corporate & Other caption of this report. Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of all investment gains (losses). Under GAAP, however, net income, inclusive of investment gains (losses), is the measure of total profitability. In management's opinion, the focus on income excluding investment gains (losses), also described herein as segment pretax operating income (loss), provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results, because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations. The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.


		Quarters Ended			Quarters Ended						Six Months Ended
		March 31,			June 30,						June 30,
			2022			2021			2022		2021		2022		2021
General Insurance:	General Insurance:							General Insurance:
Net premiums earned	Net premiums earned		$	910.9		$	859.1	Net premiums earned	$	943.5	$	867.2	$	1,854.5	$	1,726.3
Net investment income and other income	Net investment income and other income		118.4			120.9		Net investment income and other income	121.0		124.7		239.4		245.6
Total revenues excluding investment gains (losses)	Total revenues excluding investment gains (losses)		$	1,029.4		$	980.0	Total revenues excluding investment gains (losses)	$	1,064.5	$	991.9	$	2,094.0	$	1,972.0
Segment pretax operating income (loss) (a)	Segment pretax operating income (loss) (a)		$	142.5		$	140.8	Segment pretax operating income (loss) (a)	$	137.9	$	123.4	$	280.4	$	264.2
Income tax expense (credits)	Income tax expense (credits)		$	27.6		$	27.3	Income tax expense (credits)	$	27.3	$	23.5	$	55.0	$	50.9

Title Insurance:	Title Insurance:							Title Insurance:
Net premiums earned	Net premiums earned		$	908.7		$	861.0	Net premiums earned	$	935.3	$	990.0	$	1,844.0	$	1,851.0
Title, escrow and other fees	Title, escrow and other fees		90.2			106.6		Title, escrow and other fees	94.8		118.7		185.1		225.4
Sub-total	Sub-total		998.9			967.7		Sub-total	1,030.2		1,108.8		2,029.2		2,076.5
Net investment income and other income	Net investment income and other income		11.5			10.7		Net investment income and other income	11.4		11.3		22.9		22.1
Total revenues excluding investment gains (losses)	Total revenues excluding investment gains (losses)		$	1,010.5		$	978.4	Total revenues excluding investment gains (losses)	$	1,041.6	$	1,120.2	$	2,052.1	$	2,098.7
Segment pretax operating income (loss) (a)	Segment pretax operating income (loss) (a)		$	80.9		$	103.7	Segment pretax operating income (loss) (a)	$	109.5	$	138.9	$	190.5	$	242.6
Income tax expense (credits)	Income tax expense (credits)		$	16.9		$	21.8	Income tax expense (credits)	$	23.2	$	29.1	$	40.1	$	51.0

RFIG Run-off:	RFIG Run-off:							RFIG Run-off:
Net premiums earned	Net premiums earned		$	6.5		$	9.2	Net premiums earned	$	6.0	$	8.5	$	12.6	$	17.7
Net investment income and other income	Net investment income and other income		2.0			3.2		Net investment income and other income	1.5		2.9		3.6		6.1
Total revenues excluding investment gains (losses)	Total revenues excluding investment gains (losses)		$	8.6		$	12.4	Total revenues excluding investment gains (losses)	$	7.6	$	11.4	$	16.2	$	23.8
Segment pretax operating income (loss)	Segment pretax operating income (loss)		$	9.7		$	4.9	Segment pretax operating income (loss)	$	12.2	$	7.5	$	22.0	$	12.4
Income tax expense (credits)	Income tax expense (credits)		$	1.9		$	.9	Income tax expense (credits)	$	2.5	$	1.4	$	4.5	$	2.3


Consolidated Revenues:	Consolidated Revenues:					Consolidated Revenues:
Total revenues of Company segments	Total revenues of Company segments	$	2,048.5	$	1,971.0	Total revenues of Company segments	$	2,113.8	$	2,123.6	$	4,162.4	$	4,094.6
Other sources (b)	Other sources (b)	45.4		35.1		Other sources (b)	48.2		36.7		93.6		71.8
Consolidated investment gains (losses):	Consolidated investment gains (losses):					Consolidated investment gains (losses):
Realized from actual transactions		65.2		7.8
Realized from actual transactions and impairments						Realized from actual transactions and impairments	53.2		1.0		118.5		8.9
Unrealized from changes in fair value of equity securities	Unrealized from changes in fair value of equity securities	79.8		367.5		Unrealized from changes in fair value of equity securities	(370.7)		119.9		(290.9)		487.4
Total realized and unrealized investment gains (losses)	Total realized and unrealized investment gains (losses)	145.1		375.4		Total realized and unrealized investment gains (losses)	(317.4)		120.9		(172.3)		496.4
Consolidation elimination adjustments	Consolidation elimination adjustments	(32.4)		(26.5)		Consolidation elimination adjustments	(34.2)		(27.5)		(66.7)		(54.0)
Consolidated revenues	Consolidated revenues	$	2,206.6	$	2,355.0	Consolidated revenues	$	1,810.3	$	2,253.7	$	4,017.0	$	4,608.8

Consolidated Pretax Income (Loss):	Consolidated Pretax Income (Loss):					Consolidated Pretax Income (Loss):
Total segment pretax operating income (loss) of	Total segment pretax operating income (loss) of					Total segment pretax operating income (loss) of
Company segments	Company segments	$	233.2	$	249.4	Company segments	$	259.8	$	269.8	$	493.1	$	519.3
Other sources - net (b)	Other sources - net (b)	4.2		5.6		Other sources - net (b)	3.0		5.1		7.3		10.8
Consolidated investment gains (losses):	Consolidated investment gains (losses):					Consolidated investment gains (losses):
Realized from actual transactions		65.2		7.8
Realized from actual transactions and impairments						Realized from actual transactions and impairments	53.2		1.0		118.5		8.9
Unrealized from changes in fair value of equity securities	Unrealized from changes in fair value of equity securities	79.8		367.5		Unrealized from changes in fair value of equity securities	(370.7)		119.9		(290.9)		487.4
Total realized and unrealized investment gains (losses)	Total realized and unrealized investment gains (losses)	145.1		375.4		Total realized and unrealized investment gains (losses)	(317.4)		120.9		(172.3)		496.4
Consolidated income (loss) before income	Consolidated income (loss) before income					Consolidated income (loss) before income
taxes (credits)	taxes (credits)	$	382.6	$	630.6	taxes (credits)	$	(54.6)	$	396.0	$	328.0	$	1,026.6


Consolidated Income Tax Expense (Credits):	Consolidated Income Tax Expense (Credits):					Consolidated Income Tax Expense (Credits):
Total income tax expense (credits)	Total income tax expense (credits)					Total income tax expense (credits)
of Company segments	of Company segments	$	46.5	$	50.1	of Company segments	$	53.1	$	54.1	$	99.7	$	104.2
Other sources - net (b)	Other sources - net (b)	(.8)		(1.3)		Other sources - net (b)	(.5)		—		(1.3)		(1.3)
Income tax expense (credits) on consolidated realized	Income tax expense (credits) on consolidated realized					Income tax expense (credits) on consolidated realized
and unrealized investment gains (losses)	and unrealized investment gains (losses)	30.5		79.6		and unrealized investment gains (losses)	(67.0)		25.4		(36.4)		105.0
Consolidated income tax expense (credits)	Consolidated income tax expense (credits)	$	76.3	$	128.5	Consolidated income tax expense (credits)	$	(14.4)	$	79.5	$	61.9	$	208.0


		March 31,		December 31,			June 30,		December 31,
		2022		2021			2022		2021
Consolidated Assets:	Consolidated Assets:					Consolidated Assets:
General Insurance	General Insurance	$	20,706.3	$	20,660.9	General Insurance	$	21,017.3	$	20,660.9
Title Insurance	Title Insurance	2,201.3		2,234.2		Title Insurance	2,076.3		2,234.2
RFIG Run-off	RFIG Run-off	474.9		516.4		RFIG Run-off	421.4		516.4
Total assets of company segments	Total assets of company segments	23,382.6		23,411.6		Total assets of company segments	23,515.1		23,411.6
Other assets (b)	Other assets (b)	1,884.9		1,716.3		Other assets (b)	1,970.8		1,716.3
Consolidation elimination adjustments	Consolidation elimination adjustments	(148.8)		(146.1)		Consolidation elimination adjustments	(190.5)		(146.1)
Consolidated assets	Consolidated assets	$	25,118.8	$	24,981.8	Consolidated assets	$	25,295.4	$	24,981.8

This management analysis of financial position and results of operations pertains to the consolidated accounts of Old Republic International Corporation ("Old Republic", "ORI", or "the Company"). The Company conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments: General Insurance (property and liability insurance), Title Insurance and Republic Financial Indemnity Group ("RFIG") Run-off. A small life and accident insurance business, accounting for .1% of consolidated operating revenues for the ~~quarter~~six months ended ~~March 31,~~June 30, 2022 and .5% of consolidated assets as of that date, is included within the Corporate & Other caption of this report.

The consolidated accounts are presented in conformity with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP"). As a publicly held company, Old Republic utilizes GAAP to comply with the financial reporting requirements of the Securities and Exchange Commission ("SEC"). From time to time the FASB and the SEC issue various releases, many of which require additional financial statement disclosures and provide related application guidance. Recent guidance issued by the FASB is summarized further in the Notes to Consolidated Financial Statements where applicable.

As a state regulated financial institution vested with the public interest, however, business of the Company's insurance subsidiaries is managed pursuant to the laws, regulations, and accounting practices of the various states in the U.S. and those of a small number of other jurisdictions outside the U.S. in which they operate. In comparison with GAAP, the statutory accounting practices generally reflect greater conservatism and comparability among insurers, and are intended to address the primary financial security interests of policyholders and their beneficiaries. Additionally, these practices also affect a significant number of important factors such as product pricing, risk bearing capacity and capital adequacy, the determination of Federal income taxes payable currently among ORI's tax-consolidated entities, and the upstreaming of dividends by insurance subsidiaries to the parent holding company. The major differences between these statutory financial accounting practices and GAAP are summarized in Note 1 to the consolidated financial statements included in Old Republic's 2021 Annual Report on Form 10-K.

The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate ~~claim~~loss costs will be. We also can't know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts the business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support our subsidiaries' long-term obligations to policyholders and their beneficiaries. To achieve these objectives, adherence to insurance risk management principles is stressed, and asset diversification and quality are emphasized. In addition, management engages in an ongoing assessment of operating risks, such as cybersecurity risks, that could adversely affect the Company's business and reputation.

In addition to income arising from Old Republic's basic underwriting and related services functions, significant investment income is earned from invested funds generated by those functions and from capital resources. Investment management aims for stability of income from interest and dividends, protection of capital, and for sufficiency of liquidity to meet insurance underwriting and other obligations as they become payable in the future. Securities trading and the realization of capital gains are not primary objectives. The investment philosophy is therefore best characterized as emphasizing value, credit quality, and relatively long-term holding periods. The Company's ability to hold both fixed income and equity securities for long periods of time is enabled by the scheduling of maturities in contemplation of an appropriate matching of assets and liabilities, and by investments in large capitalization, highly liquid equity securities.

In light of the above factors, the Company is managed for the long run and with little regard for quarterly or even annual reporting periods. These time frames are too short. Management believes results are best evaluated by looking at underwriting and overall operating performance trends over 10-year intervals. These likely include one or two economic and/or underwriting cycles. This provides enough time for these cycles to run their course, for underwriting and premium rate changes to appear in financial results, and for reserved ~~claim~~loss costs to be quantified with greater certainty.


OVERALL RESULTS	OVERALL RESULTS		OVERALL RESULTS

		Quarters Ended March 31,						Quarters Ended June 30,							Six Months Ended June 30,
				2022		2021			% Change			2022			2021			% Change		2022			2021			% Change
Pretax income (loss)	Pretax income (loss)			$	382.6	$	630.6				Pretax income (loss)	$	(54.6)		$	396.0				$	328.0		$	1,026.6
Pretax investment gains (losses)	Pretax investment gains (losses)			145.1		375.4					Pretax investment gains (losses)	(317.4)			120.9					(172.3)			496.4
Pretax income (loss) excluding investment gains (losses)	Pretax income (loss) excluding investment gains (losses)			$	237.5	$	255.1		-6.9	%	Pretax income (loss) excluding investment gains (losses)	$	262.8		$	275.0		(4.4)	%	$	500.4		$	530.2		(5.6)	%

Net income (loss)	Net income (loss)			$	306.3	$	502.1				Net income (loss)	$	(40.1)		$	316.4				$	266.1		$	818.5
Net of tax investment gains (losses)	Net of tax investment gains (losses)			114.5		295.7					Net of tax investment gains (losses)	(250.4)			95.5					(135.9)			391.3
Net income (loss) excluding investment gains (losses)	Net income (loss) excluding investment gains (losses)			$	191.7	$	206.3		-7.0	%	Net income (loss) excluding investment gains (losses)	$	210.2		$	220.9		(4.8)	%	$	402.0		$	427.2		(5.9)	%

Combined ratio											Combined ratio	90.9		%	90.6		%			91.4		%	90.8		%

PER DILUTED SHARE	PER DILUTED SHARE		PER DILUTED SHARE

		Quarters Ended March 31,						Quarters Ended June 30,							Six Months Ended June 30,
				2022		2021			% Change			2022			2021			% Change		2022			2021			% Change
Net income (loss)	Net income (loss)			$	1.00	$	1.68				Net income (loss)	$	(.13)		$	1.05				$	.87		$	2.72
Net of tax investment gains (losses)	Net of tax investment gains (losses)			.37		.99					Net of tax investment gains (losses)	(.82)			.32					(.45)			1.30
Net income (loss) excluding investment gains (losses)	Net income (loss) excluding investment gains (losses)			$	.63	$	.69		-8.7	%	Net income (loss) excluding investment gains (losses)	$	.69		$	.73		(5.5)	%	$	1.32		$	1.42		(7.0)	%

SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY (BOOK VALUE)											SHAREHOLDERS' EQUITY (BOOK VALUE)

				March 31,		Dec. 31,														June 30,			Dec. 31,
				2022		2021			% Change											2022			2021			% Change
Total	Total			$	6,750.1	$	6,893.2		-2.1	%	Total									$	6,393.1		$	6,893.2		(7.3)	%
Per Common Share	Per Common Share			$	22.23	$	22.76		-2.3	%	Per Common Share									$	20.99		$	22.76		(7.8)	%

Old Republic International Corporation reported pretax income, excluding investment gains (losses), of ~~$237.5~~$262.8 for the ~~quarter.~~quarter and $500.4 for the first six months of 2022. The decline compared to the 2021 ~~period,~~periods is within ~~our~~ expectations, aswith General Insurance pretax operating income increasing nearly 12%, while the effect of increasing mortgage interest rates ~~began to affect~~reduced Title Insurance results. Both General Insurance and Title Insurance produced solid underwriting results that drove a consolidated combined ratio of ~~91.9%~~90.9% and 91.4% for the ~~quarter.~~quarter and first six months of 2022, respectively.

Consolidated net premiums and fees earned ~~was $1.9 billion~~were relatively consistent for the quarter, ~~representing growth of 4.4% compared to the 2021 period.~~with General Insurance net earned premiums ~~grew~~growing 8.8%, offset by ~~6.0%, while~~a 7.1% decline in Title Insurance net premiums and fees as a result of lower revenues in both direct and agency operations. For the first six months, consolidated net premiums and fees earned were up 2.0%, reflecting growth in ~~premium and fees was tempered~~General Insurance of 7.4%, partially offset by ~~lower revenues within their direct operations.~~a 2.3% decline in Title Insurance. Net investment income increased slightly ~~for the quarter,~~in both 2022 periods, reflecting growth in the invested asset base, offset by lower investment yields earned.

Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of all investment gains (losses). Under Generally Accepted Accounting Principles (GAAP), however, net income, inclusive of investment gains (losses), is the measure of total profitability.

In management's opinion, the focus on income excluding investment gains (losses), also described herein as segment pretax operating income (loss), provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results, because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations.


FINANCIAL HIGHLIGHTS	FINANCIAL HIGHLIGHTS		FINANCIAL HIGHLIGHTS
		Quarters Ended March 31,				Quarters Ended June 30,								Six Months Ended June 30,
SUMMARY INCOME STATEMENTS:	SUMMARY INCOME STATEMENTS:			2022			2021		% Change		SUMMARY INCOME STATEMENTS:	2022		2021		% Change		2022		2021		% Change
Revenues:	Revenues:										Revenues:
Net premiums and fees earned	Net premiums and fees earned			$	1,919.0		$	1,838.9	4.4	%	Net premiums and fees earned	$	1,982.3	$	1,987.3	(0.2)	%	$	3,901.3	$	3,826.2	2.0	%
Net investment income	Net investment income			106.2			104.3		1.8		Net investment income	107.8		107.6		0.2		214.1		211.9		1.0
Other income	Other income			36.2			36.3		-0.1		Other income	37.6		37.8		(0.5)		73.9		74.1		(0.3)
Total operating revenues	Total operating revenues			2,061.5			1,979.6		4.1		Total operating revenues	2,127.8		2,132.8		(0.2)		4,189.4		4,112.4		1.9
Investment gains (losses):	Investment gains (losses):										Investment gains (losses):
Realized from actual transactions				65.2			7.8
Realized from actual transactions and impairments											Realized from actual transactions and impairments	53.2		1.0				118.5		8.9

Unrealized from changes in fair value of equity securities	Unrealized from changes in fair value of equity securities			79.8			367.5				Unrealized from changes in fair value of equity securities	(370.7)		119.9				(290.9)		487.4
Total investment gains (losses)	Total investment gains (losses)			145.1			375.4				Total investment gains (losses)	(317.4)		120.9				(172.3)		496.4
Total revenues	Total revenues			2,206.6			2,355.0				Total revenues	1,810.3		2,253.7				4,017.0		4,608.8
Operating expenses:	Operating expenses:										Operating expenses:
Claim costs				607.9			603.4		0.8
Loss and loss adjustment expenses											Loss and loss adjustment expenses	638.6		624.9		2.2		1,246.6		1,228.3		1.5
Sales and general expenses	Sales and general expenses			1,199.0			1,110.3		8.0		Sales and general expenses	1,209.6		1,220.6		(0.9)		2,408.7		2,330.9		3.3
Interest and other charges	Interest and other charges			16.9			10.6		59.0		Interest and other charges	16.6		12.1		37.1		33.6		22.8		47.3
Total operating expenses	Total operating expenses			1,823.9			1,724.4		5.8	%	Total operating expenses	1,865.0		1,857.7		0.4	%	3,688.9		3,582.2		3.0	%
Pretax income (loss)	Pretax income (loss)			382.6			630.6				Pretax income (loss)	(54.6)		396.0				328.0		1,026.6
Income taxes (credits)	Income taxes (credits)			76.3			128.5				Income taxes (credits)	(14.4)		79.5				61.9		208.0
Net income (loss)	Net income (loss)			$	306.3		$	502.1			Net income (loss)	$	(40.1)	$	316.4			$	266.1	$	818.5

COMMON STOCK STATISTICS:	COMMON STOCK STATISTICS:										COMMON STOCK STATISTICS:
Components of net income (loss) per share:	Components of net income (loss) per share:										Components of net income (loss) per share:
Basic net income (loss) excluding investment gains (losses)	Basic net income (loss) excluding investment gains (losses)			$	0.63		$	0.69	-8.7	%	Basic net income (loss) excluding investment gains (losses)	$	0.69	$	0.74	(6.8)	%	$	1.32	$	1.43	(7.7)	%
Net investment gains (losses):	Net investment gains (losses):										Net investment gains (losses):
Realized from actual transactions				0.17			0.02
Realized from actual transactions and impairments											Realized from actual transactions and impairments	0.14		—				0.31		0.02
Unrealized from changes in fair value of equity securities	Unrealized from changes in fair value of equity securities			0.21			0.97				Unrealized from changes in fair value of equity securities	(0.96)		0.32				(0.75)		1.28
Basic net income (loss)	Basic net income (loss)			$	1.01		$	1.68			Basic net income (loss)	$	(0.13)	$	1.06			$	0.88	$	2.73
Diluted net income (loss) excluding investment gains (losses)	Diluted net income (loss) excluding investment gains (losses)			$	0.63		$	0.69	-8.7	%	Diluted net income (loss) excluding investment gains (losses)	$	0.69	$	0.73	(5.5)	%	$	1.32	$	1.42	(7.0)	%
Net investment gains (losses):	Net investment gains (losses):										Net investment gains (losses):
Realized from actual transactions				0.17			0.02
Realized from actual transactions and impairments											Realized from actual transactions and impairments	0.14		—				0.30		0.02
Unrealized from changes in fair value of equity securities	Unrealized from changes in fair value of equity securities			0.20			0.97				Unrealized from changes in fair value of equity securities	(0.96)		0.32				(0.75)		1.28
Diluted net income (loss)	Diluted net income (loss)			$	1.00		$	1.68			Diluted net income (loss)	$	(0.13)	$	1.05			$	0.87	$	2.72
Cash dividends on common stock	Cash dividends on common stock			$	0.23		$	0.22			Cash dividends on common stock	$	0.23	$	0.22			$	0.46	$	0.44
Book value per share	Book value per share			$	22.23		$	21.59	3.0	%	Book value per share							$	20.99	$	22.59	(7.1)	%


Sources of Consolidated Income (Loss)	Sources of Consolidated Income (Loss)											Sources of Consolidated Income (Loss)
		Quarters Ended March 31,				Quarters Ended June 30,										Six Months Ended June 30,
			2022				2021			% Change			2022			2021			% Change		2022			2021			% Change
A. Net premiums, fees, and other income:
Net premiums and fees earned:												Net premiums and fees earned:
General insurance	General insurance		$	910.9			$	859.1		6.0	%	General insurance	$	943.5		$	867.2		8.8	%	$	1,854.5		$	1,726.3		7.4	%
Title insurance	Title insurance		998.9				967.7			3.2		Title insurance	1,030.2			1,108.8			(7.1)		2,029.2			2,076.5			(2.3)
RFIG run-off												RFIG run-off	6.0			8.5			(29.1)		12.6			17.7			(29.0)
Corporate & other	Corporate & other		2.4				2.8			-13.3		Corporate & other	2.4			2.7			(8.7)		4.9			5.5			(11.0)
Other income			36.2				36.3			-0.1
Subtotal			1,948.7				1,866.0			4.4
RFIG run-off			6.5				9.2			-29.0
Consolidated	Consolidated		$	1,955.2			$	1,875.2		4.3	%	Consolidated	$	1,982.3		$	1,987.3		(0.2)	%	$	3,901.3		$	3,826.2		2.0	%

B. Underwriting and related services income (loss):

Underwriting and related services income (loss):												Underwriting and related services income (loss):
General insurance	General insurance		$	76.3			$	71.9		6.2	%	General insurance	$	70.9		$	52.4		35.4	%	$	147.3		$	124.3		18.5	%
Title insurance	Title insurance		70.2				93.8			-25.2		Title insurance	98.7			128.6			(23.3)		168.9			222.5			(24.1)
RFIG run-off												RFIG run-off	10.6			4.6			132.5		18.4			6.3			190.2
Corporate & other	Corporate & other		(6.1)				(6.0)			-0.4		Corporate & other	(8.7)			(6.0)			(43.0)		(14.8)			(12.1)			(21.8)
Subtotal			140.4				159.7			-12.0
RFIG run-off			7.7				1.7			N/M
Consolidated	Consolidated		$	148.2			$	161.4		-8.2	%	Consolidated	$	171.7		$	179.5		(4.4)	%	$	319.9		$	341.0		(6.2)	%

C. Consolidated underwriting ratio:
Claim ratio:
Consolidated underwriting ratio:												Consolidated underwriting ratio:
Loss ratio:												Loss ratio:
Current year	Current year		34.1		%		34.6		%			Current year	34.1		%	33.2		%			34.1		%	33.9		%
Prior years	Prior years		(2.4)				(1.8)					Prior years	(1.9)			(1.8)					(2.1)			(1.8)
Total	Total		31.7				32.8					Total	32.2			31.4					32.0			32.1
Expense ratio	Expense ratio		60.2				58.1					Expense ratio	58.7			59.2					59.4			58.7
Combined ratio	Combined ratio		91.9		%		90.9		%			Combined ratio	90.9		%	90.6		%			91.4		%	90.8		%

D. Net investment income:
Net investment income:												Net investment income:
General insurance	General insurance		$	82.4			$	84.8		-2.8	%	General insurance	$	83.6		$	87.1		(4.0)	%	$	166.0		$	172.0		(3.4)	%
Title insurance	Title insurance		11.3				10.5			7.6		Title insurance	11.1			11.0			0.3		22.4			21.5			3.9
RFIG run-off												RFIG run-off	1.5			2.9			(45.2)		3.6			6.1			(40.5)
Corporate & other	Corporate & other		10.4				5.7			81.8		Corporate & other	11.5			6.4			77.2		21.9			12.2			79.4
Subtotal			104.2				101.1			3.1
RFIG run-off			2.0				3.2			-36.2
Consolidated	Consolidated		$	106.2			$	104.3		1.8	%	Consolidated	$	107.8		$	107.6		0.2	%	$	214.1		$	211.9		1.0	%

E. Interest and other charges (credits):
Interest and other charges (credits):												Interest and other charges (credits):
General insurance	General insurance		$	16.3			$	16.0				General insurance	$	16.6		$	16.0				$	32.9		$	32.0
Title insurance	Title insurance		0.5				0.6					Title insurance	0.2			0.8					0.8			1.5
RFIG run-off												RFIG run-off	—			—					—			—
Corporate & other (a)	Corporate & other (a)		—				(5.9)					Corporate & other (a)	(0.2)			(4.7)					(0.1)			(10.7)
Subtotal			16.9				10.6
RFIG run-off			—				—
Consolidated	Consolidated		$	16.9			$	10.6		59.0	%	Consolidated	$	16.6		$	12.1		37.1	%	$	33.6		$	22.8		47.3	%

F. Segmented and consolidated pretax income (loss)
excluding investment gains (losses)(B+D-E):
Segmented and consolidated pretax income (loss)												Segmented and consolidated pretax income (loss)
excluding investment gains (losses):												excluding investment gains (losses):
General insurance	General insurance		$	142.5			$	140.8		1.2	%	General insurance	$	137.9		$	123.4		11.8	%	$	280.4		$	264.2		6.1	%
Title insurance	Title insurance		80.9				103.7			-21.9		Title insurance	109.5			138.9			(21.1)		190.5			242.6			(21.5)
RFIG run-off												RFIG run-off	12.2			7.5			63.7		22.0			12.4			76.9
Corporate & other	Corporate & other		4.2				5.6			-24.6		Corporate & other	3.0			5.1			(41.1)		7.3			10.8			(32.5)
Subtotal			227.7				250.1			-9.0
RFIG run-off			9.7				4.9			97.0
Consolidated	Consolidated		237.5				255.1			-6.9	%	Consolidated	262.8			275.0			(4.4)	%	500.4			530.2			(5.6)	%
Income taxes (credits) on above (b)			45.7				48.8
G. Net income (loss) excluding
Income taxes (credits) on above												Income taxes (credits) on above	52.5			54.1					98.3			102.9
Net income (loss) excluding												Net income (loss) excluding
investment gains (losses)	investment gains (losses)		191.7				206.3			-7.0	%	investment gains (losses)	210.2			220.9			(4.8)	%	402.0			427.2			(5.9)	%
H. Consolidated pretax investment gains (losses):
Consolidated pretax investment gains (losses):												Consolidated pretax investment gains (losses):
Realized from actual transactions	Realized from actual transactions		65.2				7.8					Realized from actual transactions
and impairments												and impairments	53.2			1.0					118.5			8.9
Unrealized from changes in	Unrealized from changes in											Unrealized from changes in
fair value of equity securities	fair value of equity securities		79.8				367.5					fair value of equity securities	(370.7)			119.9					(290.9)			487.4
Total	Total		145.1				375.4					Total	(317.4)			120.9					(172.3)			496.4
Income taxes (credits) on above	Income taxes (credits) on above		30.5				79.6					Income taxes (credits) on above	(67.0)			25.4					(36.4)			105.0
Net of tax investment gains (losses)	Net of tax investment gains (losses)		114.5				295.7					Net of tax investment gains (losses)	(250.4)			95.5					(135.9)			391.3
I. Net income (loss)			$	306.3			$	502.1
J. Consolidated operating cash flow			$	278.4			$	296.0
Net income (loss)												Net income (loss)	$	(40.1)		$	316.4				$	266.1		$	818.5
Consolidated operating cash flow												Consolidated operating cash flow	$	124.7		$	219.4				$	403.2		$	515.4


			General Insurance
			Summary Operating Results
		Quarters Ended March 31,				Quarters Ended June 30,										Six Months Ended June 30,
			2022				2021			% Change			2022			2021			% Change		2022			2021			% Change
Net premiums written	Net premiums written		$	960.8			$	871.2		10.3	%	Net premiums written	$	1,002.3		$	898.3		11.6	%	$	1,963.1		$	1,769.5		10.9	%
Net premiums earned	Net premiums earned		910.9				859.1			6.0		Net premiums earned	943.5			867.2			8.8		1,854.5			1,726.3			7.4
Net investment income	Net investment income		82.4				84.8			-2.8		Net investment income	83.6			87.1			(4.0)		166.0			172.0			(3.4)
Other income	Other income		35.9				36.0			-0.2		Other income	37.3			37.6			(0.6)		73.3			73.6			(0.4)
Operating revenues	Operating revenues		1,029.4				980.0			5.0		Operating revenues	1,064.5			991.9			7.3		2,094.0			1,972.0			6.2
Claim costs			582.2				567.3			2.6
Loss and loss adjustment expenses												Loss and loss adjustment expenses	616.1			590.5			4.3		1,198.3			1,157.9			3.5
Sales and general expenses	Sales and general expenses		288.3				255.8			12.7		Sales and general expenses	293.8			261.9			12.2		582.2			517.7			12.4
Interest and other charges	Interest and other charges		16.3				16.0			2.0		Interest and other charges	16.6			16.0			3.5		32.9			32.0			2.7
Operating expenses	Operating expenses		886.9				839.2			5.7		Operating expenses	926.6			868.5			6.7		1,813.5			1,707.7			6.2
Segment pretax operating income (loss)	Segment pretax operating income (loss)		$	142.5			$	140.8		1.2	%	Segment pretax operating income (loss)	$	137.9		$	123.4		11.8	%	$	280.4		$	264.2		6.1	%

Claim ratio			63.9		%		66.0		%
Loss ratio												Loss ratio	65.3		%	68.1		%			64.6		%	67.1		%
Expense ratio	Expense ratio		27.7				25.6					Expense ratio	27.2			25.9					27.4			25.7
Combined ratio	Combined ratio		91.6		%		91.6		%			Combined ratio	92.5		%	94.0		%			92.0		%	92.8		%

General Insurance net premiums earned increased ~~6.0%~~8.8% and 7.4% for the quarter and first six months, respectively, with rising premiums in ~~commercial auto, financial indemnity, and property~~all major lines of coverage. ~~Strong premium~~Premium rate increases for most lines of coverage, ~~other than workers' compensation,~~ high renewal retention ratios, and new business production all contributed. Net investment income decreased ~~slightly~~ in ~~the quarter,~~both 2022 periods, reflecting lower investment yields earned, partially offset by growth in the invested asset base.

The reported ~~claim~~loss ratio for General Insurance improved in the quarter, inclusive of favorable reserve development from prior periods and a lower current period ~~claim~~loss provision, attributable to several years of premium rate increases, underwriting actions, and a shift in the line of coverage mix. Favorable development of 1.9% was lower in the quarter with continued favorable development in the commercial auto and workers' compensation lines of coverage, partially offset by unfavorable development in the financial indemnity line of coverage.

The second quarter and first ~~quarter~~six month expense ~~ratio was~~ratios were elevated compared to the same ~~quarter~~periods last year, generally reflecting the shift in line of coverage mix, and an increase in employee ~~costs, including the timing of certain benefit accruals.~~related costs. Investments in new products and geographies in recent years have diversified the General Insurance business, resulting in shifts in the lines of coverage mix toward lines with higher expense ratios and lower current period ~~claim~~loss ratios.


					Effect of Prior Periods'										Effect of Prior Periods'
					(Favorable)/			Claim Ratio Excluding							(Favorable)/			Loss Ratio Excluding
		Reported			Unfavorable Claim			Prior Periods' Claim				Reported			Unfavorable Loss			Prior Periods' Loss
		Claim Ratio			Reserves Development			Reserves Development				Loss Ratio			Reserves Development			Reserves Development
2017	2017		71.8	%		0.7	%		71.1	%	2017		71.8	%		0.7	%		71.1	%
2018	2018		72.2			—			72.2		2018		72.2			—			72.2
2019	2019		71.8			0.4			71.4		2019		71.8			0.4			71.4
2020	2020		69.9			(0.8)			70.7		2020		69.9			(0.8)			70.7
2021	2021		64.8	%		(3.8)	%		68.6	%	2021		64.8	%		(3.8)	%		68.6	%

1st Quarter 2021			66.0	%		(2.7)	%		68.7	%
1st Quarter 2022			63.9	%		(3.2)	%		67.1	%
2nd Quarter 2021											2nd Quarter 2021		68.1	%		(2.9)	%		71.0	%
2nd Quarter 2022											2nd Quarter 2022		65.3	%		(1.9)	%		67.2	%
1st Six Months 2021											1st Six Months 2021		67.1	%		(2.8)	%		69.9	%
1st Six Months 2022											1st Six Months 2022		64.6	%		(2.5)	%		67.1	%


			Title Insurance
			Summary Operating Results
		Quarters Ended March 31,				Quarters Ended June 30,										Six Months Ended June 30,
			2022				2021			% Change			2022			2021			% Change		2022			2021			% Change
Net premiums and fees earned	Net premiums and fees earned		$	998.9			$	967.7		3.2	%	Net premiums and fees earned	$	1,030.2		$	1,108.8		(7.1)	%	$	2,029.2		$	2,076.5		(2.3)	%
Net investment income	Net investment income		11.3				10.5			7.6		Net investment income	11.1			11.0			0.3		22.4			21.5			3.9
Other income	Other income		0.2				0.2			-5.9		Other income	0.2			0.2			(0.6)		0.5			0.5			(3.1)
Operating revenues	Operating revenues		1,010.5				978.4			3.3		Operating revenues	1,041.6			1,120.2			(7.0)		2,052.1			2,098.7			(2.2)
Claim costs			29.3				29.2			0.3
Loss and loss adjustment expenses												Loss and loss adjustment expenses	29.0			33.1			(12.3)		58.4			62.4			(6.4)
Sales and general expenses	Sales and general expenses		899.6				844.8			6.5		Sales and general expenses	902.7			947.3			(4.7)		1,802.3			1,792.1			0.6
Interest and other charges	Interest and other charges		0.5				0.6			-16.0		Interest and other charges	0.2			0.8			(65.8)		0.8			1.5			(44.4)
Operating expenses	Operating expenses		929.5				874.7			6.3		Operating expenses	932.1			981.3			(5.0)		1,861.6			1,856.0			0.3
Segment pretax operating income (loss)	Segment pretax operating income (loss)		$	80.9			$	103.7		-21.9	%	Segment pretax operating income (loss)	$	109.5		$	138.9		(21.1)	%	$	190.5		$	242.6		(21.5)	%

Claim ratio			2.9		%		3.0		%
Loss ratio												Loss ratio	2.8		%	3.0		%			2.9		%	3.0		%
Expense ratio	Expense ratio		90.0				87.3					Expense ratio	87.6			85.4					88.8			86.3
Combined ratio	Combined ratio		92.9		%		90.3		%			Combined ratio	90.4		%	88.4		%			91.7		%	89.3		%

Title Insurance net premiums and fees earned ~~grew~~declined by ~~3.2% in~~7.1% and 2.3% for the ~~quarter. Agency revenues continued to increase over the prior period although at a lower rate than in recent quarters. Revenue from direct production channels declined in the~~second quarter and ~~we expect both~~first six months, respectively. Both directly produced and agency produced revenues todeclined during the quarter, and it is expected that such revenues will be lower throughout the year when compared to ~~prior year periods. Increases in~~the same periods last year. The main driver of these trends is increasing mortgage interest rates which continue to significantly ~~reduced~~reduce refinance activity. Housing prices remained firm, although the effect of increasing mortgage interest rates may reduce purchase activity in ~~the quarter and likely will for~~ the remainder of the year. ~~Purchase order levels were~~An uptick in ~~line with~~commercial transaction activity resulted in strong commercial premium growth during the ~~prior period~~quarter and ~~continue to benefit from strong housing prices. Ongoing increases in mortgage interest rates may affect purchase activity through the remainder of the year.~~first six month periods. Net investment income increased slightly in ~~the quarter,~~both 2022 periods, reflecting growth in the invested asset base, offset by lower investment yields earned.


					Effect of Prior Periods'										Effect of Prior Periods'
					(Favorable)/			Claim Ratio Excluding							(Favorable)/			Loss Ratio Excluding
		Reported			Unfavorable Claim			Prior Periods' Claim				Reported			Unfavorable Loss			Prior Periods' Loss
		Claim Ratio			Reserves Development			Reserves Development				Loss Ratio			Reserves Development			Reserves Development
2017	2017		0.8	%		(3.0)	%		3.8	%	2017		0.8	%		(3.0)	%		3.8	%
2018	2018		1.9			(1.8)			3.7		2018		1.9			(1.8)			3.7
2019	2019		2.5			(1.2)			3.7		2019		2.5			(1.2)			3.7
2020	2020		2.3			(1.3)			3.6		2020		2.3			(1.3)			3.6
2021	2021		2.6	%		(1.0)	%		3.6	%	2021		2.6	%		(1.0)	%		3.6	%

1st Quarter 2021			3.0	%		(0.6)	%		3.6	%
1st Quarter 2022			2.9	%		(0.6)	%		3.5	%
2nd Quarter 2021											2nd Quarter 2021		3.0	%		(0.7)	%		3.7	%
2nd Quarter 2022											2nd Quarter 2022		2.8	%		(0.8)	%		3.6	%
1st Six Months 2021											1st Six Months 2021		3.0	%		(0.7)	%		3.7	%
1st Six Months 2022											1st Six Months 2022		2.9	%		(0.7)	%		3.6	%


			RFIG Run-off									Quarters Ended June 30,								Six Months Ended June 30,
			Summary Operating Results									2022			2021			% Change		2022			2021			% Change
		Quarters Ended March 31,
			2022			2021			% Change
Mortgage Insurance (MI)
Net premiums earned	Net premiums earned		$	6.5		$	9.2		-29.0	%	Net premiums earned	$	6.0		$	8.5		(29.1)	%	$	12.6		$	17.7		(29.0)	%
Net investment income	Net investment income		2.0			3.2			-36.2		Net investment income	1.5			2.9			(45.2)		3.6			6.1			(40.5)
Claim costs			(4.2)			4.3			N/M
MI pretax operating income (loss)			$	9.7		$	4.9		97.0	%
Loss and loss adjustment expenses											Loss and loss adjustment expenses	(8.0)			0.3			N/M		(12.3)			4.6			N/M
Pretax operating income (loss)											Pretax operating income (loss)	$	12.2		$	7.5		63.7%		$	22.0		$	12.4		76.9	%

Claim ratio			-64.8		%	46.5		%
Loss ratio											Loss ratio	(133.7)		%	3.6		%			(97.8)		%	26.0		%
Expense ratio	Expense ratio		46.8			34.5					Expense ratio	56.6			42.3					51.5			38.3
Combined ratio	Combined ratio		-18.0		%	81.0		%			Combined ratio	(77.1)		%	45.9		%			(46.3)		%	64.3		%

Pretax operating results of RFIG Run-off reflect the continuing drop in net earned premiums in line with the declining risk in force, and significantly lower ~~claim~~loss costs compared to the 2021 ~~period.~~periods. Net investment income decreased in ~~the quarter,~~both 2022 periods, reflecting a declining invested asset base, and lower investment yields earned. Extraordinary dividends of $35.0 ~~million~~and $70.0 were paid to the parent company during the ~~quarter. Claim~~second quarter and first six months, respectively. Loss costs reflect ~~significantly~~ fewer newly reported delinquencies along with improving trends in cure rates, influenced by a relatively strong ~~economy and~~ real estate market.


					Effect of Prior Periods'										Effect of Prior Periods'
					(Favorable)/			Claim Ratio Excluding							(Favorable)/			Loss Ratio Excluding
		Reported			Unfavorable Claim			Prior Periods' Claim				Reported			Unfavorable Loss			Prior Periods' Loss
		Claim Ratio			Reserves Development			Reserves Development				Loss Ratio			Reserves Development			Reserves Development
2017	2017		57.6	%		(38.3)	%		95.9	%	2017		57.6	%		(38.3)	%		95.9	%
2018	2018		43.2			(27.0)			70.2		2018		43.2			(27.0)			70.2
2019	2019		55.0			(12.5)			67.5		2019		55.0			(12.5)			67.5
2020	2020		81.7			(26.5)			108.2		2020		81.7			(26.5)			108.2
2021	2021		(5.3)	%		(67.5)	%		62.2	%	2021		(5.3)	%		(67.5)	%		62.2	%

1st Quarter 2021			46.5	%		(13.5)	%		60.0	%
1st Quarter 2022			(64.8)	%		(131.1)	%		66.3	%
2nd Quarter 2021											2nd Quarter 2021		3.6	%		(24.8)	%		28.4	%
2nd Quarter 2022											2nd Quarter 2022		(133.7)	%		(196.1)	%		62.4	%
1st Six Months 2021											1st Six Months 2021		26.0	%		(18.9)	%		44.9	%
1st Six Months 2022											1st Six Months 2022		(97.8)	%		(162.2)	%		64.4	%


			Corporate & Other
			Summary Operating Results
		Quarters Ended March 31,					Quarters Ended June 30,						Six Months Ended June 30,
			2022		2021			% Change			2022		2021		% Change		2022		2021		% Change
Net life and accident premiums earned	Net life and accident premiums earned		$	2.4	$	2.8		-13.3	%	Net life and accident premiums earned	$	2.4	$	2.7	(8.7)	%	$	4.9	$	5.5	(11.0)	%
Net investment income	Net investment income		10.4		5.7			81.8		Net investment income	11.5		6.4		77.2		21.9		12.2		79.4
Other operating income	Other operating income		—		—			—		Other operating income	—		—		—		—		—		—
Operating revenues	Operating revenues		12.9		8.5			50.8		Operating revenues	14.0		9.1		52.5		26.9		17.7		51.7
Claim costs			0.6		2.4			-75.0
Benefits and loss and loss adjustment expenses										Benefits and loss and loss adjustment expenses	1.5		0.9		64.2		2.1		3.4		(36.4)
Insurance expenses	Insurance expenses		0.9		0.8			8.7		Insurance expenses	0.8		1.0		(18.2)		1.7		1.8		(6.2)
Corporate, interest and other expenses - net	Corporate, interest and other expenses - net		7.1		(0.3)			N/M		Corporate, interest and other expenses - net	8.5		2.0		N/M		15.7		1.6		N/M
Operating expenses	Operating expenses		8.6		2.9			196.8		Operating expenses	10.9		4.0		173.4		19.6		6.9		183.3
Corporate & other pretax operating income (loss)	Corporate & other pretax operating income (loss)		$	4.2	$	5.6		-24.6	%	Corporate & other pretax operating income (loss)	$	3.0	$	5.1	(41.1)	%	$	7.3	$	10.8	(32.5)	%


		March 31,		December 31,		March 31,			June 30,		December 31,		June 30,
		2022		2021		2021			2022		2021		2021
Assets:	Assets:							Assets:
Cash and fixed income securities	Cash and fixed income securities	$	11,571.2	$	11,399.6	$	11,177.3	Cash and fixed income securities	$	11,751.9	$	11,399.6	$	11,224.7
Equity securities	Equity securities	4,972.4		5,302.8		4,271.3		Equity securities	4,182.4		5,302.8		5,204.1
Other invested assets	Other invested assets	120.6		116.5		116.1		Other invested assets	125.4		116.5		115.1
Cash and invested assets	Cash and invested assets	16,664.3		16,818.9		15,564.7		Cash and invested assets	16,059.9		16,818.9		16,544.0
Accounts and premiums receivable	Accounts and premiums receivable	1,861.8		1,768.7		1,626.6		Accounts and premiums receivable	2,096.0		1,768.7		1,828.7
Federal income tax recoverable: Current		—		11.8		—
Federal income tax recoverable								Federal income tax recoverable	19.6		11.8		18.2

Reinsurance balances recoverable	Reinsurance balances recoverable	5,066.9		4,943.4		4,477.2		Reinsurance balances recoverable	5,551.1		4,943.4		4,879.1
Deferred policy acquisition costs	Deferred policy acquisition costs	358.9		350.4		334.9		Deferred policy acquisition costs	372.6		350.4		346.4
Sundry assets	Sundry assets	1,166.6		1,088.4		1,045.6		Sundry assets	1,195.9		1,088.4		1,061.8
Total assets	Total assets	$	25,118.8	$	24,981.8	$	23,049.3	Total assets	$	25,295.4	$	24,981.8	$	24,678.4

Liabilities and Shareholders' Equity:	Liabilities and Shareholders' Equity:							Liabilities and Shareholders' Equity:
Policy liabilities	Policy liabilities	$	2,869.7	$	2,752.0	$	2,641.2	Policy liabilities	$	3,129.7	$	2,752.0	$	2,837.9
Claim reserves		11,569.1		11,425.5		10,853.3
Federal income tax payable: Current		46.1		—		36.9
Deferred		157.2		249.5		165.0
Loss and loss adjustment expense reserves								Loss and loss adjustment expense reserves	11,905.4		11,425.5		11,175.2

Federal income tax payable								Federal income tax payable	17.2		249.5		211.1
Reinsurance balances and funds	Reinsurance balances and funds	1,002.1		866.0		793.5		Reinsurance balances and funds	1,177.3		866.0		966.5
Debt	Debt	1,594.2		1,588.5		947.2		Debt	1,594.5		1,588.5		1,590.1
Sundry liabilities	Sundry liabilities	1,130.1		1,206.9		1,160.1		Sundry liabilities	1,077.9		1,206.9		1,118.7
Total liabilities	Total liabilities	18,368.6		18,088.6		16,597.4		Total liabilities	18,902.2		18,088.6		17,899.8
Shareholders' equity	Shareholders' equity	6,750.1		6,893.2		6,451.8		Shareholders' equity	6,393.1		6,893.2		6,778.6
Total liabilities and shareholders' equity	Total liabilities and shareholders' equity	$	25,118.8	$	24,981.8	$	23,049.3	Total liabilities and shareholders' equity	$	25,295.4	$	24,981.8	$	24,678.4


					Cash, Invested Assets, and Shareholders' Equity
											% Change														% Change
					March 31,		Dec. 31,		March 31,		March '22/		March '22/						June 30,		Dec. 31,		June 30,			June '22/		June '22/
					2022		2021		2021		Dec. '21		March '21						2022		2021		2021			Dec. '21		June '21
Cash and invested assets:	Cash and invested assets:														Cash and invested assets:
		Fixed income securities, cash and other invested assets			$	11,691.9	$	11,516.1	$	11,293.4	1.5	%	3.5	%		Fixed income securities, cash and other invested assets			$	11,877.4	$	11,516.1	$	11,339.9		3.1	%	4.7	%
		Equity securities			4,972.4		5,302.8		4,271.3		-6.2		16.4			Equity securities			4,182.4		5,302.8		5,204.1			(21.1)		(19.6)
		Total per balance sheet			$	16,664.3	$	16,818.9	$	15,564.7	-0.9	%	7.1	%		Total per balance sheet			$	16,059.9	$	16,818.9	$	16,544.0		(4.5)	%	(2.9)	%
		Total at cost for all			$	15,320.0	$	15,045.8	$	14,054.8	1.8	%	9.0	%		Total at cost for all			$	15,402.2	$	15,045.8	$	14,853.8		2.4	%	3.7	%

Composition of shareholders' equity per share:	Composition of shareholders' equity per share:														Composition of shareholders' equity per share:
		Equity before items below			$	19.09	$	18.50	$	18.22	3.2	%	4.8	%		Equity before items below			$	19.66	$	18.50	$	18.74		6.3	%	4.9	%
		Unrealized investment gains (losses) and other														Unrealized investment gains (losses) and other
			accumulated comprehensive income (loss)		3.14		4.26		3.37								accumulated comprehensive income (loss)		1.33		4.26		3.85
				Total	$	22.23	$	22.76	$	21.59	-2.3	%	3.0	%				Total	$	20.99	$	22.76	$	22.59		(7.8)	%	(7.1)	%

Segmented composition of	Segmented composition of														Segmented composition of
shareholders' equity per share:	shareholders' equity per share:														shareholders' equity per share:
		Excluding RFIG run-off segment			$	21.06	$	21.47	$	20.13	-1.9	%	4.6	%		Excluding RFIG run-off segment			$	19.91	$	21.47	$	21.19		(7.3)	%	(6.0)	%
		RFIG run-off segment			1.17		1.29		1.46							RFIG run-off segment			1.08		1.29		1.40
				Consolidated total	$	22.23	$	22.76	$	21.59	-2.3	%	3.0	%				Consolidated total	$	20.99	$	22.76	$	22.59		(7.8)	%	(7.1)	%

Old Republic's invested assets portfolio is directed in consideration of enterprise-wide risk management objectives. Most importantly, these are intended to ensure solid funding of the insurance subsidiaries' long-term claim payment obligations to policyholders and their beneficiaries, as well as the long-term stability of the subsidiaries’ capital base. For these reasons, the investment portfolio does not contain high risk or illiquid asset classes and has zero or extremely limited exposure to, collateralized debt obligations (CDO's), credit default and interest rate swaps, hybrid securities, asset-backed securities (ABS), guaranteed investment contracts (GIC), structured investment vehicles (SIV), auction rate variable short-term securities, limited partnerships, derivatives, hedge funds or private equity investments. Moreover, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities whose values are predicated on non-regulated financial instruments exhibiting amorphous or unfunded counter-party risk attributes.

As of ~~March 31,~~June 30, 2022, the consolidated investment portfolio reflected an allocation of approximately ~~70%~~74% to fixed income (bonds and notes) and short-term investments, and ~~30%~~26% to equity securities (common stock). During the quarter, we ~~modestly reduced~~continued to reduce our equity ~~holdings.~~holdings and reinvest the proceeds in fixed income securities. The fixed income portfolio continues to be the anchor for the insurance underwriting subsidiaries' obligations. The maturities of our fixed income assets are matched to the expected liabilities for claim payment obligations to policyholders and their beneficiaries. The quality of the investment portfolio remains at high levels.

~~In recent years, a~~A significant portion of our investable funds have been directed toward high-quality common stocks of U.S. companies (currently limited to fewer than 100 issues). We favor those with long-term records of reasonable earnings growth and steadily increasing dividends. Pursuant to our enterprise risk management guidelines and controls, we perform regular stress tests of the equities portfolio to gain reasonable assurance that periodic downdrafts in market prices would not seriously undermine our financial strength and the long-term continuity and prospects of our insurance underwriting business.


											Shareholders' Equity Per Share
		Shareholders' Equity									Quarter									Year
		Per Share						Ended	Six Months Ended					Ended
		March 31,						June 30,	June 30,					Dec. 31,
		2022			2021						2022			2022			2021			2021
Beginning balance	Beginning balance	$	22.76		$	20.75				Beginning balance	$	22.23		$	22.76		$	20.75		$	20.75
Changes in shareholders' equity:	Changes in shareholders' equity:									Changes in shareholders' equity:
Net income (loss) excluding net investment gains (losses)	Net income (loss) excluding net investment gains (losses)	0.63			0.69					Net income (loss) excluding net investment gains (losses)	0.69			1.32			1.43			3.10
Net of tax realized investment gains (losses)	Net of tax realized investment gains (losses)	0.17			0.02					Net of tax realized investment gains (losses)	0.14			0.31			0.02			0.02
Net of tax unrealized investment gains (losses):	Net of tax unrealized investment gains (losses):									Net of tax unrealized investment gains (losses):
Fixed income securities	Fixed income securities	(1.33)			(0.64)					Fixed income securities	(0.82)			(2.15)			(0.48)			(0.97)
Equity securities	Equity securities	0.21			0.97					Equity securities	(0.96)			(0.75)			1.28			1.96
Total net of tax realized and unrealized	Total net of tax realized and unrealized									Total net of tax realized and unrealized
investment gains (losses)	investment gains (losses)	(0.95)			0.35					investment gains (losses)	(1.64)			(2.59)			0.82			1.01
Cash dividends	Cash dividends	(0.23)			(0.22)					Cash dividends	(0.23)			(0.46)			(0.44)			(2.38)
Other	Other	0.02			0.02					Other	(0.06)			(0.04)			0.03			0.28
Net change	Net change	(0.53)			0.84					Net change	(1.24)			(1.77)			1.84			2.01
Ending balance	Ending balance	$	22.23		$	21.59				Ending balance	$	20.99		$	20.99		$	22.59		$	22.76
Percentage change for the period	Percentage change for the period	-2.3		%	4.0		%			Percentage change for the period	(5.6)		%	(7.8)		%	8.9		%	9.7		%


		Capitalization									Capitalization
		March 31,			December 31,			March 31,					June 30,			December 31,			June 30,
		2022			2021			2021					2022			2021			2021
Debt:	Debt:											Debt:
4.875% Senior Notes due 2024	4.875% Senior Notes due 2024	$	398.6		$	398.4		$	398.0			4.875% Senior Notes due 2024	$	398.7		$	398.4		$	398.1
3.875% Senior Notes due 2026	3.875% Senior Notes due 2026	547.5			547.3			546.9				3.875% Senior Notes due 2026	547.6			547.3			547.1
3.850% Senior Notes due 2051	3.850% Senior Notes due 2051	642.7			642.6			—				3.850% Senior Notes due 2051	642.7			642.6			642.5
Other miscellaneous debt	Other miscellaneous debt	5.3			—			2.2				Other miscellaneous debt	5.3			—			2.2
Total debt	Total debt	1,594.2			1,588.5			947.2				Total debt	1,594.5			1,588.5			1,590.1
Common shareholders' equity	Common shareholders' equity	6,750.1			6,893.2			6,451.8				Common shareholders' equity	6,393.1			6,893.2			6,778.6
Total capitalization	Total capitalization	$	8,344.3		$	8,481.7		$	7,399.0			Total capitalization	$	7,987.7		$	8,481.7		$	8,368.7

Capitalization ratios:	Capitalization ratios:											Capitalization ratios:
Debt	Debt	19.1		%	18.7		%	12.8		%		Debt	20.0		%	18.7		%	19.0		%
Common shareholders' equity	Common shareholders' equity	80.9			81.3			87.2				Common shareholders' equity	80.0			81.3			81.0
Total	Total	100.0		%	100.0		%	100.0		%		Total	100.0		%	100.0		%	100.0		%


		Net Earned Premiums and Fees													Net Earned Premiums and Fees
		General		Title		RFIG Run-off		Corporate & Other		Total		% Change from prior period			General		Title		RFIG Run-off		Corporate & Other		Total		% Change from prior period
Years Ended December 31:	Years Ended December 31:													Years Ended December 31:
2019	2019	$	3,432.4	$	2,736.0	$	59.2	$	13.4	$	6,241.1	5.1	%	2019	$	3,432.4	$	2,736.0	$	59.2	$	13.4	$	6,241.1	5.1	%
2020	2020	3,394.2		3,286.3		45.1		12.0		6,737.8		8.0		2020	3,394.2		3,286.3		45.1		12.0		6,737.8		8.0
2021	2021	3,555.5		4,404.3		32.6		11.0		8,003.6		18.8		2021	3,555.5		4,404.3		32.6		11.0		8,003.6		18.8
Quarters Ended March 31:
Six Months Ended June 30:														Six Months Ended June 30:
2021	2021	859.1		967.7		9.2		2.8		1,838.9		17.9		2021	1,726.3		2,076.5		17.7		5.5		3,826.2		23.5
2022	2022	$	910.9	$	998.9	$	6.5	$	2.4	$	1,919.0	4.4	%	2022	1,854.5		2,029.2		12.6		4.9		3,901.3		2.0

Quarters Ended June 30:														Quarters Ended June 30:
2021														2021	867.2		1,108.8		8.5		2.7		1,987.3		29.1
2022														2022	$	943.5	$	1,030.2	$	6.0	$	2.4	$	1,982.3	(.2)	%

Net investment income iswas affected mostly by trends in interest rates and ~~dividend yields for the types~~levels of ~~securities in which the Company's funds are invested during each reporting period.~~investments. The following tables reflect the segmented and consolidated invested asset bases as of the indicated dates, and the investment income earned and resulting yields on such assets. Since the Company can exercise little control over fair values, yields are evaluated on the basis of investment income earned in relation to the cost of the underlying invested assets, though yields based on the fair values of such assets are also shown in the statistics below.


		Invested Assets at Cost										Fair Value Adjust- ment		Invested Assets at Fair Value			Invested Assets at Cost										Fair Value Adjust- ment		Invested Assets at Fair Value
		General		Title		RFIG Run-off		Corporate & Other		Total							General		Title		RFIG Run-off		Corporate & Other		Total
As of December 31:	As of December 31:															As of December 31:
2020	2020	$	10,987.8	$	1,328.4	$	545.1	$	1,083.8	$	13,945.2	$	1,384.9	$	15,330.1	2020	$	10,987.8	$	1,328.4	$	545.1	$	1,083.8	$	13,945.2	$	1,384.9	$	15,330.1
2021	2021	11,379.7		1,569.2		459.0		1,394.8		14,802.9		1,773.4		16,576.3		2021	11,379.7		1,569.2		459.0		1,394.8		14,802.9		1,773.4		16,576.3
As of March 31:
As of June 30:																As of June 30:
2021	2021	11,133.6		1,388.0		525.5		796.6		13,843.7		1,510.3		15,354.1		2021	11,152.8		1,408.4		501.8		1,594.9		14,657.9		1,690.9		16,348.8
2022	2022	$	11,551.1	$	1,585.3	$	473.2	$	1,527.1	$	15,136.9	$	1,343.4	$	16,480.3	2022	$	11,553.3	$	1,539.6	$	412.6	$	1,702.9	$	15,208.5	$	656.3	$	15,864.9


				Claim and Loss Adjustment Expense Reserves															Loss and Loss Adjustment Expense Reserves
				March 31, 2022						December 31, 2021									June 30, 2022						December 31, 2021
				Gross			Net			Gross			Net						Gross			Net			Gross			Net

Workers' compensation	Workers' compensation			$	4,851.8		$	2,949.0		$	4,893.0		$	2,955.6		Workers' compensation			$	4,862.5		$	2,911.2		$	4,893.0		$	2,955.6
General liability	General liability			1,347.0			631.9			1,324.4			630.7			General liability			1,355.1			613.6			1,324.4			630.7
Commercial automobile (mostly trucking)	Commercial automobile (mostly trucking)			2,921.8			1,762.7			2,850.0			1,736.5			Commercial automobile (mostly trucking)			3,082.7			1,776.5			2,850.0			1,736.5
Other coverages	Other coverages			1,441.1			1,038.0			1,355.5			979.3			Other coverages			1,590.3			1,154.9			1,355.5			979.3
Unallocated loss adjustment expense reserves	Unallocated loss adjustment expense reserves			289.7			289.3			285.2			284.8			Unallocated loss adjustment expense reserves			296.7			296.3			285.2			284.8
			Total general insurance reserves	10,851.6			6,671.1			10,708.4			6,587.0					Total general insurance reserves	11,187.5			6,752.7			10,708.4			6,587.0
Title	Title			602.9			602.9			594.2			594.2			Title			616.2			616.2			594.2			594.2
RFIG Run-off	RFIG Run-off			103.5			103.5			111.2			111.2			RFIG Run-off			91.0			91.0			111.2			111.2
Life and accident	Life and accident			10.9			7.2			11.6			7.6			Life and accident			10.6			7.1			11.6			7.6
			Total claim and loss adjustment expense reserves	$	11,569.1		$	7,384.8		$	11,425.5		$	7,300.2				Total loss and loss adjustment expense reserves	$	11,905.4		$	7,467.2		$	11,425.5		$	7,300.2
Asbestosis and environmental claim reserves included
Asbestosis and environmental loss reserves included																Asbestosis and environmental loss reserves included
		in the above general insurance reserves:															in the above general insurance reserves:
			Amount	$	114.7		$	76.8		$	118.1		$	77.2				Amount	$	110.9		$	74.2		$	118.1		$	77.2
			% of total general insurance reserves	1.1		%	1.2		%	1.1		%	1.2		%			% of total general insurance reserves	1.0		%	1.1		%	1.1		%	1.2		%


		General		Title		RFIG Run-off		Consolidated			General		Title		RFIG Run-off		Consolidated
Years Ended December 31:	Years Ended December 31:									Years Ended December 31:
2019	2019	71.8	%	2.5	%	53.5	%	41.2	%	2019	71.8	%	2.5	%	53.5	%	41.2	%
2020	2020	69.9		2.3		81.7		37.0		2020	69.9		2.3		81.7		37.0
2021	2021	64.8		2.6		(5.3)		30.2		2021	64.8		2.6		(5.3)		30.2
Quarters Ended March 31:
Six Months Ended June 30:										Six Months Ended June 30:
2021	2021	66.0		3.0		46.5		32.8		2021	67.1		3.0		26.0		32.1
2022	2022	63.9	%	2.9	%	(64.8)	%	31.7	%	2022	64.6		2.9		(97.8)		32.0

Quarters Ended June 30:										Quarters Ended June 30:
2021										2021	68.1		3.0		3.6		31.4
2022										2022	65.3	%	2.8	%	(133.7)	%	32.2	%

The Company's reserve for loss and loss adjustment expenses represents the accumulation of estimates of ultimate losses payable, including incurred but not reported losses and loss adjustment expenses. The establishment of ~~claim~~loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. Consequently, reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated ~~claim~~loss costs and the resulting changes in estimates are recorded in operations of the periods during which they are made. Increases to prior reserve estimates are often referred to as unfavorable development whereas any changes that decrease previous estimates of the Company's ultimate liability are referred to as favorable development.

Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulting in reasonable approximations of the ultimate net costs of ~~claims~~losses incurred. However, no representation is made nor is any guaranty given that ultimate net ~~claim~~loss and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates. In management's opinion, such changes in net ~~claims~~losses and related costs are not likely to have a material effect on the Company's consolidated financial position, although it could affect materially its consolidated results of operations for


						RFIG									RFIG
		General		Title		Run-off		Consolidated			General		Title		Run-off		Consolidated
Years Ended December 31:	Years Ended December 31:									Years Ended December 31:
2019	2019	25.7	%	90.5	%	25.0	%	54.1	%	2019	25.7	%	90.5	%	25.0	%	54.1	%
2020	2020	25.6		88.4		30.2		56.3		2020	25.6		88.4		30.2		56.3
2021	2021	26.5		86.7		39.9		59.7		2021	26.5		86.7		39.9		59.7
Quarters Ended March 31:
Six Months Ended June 30:										Six Months Ended June 30:
2021	2021	25.6		87.3		34.5		58.1		2021	25.7		86.3		38.3		58.7
2022	2022	27.7	%	90.0	%	46.8	%	60.2	%	2022	27.4		88.8		51.5		59.4

Quarters Ended June 30:										Quarters Ended June 30:
2021										2021	25.9		85.4		42.3		59.2
2022										2022	27.2	%	87.6	%	56.6	%	58.7	%

Variations in the Company's consolidated expense ratios reflect a continually changing mix of coverages sold and costs of producing ~~business in the Company's three largest business segments.~~business. To a significant degree, expense ratios for both the General and Title Insurance segments are mostly reflective of variable costs, such as commissions or similar charges, that rise or decline along with corresponding changes in premium and fee income. ~~Moreover, general~~General operating expenses are routinely subject to timing, and can ~~contract or expand~~fluctuate with line of coverage mix, as well as investments in ~~differing proportions due to varying levels of operating efficiencies~~business expansion and ~~expense management opportunities in the face of changing market conditions.~~information technology.


						RFIG									RFIG
		General		Title		Run-off		Consolidated			General		Title		Run-off		Consolidated
Years Ended December 31:	Years Ended December 31:									Years Ended December 31:
2019	2019	97.5	%	93.0	%	79.8	%	95.3	%	2019	97.5	%	93.0	%	79.8	%	95.3	%
2020	2020	95.5		90.7		111.9		93.3		2020	95.5		90.7		111.9		93.3
2021	2021	91.3		89.3		34.6		89.9		2021	91.3		89.3		34.6		89.9
Quarters Ended March 31:
Six Months Ended June 30:										Six Months Ended June 30:
2021	2021	91.6		90.3		81.0		90.9		2021	92.8		89.3		64.3		90.8
2022	2022	91.6	%	92.9	%	(18.0)	%	91.9	%	2022	92.0		91.7		(46.3)		91.4

Quarters Ended June 30:										Quarters Ended June 30:
2021										2021	94.0		88.4		45.9		90.6
2022										2022	92.5	%	90.4	%	(77.1)	%	90.9	%

The Company's investment policies are not designed to maximize or emphasize the realization of investment gains. Rather, these policies aim for a stable source of income from interest and dividends, protection of capital, and providing sufficient liquidity to meet insurance underwriting and other obligations as they become payable in the future. Dispositions of fixed income securities from scheduled maturities and early calls were ~~65.1%~~66.3% and ~~68.2%~~81.5% of total dispositions occurring in the first ~~three~~six months of 2022 and 2021, respectively.


		Realized Investment Gains (Losses) from Actual Transactions						Impairment Losses on Securities						Unrealized Gains (Losses) from Changes in Fair Value of Equity Securities							Realized Investment Gains (Losses) from Actual Transactions									Impairment Losses on Securities								Unrealized Gains (Losses) from Changes in Fair Value of Equity Securities
		Fixed Income Securities		Equity Securities and Miscel-laneous Investments		Total		Fixed Income Securities		Miscel-laneous Investments		Total				Total Investment Gains (Losses)			Fixed Income Securities				Equity Securities and Miscel-laneous Investments			Total			Fixed Income Securities			Miscel-laneous Investments			Total					Total Investment Gains (Losses)
Years Ended	Years Ended																					Years Ended
December 31:	December 31:																			December 31:
2019	2019	$	(1.9)	$	40.6	$	38.6	$	(2.0)	$	—	$	(2.0)	$	599.5		$	636.1		2019	$	(1.9)		$	40.6		$	38.6		$	(2.0)		$	—		$	(2.0)	$	599.5		$	636.1
2020	2020	(7.4)		21.6		14.2		—		—		—		(156.2)			(142.0)			2020	(7.4)			21.6			14.2			—			—			—		(156.2)			(142.0)
2021	2021	1.5		5.3		6.9		—		—		—		751.1			758.0			2021	1.5			5.3			6.9			—			—			—		751.1			758.0

Quarters Ended
March 31:
Six Months Ended																				Six Months Ended
June 30:																				June 30:
2021	2021	.3		7.5		7.8		—		—		—		367.5			375.4			2021	1.0			7.9			8.9			—			—			—		487.4			496.4
2022	2022	$	(21.7)	$	87.0	$	65.2	$	—	$	—	$	—	$	79.8		$	145.1		2022	(59.1)			180.2			121.1			(2.5)			—			(2.5)		(290.9)			(172.3)
Quarters Ended																				Quarters Ended
June 30:																				June 30:
2021																				2021	.6			.4			1.0			—			—			—		119.9			120.9
2022																				2022	$	(37.4)		$	93.2		$	55.8		$	(2.5)		$	—		$	(2.5)	$	(370.7)		$	(317.4)

The effective consolidated income tax rates were ~~20.0%~~(26.4)% and 18.9% in the second quarter and first ~~quarter~~six months of 2022 compared to ~~20.4%~~20.1% and 20.3% in the second quarter and first ~~quarter~~six months of 2021. The rates for each period reflect primarily the varying proportions of pretax operating income (loss) derived from partially tax preferred investment income (principally tax-exempt interest and dividend income)~~, the combination of fully taxable investment income, investment gains or losses, underwriting and service income and adjustments regarding the recoverability of deferred tax assets.~~.


		Quarters Ended March 31,
			2022			2021			% Change			Quarters Ended June 30,								Six Months Ended June 30,
												2022			2021			% Change		2022			2021			% Change
Net premiums earned	Net premiums earned		$	910.9		$	859.1		6.0	%	Net premiums earned	$	943.5		$	867.2		8.8	%	$	1,854.5		$	1,726.3		7.4	%

Claim costs			582.2			567.3			2.6
Loss and loss adjustment expenses											Loss and loss adjustment expenses	616.1			590.5			4.3		1,198.3			1,157.9			3.5
Sales and general expenses	Sales and general expenses		288.3			255.8			12.7		Sales and general expenses	293.8			261.9			12.2		582.2			517.7			12.4

Segment pretax operating income (loss)	Segment pretax operating income (loss)		$	142.5		$	140.8		1.2	%	Segment pretax operating income (loss)	$	137.9		$	123.4		11.8	%	$	280.4		$	264.2		6.1	%

Claim ratio			63.9		%	66.0		%
Loss ratio											Loss ratio	65.3		%	68.1		%			64.6		%	67.1		%
Expense ratio	Expense ratio		27.7			25.6					Expense ratio	27.2			25.9					27.4			25.7
Combined ratio	Combined ratio		91.6		%	91.6		%			Combined ratio	92.5		%	94.0		%			92.0		%	92.8		%


		General Insurance Net Earned Premiums by Type of Coverage													General Insurance Net Earned Premiums by Type of Coverage
		Commercial Automobile (mostly trucking)		Workers' Compensation		Inland Marine and Property		Financial Indemnity		General Liability		Other			Commercial Automobile (mostly trucking)		Workers' Compensation		Inland Marine and Property		Financial Indemnity		General Liability		Other
Years Ended December 31:	Years Ended December 31:													Years Ended December 31:
2019	2019	37.2	%	29.1	%	7.6	%	6.4	%	6.6	%	13.1	%	2019	37.2	%	29.1	%	7.6	%	6.4	%	6.6	%	13.1	%
2020	2020	38.4		25.4		8.7		8.0		6.0		13.5		2020	38.4		25.4		8.7		8.0		6.0		13.5
2021	2021	39.7		21.9		9.7		9.7		5.2		13.8		2021	39.7		21.9		9.7		9.7		5.2		13.8
Quarters Ended March 31:
Six Months Ended June 30:														Six Months Ended June 30:
2021	2021	40.3		22.8		9.3		9.3		5.2		13.1		2021	40.2		22.2		9.5		9.4		5.1		13.6
2022	2022	39.5	%	21.3	%	10.0	%	11.2	%	4.8	%	13.2	%	2022	39.4		21.1		10.0		10.7		5.0		13.8

Quarters Ended June 30:														Quarters Ended June 30:
2021														2021	40.2		21.5		9.7		9.4		5.0		14.2
2022														2022	39.3	%	21.0	%	10.0	%	10.2	%	5.1	%	14.4	%


	General Insurance Loss Ratios by Type of Coverage
	All Coverages		Commercial Automobile (mostly trucking)		Workers' Compen-sation		Inland Marine and Property		Financial Indemnity		General Liability		Other
Years Ended
December 31:
2019	71.8	%	84.0	%	63.2	%	62.6	%	64.0	%	77.8	%	61.4	%
2020	69.9		80.8		60.8		58.3		57.1		73.6		67.2
2021	64.8		70.8		58.9		59.4		53.9		64.1		65.7
Six Months Ended
June 30:
2021	67.1		74.6		57.7		59.4		57.3		76.5		68.5
2022	64.6		68.0		57.3		58.3		78.3		55.6		63.8
Quarters Ended
June 30:
2021	68.1		75.4		59.6		63.4		53.8		60.4		70.4
2022	65.3	%	65.9	%	52.3	%	57.5	%	103.5	%	52.9	%	62.3	%

The reported ~~claim~~loss ratio for General Insurance improved in the quarter, inclusive of favorable reserve development from prior periods and a lower current period ~~claim~~loss provision, attributable to several years of premium rate increases, underwriting actions, and a shift in the line of coverage mix. Favorable development of 1.9% was lower in the quarter with continued favorable development in the commercial auto and workers' compensation lines of coverage. This was partially offset by unfavorable development in the financial indemnity (which includes public company D&O) line of coverage, stemming from large security class action claims activity occurring from accident years 2018 and 2019.


Title Insurance


Summary Operating Results


		Quarters Ended March 31,				Quarters Ended June 30,										Six Months Ended June 30,
			2022				2021			% Change			2022			2021			% Change		2022			2021			% Change
Net premiums and fees earned	Net premiums and fees earned		$	998.9			$	967.7		3.2	%	Net premiums and fees earned	$	1,030.2		$	1,108.8		(7.1)	%	$	2,029.2		$	2,076.5		(2.3)	%

Claim costs			29.3				29.2			0.3
Loss and loss adjustment expenses												Loss and loss adjustment expenses	29.0			33.1			(12.3)		58.4			62.4			(6.4)
Sales and general expenses	Sales and general expenses		899.6				844.8			6.5		Sales and general expenses	902.7			947.3			(4.7)		1,802.3			1,792.1			0.6

Segment pretax operating income (loss)	Segment pretax operating income (loss)		$	80.9			$	103.7		-21.9	%	Segment pretax operating income (loss)	$	109.5		$	138.9		(21.1)	%	$	190.5		$	242.6		(21.5)	%

Claim ratio			2.9		%		3.0		%
Loss ratio												Loss ratio	2.8		%	3.0		%			2.9		%	3.0		%
Expense ratio	Expense ratio		90.0				87.3					Expense ratio	87.6			85.4					88.8			86.3
Combined ratio	Combined ratio		92.9		%		90.3		%			Combined ratio	90.4		%	88.4		%			91.7		%	89.3		%


		Quarters Ended March 31,				Quarters Ended June 30,										Six Months Ended June 30,
			2022				2021			% Change			2022			2021			% Change		2022			2021			% Change
Net premiums earned	Net premiums earned		$	6.5			$	9.2		-29.0	%	Net premiums earned	$	6.0		$	8.5		(29.1)	%	$	12.6		$	17.7		(29.0)	%
Loss and loss adjustment expenses												Loss and loss adjustment expenses	(8.0)			0.3			N/M		(12.3)			4.6			N/M
Pretax operating income (loss)												Pretax operating income (loss)	$	12.2		$	7.5		63.7	%	$	22.0		$	12.4		76.9	%

Claim costs			(4.2)				4.3			N/M
MI pretax operating income (loss)			$	9.7			$	4.9		97.0	%

Claim ratio			-64.8		%		46.5		%
Loss ratio												Loss ratio	(133.7)		%	3.6		%			(97.8)		%	26.0		%
Expense ratio	Expense ratio		46.8				34.5					Expense ratio	56.6			42.3					51.5			38.3
Combined ratio	Combined ratio		-18.0		%		81.0		%			Combined ratio	(77.1)		%	45.9		%			(46.3)		%	64.3		%


Net Risk in Force	Net Risk in Force							Net Risk in Force
Net Risk in Force By Type:	Net Risk in Force By Type:	Traditional Primary		Bulk & Other		Total		Net Risk in Force By Type:	Traditional Primary		Bulk & Other		Total
As of December 31:	As of December 31:							As of December 31:
2019	2019	$	2,388.3	$	201.8	$	2,590.1	2019	$	2,388.3	$	201.8	$	2,590.1
2020	2020	1,842.2		169.0		2,011.2		2020	1,842.2		169.0		2,011.2
2021	2021	1,364.9		140.4		1,505.4		2021	1,364.9		140.4		1,505.4
As of March 31:
As of June 30:								As of June 30:
2021	2021	1,706.4		162.2		1,868.6		2021	1,583.2		156.6		1,739.8
2022	2022	$	1,264.3	$	133.9	$	1,398.3	2022	$	1,158.7	$	125.6	$	1,284.3


		Average Settled Claim Amount (a)		Reported Delinquency Ratio at End of Period			Average Settled Claim Amount (a)		Reported Delinquency Ratio at End of Period
Years Ended December 31:	Years Ended December 31:					Years Ended December 31:
2019	2019	$	49,195	10.1	%	2019	$	49,195	10.1	%
2020	2020	37,172		14.2		2020	37,172		14.2
2021	2021	31,682		12.4		2021	31,682		12.4
Quarter Ended March 31:
Six Months Ended June 30:						Six Months Ended June 30:
2021	2021	50,991		14.0		2021	42,688		12.9
2022	2022	$	46,176	12.2	%	2022	$	44,192	11.7	%

The Company's financial position at ~~March 31,~~June 30, 2022 reflected increases in assets and liabilities of ~~.5%~~1.3% and ~~1.5%~~4.5%, respectively, and a decrease in common shareholders' equity of ~~2.1%~~7.3% when compared to the immediately preceding year-end. Cash and invested assets represented ~~66.3%~~63.5% and 67.3% of consolidated assets as of ~~March 31,~~June 30, 2022 and December 31, 2021, respectively. As of ~~March 31,~~June 30, 2022, the invested asset base, cash and accrued investment income decreased by ~~.9%~~4.5% to ~~$16,664.3.~~$16,059.9.

primarily in investment grade, marketable securities. At both ~~March 31,~~June 30, 2022 and December 31, 2021, nearly all of the Company's investments consisted of marketable securities. The investment portfolio does not contain high risk or illiquid asset classes and has zero or extremely limited exposure to, collateralized debt obligations (CDO's), credit default and interest rate swaps, hybrid securities, asset-backed securities (ABS), guaranteed investment contracts (GIC), structured investment vehicles (SIV), auction rate variable short-term securities, limited partnerships, derivatives, hedge funds or private equity investments. Moreover, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities whose values are predicated on non-regulated financial instruments exhibiting amorphous or unfunded counter-party risk attributes. At ~~March 31,~~June 30, 2022, the Company had no fixed income investments in default as to principal and/or interest.

The Company does not own or utilize derivative financial instruments for the purpose of hedging, enhancing the overall return of its investment portfolio, or reducing the cost of its debt obligations. With regard to its equity portfolio, the Company does not own any options nor does it engage in any type of option writing. Traditional investment management tools and techniques are employed to address the yield and valuation exposures of the invested assets base. The fixed income investment portfolio is managed so as to limit various risks inherent in the bond market. Credit risk is addressed through asset diversification and the purchase of investment grade securities. Reinvestment rate risk is reduced by concentrating on non-callable issues, and by taking asset-liability matching considerations into account. Purchases of mortgage and asset backed securities, which have variable principal prepayment options, are generally avoided. Market value risk is limited through the purchase of bonds of intermediate maturity. The combination of these investment management practices is expected to produce a more stable fixed income investment portfolio that is not subject to extreme interest rate sensitivity and principal deterioration.

The fair value of the Company's fixed income investment portfolio is sensitive, however, to fluctuations in the level of interest rates, but not materially affected by changes in anticipated cash flows caused by any prepayments. The impact of interest rate movements on the fixed income investment portfolio generally affects net unrealized gains or losses. As a general rule, rising interest rates enhance currently available yields but typically lead to a reduction in the fair value of existing fixed income investments. By contrast, a decline in such rates reduces currently available yields but usually serves to increase the fair value of the existing fixed income investment portfolio. All such changes in fair

value of securities are reflected, net of deferred income taxes, directly in the shareholders' equity account, and as a separate component of the statement of comprehensive income. Given the Company's inability to forecast or control the movement of interest rates, Old Republic sets the maturity spectrum of its fixed income securities portfolio within parameters of estimated liability payouts, and focuses the overall portfolio on high quality investments. By so doing, Old Republic believes it is reasonably assured of its ability to hold securities to maturity as it may deem necessary in changing environments, and of ultimately recovering their aggregate cost.


Fixed Income Securities Stratified by Credit Quality (a):	Fixed Income Securities Stratified by Credit Quality (a):					Fixed Income Securities Stratified by Credit Quality (a):

		March 31,		December 31,				June 30,		December 31,
		2022		2021				2022		2021
Aaa	Aaa	24.5	%	25.1	%		Aaa	23.4	%	25.1	%
Aa	Aa	11.8		12.3			Aa	11.3		12.3
A	A	32.9		31.9			A	34.2		31.9
Baa	Baa	28.6		28.5			Baa	29.2		28.5
Total investment grade	Total investment grade	97.8		97.8			Total investment grade	98.1		97.8
All other (b)	All other (b)	2.2		2.2			All other (b)	1.9		2.2
Total	Total	100.0	%	100.0	%		Total	100.0	%	100.0	%

Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Income Securities
Amount of Gross Unrealized Losses
March 31, 2022 Less than
20% of
Cost 20% to
50%
of Cost More than
50% of Cost Total Gross
Unrealized
Loss
Number of Months in Unrealized Loss Position:
Fixed Income Securities:
One to six months $ 159.4 $ — $ — $ 159.4
Seven to twelve months 126.1 — — 129.1
More than twelve months 43.6 — — 43.6
Total $ 329.1 $ — $ — $ 329.1
Number of Issues in Unrealized Loss Position:
Fixed Income Securities:
One to six months 793 — — 793
Seven to twelve months 187 — — 187
More than twelve months 60 — — 60
Total 1,040 — — 1,040 (g)

~~(g) At March 31, 2022 the number of issues in an unrealized loss position represent 52.7% of the total number of such fixed income issues held by the Company.~~


Investment Grade Fixed Income Securities by Industry Concentration:
	Utilities		$	1,371.9	$	91.7
	Financial, Banking & Insurance		1,130.8		74.7
	Industrial		879.5		69.0
	U.S. Governments & Agencies		1,927.5		63.9
	Consumer Staples & Durables		896.3		54.9
	Natural Gas & Energy		718.0		46.6
	Health Care		498.0		42.9
	Technology		521.9		37.8
	Other (includes 9 industry groups)		1,823.9		101.1
		Total	$	9,768.1	$	583.0

~~above table) and, accordingly, is not indicative of a security's value having been consistently below its cost at the percentages shown nor throughout the periods shown.~~


Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Income Securities

			Amount of Gross Unrealized Losses
June 30, 2022			Less than 20% of Cost		20% to 50% of Cost		More than 50% of Cost		Total Gross Unrealized Loss
Number of Months in Unrealized Loss Position:

Fixed Income Securities:
	One to six months		$	301.7	$	.2	$	—	$	301.9
	Seven to twelve months		74.6		4.1		—		78.7
	More than twelve months		213.6		4.1		—		217.7
		Total	$	590.0	$	8.4	$	—	$	598.5

Number of Issues in Unrealized Loss Position:

Fixed Income Securities:
	One to six months		1,306		1		—		1,307
	Seven to twelve months		101		5		—		106
	More than twelve months		216		6		—		222
		Total	1,623		12		—		1,635

The parent holding company meets its liquidity and capital needs principally through dividends and interest on intercompany financing arrangements paid by its subsidiaries. The insurance subsidiaries' ability to pay cash dividends and interest to the parent company is generally restricted by law or subject to approval of the insurance regulatory authorities. Based on December 31, 2021 statutory balances, the Company can receive up to $982.0 in ordinary dividends from its subsidiaries in 2022 without the prior approval of regulatory ~~authorities.~~authorities of which $286.8 has been received through June 30, 2022. The liquidity achievable through such permitted dividend payments is sufficient to cover the parent holding company's currently expected cash outflows represented mostly by interest, reasonably anticipated cash dividend payments to shareholders, modest operating expenses, and the near-term capital needs of its operating company subsidiaries.

Old Republic's total capitalization of ~~$8,344.3~~$7,987.7 at ~~March 31,~~June 30, 2022 consisted of debt of ~~$1,594.2~~$1,594.5 and common shareholders' equity of ~~$6,750.1.~~$6,393.1. Changes in the common shareholders' equity account reflect primarily net income excluding net investment gains (losses), realized and unrealized gains (losses), and dividend payments to shareholders for the period then ended. At ~~March 31,~~June 30, 2022, the Company's consolidated debt to equity ratio was ~~23.6%~~24.9%.

Old Republic has paid a cash dividend without interruption since 1942 (81 years), and it has raised the annual cash dividend payout for each of the past 41 years. The dividend rate is reviewed and approved by the Board of Directors on a quarterly basis each year. In establishing each year's cash dividend rate the Company does not follow a strict formulaic approach. Rather, it favors a gradual rise in the annual dividend rate that is largely reflective of long-term consolidated operating earnings trends. Accordingly, each year's dividend rate is set judgmentally in consideration of such key factors as the dividend paying capacity of the Company's insurance subsidiaries, the trends in average annual earnings for the five to ten most recent calendar years, and management's long-term expectations for the Company's consolidated business and its individual operating subsidiaries.

The Company's annual and interim financial statements incorporate a large number and types of estimates relative to matters which are highly uncertain at the time the estimates are made. The estimation process required of an insurance enterprise such as Old Republic is by its very nature highly dynamic inasmuch as it necessitates a continuous evaluation, analysis, and quantification of factual data as it becomes known to the Company. As a result, actual experienced outcomes can differ from the estimates made at any point in time and thus affect future periods' reported revenues, expenses, net income or loss, and financial condition.

Historical data pertaining to the operating results, 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. It is possible that Old Republic's operating results, business and financial condition could be adversely affected in subsequent periods by future economic disruptions caused by the COVID-19 pandemic and the associated governmental responses.

Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements 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 particularly affected 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 investment yields 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. Title Insurance and RFIG Run-off results can be affected by similar factors, and 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. Life and accident insurance earnings can be affected by the levels of employment and consumer spending, changes in mortality and health trends, and alterations in policy lapsation rates. At the parent holding 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.

General Insurance, Title Insurance, Corporate & Other, and RFIG Run-off maintain customer information and rely upon technology platforms to conduct their business. As a result, each of them and the Company are exposed to cyber risk. Many of the Company's operating subsidiaries maintain separate IT systems which are deemed to reduce enterprise-wide risks of potential cybersecurity incidents. However, given the potential magnitude of a significant breach, the Company continually evaluates on an enterprise-wide basis its IT hardware, security infrastructure and business practices to respond to these risks and to detect and remediate in a timely manner significant cybersecurity incidents or business process interruptions.

The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.



31.1						Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
						adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2						Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
						adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1						Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Section 1350, Chapter 63 of Title
						18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2						Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Section 1350, Chapter 63 of Title
						18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS						XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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101.CAL						XBRL Taxonomy Extension Calculation Linkbase

101.DEF						XBRL Taxonomy Extension Definition Linkbase

101.LAB						XBRL Taxonomy Extension Label Linkbase

101.PRE						XBRL Taxonomy Extension Presentation Linkbase



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM			10-Q


☒	Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934
	for the quarterly period ended:	~~March 31,~~June 30, 2022
or
☐	Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934


Delaware						36-2678171
(State or other jurisdiction of						(IRS Employer Identification No.)
incorporation or organization)


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐


OLD REPUBLIC INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)


	Net Investment Income										Yield at
	General		Title		RFIG Run-off		Corporate & Other		Total		Cost		Fair Value
Years Ended
December 31:
2019	$	356.4	$	41.4	$	17.6	$	35.1	$	450.7	3.48	%	3.30	%
2020	352.2		42.0		15.2		29.4		438.9		3.24		2.96
2021	342.4		43.8		11.4		36.5		434.3		3.02		2.72
Quarters Ended
March 31:
2021	84.8		10.5		3.2		5.7		104.3		3.00		2.72
2022	$	82.4	$	11.3	$	2.0	$	10.4	$	106.2	2.84	%	2.57	%


	General Insurance Claim Ratios by Type of Coverage
	All Coverages		Commercial Automobile (mostly trucking)		Workers' Compen-sation		Inland Marine and Property		Financial Indemnity		General Liability		Other
Years Ended
December 31:
2019	71.8	%	84.0	%	63.2	%	62.6	%	64.0	%	77.8	%	61.4	%
2020	69.9		80.8		60.8		58.3		57.1		73.6		67.2
2021	64.8		70.8		58.9		59.4		53.9		64.1		65.7
Quarters Ended
March 31:
2021	66.0		73.7		56.0		55.1		61.0		92.2		66.4
2022	63.9	%	70.1	%	62.5	%	59.2	%	54.1	%	58.6	%	65.6	%


Title Premium and Fee Production by Source
	Direct Operations		Independent Title Agents
Years Ended December 31:
2019	24.9	%	75.1	%
2020	24.9		75.1
2021	22.0		78.0



Quarters Ended March 31:
2021	23.1		76.9
2022	19.6	%	80.4	%


Premium and Persistency Trends:	Net Earned Premiums		Persistency
Years Ended December 31:
2019	$	58.8	77.5	%
2020	45.1		77.6
2021	32.6		74.8
Quarters Ended March 31:
2021	9.2		76.3
2022	$	6.5	74.7	%


Gross Unrealized Losses Stratified by Industry Concentration for Non-Investment Grade Fixed Income Securities

March 31, 2022			Amortized Cost			Gross Unrealized Losses
Fixed Income Securities by Industry Concentration:
	Industrial		$	31.0		$	2.0
	Basic Industry		24.2			1.1
	Consumer Durables		20.2			.9
	Other (includes 3 industry groups)		33.7			.3
		Total	$	109.2	(c)	$	4.6


Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Income Securities

		Amortized Cost				Gross Unrealized Losses
March 31, 2022		All		Non- Investment Grade Only		All		Non- Investment Grade Only
Maturity Ranges:
Due in one year or less		$	227.4	$	—	$	.7	$	—
Due after one year through five years		2,628.5		50.6		50.0		.1
Due after five years through ten years		3,640.6		58.5		275.2		4.4
Due after ten years		44.0		—		3.1		—
	Total	$	6,540.7	$	109.2	$	329.1	$	4.6


Age Distribution of Fixed Income Securities

			March 31,		December 31,
			2022		2021
Maturity Ranges:
	Due in one year or less		11.5	%	11.7	%
	Due after one year through five years		49.4		49.7
	Due after five years through ten years		38.3		37.6
	Due after ten years through fifteen years		.7		.9
	Due after fifteen years		.1		.1
		Total	100.0	%	100.0	%

Average Maturity in Years			4.4		4.4
Duration (h)			4.0		4.0




Item 3 - Quantitative and Qualitative Disclosure About Market Risk


OLD REPUBLIC INTERNATIONAL CORPORATION
FORM 10-Q
PART II - OTHER INFORMATION


Commission File Number:			001-10607


OVERVIEW


EXECUTIVE SUMMARY


		Old Republic International Corporation
		(Registrant)
Date:	~~May 6,~~August 5, 2022

		/s/ Frank J. Sodaro

		Frank J. Sodaro Senior Vice President, Chief Financial Officer, and Principal Accounting Officer


Exhibit
No.						Description

31.1						Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
						adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2						Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
						adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1						Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Section 1350, Chapter 63 of Title
						18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2						Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Section 1350, Chapter 63 of Title
						18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS						XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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101.CAL						XBRL Taxonomy Extension Calculation Linkbase

101.DEF						XBRL Taxonomy Extension Definition Linkbase

101.LAB						XBRL Taxonomy Extension Label Linkbase

101.PRE						XBRL Taxonomy Extension Presentation Linkbase