Old Republic International Reports Q2 Profit

(RTTNews) - Old Republic International Corp. (ORI), Thursday reported a net income of $193.9 million, or $0.67 per share for the second quarter, compared with a net loss of $34 million, or $0.13 last year.

On a per share basis, the company reported net operating income of $0.37 per share compared with a loss of $0.19. On average, two analysts polled by Thomson Reuters had expected earnings per share of $0.08 for the quarter. Analysts' estimates typically exclude one-time items.

For the three-month period, the company reported total revenues of $1.3 billion compared with $1.2 billion during the same quarter last year.

The company said its consolidated operating results for the quarter were marked by highly positive underwriting performance in most of Old Republic's active and run-off operations. In March, the company announced that its General Insurance Group's Consumer Credit Indemnity or CCI division would be combined with its Mortgage Guaranty or MI business in a renamed Republic Financial Indemnity Group, Inc. run-off segment.