Consolidated Quarterly Results - Unaudited

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Consolidated Quarterly Results - Unaudited

Consolidated Quarterly Results - Unaudited - Old Republic's consolidated quarterly operating results for the two years ended December 31, 2020 is presented below. In management's opinion, however, quarterly operating results for insurance enterprises such as the Company are not indicative of results to be achieved in succeeding quarters or years. The long-term nature of the insurance business, seasonal and cyclical factors affecting premium production, the fortuitous nature and, at times, delayed emergence of claims, and changes in yields on invested assets are some of the factors necessitating a review of operating results, changes in shareholders' equity, and cash flows for periods of several years to obtain a proper indicator of performance trends. The information below should be read in conjunction with the "Management Analysis of Financial Position and Results of Operations".

In management's opinion, normal recurring adjustments necessary for a fair statement of quarterly results have been reflected in the information which follows.

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Year Ended December 31, 2020:
Operating Summary:
Net premiums, fees, and other income (a)	$	1,594.0	$	1,571.5	$	1,764.6	$	1,938.8
Net investment income and investment gains (losses)	(830.0)		455.4		187.1		484.3
Total revenues (a)	764.0		2,027.0		1,951.7		2,423.2
Benefits, claims, and expenses (a)	1,534.0		1,527.8		1,644.7		1,770.9
Net income (loss)	$	(604.8)	$	397.7	$	246.0	$	519.7
Net income (loss) per share: Basic	$	(2.01)	$	1.34	$	.83	$	1.74
Diluted	$	(2.01)	$	1.34	$	.83	$	1.74
Average shares outstanding:
Basic	300,280,398		297,523,559		297,729,418		297,960,133
Diluted	300,280,398		297,776,315		297,990,822		298,474,209

Year Ended December 31, 2019:
Operating Summary:
Net premiums, fees, and other income (a)	$	1,434.2	$	1,550.0	$	1,667.6	$	1,721.6
Net investment income and investment gains (losses)	480.1		150.0		176.3		280.2
Total revenues (a)	1,914.4		1,700.0		1,844.0		2,001.9
Benefits, claims, and expenses (a)	1,395.9		1,494.6		1,591.6		1,655.9
Net income (loss)	$	412.2	$	165.5	$	202.8	$	275.8
Net income (loss) per share: Basic	$	1.38	$	.55	$	.68	$	.92
Diluted	$	1.37	$	.55	$	.67	$	.91
Average shares outstanding:
Basic	299,020,956		299,418,182		299,894,995		300,138,720
Diluted	300,172,853		300,752,992		301,384,364		301,557,866

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(a)Reclassification adjustments were made to certain Title segment revenues and expenses in prior periods to conform to the presentation adopted in the fourth quarter 2020. See Note 1(c).