Old Republic Announces Higher First Quarter 2001 Results

Steady Improvement in General Insurance Segment's Underwriting Performance Is

Key to Current Earnings Momentum



Apr 26, 2001, 01:00 ET from Old Republic International Corporation

    CHICAGO, April 26 /PRNewswire/ --
 
                              Financial Highlights
           (unaudited; amounts in millions except per-share data and
       percentages; all per-share amounts are stated on a diluted basis)
 
                                            Quarters Ended March 31,
                                        2001            2000        Change
 
      Total Revenues                  $547.5          $493.2         11.0%
      Net Operating Income             $74.4           $54.7         36.0%
      Net Income                       $83.9           $55.3         51.7%
      Diluted Earnings Per Share:
      Net Operating Income             $0.62           $0.45         37.8%
      Net Income                       $0.70           $0.46         52.2%
 
     Citing continued improvement in its General Insurance business, Old
 Republic International Corporation, (NYSE:   ORI), today announced that its net
 operating earnings grew by  37.8 percent per diluted share in this year's
 first quarter.  The positive effect of the general insurance turnaround was
 accentuated by favorable year-over-year comparisons for Old Republic's
 mortgage guaranty and title insurance lines.
 
     Net Income and Net Operating Income
     Excluding realized investment gains and losses, consolidated net operating
 earnings amounted to $74.4 million, or 62 cents per share, for the first
 quarter of 2001, versus $54.7 million, or 45 cents per share, for the same
 period of 2000.  Net income, which includes realized investment gains and
 losses, was $83.9 million, or 70 cents per share, for the first three months
 of 2001, compared to $55.3 million, or 46 cents per share, in last year's
 first quarter.  Post tax realized investment gains amounted to $9.5 million in
 this year's first quarter compared to $0.6 million in the same period of 2000.
     Earnings per share statistics herein are stated on a diluted basis and
 reflect a decline in the number of average shares outstanding due to the
 Company's stock buy-back program that extended through the first half of 2000.
 The decline of almost one percent in average diluted shares outstanding in
 this year's first quarter was mostly the result of this program.
     "Old Republic's first quarter improvement reflects much better performance
 by the Company's General Insurance lines, which benefited from continuing
 improvements in underwriting margins.  Lower combined underwriting ratios and
 greater top line growth also enhanced earnings of the Company's two other
 major segments:  Mortgage Guaranty and Title insurance," said A. C. Zucaro,
 Chairman and Chief Executive Officer.
 
     Consolidated Revenues
     Consolidated operating revenues in this year's first quarter totaled
 $532.9 million, up 8.2 percent from $492.3 million in the same quarter of
 2000.  Net premiums and fees were $456.2 million in the latest quarter versus
 $419.3 million in the year-ago period.  Consolidated net investment income of
 $68.4 million for the first quarter of 2001 was up slightly when compared to
 the preceding year due to a slightly higher invested asset base.
 
     General Insurance Group
     The Old Republic General Insurance Group, which consists of Old Republic's
 property and liability insurance subsidiaries, reported a 61.2 percent
 increase in pre-tax operating income to $35.2 million for this year's first
 quarter compared to $21.8 million during the same period in 2000.  Net
 premiums earned in the first quarter of 2001 were $231.9 million, up
 10.1 percent from $210.7 million a year ago.  The statutory composite
 underwriting ratio for the most recent quarter dropped to a much more
 favorable 103.4 percent when compared to 110.9 percent registered in the same
 quarter one year earlier, and 106.0 percent for all of 2000.  The Company
 believes these positive trends reflect the pricing and risk selection
 improvements it has been effecting for the past two years or so.
 
     Mortgage Guaranty Group
     The Company's Mortgage Guaranty Group continued to report greater
 underwriting and related service income.  Pre-tax mortgage guaranty operating
 income for the first quarter of 2001 was $61.5 million versus $52.7 million in
 the same quarter of 2000, an increase of 16.7 percent.  Net premiums earned in
 this year's first quarter were $86.3 million, up 6.3 percent from
 $81.2 million in the year-ago quarter.  The composite underwriting ratio in
 the first three months of 2001 was 46.6 percent compared to 51.1 percent in
 the same quarter of 2000.  Both claims and expense ratios were lower in the
 first three months of this year.  A greater invested asset base in this
 segment produced an investment income contribution that was 18.1 percent
 higher in the latest quarter when compared to the same quarter of 2000.
 
     Title Insurance Group
     First quarter, 2001 earnings of Old Republic's Title insurance segment
 benefited from a rise in premium and fee revenues of almost 11 percent as a
 result of higher mortgage financing and refinancing activity.  The composite
 underwriting ratio was 95.8 percent in the first quarter of 2001, down from
 102.6 percent in the same period of 2000.  The continuation of a relatively
 low loss ratio and a reduction in the operating expense ratio were jointly
 responsible for this improvement.
 
     Life and Health Group
     Earnings for the Company's Life and Health Group, its smallest segment,
 grew measurably in this year's first quarterly period.  The improvement was
 largely due to better claims experience in Old Republic's Canadian travel
 accident book of business and ordinary life products.
 
     Cash, Invested Assets and Shareholders' Equity
     Cash and invested assets at March 31, 2001, totaled $5.21 billion, or
 $43.99 per share, compared to $5.14 billion, or $43.50 per share, at
 December 31, 2000, and $4.85 billion, or $40.99 per share, at March 31, 2000.
 Consolidated operating cash flow continued in a positive vein in the latest
 quarter.  The investment portfolio reflects a current allocation of
 approximately 87 percent in fixed-income investments and 6 percent in
 equities.  As in the past, it contains little or no exposure to real estate
 investments, mortgage-backed securities, derivatives, junk bonds, private
 placements or mortgage loans.
     Common shareholders' equity was $2.51 billion at March 31, 2001, compared
 to $2.43 billion at December 31, 2000, and $2.18 billion at March 31,  2000.
 Book value per share was $21.25 at the end of March 2001, versus $20.62 at
 year-end 2000 and $18.48 at March 31, 2000.  The latest quarter's change in
 book value reflects principally the retention of earnings in excess of
 dividend requirements and an increase in the value of bonds and stocks carried
 at market values.
 
     Conference Call Information
     Old Republic has scheduled a conference call today at 2:00 p.m. Central
 Time to discuss its first quarter 2001 performance and review ongoing trends.
 To listen, log on to http://www.streetevents.com 15 minutes before the call to
 download the necessary software.  Individual investors may listen to the call
 through CCBN's individual investor center at http://www.companyboardroom.com .
 Replays will be available through these websites.
 
     About the Company
     Chicago-based Old Republic International Corporation is an insurance
 holding company whose subsidiaries market, underwrite and provide risk
 management services for a wide variety of coverages in the property and
 liability, mortgage guaranty, title and life and health fields.  One of the
 nation's 50 largest publicly owned insurance organizations, Old Republic has
 assets of approximately $7.4 billion and capitalization of $2.7 billion.  Its
 current stock market capitalization is approximately $3.3 billion.
 
     Safe Harbor Statement
     Some of the statements made in this News Release, as well as statements
 made by the Company in periodic press releases, oral statements made by the
 Company's officials to analysts and shareholders in the course of
 presentations about the Company and conference calls following earnings
 releases, can constitute "forward-looking statements" within the meaning of
 the Private Securities Litigation Reform Act of 1995.  Such forward-looking
 statements involve known and unknown risks, estimates subject to changes in
 circumstances, uncertainties, and other factors that may cause the actual
 results, performance or achievements of the Company to be materially different
 from any future results, performance or achievements expressed or implied by
 the forward-looking statements.  Such factors include, among other things,
 changes in (i) general economic and business conditions; (ii) interest rate
 changes; (iii) competition and regulatory environment in which the Company
 operates; (iv) claims frequency and/or severity trends; (v) the number of new
 and renewal policy applications submitted by the Company's agents or produced
 directly by the Company's sales staff; and, (vi) other factors noted from time
 to time in the Company's published reports and filings with the SEC.
 
     For the latest news releases and other corporate documents on Old Republic
 International, free of charge via fax, simply dial 1-800-PRO-INFO, follow the
 voice mail menu prompts and enter the company's ticker symbol ORI on any touch
 tone phone, or access FRB's web site at:  http://www.frbinc.com .
 
     Visit Old Republic at:  http://www.oldrepublic.com .
 
 
                      Old Republic International Corporation
                              FINANCIAL   HIGHLIGHTS
 
                                                      Quarters Ended
                                                          March 31,      %
                                                2001         2000      Change
     NET  INCOME:
           Total                           $83,967,535   $55,362,709    51.7%
           Per Share:  Basic  (a)                $0.71         $0.46    54.3%
                       Diluted                   $0.70         $0.46    52.2%
 
     Average number of common and
           equivalent shares outstanding
                              Basic        118,536,809   120,878,838
                              Diluted      120,150,401   121,196,969
 
     COMPOSITION  OF  EARNINGS  PER
      SHARE:
     Basic Earnings:
           Net income, before items below        $0.63         $0.45    40.0%
           Realized investment gains              0.08          0.01
               Net income                        $0.71         $0.46    54.3%
     Diluted Earnings:
           Net income, before items below        $0.62         $0.45    37.8%
           Realized investment gains              0.08          0.01
               Net income                        $0.70         $0.46    52.2%
 
     BOOK  VALUE  PER  SHARE (End of
      periods)(b):
           As Reported                          $21.25        $18.48    15.0%
           Amortized Cost Basis of Fixed
            Maturity Securities                 $20.98        $18.66    12.4%
 
     SEGMENT  INFORMATION ($ in Millions)
      :
     Operating Revenues:
           General                              $281.1        $259.8     8.2%
           Mortgage Guaranty                     105.4          95.7    10.1%
           Title                                 129.4         117.5    10.1%
           Life & Health                          16.3          18.0    -9.6%
           Other                                   0.6           1.2
               Consolidated Operating
                Revenues                         532.9         492.3     8.2%
     Realized Investment Gains                    14.6           0.9
           Total Revenues                       $547.5        $493.2    11.0%
 
     Pre-Tax Operating Income (Loss):
           General                               $35.2         $21.8    61.2%
           Mortgage Guaranty                      61.5          52.7    16.7%
           Title                                  10.9           3.2   242.3%
           Life & Health                           1.5           0.9    61.7%
           Other                                  (3.2)         (1.8)
               Total                             106.0          76.8    38.0%
     Realized Investment Gains                    14.6           0.9
               Revenues, Net of Expenses         120.6          77.7    55.1%
     Income Taxes                                 37.6          23.0    63.3%
           Net Income                            $83.9         $55.3    51.7%
 
     Underwriting Ratios:
           General (Statutory)                  103.4%        110.9%
           Mortgage Guaranty (GAAP)              46.6%         51.1%
           Title (GAAP)                          95.8%        102.6%
 
     (a) Basic earnings per share are calculated after deduction of applicable
         preferred dividend requirements of $11,118 and $28,152 for the
         quarters ended March 31, 2001 and 2000, respectively.
     (b) "As Reported" in financial statements with certain fixed maturity
         securities carried at market value; the "Amortized Cost" book value
         calculation includes all such securities at their currently amortized
         original cost.
 
 
                     Old Republic International Corporation
                         SUMMARY OF SEGMENT INFORMATION
                                 ($ in Millions)
 
                                                                        Net
                                              Net Premiums & Fees   Investment
                                              Written       Earned    Income
     Quarter Ended March 31, 2001
          General                              $246.7       $231.9     $44.6
          Mortgage                               84.8         86.3      15.4
          Title                                 123.6        123.6       5.6
          Life                                    9.1         14.2       2.0
          Other                                  ---          ---        0.6
           Total                               $464.4       $456.2     $68.4
 
     Quarter Ended March 31, 2000
          General                              $209.2       $210.7     $45.0
          Mortgage                               80.6         81.2      13.1
          Title                                 111.4        111.4       5.9
          Life                                   10.4         15.8       2.1
          Other                                  ---          ---        1.5
           Total                               $411.8       $419.3     $67.8
 
 
     Fiscal Year Ended March 31, 2001
          General                              $922.6       $879.0    $179.3
          Mortgage                              339.7        336.5      59.1
          Title                                 506.2        506.2      23.7
          Life                                   44.0         51.8       8.4
          Other                                  ---          ---        3.8
           Total                             $1,812.6     $1,773.8    $274.5
 
     Fiscal Year Ended March 31, 2000
          General                              $852.8       $850.2    $181.5
          Mortgage                              306.3        305.9      47.7
          Title                                 538.8        538.8      22.9
          Life                                   54.3         52.6       8.7
          Other                                  ---          ---        4.7
           Total                             $1,752.3     $1,747.5    $265.7
 
 
                     Old Republic International Corporation
                         SUMMARY OF SEGMENT INFORMATION
                                 ($ in Millions)
 
 
                                              Other     Operating     Benefits
                                             Income      Revenues     & Claims
     Quarter Ended March 31, 2001
          General                              $4.5        $281.1      $172.9
          Mortgage                              3.5         105.4        16.4
          Title                                 0.1         129.4         4.6
          Life                                 ---           16.3         7.7
          Other                                ---            0.6        ---
           Total                               $8.2        $532.9      $201.7
 
     Quarter Ended March 31, 2000
          General                              $4.0        $259.8      $168.2
          Mortgage                              1.3          95.7        17.6
          Title                                 0.1         117.5         3.6
          Life                                 ---           18.0         9.2
          Other                                (0.3)          1.2        (0.2)
           Total                               $5.1        $492.3      $198.5
 
 
     Fiscal Year Ended March 31, 2001
          General                             $20.0      $1,078.4      $669.7
          Mortgage                              9.3         405.1        48.3
          Title                                 0.5         530.6        18.5
          Life                                 ---           60.3        27.9
          Other                                (0.7)          3.0        (0.2)
           Total                              $29.2      $2,077.5      $764.5
 
     Fiscal Year Ended March 31, 2000
          General                             $17.1      $1,048.9      $714.4
          Mortgage                              8.1         361.7        62.7
          Title                                 0.9         562.6        23.6
          Life                                 ---           61.4        30.5
          Other                                (1.2)          3.5        (0.6)
           Total                              $25.1      $2,038.4      $830.6
 
 
                     Old Republic International Corporation
                         SUMMARY OF SEGMENT INFORMATION
                                 ($ in Millions)
 
                                                                      Pre-tax
                                              Other        Total     Operating
                                             Expenses     Expenses     (Loss)
     Quarter Ended March 31, 2001
          General                              $72.9       $245.9      $35.2
          Mortgage                              27.5         43.9       61.5
          Title                                113.7        118.4       10.9
          Life                                   7.0         14.7        1.5
          Other                                  3.9          3.9       (3.2)
           Total                              $225.1       $426.9     $106.0
 
     Quarter Ended March 31, 2000
          General                              $69.7       $237.9      $21.8
          Mortgage                              25.3         43.0       52.7
          Title                                110.6        114.3        3.2
          Life                                   7.7         17.0        0.9
          Other                                  3.3          3.1       (1.8)
           Total                              $216.9       $415.4      $76.8
 
 
     Fiscal Year Ended March 31, 2001
          General                             $278.3       $948.1     $130.3
          Mortgage                             107.7        156.1      248.9
          Title                                463.9        482.5       48.0
          Life                                  26.3         54.3        5.9
          Other                                 14.7         14.5      (11.4)
           Total                              $891.1     $1,655.6     $421.8
 
     Fiscal Year Ended March 31, 2000
          General                             $278.2       $992.7      $56.2
          Mortgage                             108.8        171.5      190.2
          Title                                508.5        532.1       30.4
          Life                                  27.2         57.7        3.6
          Other                                 11.2         10.5       (6.9)
           Total                              $934.0     $1,764.7     $273.6
 
 
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SOURCE Old Republic International Corporation
    CHICAGO, April 26 /PRNewswire/ --
 
                              Financial Highlights
           (unaudited; amounts in millions except per-share data and
       percentages; all per-share amounts are stated on a diluted basis)
 
                                            Quarters Ended March 31,
                                        2001            2000        Change
 
      Total Revenues                  $547.5          $493.2         11.0%
      Net Operating Income             $74.4           $54.7         36.0%
      Net Income                       $83.9           $55.3         51.7%
      Diluted Earnings Per Share:
      Net Operating Income             $0.62           $0.45         37.8%
      Net Income                       $0.70           $0.46         52.2%
 
     Citing continued improvement in its General Insurance business, Old
 Republic International Corporation, (NYSE:   ORI), today announced that its net
 operating earnings grew by  37.8 percent per diluted share in this year's
 first quarter.  The positive effect of the general insurance turnaround was
 accentuated by favorable year-over-year comparisons for Old Republic's
 mortgage guaranty and title insurance lines.
 
     Net Income and Net Operating Income
     Excluding realized investment gains and losses, consolidated net operating
 earnings amounted to $74.4 million, or 62 cents per share, for the first
 quarter of 2001, versus $54.7 million, or 45 cents per share, for the same
 period of 2000.  Net income, which includes realized investment gains and
 losses, was $83.9 million, or 70 cents per share, for the first three months
 of 2001, compared to $55.3 million, or 46 cents per share, in last year's
 first quarter.  Post tax realized investment gains amounted to $9.5 million in
 this year's first quarter compared to $0.6 million in the same period of 2000.
     Earnings per share statistics herein are stated on a diluted basis and
 reflect a decline in the number of average shares outstanding due to the
 Company's stock buy-back program that extended through the first half of 2000.
 The decline of almost one percent in average diluted shares outstanding in
 this year's first quarter was mostly the result of this program.
     "Old Republic's first quarter improvement reflects much better performance
 by the Company's General Insurance lines, which benefited from continuing
 improvements in underwriting margins.  Lower combined underwriting ratios and
 greater top line growth also enhanced earnings of the Company's two other
 major segments:  Mortgage Guaranty and Title insurance," said A. C. Zucaro,
 Chairman and Chief Executive Officer.
 
     Consolidated Revenues
     Consolidated operating revenues in this year's first quarter totaled
 $532.9 million, up 8.2 percent from $492.3 million in the same quarter of
 2000.  Net premiums and fees were $456.2 million in the latest quarter versus
 $419.3 million in the year-ago period.  Consolidated net investment income of
 $68.4 million for the first quarter of 2001 was up slightly when compared to
 the preceding year due to a slightly higher invested asset base.
 
     General Insurance Group
     The Old Republic General Insurance Group, which consists of Old Republic's
 property and liability insurance subsidiaries, reported a 61.2 percent
 increase in pre-tax operating income to $35.2 million for this year's first
 quarter compared to $21.8 million during the same period in 2000.  Net
 premiums earned in the first quarter of 2001 were $231.9 million, up
 10.1 percent from $210.7 million a year ago.  The statutory composite
 underwriting ratio for the most recent quarter dropped to a much more
 favorable 103.4 percent when compared to 110.9 percent registered in the same
 quarter one year earlier, and 106.0 percent for all of 2000.  The Company
 believes these positive trends reflect the pricing and risk selection
 improvements it has been effecting for the past two years or so.
 
     Mortgage Guaranty Group
     The Company's Mortgage Guaranty Group continued to report greater
 underwriting and related service income.  Pre-tax mortgage guaranty operating
 income for the first quarter of 2001 was $61.5 million versus $52.7 million in
 the same quarter of 2000, an increase of 16.7 percent.  Net premiums earned in
 this year's first quarter were $86.3 million, up 6.3 percent from
 $81.2 million in the year-ago quarter.  The composite underwriting ratio in
 the first three months of 2001 was 46.6 percent compared to 51.1 percent in
 the same quarter of 2000.  Both claims and expense ratios were lower in the
 first three months of this year.  A greater invested asset base in this
 segment produced an investment income contribution that was 18.1 percent
 higher in the latest quarter when compared to the same quarter of 2000.
 
     Title Insurance Group
     First quarter, 2001 earnings of Old Republic's Title insurance segment
 benefited from a rise in premium and fee revenues of almost 11 percent as a
 result of higher mortgage financing and refinancing activity.  The composite
 underwriting ratio was 95.8 percent in the first quarter of 2001, down from
 102.6 percent in the same period of 2000.  The continuation of a relatively
 low loss ratio and a reduction in the operating expense ratio were jointly
 responsible for this improvement.
 
     Life and Health Group
     Earnings for the Company's Life and Health Group, its smallest segment,
 grew measurably in this year's first quarterly period.  The improvement was
 largely due to better claims experience in Old Republic's Canadian travel
 accident book of business and ordinary life products.
 
     Cash, Invested Assets and Shareholders' Equity
     Cash and invested assets at March 31, 2001, totaled $5.21 billion, or
 $43.99 per share, compared to $5.14 billion, or $43.50 per share, at
 December 31, 2000, and $4.85 billion, or $40.99 per share, at March 31, 2000.
 Consolidated operating cash flow continued in a positive vein in the latest
 quarter.  The investment portfolio reflects a current allocation of
 approximately 87 percent in fixed-income investments and 6 percent in
 equities.  As in the past, it contains little or no exposure to real estate
 investments, mortgage-backed securities, derivatives, junk bonds, private
 placements or mortgage loans.
     Common shareholders' equity was $2.51 billion at March 31, 2001, compared
 to $2.43 billion at December 31, 2000, and $2.18 billion at March 31,  2000.
 Book value per share was $21.25 at the end of March 2001, versus $20.62 at
 year-end 2000 and $18.48 at March 31, 2000.  The latest quarter's change in
 book value reflects principally the retention of earnings in excess of
 dividend requirements and an increase in the value of bonds and stocks carried
 at market values.
 
     Conference Call Information
     Old Republic has scheduled a conference call today at 2:00 p.m. Central
 Time to discuss its first quarter 2001 performance and review ongoing trends.
 To listen, log on to http://www.streetevents.com 15 minutes before the call to
 download the necessary software.  Individual investors may listen to the call
 through CCBN's individual investor center at http://www.companyboardroom.com .
 Replays will be available through these websites.
 
     About the Company
     Chicago-based Old Republic International Corporation is an insurance
 holding company whose subsidiaries market, underwrite and provide risk
 management services for a wide variety of coverages in the property and
 liability, mortgage guaranty, title and life and health fields.  One of the
 nation's 50 largest publicly owned insurance organizations, Old Republic has
 assets of approximately $7.4 billion and capitalization of $2.7 billion.  Its
 current stock market capitalization is approximately $3.3 billion.
 
     Safe Harbor Statement
     Some of the statements made in this News Release, as well as statements
 made by the Company in periodic press releases, oral statements made by the
 Company's officials to analysts and shareholders in the course of
 presentations about the Company and conference calls following earnings
 releases, can constitute "forward-looking statements" within the meaning of
 the Private Securities Litigation Reform Act of 1995.  Such forward-looking
 statements involve known and unknown risks, estimates subject to changes in
 circumstances, uncertainties, and other factors that may cause the actual
 results, performance or achievements of the Company to be materially different
 from any future results, performance or achievements expressed or implied by
 the forward-looking statements.  Such factors include, among other things,
 changes in (i) general economic and business conditions; (ii) interest rate
 changes; (iii) competition and regulatory environment in which the Company
 operates; (iv) claims frequency and/or severity trends; (v) the number of new
 and renewal policy applications submitted by the Company's agents or produced
 directly by the Company's sales staff; and, (vi) other factors noted from time
 to time in the Company's published reports and filings with the SEC.
 
     For the latest news releases and other corporate documents on Old Republic
 International, free of charge via fax, simply dial 1-800-PRO-INFO, follow the
 voice mail menu prompts and enter the company's ticker symbol ORI on any touch
 tone phone, or access FRB's web site at:  http://www.frbinc.com .
 
     Visit Old Republic at:  http://www.oldrepublic.com .
 
 
                      Old Republic International Corporation
                              FINANCIAL   HIGHLIGHTS
 
                                                      Quarters Ended
                                                          March 31,      %
                                                2001         2000      Change
     NET  INCOME:
           Total                           $83,967,535   $55,362,709    51.7%
           Per Share:  Basic  (a)                $0.71         $0.46    54.3%
                       Diluted                   $0.70         $0.46    52.2%
 
     Average number of common and
           equivalent shares outstanding
                              Basic        118,536,809   120,878,838
                              Diluted      120,150,401   121,196,969
 
     COMPOSITION  OF  EARNINGS  PER
      SHARE:
     Basic Earnings:
           Net income, before items below        $0.63         $0.45    40.0%
           Realized investment gains              0.08          0.01
               Net income                        $0.71         $0.46    54.3%
     Diluted Earnings:
           Net income, before items below        $0.62         $0.45    37.8%
           Realized investment gains              0.08          0.01
               Net income                        $0.70         $0.46    52.2%
 
     BOOK  VALUE  PER  SHARE (End of
      periods)(b):
           As Reported                          $21.25        $18.48    15.0%
           Amortized Cost Basis of Fixed
            Maturity Securities                 $20.98        $18.66    12.4%
 
     SEGMENT  INFORMATION ($ in Millions)
      :
     Operating Revenues:
           General                              $281.1        $259.8     8.2%
           Mortgage Guaranty                     105.4          95.7    10.1%
           Title                                 129.4         117.5    10.1%
           Life & Health                          16.3          18.0    -9.6%
           Other                                   0.6           1.2
               Consolidated Operating
                Revenues                         532.9         492.3     8.2%
     Realized Investment Gains                    14.6           0.9
           Total Revenues                       $547.5        $493.2    11.0%
 
     Pre-Tax Operating Income (Loss):
           General                               $35.2         $21.8    61.2%
           Mortgage Guaranty                      61.5          52.7    16.7%
           Title                                  10.9           3.2   242.3%
           Life & Health                           1.5           0.9    61.7%
           Other                                  (3.2)         (1.8)
               Total                             106.0          76.8    38.0%
     Realized Investment Gains                    14.6           0.9
               Revenues, Net of Expenses         120.6          77.7    55.1%
     Income Taxes                                 37.6          23.0    63.3%
           Net Income                            $83.9         $55.3    51.7%
 
     Underwriting Ratios:
           General (Statutory)                  103.4%        110.9%
           Mortgage Guaranty (GAAP)              46.6%         51.1%
           Title (GAAP)                          95.8%        102.6%
 
     (a) Basic earnings per share are calculated after deduction of applicable
         preferred dividend requirements of $11,118 and $28,152 for the
         quarters ended March 31, 2001 and 2000, respectively.
     (b) "As Reported" in financial statements with certain fixed maturity
         securities carried at market value; the "Amortized Cost" book value
         calculation includes all such securities at their currently amortized
         original cost.
 
 
                     Old Republic International Corporation
                         SUMMARY OF SEGMENT INFORMATION
                                 ($ in Millions)
 
                                                                        Net
                                              Net Premiums & Fees   Investment
                                              Written       Earned    Income
     Quarter Ended March 31, 2001
          General                              $246.7       $231.9     $44.6
          Mortgage                               84.8         86.3      15.4
          Title                                 123.6        123.6       5.6
          Life                                    9.1         14.2       2.0
          Other                                  ---          ---        0.6
           Total                               $464.4       $456.2     $68.4
 
     Quarter Ended March 31, 2000
          General                              $209.2       $210.7     $45.0
          Mortgage                               80.6         81.2      13.1
          Title                                 111.4        111.4       5.9
          Life                                   10.4         15.8       2.1
          Other                                  ---          ---        1.5
           Total                               $411.8       $419.3     $67.8
 
 
     Fiscal Year Ended March 31, 2001
          General                              $922.6       $879.0    $179.3
          Mortgage                              339.7        336.5      59.1
          Title                                 506.2        506.2      23.7
          Life                                   44.0         51.8       8.4
          Other                                  ---          ---        3.8
           Total                             $1,812.6     $1,773.8    $274.5
 
     Fiscal Year Ended March 31, 2000
          General                              $852.8       $850.2    $181.5
          Mortgage                              306.3        305.9      47.7
          Title                                 538.8        538.8      22.9
          Life                                   54.3         52.6       8.7
          Other                                  ---          ---        4.7
           Total                             $1,752.3     $1,747.5    $265.7
 
 
                     Old Republic International Corporation
                         SUMMARY OF SEGMENT INFORMATION
                                 ($ in Millions)
 
 
                                              Other     Operating     Benefits
                                             Income      Revenues     & Claims
     Quarter Ended March 31, 2001
          General                              $4.5        $281.1      $172.9
          Mortgage                              3.5         105.4        16.4
          Title                                 0.1         129.4         4.6
          Life                                 ---           16.3         7.7
          Other                                ---            0.6        ---
           Total                               $8.2        $532.9      $201.7
 
     Quarter Ended March 31, 2000
          General                              $4.0        $259.8      $168.2
          Mortgage                              1.3          95.7        17.6
          Title                                 0.1         117.5         3.6
          Life                                 ---           18.0         9.2
          Other                                (0.3)          1.2        (0.2)
           Total                               $5.1        $492.3      $198.5
 
 
     Fiscal Year Ended March 31, 2001
          General                             $20.0      $1,078.4      $669.7
          Mortgage                              9.3         405.1        48.3
          Title                                 0.5         530.6        18.5
          Life                                 ---           60.3        27.9
          Other                                (0.7)          3.0        (0.2)
           Total                              $29.2      $2,077.5      $764.5
 
     Fiscal Year Ended March 31, 2000
          General                             $17.1      $1,048.9      $714.4
          Mortgage                              8.1         361.7        62.7
          Title                                 0.9         562.6        23.6
          Life                                 ---           61.4        30.5
          Other                                (1.2)          3.5        (0.6)
           Total                              $25.1      $2,038.4      $830.6
 
 
                     Old Republic International Corporation
                         SUMMARY OF SEGMENT INFORMATION
                                 ($ in Millions)
 
                                                                      Pre-tax
                                              Other        Total     Operating
                                             Expenses     Expenses     (Loss)
     Quarter Ended March 31, 2001
          General                              $72.9       $245.9      $35.2
          Mortgage                              27.5         43.9       61.5
          Title                                113.7        118.4       10.9
          Life                                   7.0         14.7        1.5
          Other                                  3.9          3.9       (3.2)
           Total                              $225.1       $426.9     $106.0
 
     Quarter Ended March 31, 2000
          General                              $69.7       $237.9      $21.8
          Mortgage                              25.3         43.0       52.7
          Title                                110.6        114.3        3.2
          Life                                   7.7         17.0        0.9
          Other                                  3.3          3.1       (1.8)
           Total                              $216.9       $415.4      $76.8
 
 
     Fiscal Year Ended March 31, 2001
          General                             $278.3       $948.1     $130.3
          Mortgage                             107.7        156.1      248.9
          Title                                463.9        482.5       48.0
          Life                                  26.3         54.3        5.9
          Other                                 14.7         14.5      (11.4)
           Total                              $891.1     $1,655.6     $421.8
 
     Fiscal Year Ended March 31, 2000
          General                             $278.2       $992.7      $56.2
          Mortgage                             108.8        171.5      190.2
          Title                                508.5        532.1       30.4
          Life                                  27.2         57.7        3.6
          Other                                 11.2         10.5       (6.9)
           Total                              $934.0     $1,764.7     $273.6
 
 
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 SOURCE  Old Republic International Corporation