Mortgage

Old Republic posts quarterly earnings

Old Republic International Corporation’s (ORI) earnings for the first quarter 2014 were boosted by moderately improved performance in general insurance and by the continuation of a strong turnaround in the run-off mortgage guaranty line.

“While title insurance operations remained profitable, a transitory real estate and mortgage market downturn halted the fast-paced earnings progress of the past three years,” the company’s earnings stated.

“Consolidated net income was greatly enhanced by the realization of above-normal gains from sales of investment securities,” it added. 

The company posted operating revenue for the first quarter of $1,239 million, slightly down from $1,265 million for the same period a year ago.

“The decline in title insurance premiums and fees reflects a significant drop in refinance transactions since mid-year 2013. The effects of the latter were magnified by adverse winter weather conditions, a rise in mortgage interest rates and lingering uncertainty about credit availability. These negative factors were partially offset by the Company's continuing market share gain,” the earnings said. 

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