Old Republic 3Q Net Rises 24.5%

Chicago-based insurer Old Republic International Corp. saw a 24.5 percent increase in its overall net during the third quarter, while total revenues rose by 23.6 percent.

Third-quarter profits totaled $119.9 million or 98 cents a share versus $96.3 million or 79 cents a share a year ago, the company said in a statement. Net operating income, which excludes realized investment gains or losses, was $116.9 million or 96 cents a share in the latest quarter compared to $98.3 million or 81 cents a share in the same year-ago period.

The Thomson First Call mean estimate was for net of 94 cents a share in the latest quarter.

Old Republic said total revenues were $866.4 million in the latest quarter versus $701 million a year ago, while consolidated operating revenues for this year’s third quarter amounted to $861.8 million, up 22.4% when compared to $704.3 million posted in the same quarter of 2002.

Net premiums and fees were $778.1 million in the third quarter versus $623.3 million in the same period one year ago. Consolidated net investment income of $ 69.1 million in the latest quarter was basically flat when compared to the same quarter of 2002, the insurance holding company said.