Old Republic International Corp: Form 10-Q for the period ended Sep 30, 2024
Filed with the SEC on Nov 1, 2024 and accepted by EDGAR at Nov 1, 2024, 15:12 ET.
Management's discussion and analysis
As filed, 1,163 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Purchase of Equity Securities
The following table summarizes share repurchase activity for the three months ended September 30, 2024:
| Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans ($ in Millions) |
|---|---|---|---|---|
| July 1 - July 31, 2024 | 3,030,685 | $31.06 | 3,030,685 | $479.1 |
| August 1 - August 31, 2024 | 904,921 | $35.01 | 904,921 | 447.1 |
| September 1 - September 30, 2024 | 1,116,036 | $35.06 | 1,116,036 | 407.6 |
| Total | 5,051,642 | $32.65 | 5,051,642 | $407.6 |
(1) On March 1, 2024, the Company announced a new share repurchase program authorizing the repurchase of up to $1.1 billion in shares of the Company's common stock. During the third quarter of 2024, the Company repurchased an additional 5.0 million shares for $164.9 (average price of $32.65) under this authorization. Following the close of the quarter and through October 31, 2024, the Company repurchased 1.4 million additional shares for $51.1 (average price of $35.17).
Market risk
As filed, 620 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Market risk represents the potential for loss due to adverse changes in the fair value of financial instruments as a result of changes in interest rates, equity prices, foreign exchange rates, and commodity prices. Old Republic's primary market risks consist of interest rate risk associated with investments in fixed income and equity price risk associated with investments in equity securities. The Company has no material foreign exchange or commodity risk.
Old Republic's market risk exposures at September 30, 2024 have not materially changed from those identified in the Company's 2023 Annual Report on Form 10-K.
Controls and procedures
As filed, 2,446 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Evaluation of Disclosure Controls and Procedures
The Company's principal executive officer and its principal financial officer have evaluated the Company's disclosure controls and procedures as of the end of the period covered by this quarterly report. Based upon their evaluation, the principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective for the above referenced evaluation period.
Changes in Internal Control
During the three month period ended September 30, 2024, there were no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
Management's Report on Internal Control Over Financial Reporting
The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OLD REPUBLIC INTERNATIONAL CORPORATION
FORM 10-Q
Risk factors
As filed, 128 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
There have been no material changes with respect to the risk factors disclosed in the Company's 2023 Annual report on Form 10-K.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2024-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2024-07-01 to 2024-09-30 | $2.34bn | us-gaap:Revenues |
| Revenue | 9 months2024-01-01 to 2024-09-30 | $6.23bn | us-gaap:Revenues |
| Income tax | 3 months2024-07-01 to 2024-09-30 | $88.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2024-01-01 to 2024-09-30 | $191.4m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2024-07-01 to 2024-09-30 | $338.9m | us-gaap:NetIncomeLoss |
| Net income | 9 months2024-01-01 to 2024-09-30 | $747.6m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2024-07-01 to 2024-09-30 | $1.32 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2024-01-01 to 2024-09-30 | $2.81 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2024-07-01 to 2024-09-30 | $1.35 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2024-01-01 to 2024-09-30 | $2.86 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2024-07-01 to 2024-09-30 | 256,862,595 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2024-01-01 to 2024-09-30 | 266,094,713 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2024-01-01 to 2024-09-30 | $871.7m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Dividends paid | 9 months2024-01-01 to 2024-09-30 | $207.0m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 9 months2024-01-01 to 2024-09-30 | $767.8m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | At period end2024-09-30 | $525.2m | us-gaap:Cash |
| Total assets | At period end2024-09-30 | $28.84bn | us-gaap:Assets |
| Total liabilities | At period end2024-09-30 | $22.40bn | us-gaap:Liabilities |
| Shareholders' equity | At period end2024-09-30 | $6.45bn | us-gaap:StockholdersEquity |
| Shares outstanding | At period end2024-09-30 | 253,557,200 shares | dei:EntityCommonStockSharesOutstanding |
Source: SEC EDGAR, the filing index for accession 0000074260-24-000140. Last ingested by Listed: Oct 30, 2026, 13:22 ET. Listed shows no prices and gives no investment advice.