Schedule of segment reporting |
The accounting policies of the segments parallel those described in the summary of significant accounting policies pertinent thereto.
The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table. | | | | | | | | | | | | | | | | | | | | | Segmented and Consolidated Results | Years Ended December 31: | | 2023 | | 2022 | | 2021 | General Insurance: | | | | | | | Net premiums earned | | $ | 4,119.2 | | | $ | 3,808.6 | | | $ | 3,555.5 | | Net investment income and other income | | 625.0 | | | 507.0 | | | 486.9 | | Total revenues excluding investment gains | | $ | 4,744.3 | | | $ | 4,315.6 | | | $ | 4,042.5 | | Segment pretax operating income (a) | | $ | 787.8 | | | $ | 689.8 | | | $ | 589.6 | | | | | | | | | | | | | | | | Title Insurance: | | | | | | | Net premiums earned | | $ | 2,300.9 | | | $ | 3,500.6 | | | $ | 3,960.5 | | Title, escrow and other fees | | 261.8 | | | 333.2 | | | 443.8 | | Subtotal | | 2,562.8 | | | 3,833.8 | | | 4,404.3 | | Net investment income and other income | | 57.8 | | | 48.8 | | | 44.9 | | Total revenues excluding investment gains | | $ | 2,620.6 | | | $ | 3,882.7 | | | $ | 4,449.3 | | Segment pretax operating income (a) | | $ | 133.5 | | | $ | 308.8 | | | $ | 515.7 | | | | | | | | | | | | | | | | RFIG Run-off | | | | | | | Net premiums earned | | $ | 16.4 | | | $ | 23.2 | | | $ | 32.6 | | Net investment income and other income | | 6.3 | | | 6.7 | | | 11.4 | | Total revenues excluding investment gains | | $ | 22.7 | | | $ | 30.0 | | | $ | 44.1 | | Segment pretax operating income | | $ | 21.2 | | | $ | 35.2 | | | $ | 32.8 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | Consolidated Revenues: | | | | | | | Total revenues of Company segments | | $ | 7,387.8 | | | $ | 8,228.3 | | | $ | 8,536.0 | | Corporate & Other (b) | | 208.0 | | | 195.5 | | | 166.6 | | Consolidated investment gains (losses): | | | | | | | Realized from actual transactions and impairments (c) | | (67.0) | | | 62.2 | | | 6.9 | | Unrealized from changes in fair value of equity securities | | (123.9) | | | (263.4) | | | 751.1 | | Total realized and unrealized investment gains (losses) | | (190.9) | | | (201.1) | | | 758.0 | | Consolidation elimination adjustments | | (146.5) | | | (138.9) | | | (119.0) | | Consolidated revenues | | $ | 7,258.3 | | | $ | 8,083.7 | | | $ | 9,341.6 | | | | | | | | | | | | | | | | Consolidated Pretax Income: | | | | | | | Total segment pretax operating income of | | | | | | | Company segments | | $ | 942.6 | | | $ | 1,033.9 | | | $ | 1,138.2 | | Corporate & Other (b) | | (4.2) | | | 24.6 | | | 25.7 | | Consolidated investment gains (losses): | | | | | | | Realized from actual transactions and impairments (c) | | (67.0) | | | 62.2 | | | 6.9 | | Unrealized from changes in fair value of equity securities | | (123.9) | | | (263.4) | | | 751.1 | | Total realized and unrealized investment gains (losses) | | (190.9) | | | (201.1) | | | 758.0 | | Consolidated income before income taxes | | $ | 747.4 | | | $ | 857.4 | | | $ | 1,922.1 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | December 31: | | | | 2023 | | 2022 | Consolidated Assets: | | | | | | | General Insurance | | | | $ | 22,710.5 | | | $ | 21,227.9 | | Title Insurance | | | | 1,948.2 | | | 2,077.6 | | RFIG Run-off (d) | | | | 232.8 | | | 344.2 | | Total assets of Company segments | | | | 24,891.7 | | | 23,649.9 | | Corporate & Other (b) | | | | 1,912.9 | | | 1,736.8 | | Consolidation elimination adjustments | | | | (303.2) | | | (227.2) | | Consolidated assets | | | | $ | 26,501.4 | | | $ | 25,159.4 | |
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(a) Segment pretax operating income is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $76.5, $68.9, and $63.5 for the years ended December 31, 2023, 2022, and 2021, respectively; Title - $–, $0.8, and $1.9 for the years ended December 31, 2023, 2022, and 2022, respectively. (b) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries. (c) Includes an estimated pretax loss of $45.6, inclusive of transaction costs, relating to the pending sale of the Company's RFIG Run-off mortgage insurance business. See Note 2 for further discussion. (d) At December 31, 2023, the Company classified its RFIG Run-off mortgage insurance business as held-for-sale in its consolidated balance sheet. See Note 2 for further discussion.
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