Specialty insurer Old Republic International Corp. (ORI) Thursday announced a decline in first quarter earnings, despite 12.1 percent increase in net premiums and fees earned, compared to the prior year. Excluding investment gains, earnings came in above estimates.
Earnings for the quarter were $245 million, down from $316.7 million last year.
On a per share basis, earnings were $0.98, down from $1.15 in the prior year.
Excluding investment gains, earnings were $201.7 million or $0.81 per share, up 9.2 percent from $184.7 million or $0.67 per share a year ago.
On average, Wall Street analysts were projecting earnings of $0.74 per share. Analysts estimates usually exclude special items.
The company has reported an increase in first quarter net premiums and fees earned to $1.841 billion, from $1.642 billion last year. Net investment income increased 4 percent to $170.7 million from $164.1 million in the previous year.
Total revenues for the quarter were $2.114 billion, up from $2.015 billion a year ago. Analysts were looking for $2.03 billion.
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