Old Republic International Corp’s title premiums and fees earned dipped slightly during the first quarter, according to the company’s latest earnings statement.
For the quarter, Old Republic’s title segment produced net premiums and fees earned of $506.9 million, down 1.4 percent compared with the $513.8 million generated during 2018’s first quarter. Old Republic’s title segment reported first-quarter operating revenues of $517.3 million, down 1.2 percent compared with the $523.6 million one year ago.
Overall, Old Republic reported first-quarter revenues of $1.5 billion, up 2.3 percent compared with $1.46 billion one year ago.
“Year-over-year comparisons of revenues from title premiums and fees reflect a mild slowdown in housing and mortgage lending activity,” Old Republic stated in its earnings report. “By contrast, claim costs trended higher as favorable development of prior years’ claim reserve estimates edged down.”
Old Republic did not host a conference call with analysts, investors and journalists to discuss its first-quarter performance.
Old Republic’s title segment had first-quarter operating expenses of $496.7 million, up less than 1 percent compared with operating expenses of $494 million during 2018’s first quarter. The segment’s claim costs during the first quarter were $14.4 million, up 11.9 percent compared with $12.9 million one year ago.
However, Old Republic’s title segment slashed its first-quarter pretax operating loss by more than 30 percent to $20.5 million.