Old Republic International Corporation reported significant financial performance improvements for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For Q3 2024, net income surged to $338.9 million, a substantial increase from $52.6 million in Q3 2023. Basic earnings per share rose to $1.35 from $0.19, while diluted earnings per share increased to $1.32 from $0.19. For the nine months ended September 30, 2024, net income reached $747.6 million, up from $408.0 million in the prior year.
Total revenues for Q3 2024 were $1,402.2 million, reflecting a 14.2% increase from $1,228.2 million in Q3 2023. The nine-month total revenues also rose by 14.1% to $3,976.4 million from $3,486.2 million. This growth was driven by a 13.9% increase in net premiums earned in the General Insurance segment, which totaled $1,218.5 million for Q3 2024, compared to $1,069.6 million in Q3 2023. The Title Insurance segment also saw a modest increase in net premiums earned, rising to $708.5 million from $684.4 million.
Investment income showed notable growth, with net investment income for Q3 2024 at $171.0 million, up from $145.9 million in Q3 2023. For the nine months, net investment income increased to $502.7 million from $423.1 million. The company reported total realized and unrealized investment gains of $197.7 million for Q3 2024, a significant recovery from the $(186.9) million loss in Q3 2023.
Old Republic's strategic decisions included the sale of RMIC Companies, Inc. for $136.6 million, which closed on May 31, 2024, resulting in a total loss of $51.0 million from the transaction. The company also continued its share repurchase program, buying back 5.0 million shares for $166.5 million in Q3 2024, with total repurchases for the first nine months amounting to 25.1 million shares for $775.5 million.
The General Insurance segment's pretax operating income for Q3 2024 was $197.3 million, down from $215.5 million in Q3 2023, while the Title Insurance segment's pretax operating income improved to $40.2 million from $37.4 million. The consolidated combined ratio increased to 95.0%, up 3.1 points from the previous year, reflecting higher loss and loss adjustment expenses.
As of September 30, 2024, total consolidated assets were $28.8 billion, up from $26.5 billion at the end of 2023, while total liabilities increased to $22.4 billion from $20.1 billion. Shareholders' equity slightly rose to $6.4 billion from $6.4 billion at year-end 2023. The company maintained a strong focus on long-term profitability and balance sheet strength, emphasizing segment pretax operating income to evaluate its insurance operations effectively.
About OLD REPUBLIC INTERNATIONAL CORP
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