#1OLD REPUBLIC INTERNATIONAL CORPORATION Old Republic ILDING Managing Old Republic for the Long Run Investor Presentation 2nd Quarter 2022#2OLD REPUBLIC INTERNATIONAL CORPORATION Preliminary Matters Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "expect," "estimate," "anticipate," "predict" and similar expressions, and the negatives thereof, often identify forward-looking statements, which are not limited to historical facts. Forward-looking statements include, among other things: future guidance; projected annual revenues resulting from new or existing products or services; dividends; statements, express or implied, concerning future operating results, the ability to generate premium, income or cash flow; and Old Republic's business and growth strategies and expected growth and performance. Although Old Republic believes these statements are based upon reasonable assumptions, they involve risks and uncertainties relating to operations, markets and the business environment generally. If one or more of these risks or uncertainties materializes, or underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Readers are advised to consult further disclosures on these risks and uncertainties, particularly in Item 1A, "Risk Factors", of Old Republic's Annual Report on Form 10-K for the year ended December 31, 2021 and in its subsequent filings with the Securities and Exchange Commission. All forward- looking statements included in this presentation are based upon information available, and it assumes no obligation to update them. Non-GAAP Financial Measures This presentation provides information which includes certain financial measures that are not in accordance with U.S. generally accepted accounting principles ("GAAP"). Management discloses non-GAAP information to provide investors with additional information to analyze Old Republic's performance and underlying trends. Management uses non-GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous performance. Old Republic's non-GAAP information is not necessarily comparable to the non-GAAP information used by other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of Old Republic's profitability or financial position. Readers should consider the types of events and transactions for which adjustments have been made. 2#3OLD REPUBLIC INTERNATIONAL CORPORATION Managing Old Republic for the Long Run A history dating back 99 years Total Market Return of 17.7% per share for past 10 years NYSE listed since 1990 and publicly listed since 1967 Member of the Fortune 500 listing of America's largest companies One of America's 50 Largest shareholder-owned insurance businesses #3 Title insurer in the nation Primarily a Specialty Property & Casualty underwriter serving the insurance. needs of a large number of organizations, including many of North America's leading industrial and financial services institutions, and national provider of Title Insurance to residential and commercial markets 81 years of cash dividends without interruption Annual cash dividend raised for each of the past 41 years 58th among 111 publicly held companies, out of thousands considered, that have posted at least 25 consecutive years of annual dividend growth according to Mergent's Dividend Achievers $3.0 billion of dividends declared since 12.31.16 3#4OLD REPUBLIC INTERNATIONAL CORPORATION Shareholder Returns are Driven by Our Long-Term Focus Diversification & Integration across carefully chosen insurance markets drive stable & sustainable results Industry specialization & risk management expertise drive underwriting excellence Cyclical & regulatory industry dynamics necessarily drive a focus on long term results Our reputation for customer service, financial strength, underwriting and trust drive our business 4#5INTERNATIONAL CORPORATION OLD REPUBLIC INTEL Key Metrics Market Cap Stock price (NYSE: ORI) $6.91 billion / $22.36 Shareholders' Equity / BVPS $6.39 billion / $20.99 Trailing 4 Quarter Operating Income / EPS $910.7 million / $2.99 Trailing 4 Quarter Operating ROE Regular Dividend / Yield A.M. Best (Financial Strength Rating) Employees Insider and Employee Ownership 13.4% $0.92/4.1% A+ (P&C) and A+ (Title) 9,700 8.2% Note: Market and financial data as of June 30, 2022 5#6OLD REPUBLIC INTERNATIONAL CORPORATION Consolidated Financial Trends 2021 results continued to demonstrate profitable growth and balance sheet strength Dollars in millions, except per share Total Operating Revenues Combined Ratio 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 $ 8,583 $ 7,308 $ 6,824 $ 6,494 $ 6,281 $ 6,032 $ 5,850 $ 5,407 $ 5,492 $ 5,084 89.9 93.3 95.3 94.9 96.9 94.8 96.1 99.4 95.2 110.0 Operating Income Per Share $ 3.08 $ 2.24 $ 1.84 $ 1.86 $ 1.11 $ 1.46 $ 1.28 $ 0.84 $ 1.25 $ (0.39) Cash & Invested Assets $ 16,819 $ 15,535 $ 14,527 $ 13,187 $ 13,536 $ 12,996 $ 11,476 $ 11,291 $ 11,109 $ 10,800 Shareholders' Equity $ 6,893 $ 6,187 $ 6,000 $ 5,146 $ 4,733 $ 4,461 $ 3,870 $ 3,924 $ 3,775 $ 3,596 Book Value Per Share $ 22.76 $ 20.75 $ 19.98 $ 17.23 $ 17.72 $ 17.16 $ 14.98 $ 15.15 $ 14.64 $ 14.03 Dividends Per Share (1) $ 2.38 $ 1.84 $ 1.80 $ 0.78 $ 1.76 $ 0.75 $ 0.74 $ 0.73 $ 0.72 $ 0.71 (1) Includes special cash dividends declared of $1.50 in 2021 and $1.00 in 2020, 2019 and 2017 6#7OLD REPUBLIC INTERNATIONAL CORPORATION 2nd Quarter 2022 Highlights $0.69 Operating EPS 5.5% decrease from $0.73 in the 2nd quarter reflects increasing mortgage interest rate effect on Title Insurance results. $20.99 Book Value Per Share Adding back 2022 dividends, book value decreased 5.8% from year- end 2021. $1.98 billion Net Premiums & Fees Earned Relatively consistent results driven by General Insurance (up 9%) offset by Title Insurance (down 7%). 1.9 points Favorable Development Favorable development in all segments. 90.9 Combined Ratio Up 0.3 point versus last year's 90.6. General Insurance at 92.5 (vs 94.0) and Title Insurance at 90.4 (vs 88.4). $0.23 Regular Quarterly Dividend $1.00 Special Dividend $450 million Share Repurchase Up 4.5% from prior year Approximately $300 million declared August 19 and paid September 15 Authorized by the Board August 19 7#8OLD REPUBLIC INTEL INTERNATIONAL CORPORATION Key Business Drivers Internal Drivers Underwriting Excellence Initiative External Drivers Loss Cost Trends Tech Investment for Competitive Advantage Relentless Focus on Customer Service Grow Profitable Franchises Competition Real Estate Markets Economic Environment Focus on Opportunities with Customers Sharing Risk Deep Expertise within Specialty Niches Investment Markets Interest Rates 8#9OLD REPUBLIC INTERNATIONAL CORPORATION Business Profile Unique combination of Specialty P&C and Title segments offers diversification and supports our brand around customer service, financial strength, underwriting & trust OLD REPUBLIC GENERAL INSURANCE GROUP OLD REPUBLIC TITLE INSURANCE GROUP General Insurance $4.0 billion of 2021 operating revenue Steady, 96 combined ratio over 15 years ■ 41 of 50 years below industry combined ratio Expertise in core specialty niches ■ Diversified exposures; casualty oriented ■ Differentiated by customer service ■ 51% of consolidated 2021 pre-tax operating income Title Insurance $4.4 billion of 2021 operating revenue ■ Consistent low 90's combined ratios ■ Less capital intensive ■ 3rd largest player in concentrated industry Agency (78%) & direct (22%) distribution 44% of consolidated 2021 pre-tax operating income General Insurance 51% Title Insurance 44% Based on 2021 Pre-Tax Operating Income 9#10OLD REPUBLIC INTE INTERNATIONAL CORPORATION General Insurance - Product Portfolio Our business model emphasizes diversification to mange risk and decentralization to foster industry specialization, autonomy & accountability ORINSCO Includes large national accounts with customers taking risk through captives and large deductibles; also includes Automotive Services, Aerospace and Professional Liability $5.76 billion Gross premiums + fees (FY 2021) Great West Commercial auto, workers' compensation, physical damage and cargo for the trucking industry, including accounts with customers taking risk through captives and large deductibles. PMA TPA services, workers' compensation and other coverages for large and mid-sized companies, including accounts with customers taking risk through captives, large deductibles and retrospectively rated policies Great West 22% ORINSCO 41% Other Specialty 17% PMA BITCO 11% 8% Other Specialty Products Specialty Ins. Underwriters, Home Protection, Canada, Surety, Inland Marine and Residual Markets BITCO Coverage for the forest, oil & gas and construction industries; primarily workers' compensation, GL and commercial auto, including accounts with customers taking risk through large deductibles 10#11OLD REPUBLIC INTER INTERNATIONAL CORPORATION General Insurance - Premium The General Insurance segment has achieved sustained growth and stable underwriting profitability ☐ Long-term growth with a willingness to contract when rate levels are inadequate ☐ Specialty niches through agent & broker distribution. ☐ Approximately 73% casualty; 27% short-tailed lines ☐ Relatively low property-cat exposure; protected by reinsurance Home and Auto Warranty, 9% Net Premium Earned Other, 4% Inland Marine & CMP, 10% Financial Indemnity, 10% General Liability, 5% Net Premium Earned ($ billions) $4.00 $3.68 $3.50 $3.00 Commercial auto $2.50 (principally trucking), 40% $2.00 $1.50 $1.00 $0.50 Workers Compensation, 22% $- 08 09 10 11 12 13 14 15 16 17 18 19 20 21 LTM Based on YE 2021 data 11#12OLD REPUBLIC INTE INTERNATIONAL CORPORATION Risk Management Expertise Old Republic's specialty business model is differentiated by over 70 years of Risk Management expertise serving large customers and group clients The Product Customers share in underwriting risk Key Loss Sensitive Structures: Retrospective rated programs ☐ Large deductibles ◉ Captives Self-insured retentions ☐ Old Republic provides administrative & underwriting services that are difficult to replicate ☐ Credit exposure managed through collateralization of risk The Result ✓ High (90%+) customer retention ✓ Less commoditized ✓ Less cyclical ✓ Consistent growth ✓ Financial alignment with insureds Driving Risk Management Expertise 70% of workers' compensation premium is loss sensitive BITCO INSURANCE COMPANIES GREAT WEST CASUALTY COMPANY OLD REPUBLIC RISK MANAGEMENT OLD REPUBLIC SPECIALTY INSURANCE UNDERWRITERS, INC. PMA COMPANIES 12#13OLD REPUBLIC INTE INTERNATIONAL CORPORATION General Insurance - Underwriting Profit The General Insurance segment has proven consistently profitable and resilient across market cycles General Insurance segment is a significant and consistent driver of income 14 of 15 years below a 100 combined ratio; 96 average over 15 years; targeting 90-95 07 60 80 91.3 93.1 95.6 94.7 94.4 98.7 10 12 97.3 Combined Ratio 100.8 97.6 97.8 97.3 97.2 97.5 Loss Ratio 15 16 Expense Ratio 18 19 20 21 13 6M22 95.5 91.3 92.0#14Billions OLD REPUBLIC INTERNATIONAL CORPORATION Title Insurance - Profile The Title segment has continued a long-run trend of profitable growth #3 in a concentrated industry ☐ Lower capital requirements $1.2 billion in equity supporting $4.4 billion of revenue (3.7x) at year-end 2021 2021 revenue from agency (78%) and direct operations (22%) through 275 offices ☐ Continuing to expand presence in commercial real estate market (15.6% of 2021 premiums) Title Revenue $5.0 $4.4 $4.5 Title Market Share Old Republic 15.1% $4.0 $3.5 $3.0 Fidelity National (FNF) 32.8% $2.5 $2.0 Stewart Title (STC) 9.6% $1.5 Drop in re-fi transactions $1.0 $0.5 First American Other (FAF) 23.1% 19.4% $- 08 09 10 11 12 13 14 15 16 17 18 19 20 21 LTM Source: American Land Title Association at 12/31/21 14#15OLD REPUBLIC INTEL INTERNATIONAL CORPORATION Title Differentiation The Title segment brings together a focus on independent agency distribution and proprietary title technology Agency Focused Distribution ☐ Strategic focus on independent title agents that control 65% of industry premium (thru 12/31/21) Delivering tools, technology & support to drive agent success Partnership - not competition - with agents ☐ Scalability in all market conditions with expense "downside" protected in soft markets Industry Distribution Strategic Focus 20% Market Share Agency, 65% Direct, 35% 6% Market Share Proprietary "Title Tech" pavaso Source: 12/31/21 ALTA As a leader in digital mortgage transformation, Old Republic's Pavaso enables fully digital and hybrid eClosings through one secure collaborative platform that streamlines the entire closing process RO RamQuest E-Closing Old Republic's Title Tech portfolio includes platforms to empower the real- estate ecosystem with cloud-based closing, escrow, accounting, recording and transaction management solutions to modernize and streamline title operations RECORDING PARTHENS ePN T 15#16OLD REPUBLIC INTERNATIONAL CORPORATION Title Insurance - Profit Consistently low single-digit loss ratios have enabled Title to generate rising income from both growth and margin improvement Combined Ratio ☐ Currently running low 90's ☐ Low and consistent loss ratios ☐ 4.7% average last 15 years Pretax Operating Income ☐ Overweight in agency distribution Variable acquisition cost mitigates impact of a housing market decline 115.0 110.0 105.0 $600 $500 $400 100.0 95.0 91.7 90.0 Millions $300 $200 85.0 $100 80.0 $- 75.0 70.0 $(100) 08 09 10 11 12 13 14 15 16 17 18 19 20 21 6M22 Expense Ratio Loss Ratio $463 08 09 10 11 12 13 14 15 16 17 18 19 20 21LTM 16#17OLD REPUBLIC INTERNATIONAL CORPORATION Balance Sheet, Liquidity & Capital Overview Strong capital position marked by a high quality and conservative balance sheet High quality, liquid investment portfolio Bonds & Stocks. No ‘alternatives' Strong reserve position High quality capital Conservative reserving & favorable development Limited goodwill & intangibles (3% of capital) Release of run-off capital $327 million of shareholders equity at 2Q22 Parent company liquidity Subsidiary dividend capacity of $982 million in 2022 17#18OLD REPUBLIC INTERNATIONAL CORPORATION Dividend Record Shareholder friendly dividend track record through all business and market cycles $0.92 annual regular dividend run-rate Paid dividends 81 consecutive years ☐ Annual dividend increases for 41 consecutive years $1.00 Regular Dividends $0.90 $0.80 $0.70 $0.60 $0.50 12 13 14 15 16 17 18 19 20 20 Special Dividends $1.50 $1.50 $0.92 $1.25 $1.00 $1.00 $1.00 $1.00 $1.00 $0.75 $0.50 $0.25 $- 21 Run- 17 18 19 20 20 21 21 22 22 rate 18#19OLD REPUBLIC INTERNATIONAL CORPORATION Investment Portfolio The investment portfolio is high-grade, transparent and liquid Investment Mix at 2Q 22 Fixed Income 98% Investment grade A+ average quality 3.8 duration 2.7% market yield (2.6% book yield) 99% marketable securities Equities Blue Chip, Value & Utilities 74% $15.9 26% billion 3.3% dividend yield Less than 100 issuers No exposure to real estate, CDOs, derivatives, hybrids or illiquid private equity and hedge fund investments Investment Income Millions $500 $400 $300 $436 $200 2014 2015 2016 2017 2018 2019 2020 2021 LTM 19#20OLD REPUBLIC INTERNATIONAL CORPORATION Reserve Development Reserve development has been favorable in each segment. General Insurance returned to favorable development in 2020 Title Insurance developed favorably for 9 consecutive years. Reserves by Segment at 06/30/22 ($M) General, $6,753 Favorable/(Unfavorable) Development % of Net Premiums & Fees Earned General Insurance Title Insurance 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 12 13 B1 15 16 17 61 8 18 20 21 6M22 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 12 13 D 15 16 17 18 19 20 21 6M22 Title, $616 20#21Millions OLD REPUBLIC INTE INTERNATIONAL CORPORATION Run-Off Overview Run-off reserves have diminished substantially, de-risking the business and driving excess capital creation Mortgage insurance placed into run-off in 2011 Runoff reserves have declined to $91 million from a peak of $2 billion □ Shareholders Equity stands at $327 million, reflecting $37 million, $100 million and $70 million extracted in 2020, 2021 and 2022, respectively Run-off operations have developed favorably each of the last 6 years Runoff Reserves $2,500 $2,000 $1,500 $1,000 $500 $- 12 13 14 15 16 17 18 19 20 20 Runoff Shareholders Equity $600 $500 $400 $327 Millions $300 $200 $100 $- $91 $(100) 21 6M22 12 13 14 15 16 17 18 19 20 21 6M22 21#22OLD REPUBLIC INTERNATIONAL CORPORATION Our Lodestar Embodies the Company's Mission by Binding Organization, Purpose and Long-Term Strategy Into a Coordinated Whole Our Community: The Public Interest We're an insurance business vested with the public interest. All is done right, within the law, and with integrity. Old Republic's Lodestar Our Capital Providers: Shareholders & Debt Holders Capital is the lifeblood of a financial institution. It is the source and continuity of the enterprise. Our Community R Our Customers: Policyholders & Buyers of Services Good things happen when customers' legitimate needs are fulfilled by our people. Our Capital Providers Our Customers Our People Our People: Intellectual Capital Providers Our people's intellectual talent, know-how, and honorable work put capital to efficient use. 222 22