#1OLD REPUBLIC INTERNATIONAL CORPORATION Old Republic BUILDING Managing Old Republic for the Long Run Investor Presentation 4th Quarter 2021#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, 2020 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 98 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 Commercial Lines underwriter serving the insurance needs of a large number of organizations, including many of America's leading industrial and financial services institutions and national provider of Title Insurance to residential and commercial markets 80 years of cash dividends without interruption Annual cash dividend raised for each of the past 40 years One of just 111 companies that have posted at least 25 consecutive years of annual dividend growth according to Mergent's Dividend Achievers $2.5 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#5OLD REPUBLIC Key Metrics INTERNATIONAL CORPORATION Market Cap / Stock price (NYSE: ORI) $7.56 billion / $24.58 Shareholders' Equity / BVPS $6.89 billion / $22.76 Trailing 4 Quarter Operating Income / EPS $935.9 million / $3.08 Trailing 4 Quarter Operating ROE Regular Dividend / Yield A.M. Best (Financial Strength Rating) Employees Insider and Employee Ownership 15.1% $0.88 / 3.6% A+ (P&C) and A+ (Title) 9,600 8.5% Note: Market and financial data as of December 31, 2021 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 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Total Operating Revenues $ 8,583 7,308 6,824 $ 6,494 $ 6,281 $ 6,032 $ 5,850 $ 5,407 $ 5,492 $ 5,084 Combined Ratio 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 dividends of $1.50 in 2021 and $1.00 in 2020, 2019 and 2017 6#7OLD REPUBLIC INTERNATIONAL CORPORATION 4th Quarter 2021 Highlights $0.88 Operating EPS 17% increase from $0.75 in the 4th quarter of 2020 due to underwriting strength in both General Insurance & Title. $22.76 Book Value Per Share Adding back 2021 dividends, book value increased 21% from year-end 2020. $2.12 billion Net Premiums & Fees Earned 11% increase driven by Title Insurance (up 15%) and General Insurance (up 8%). 4.6 points Favorable Development Favorable development in all three segments. 88.5 Combined Ratio Down 1.8 points versus last year's 90.3. General Insurance at 88.2 (vs 92.7) and Title Insurance at 89.4 (vs 88.1). $0.22 Regular Quarterly Dividend $1.50 Special Dividend Up 5% from prior year Declared in September 2021 and paid in October 2021 7#8OLD REPUBLIC INTERNATIONAL CORPORATION Key Business Drivers Internal Drivers External Drivers Underwriting Excellence Initiative Tech Investment for Competitive Advantage Relentless Focus on Customer Service Grow Profitable Franchises Focus on Opportunities with Customers Sharing Risk Loss Cost Trends Competition Housing Market Economic Environment Investment Markets 8#9OLD REPUBLIC INTERNATIONAL CORPORATION Business Profile Unique combination of specialty P&C and Title franchises 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 ■ 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 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 and Surety 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 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 74% casualty; 26% short-tailed lines ☐ Low property-cat exposure; protected by reinsurance Net Premium Earned Home and Auto Warranty, 9% Other, 4% $4.00 $3.55 $3.50 Inland Marine & CMP, 10% $3.00 Commercial auto (principally trucking), 40% Billions $2.50 $2.00 Financial Indemnity, 10% $1.50 $1.00 General Liability, 5% $0.50 Workers Compensation, 22% $- 07 08 09 10 10 11 12 13 14 15 16 17 18 19 20 21 Based on YE 2021 data 11#12OLD REPUBLIC 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 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 ☐ Highly competitive ~26 expense ratio; targeting sub-25 91.3 93.1 95.6 94.7 Combined Ratio 94.4 98.7 97.3 07 08 09 10 11 12 13 14 ■Loss Ratio 100.8 15 16 17 Expense Ratio 97.6 97.8 97.3 97.2 97.5 95.5 91.3 18 19 20 20 13 21#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) 32.6% $2.5 Stewart Title (STC) $2.0 9.4% $1.5 Drop in re-fi transactions $1.0 First American Other (FAF) 22.9% 20.0% $0.5 $- 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Source: American Land Title Association at 09/30/21 14#15OLD REPUBLIC 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 9/30/21) ☐ 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" pavāso Source: 9/30/21 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 PARTNERS ePN NETWOR 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 $600 $516 110.0 $500 105.0 $400 100.0 95.0 $300 89.3 90.0 $200 85.0 $100 80.0 $- 75.0 70.0 $(100) 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Expense Ratio Loss Ratio 16#17OLD REPUBLIC INTERNATIONAL CORPORATION Balance Sheet & Capital Overview A high quality and conservative balance sheet marked by significant return of capital to shareholders Long-term dividend track record 40 consecutive years raising annual dividend Prudent capital management High quality, liquid investment portfolio Release of run-off capital High quality capital $2.5 billion of dividends declared since 4Q16 Bonds & Stocks. No ‘alternatives' $391 million of shareholders equity at 4Q21 Limited goodwill & intangibles (3% of capital) 17#18OLD REPUBLIC INTERNATIONAL CORPORATION Dividend Record Shareholder friendly dividend track record through all business and market cycles ☐ $0.88 annual regular dividend Paid dividends 80 consecutive years ☐ Annual dividend increases for 40 consecutive years $0.90 Regular Dividends $0.80 $0.70 $0.60 $0.50 ။။ 11 12 13 14 T 15 16 17 Special Dividends $1.50 $0.88 $1.50 $1.25 $1.00 $1.00 $1.00 $1.00 $0.75 $0.50 $0.25 18 19 20 20 21 224 17 18 19 20 20 21 24 18#19OLD REPUBLIC INTERNATIONAL CORPORATION Investment Portfolio The investment portfolio is high-grade, transparent and liquid Bonds & Cash 98% Investment grade A+ average quality 3.8 duration 2.3% market yield (2.3% book) 99% marketable securities Investment Mix at 4Q21 Equities Blue Chip, Value & Utilities 68% $16.7 32% 3.1% dividend yield billion Approximately 100 issuers No exposure to real estate, CDOs, derivatives, hybrids or illiquid private equity and hedge fund investments Investment Income Millions $500 $400 $300 $434 $200 2014 2015 2016 2017 2018 2019 2020 2021 19#20OLD REPUBLIC INTERNATIONAL CORPORATION Reserve Development Reserve development has been favorable in each segment. ☐ General Insurance returned to favorable development in 2020 Title Insurance developed favorably for 9 consecutive years. Favorable/(Unfavorable) Development % of Net Premiums & Fees Earned General Insurance 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 11 12 13 14 15 16 17 18 19 Reserves by Segment at 12/31/21 ($M) General, $6,587 Title, $594 Title Insurance 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 21 21 11 12 13 14 15 16 17 18 19 20 20 20 20 21 24 20#21Millions OLD REPUBLIC 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 $112 million from a peak of $2 billion ☐ Shareholders Equity stands at $391 million, reflecting $37 million and $100 million extracted in 2020 and 2021, respectively Run-off operations have developed favorably each of the last 6 years Runoff Reserves $2,500 $2,000 $1,500 $1,000 $500 $- 11 12 13 14 15 16 17 18 19 20 Runoff Shareholders Equity $600 $500 $400 Millions $300 $200 $100 $- $111 $(100) 21 21 11 12 13 14 15 16 17 18 19 19 20 20 21 24 21 $391#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 Our Customers: Policyholders & Buyers of Services Good things happen when customers' legitimate needs are fulfilled by our people. Our Community Lodestar Our Customers Our People Our Capital Providers: Shareholders & Debt Holders Capital is the lifeblood of a financial institution. It is the source and continuity of the enterprise. Our Capital Providers Our People: Intellectual Capital Providers Our people's intellectual talent, know-how, and honorable work put capital to efficient use. 22