4th Quarter 2023 Highlights
OLD REPUBLIC
Consolidated Financial Trend
Dollars in millions, except per share
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total Operating Revenues
$
5,407 $ 5,850 $
6,032 $
6,281 $
6,494 $ 6,824 $
7,308 $ 8,583 $
8,285 $ 7,449
Combined Ratio
99.4
96.1
94.8
96.9
94.9
95.3
93.3
89.9
91.0
92.6
Operating Income Per Share
$
0.84 $
1.28 $
1.46 $
1.11 $
1.86 $
1.84 $
2.24 $
3.08 $
2.79 $
2.63
Cash & Invested Assets
$ 11,291 $ 11,476 $ 12,996 $ 13,536 $ 13,187 $
14,527 $ 15,535 $ 16,819 $ 16,048 $ 16,188
Shareholders' Equity
$
3,924 $
3,870 $
4,461 $
4,733 $
5,146 $
6,000 $
6,187 $
6,895 $
6,173 $
6,411
Book Value Per Share (BVPS)
$
15.15 $
14.98 $
17.16 $
17.72 $
17.23 $
19.98 $
20.75 $
22.77 $
21.07 $
23.31
Dividends Per Share (1)
$
0.73 $
0.74 $
0.75 $
1.76 $
0.78 $
1.80 $
1.84 $
2.38 $
1.92 $
0.98
(1) Includes special cash dividends declared of $1.50 in 2021 and $1.00 in 2022, 2020, 2019 and 2017
$50
$45
12.1% Compound Annual Growth
in Book Value Per Share Including
Dividends over 50 years
$40
$35
$30
$25
$20
$15
$10
$5
$-
1973
1978
1983
1988
1993
1998
2003
2008
2013
2018
2023
■BVPS
■Cumulative Dividends
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