2017 was a record-setting year in many ways for Old Republic Title Insurance Group, especially in revenues and profits. The Company capitalized on an ongoing favorable mortgage rate environment, as well as an improving economy, positive unemployment figures and increased consumer confidence, which all helped to create reasonably strong housing and commercial property markets.
On the revenue side, there was a year-over-year gain of 3.6% in premiums and fees, reaching just shy of $2.3 billion. From the profitability side, pretax operating income increased by 12.8%, totaling $237.1 million, the best bottom-line result in the Company's 100+ year history. The favorable developments of claim reserves established in prior years continued in 2017 and reduced Old Republic Title's claim ratio by 3.3 percentage points for the full year.
For more information and financial highlights, see the Title Insurance Results section of the January 25, 2018 News Release from Old Republic International Corporation, Old Republic Title's parent company.