MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS Quarters ended March 31, 2022 and 2021 (in millions of dollars, except share data)

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PREVIEW



This management analysis of financial position and results of operations
pertains to the consolidated accounts of Old Republic International Corporation
("Old Republic", "ORI", or "the Company"). The Company conducts its operations
through a number of regulated insurance company subsidiaries organized into
three major segments: General Insurance (property and liability insurance),
Title Insurance and Republic Financial Indemnity Group ("RFIG") Run-off. A small
life and accident insurance business, accounting for .1% of consolidated
operating revenues for the quarter ended March 31, 2022 and .5% of consolidated
assets as of that date, is included within the Corporate & Other caption of this
report.

The consolidated accounts are presented in conformity with the Financial
Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC")
of accounting principles generally accepted in the United States of America
("GAAP"). As a publicly held company, Old Republic utilizes GAAP to comply with
the financial reporting requirements of the Securities and Exchange Commission
("SEC"). From time to time the FASB and the SEC issue various releases, many of
which require additional financial statement disclosures and provide related
application guidance. Recent guidance issued by the FASB is summarized further
in the Notes to Consolidated Financial Statements where applicable.

As a state regulated financial institution vested with the public interest,
however, business of the Company's insurance subsidiaries is managed pursuant to
the laws, regulations, and accounting practices of the various states in the
U.S. and those of a small number of other jurisdictions outside the U.S. in
which they operate. In comparison with GAAP, the statutory accounting practices
reflect greater conservatism and comparability among insurers, and are intended
to address the primary financial security interests of policyholders and their
beneficiaries. Additionally, these practices also affect a significant number of
important factors such as product pricing, risk bearing capacity and capital
adequacy, the determination of Federal income taxes payable currently among
ORI's tax-consolidated entities, and the upstreaming of dividends by insurance
subsidiaries to the parent holding company. The major differences between these
statutory financial accounting practices and GAAP are summarized in Note 1 to
the consolidated financial statements included in Old Republic's 2021 Annual
Report on Form 10-K.

The insurance business is distinguished from most others in that the prices
(premiums) charged for most products are set without knowing what the ultimate
claim costs will be. We also can't know exactly when claims will be paid, which
may be many years after a policy was issued or expired. This casts Old Republic
as a risk-taking enterprise managed for the long run. Old Republic therefore
conducts the business with a primary focus on achieving favorable underwriting
results over cycles, and on maintaining a sound financial condition to support
our subsidiaries' long-term obligations to policyholders and their
beneficiaries. To achieve these objectives, adherence to insurance risk
management principles is stressed, and asset diversification and quality are
emphasized. In addition, management engages in an ongoing assessment of
operating risks, such as cybersecurity risks, that could adversely affect the
Company's business and reputation.

In addition to income arising from Old Republic's basic underwriting and related
services functions, significant investment income is earned from invested funds
generated by those functions and from capital resources. Investment management
aims for stability of income from interest and dividends, protection of capital,
and for sufficiency of liquidity to meet insurance underwriting and other
obligations as they become payable in the future. Securities trading and the
realization of capital gains are not primary objectives. The investment
philosophy is therefore best characterized as emphasizing value, credit quality,
and relatively long-term holding periods. The Company's ability to hold both
fixed income and equity securities for long periods of time is enabled by the
scheduling of maturities in contemplation of an appropriate matching of assets
and liabilities, and by investments in large capitalization, highly liquid
equity securities.

In light of the above factors, the Company is managed for the long run and with
little regard for quarterly or even annual reporting periods. These time frames
are too short. Management believes results are best evaluated by looking at
underwriting and overall operating performance trends over 10-year intervals.
These likely include one or two economic and/or underwriting cycles. This
provides enough time for these cycles to run their course, for underwriting and
premium rate changes to appear in financial results, and for reserved claim
costs to be quantified with greater certainty.

This management analysis should be read in conjunction with the consolidated report
financial statements and the footnotes thereto.

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ABSTRACT



Old Republic International Corporation reported the following consolidated
results:

OVERALL RESULTS

                                                                                Quarters Ended March 31,
                                                                                                   2022               2021              % Change
Pretax income (loss)                                                                           $   382.6          $   630.6
Pretax investment gains (losses)                                                                   145.1              375.4
Pretax income (loss) excluding investment gains (losses)                                       $   237.5          $   255.1                 -6.9  %

Net income (loss)                                                                              $   306.3          $   502.1
Net of tax investment gains (losses)                                                               114.5              295.7
Net income (loss) excluding investment gains (losses)                                          $   191.7          $   206.3                 -7.0  %

PER DILUTED SHARE

                                                                                Quarters Ended March 31,
                                                                                                   2022               2021              % Change
Net income (loss)                                                                              $    1.00          $    1.68
Net of tax investment gains (losses)                                                                 .37                .99
Net income (loss) excluding investment gains (losses)                                          $     .63          $     .69                 -8.7  %

SHAREHOLDERS' EQUITY

                                                                                                March 31,           Dec. 31,
                                                                                                   2022               2021              % Change
Total                                                                                          $ 6,750.1          $ 6,893.2                 -2.1  %
Per Common Share                                                                               $   22.23          $   22.76                 -2.3  %



Old Republic International Corporation reported pretax income, excluding
investment gains, of $237.5 for the quarter. The decline compared to the 2021
period, is within our expectations as increasing mortgage interest rates began
to affect Title Insurance results. Both General Insurance and Title Insurance
produced solid underwriting results that drove a consolidated combined ratio of
91.9% for the quarter.

Consolidated net premiums and fees earned was $1.9 billion for the quarter
representing growth of 4.4% compared to the 2021 period. General Insurance net
earned premiums grew by 6.0%, while Title Insurance growth in premium and fees
was tempered by lower revenues within their direct operations. Net investment
income increased slightly for the quarter, reflecting growth in the invested
asset base, offset by lower investment yields earned.

Book value per share was $22.23 as of March 31, 2022, reflecting interest rate
driven unrealized losses in the fixed income portfolio, offset by operating
earnings. With the addition of dividends declared during the quarter, this was a
decrease of 1.3% over year-end 2021.


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Old Republic's business is managed for the long run. In this context
management's key objectives are to achieve highly profitable operating results
over the long term, and to ensure balance sheet strength for the primary needs
of the insurance subsidiaries' underwriting and related services business. In
this view, the evaluation of periodic and long-term results excludes
consideration of all investment gains (losses). Under Generally Accepted
Accounting Principles (GAAP), however, net income, inclusive of investment gains
(losses), is the measure of total profitability.

In management's opinion, the focus on income excluding investment gains
(losses), also described herein as segment pretax operating income (loss),
provides a better way to analyze, evaluate, and establish accountability for the
results of the insurance operations. The inclusion of realized investment gains
(losses) in net income can mask trends in operating results, because such
realizations are often highly discretionary. Similarly, the inclusion of
unrealized investment gains (losses) in equity securities can further distort
such operating results with significant period-to-period fluctuations.

FINANCIAL HIGHLIGHTS
                                                                                Quarters Ended March 31,
SUMMARY INCOME STATEMENTS:                                                                         2022               2021              % Change
Revenues:
Net premiums and fees earned                                                                   $ 1,919.0          $ 1,838.9                  4.4  %
Net investment income                                                                              106.2              104.3                  1.8
Other income                                                                                        36.2               36.3                 -0.1
Total operating revenues                                                                         2,061.5            1,979.6                  4.1
Investment gains (losses):
Realized from actual transactions                                                                   65.2                7.8

Unrealized from changes in fair value of equity securities                                          79.8              367.5
Total investment gains (losses)                                                                    145.1              375.4
Total revenues                                                                                   2,206.6            2,355.0
Operating expenses:
Claim costs                                                                                        607.9              603.4                  0.8
Sales and general expenses                                                                       1,199.0            1,110.3                  8.0
Interest and other charges                                                                          16.9               10.6                 59.0
Total operating expenses                                                                         1,823.9            1,724.4                  5.8  %
Pretax income (loss)                                                                               382.6              630.6
Income taxes (credits)                                                                              76.3              128.5
Net income (loss)                                                                              $   306.3          $   502.1

COMMON STOCK STATISTICS:
Components of net income (loss) per share:
Basic net income (loss) excluding investment gains (losses)                                    $    0.63          $    0.69                 -8.7  %
Net investment gains (losses):
Realized from actual transactions                                                                   0.17               0.02
Unrealized from changes in fair value of equity securities                                          0.21               0.97
Basic net income (loss)                                                                        $    1.01          $    1.68

Diluted net income (loss) excluding investment gains
(losses)

                                                                                       $    0.63          $    0.69                 -8.7  %
Net investment gains (losses):
Realized from actual transactions                                                                   0.17               0.02
Unrealized from changes in fair value of equity securities                                          0.20               0.97
Diluted net income (loss)                                                                      $    1.00          $    1.68
Cash dividends on common stock                                                                 $    0.23          $    0.22
Book value per share                                                                           $   22.23          $   21.59                  3.0  %


We believe the information presented in the following table highlights the most
meaningful indicators of ORI's segmented and consolidated financial performance.
The information underscores the performance of our underwriting operations, as
well as our sound investment of the capital and underwriting cash flows from
these operations.

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Sources of consolidated income (losses)

Quarters ended March, 31st,

                                                                                        2022               2021              % Change
A. Net premiums, fees, and other income:
General insurance                                                                   $   910.9          $   859.1                   6.0  %
Title insurance                                                                         998.9              967.7                   3.2
Corporate & other                                                                         2.4                2.8                 -13.3
Other income                                                                             36.2               36.3                  -0.1
Subtotal                                                                              1,948.7            1,866.0                   4.4
RFIG run-off                                                                              6.5                9.2                 -29.0
Consolidated                                                                        $ 1,955.2          $ 1,875.2                   4.3  %

B. Underwriting Income (Losses) and Related Services:

General insurance                                                                   $    76.3          $    71.9                   6.2  %
Title insurance                                                                          70.2               93.8                 -25.2
Corporate & other                                                                        (6.1)              (6.0)                 -0.4
Subtotal                                                                                140.4              159.7                 -12.0
RFIG run-off                                                                              7.7                1.7          N/M
Consolidated                                                                        $   148.2          $   161.4                  -8.2  %

C. Consolidated underwriting ratio:
Claim ratio:
Current year                                                                             34.1  %            34.6  %
Prior years                                                                              (2.4)              (1.8)
Total                                                                                    31.7               32.8
Expense ratio                                                                            60.2               58.1
Combined ratio                                                                           91.9  %            90.9  %

D. Net investment income:
General insurance                                                                   $    82.4          $    84.8                  -2.8  %
Title insurance                                                                          11.3               10.5                   7.6
Corporate & other                                                                        10.4                5.7                  81.8
Subtotal                                                                                104.2              101.1                   3.1
RFIG run-off                                                                              2.0                3.2                 -36.2
Consolidated                                                                        $   106.2          $   104.3                   1.8  %

E. Interest and other charges (credits):
General insurance                                                                   $    16.3          $    16.0
Title insurance                                                                           0.5                0.6
Corporate & other (a)                                                                       -               (5.9)
Subtotal                                                                                 16.9               10.6
RFIG run-off                                                                                -                  -
Consolidated                                                                        $    16.9          $    10.6                  59.0  %

F. Segmented and consolidated pretax income (loss)
excluding investment gains (losses)(B+D-E):
General insurance                                                                   $   142.5          $   140.8                   1.2  %
Title insurance                                                                          80.9              103.7                 -21.9
Corporate & other                                                                         4.2                5.6                 -24.6
Subtotal                                                                                227.7              250.1                  -9.0
RFIG run-off                                                                              9.7                4.9                  97.0
Consolidated                                                                            237.5              255.1                  -6.9  %
Income taxes (credits) on above (b)                                                      45.7               48.8
G. Net income (loss) excluding
investment gains (losses)                                                               191.7              206.3                  -7.0  %
H. Consolidated pretax investment gains (losses):
Realized from actual transactions                                                        65.2                7.8
Unrealized from changes in
fair value of equity securities                                                          79.8              367.5
Total                                                                                   145.1              375.4
Income taxes (credits) on above                                                          30.5               79.6
Net of tax investment gains (losses)                                                    114.5              295.7
 I. Net income (loss)                                                               $   306.3          $   502.1
J. Consolidated operating cash flow                                         

$278.4 $296.0

(a) Includes consolidation/elimination entries. (b) Effective tax rates
applicable to pre-tax income excluding investment gains (losses) were 19.3% and
19.1% for the first quarters of 2022 and 2021, respectively.

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General insurance results


                                                                                                 General Insurance
                                                                                             Summary Operating Results
                                                                   Quarters Ended March 31,
                                                                                   2022                2021              % Change
Net premiums written                                                          $     960.8           $ 871.2                   10.3  %
Net premiums earned                                                                 910.9             859.1                    6.0
Net investment income                                                                82.4              84.8                   -2.8
Other income                                                                         35.9              36.0                   -0.2
Operating revenues                                                                1,029.4             980.0                    5.0
Claim costs                                                                         582.2             567.3                    2.6
Sales and general expenses                                                          288.3             255.8                   12.7
Interest and other charges                                                           16.3              16.0                    2.0
Operating expenses                                                                  886.9             839.2                    5.7
Segment pretax operating income (loss)                                        $     142.5           $ 140.8                    1.2  %

Claim ratio                                                                          63.9   %          66.0  %
Expense ratio                                                                        27.7              25.6
Combined ratio                                                                       91.6   %          91.6  %



General Insurance net premiums earned increased 6.0% for the quarter, with
rising premiums in commercial auto, financial indemnity, and property lines of
coverage. Strong premium rate increases for most lines of coverage, other than
workers' compensation, high renewal retention ratios, and new business
production all contributed. Net investment income decreased slightly in the
quarter, reflecting lower investment yields earned, partially offset by growth
in the invested asset base.

The reported loss ratio for General insurance improved during the quarter,
including the favorable evolution of the reserves of the previous periods and a decrease
current period claims provision, attributable to multiple years of premium rates
increases, subscription actions and a change in the composition of the coverage range.

The first quarter expense ratio was elevated compared to the same quarter last
year, generally reflecting the shift in line of coverage mix, and an increase in
employee costs, including the timing of certain benefit accruals. Investments in
new products and geographies in recent years have diversified the General
Insurance business, resulting in shifts in the lines of coverage mix toward
lines with higher expense ratios and lower current period claim ratios.

Together, these factors produced higher pretax operating income for the period.
reported.

The following table presents the loss ratios for the recent annual and interim periods and
the effects of loss development trends:

                                                                                Effect of Prior Periods'
                                                                                      (Favorable)/                            Claim Ratio Excluding
                                           Reported                                Unfavorable Claim                          Prior Periods' Claim
                                          Claim Ratio                             Reserves Development                        Reserves Development
2017                                              71.8  %                                       0.7  %                                     71.1  %
2018                                              72.2                                            -                                        72.2
2019                                              71.8                                          0.4                                        71.4
2020                                              69.9                                         (0.8)                                       70.7
2021                                              64.8  %                                      (3.8) %                                     68.6  %

1st Quarter 2021                                  66.0  %                                      (2.7) %                                     68.7  %
1st Quarter 2022                                  63.9  %                                      (3.2) %                                     67.1  %



Quarterly and annual claim ratios and trends may not be indicative of future
outcomes for a business with relatively long claim payment patterns. We target
combined ratios between 90% and 95%, and based on our historical line of
coverage mix, a claim ratio average in the high 60% to low 70% range, and an
expense ratio average of 25%. These components of the combined ratio will
continue to reflect the line of coverage mix.

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Results of the title insurance segment

                                                                                                  Title Insurance
                                                                                             Summary Operating Results
                                                                   Quarters

Finished March, 31st,

                                                                                   2022                2021              % Change
Net premiums and fees earned                                                  $     998.9           $ 967.7                    3.2  %
Net investment income                                                                11.3              10.5                    7.6
Other income                                                                          0.2               0.2                   -5.9
Operating revenues                                                                1,010.5             978.4                    3.3
Claim costs                                                                          29.3              29.2                    0.3
Sales and general expenses                                                          899.6             844.8                    6.5
Interest and other charges                                                            0.5               0.6                  -16.0
Operating expenses                                                                  929.5             874.7                    6.3
Segment pretax operating income (loss)                                        $      80.9           $ 103.7                  -21.9  %

Claim ratio                                                                           2.9   %           3.0  %
Expense ratio                                                                        90.0              87.3
Combined ratio                                                                       92.9   %          90.3  %




Title Insurance net premiums and fees earned grew by 3.2% in the quarter. Agency
revenues continued to increase over the prior period although at a lower rate
than in recent quarters. Revenue from direct production channels declined in the
quarter, and we expect both directly produced and agency produced revenues to be
lower throughout the year when compared to prior year periods. Increases in
mortgage interest rates significantly reduced refinance activity in the quarter
and likely will for the remainder of the year. Purchase order levels were in
line with the prior period and continue to benefit from strong housing prices.
Ongoing increases in mortgage interest rates may affect purchase activity
through the remainder of the year. Net investment income increased slightly in
the quarter, reflecting growth in the invested asset base, offset by lower
investment yields earned.

Title Insurance's claim ratios were relatively flat for the quarter. The first
quarter expense ratio was elevated compared to the same quarter last year,
generally reflecting the combination of lower directly produced revenues that
carry higher fixed expenses, along with a greater proportion of agency produced
revenues that have a higher overall expense ratio.

Together, these factors produced lower pre-tax operating income for the period
reported.

The following table presents the loss ratios for the recent annual and interim periods and
the effects of loss development trends:

                                                                               Effect of Prior Periods'
                                                                                     (Favorable)/                           Claim Ratio Excluding
                                           Reported                               Unfavorable Claim                          Prior Periods' Claim
                                         Claim Ratio                             Reserves Development                        Reserves Development
2017                                              0.8  %                                      (3.0) %                                     3.8  %
2018                                              1.9                                         (1.8)                                       3.7
2019                                              2.5                                         (1.2)                                       3.7
2020                                              2.3                                         (1.3)                                       3.6
2021                                              2.6  %                                      (1.0) %                                     3.6  %

1st Quarter 2021                                  3.0  %                                      (0.6) %                                     3.6  %
1st Quarter 2022                                  2.9  %                                      (0.6) %                                     3.5  %



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RFIG Runoff Segment Results

                                                                                                   RFIG Run-off
                                                                                            Summary Operating Results
                                                                   Quarters

Finished March, 31st,

                                                                                    2022              2021             % Change
Mortgage Insurance (MI)
Net premiums earned                                                            $      6.5           $  9.2                 -29.0  %
Net investment income                                                                 2.0              3.2                 -36.2
Claim costs                                                                          (4.2)             4.3                N/M
MI pretax operating income (loss)                                              $      9.7           $  4.9                  97.0  %

Claim ratio                                                                         -64.8   %         46.5  %
Expense ratio                                                                        46.8             34.5
Combined ratio                                                                      -18.0   %         81.0  %



Pretax operating results of RFIG Run-off reflect the continuing drop in net
earned premiums in line with the declining risk in force, and significantly
lower claim costs compared to the 2021 period. Net investment income decreased
in the quarter, reflecting a declining invested asset base, and lower investment
yields earned. Extraordinary dividends of $35.0 million were paid to the parent
company during the quarter. Claim costs reflect significantly fewer newly
reported delinquencies along with improving trends in cure rates, influenced by
a relatively strong economy and real estate market.

Together, these factors produced significantly higher pre-tax operating income
for the declared period.

The following table presents the loss ratios for the recent annual and interim periods and
the effects of loss development trends:

                                                                                Effect of Prior Periods'
                                                                                      (Favorable)/                             Claim Ratio Excluding
                                           Reported                                 Unfavorable Claim                          Prior Periods' Claim
                                          Claim Ratio                             Reserves Development                         Reserves Development
2017                                              57.6  %                                      (38.3) %                                     95.9  %
2018                                              43.2                                         (27.0)                                       70.2
2019                                              55.0                                         (12.5)                                       67.5
2020                                              81.7                                         (26.5)                                      108.2
2021                                              (5.3) %                                      (67.5) %                                     62.2  %

1st Quarter 2021                                  46.5  %                                      (13.5) %                                     60.0  %
1st Quarter 2022                                 (64.8) %                                     (131.1) %                                     66.3  %



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Corporate and other operating results

                                                                                                       Corporate & Other
                                                                                                   Summary Operating Results
                                                                       

Quarters ended March, 31st,

                                                                                          2022               2021             % Change
Net life and accident premiums earned                                                $        2.4          $  2.8                 -13.3  %
Net investment income                                                                        10.4             5.7                  81.8
Other operating income                                                                          -               -                     -
Operating revenues                                                                           12.9             8.5                  50.8
Claim costs                                                                                   0.6             2.4                 -75.0
Insurance expenses                                                                            0.9             0.8                   8.7
Corporate, interest and other expenses - net                                                  7.1            (0.3)         N/M
Operating expenses                                                                            8.6             2.9                 196.8
Corporate & other pretax operating income (loss)                                     $        4.2          $  5.6                 -24.6  %



This segment includes a small life and accident insurance business and the net
costs associated with the parent holding company and several internal corporate
services subsidiaries. The segment tends to produce highly variable results
stemming from volatility inherent from the lack of scale. Interest expense
increased related to the issuance of $650 million of debt late in the second
quarter of 2021, partially offset by net investment income from a higher level
of investments.


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