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<SEC-DOCUMENT>0000074260-05-000116.txt : 20051028
<SEC-HEADER>0000074260-05-000116.hdr.sgml : 20051028
<ACCEPTANCE-DATETIME>20051028142443
ACCESSION NUMBER:		0000074260-05-000116
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050930
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051028
DATE AS OF CHANGE:		20051028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OLD REPUBLIC INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000074260
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				362678171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10607
		FILM NUMBER:		051162732

	BUSINESS ADDRESS:	
		STREET 1:		307 N MICHIGAN AVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		3123468100

	MAIL ADDRESS:	
		STREET 1:		307 N MICHIGAN AVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k102705.txt
<DESCRIPTION>FORM 8K ORI CORP. EARNINGS PRESS RELEASE 10/27/05
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                    FORM 8-K


                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


       Date of Report: (Date of earliest event reported) October 28, 2005


                     OLD REPUBLIC INTERNATIONAL CORPORATION
             -------------------------------------------------------
             (Exact name of registrant as specified in its charter)


         Delaware                       001-10607                36-2678171
- ----------------------------          -------------          ------------------
(State or other jurisdiction          (Commission            (I.R.S. Employer
of incorporation)                     File Number)           Identification No.)


               307 North Michigan Avenue, Chicago, Illinois 60601
               ---------------------------------------------------
               (Address of principal executive offices) (Zip Code)

                                 (312) 346-8100
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                                       N/A
          ------------------------------------------------------------
          (Former name or former address, if changed since last report)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the Registrant under any of the
following provisions (see General Instruction A.2 below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 140.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))


<PAGE>


Item 2.02.  Results of Operations and Financial Condition
            ---------------------------------------------

On October 27,  2005,  Old  Republic  International  Corporation  announced  the
results of its  operations  and its  financial  condition  for the quarter ended
September 30, 2005. The full text of the earnings release is included as Exhibit
99.1 hereto.



Item 9.01.  Financial Statements and Exhibits
            ---------------------------------

            (c) Exhibits

            99.1  Earnings Release dated October 27, 2005.



<PAGE>


                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                         OLD REPUBLIC INTERNATIONAL CORPORATION
                                         Registrant



Date: October 28, 2005                      By: /s/ Karl W. Mueller
                                            -----------------------------------
                                                 Karl W. Mueller
                                                 Senior Vice President and
                                                 Chief Financial Officer







<PAGE>


                                INDEX TO EXHIBITS
                                -----------------


         Exhibits

99.1     Earnings Release dated October 28, 2005.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex991.txt
<DESCRIPTION>EXHIBIT 99.1 EARNING PRESS RELEASE 10/27/05
<TEXT>
NEWS BULLETIN
- --------------------------------------------------------------------------------
Old Republic International Corporation
307 North Michigan Avenue, Chicago, IL 60601-5382 312/346-8100
- --------------------------------------------------------------------------------

For Further Information:

AT OLD REPUBLIC:                        AT FINANCIAL RELATIONS BOARD:
A.C. Zucaro                             Leslie Loyet
Chairman & CEO                          Analysts/Investors
(312) 346-8100                          (312) 640-6672
                                        lloyet@financialrelationsboard.com

AT FINANCIAL RELATIONS BOARD:
Tim Grace
Media Inquiries
(312) 640-6667
tgrace@financialrelationsboard.com
- --------------------------------------------------------------------------------

FOR IMMEDIATE RELEASE                                                  NYSE: ORI
THURSDAY, OCTOBER 27, 2005

                        OLD REPUBLIC REPORTS HIGHER THIRD
                   QUARTER AND YEAR-TO-DATE OPERATING EARNINGS

                   All Three Major Segments Show Profit Growth

<TABLE>
- ------------------------------------------------------------------------------------------------------------------
                                              Financial Highlights
                              (unaudited; amounts in millions except share data and
                        percentages; all per-share amounts are stated on a diluted basis)

- ------------------------------------------------------------------------------------------------------------------

                                        Quarters Ended September 30,          Nine Months Ended September 30,
                                       2005        2004       Change          2005         2004        Change
                                  ------------------------------------------------------------------------------
<s>                                   <c>         <c>        <c>           <c>            <c>            <c>
 Total Revenues                       $954.7      $880.3        8.5%       $2,779.9      $2,569.8        8.2%
 Net Operating Income                 $119.2      $107.6       10.7%       $  392.3 *    $  320.1       22.5%
 Net Income                           $121.6      $109.1       11.5%       $  408.2 *    $  334.5       22.0%
 Diluted Earnings Per Share:
   Net Operating Income               $ 0.64      $ 0.58       10.3%       $   2.12 *    $   1.73       22.5%
   Net Income                         $ 0.65      $ 0.59       10.2%       $   2.20 *    $   1.81       21.5%

*Includes non-recurring income tax and related accumulated interest recovery of
 $45.9 after tax, or 25 cents per share.
- ------------------------------------------------------------------------------------------------------------------
</TABLE>

CHICAGO--October 27, 2005--Old Republic  International  Corporation (NYSE: ORI),
reported  operating  earnings  growth of 10.7  percent for the third  quarter of
2005. Net operating income,  which excludes realized investment gains or losses,
was $119.2  million,  or 64 cents per share in the  quarter  compared  to $107.6
million,  or 58 cents per share, in the same year-ago period. Net income in this
year's third  quarter  totaled  $121.6  million,  or 65 cents per share,  versus
$109.1 million, or 59 cents per share, for the year-ago quarter.

For the first nine months of 2005, net operating  income grew by 22.5 percent to
$392.3 million, or $2.12 per share in 2005, compared to $320.1 million, or $1.73
per share, for 2004.

                                     -more-
<PAGE>
Old Republic International Corporation
Add 1

Net income was $408.2 million,  or $2.20 per share,  versus $334.5  million,  or
$1.81 per share,  for the same period of 2004.  Net operating and net income for
the first nine months of 2005 include a  non-recurring  recovery of income taxes
and related  accumulated  interest of $57.9 million ($45.9 million net of tax or
25 cents per share).  The recovery stems from a recent  favorable  resolution of
the Company's claim for a permanent  Federal income tax refund applicable to the
three years ended December 31, 1990.  Consolidated pretax earnings for the first
nine months of 2004 were  affected  adversely  by required  non-recurring  stock
option  compensation  charges of $5.6 million,  (or 2 cents per share after tax)
representing the expense of a vesting acceleration of stock option costs.

Consolidated  Results

The major  components  of Old  Republic's  consolidated  operating  revenues and
income were as follows for the periods shown:

<TABLE>
                                                                     ($ in Millions Except Share Data)
                                                     -----------------------------------------------------------------
                                                             Quarters Ended                    Nine Months Ended
                                                              September 30,                      September 30,
                                                     ------------------------------     ------------------------------
                                                       2005       2004      Change        2005       2004      Change
                                                     --------   --------   --------     --------   --------   --------
<s>                                                  <c>        <c>        <c>          <c>        <c>        <c>
Operating revenues:
   General insurance                                 $  510.7   $  471.1       8.4%     $1,506.5   $1,341.7      12.3%
   Mortgage guaranty                                    129.3      123.7       4.5         386.6      366.6       5.4
   Title insurance                                      288.6      263.6       9.5         795.3      779.7       2.0
   Corporate and other                                   22.3       19.5      14.4          66.8       58.8      13.6
                                                     --------   --------   --------     --------   --------   --------
         Total                                       $  951.0   $  878.0       8.3%     $2,755.4   $2,547.0       8.2%
                                                     ========   ========   ========     ========   ========   ========
Pretax operating income (loss):
   General insurance                                 $   87.5   $   87.2        .3%     $  258.8   $  244.9       5.7%
   Mortgage guaranty                                     55.9       53.7       4.1         188.5      170.7      10.4
   Title insurance                                       30.7       21.1      45.6          66.4       65.4       1.5
   Corporate and other                                    1.8       (2.0)                   (2.4)      (6.1)
Realized investment gains (losses):
   From sales                                             4.9        2.2                    31.0       22.7
   From impairments                                      (1.2)        -                     (6.5)        -
                                                     --------   --------                --------   --------
         Sub-total                                        3.7        2.2                    24.5       22.7
                                                     --------   --------   --------     --------   --------   --------
Consolidated pretax income                              179.8      162.3      10.7         535.9      497.7       7.7
   Income taxes                                          58.1       53.2       9.2         127.6      163.1     (21.8)
                                                     --------   --------   --------     --------   --------   --------
   Net income                                        $  121.6   $  109.1      11.5%     $  408.2   $  334.5      22.0%
                                                     ========   ========   ========     ========   ========   ========

Consolidated composite ratio:
   Benefits and claims                                  43.5%      43.3%                   43.7%      41.8%
   Expense                                              44.6       45.1                    44.4       46.2
                                                     --------   --------                --------   --------
        Composite ratio                                 88.1%      88.4%                   88.1%      88.0%
                                                     ========   ========                ========   ========

Components of diluted earnings per share:
   Net Operating Income before non-
      recurring income tax benefit                   $   0.64   $   0.58      10.3%     $   1.87   $   1.73       8.1%
   Non-recurring income tax benefit                        -         -                      0.25         -
                                                     --------   --------   --------     --------   --------   --------
   Net operating income                                  0.64       0.58      10.3          2.12       1.73      22.5
   Net realized gains                                    0.01       0.01                    0.08       0.08
                                                     --------   --------   --------     --------   --------   --------
   Net income                                        $   0.65   $   0.59      10.2%     $   2.20   $   1.81      21.5%
                                                     ========   ========   ========     ========   ========   ========
</TABLE>

                                     -more-
<PAGE>
Old Republic International Corporation
Add 2

Consolidated  results are provided in terms of both  operating and net income to
highlight the effect of investment gain or loss recognition on  period-to-period
comparisons. Recognition of such gains or losses can be highly discretionary and
arbitrary  due to such  factors as the timing of  individual  securities  sales,
recognition  of losses from  write-downs  of impaired  securities,  tax-planning
considerations,  and changes in investment  management judgments relative to the
direction of securities markets or the future prospects of individual  investees
or industry sectors.

For the third  quarter  and first  nine  months of 2005  consolidated  operating
revenue  growth was affected  mostly by higher  premiums and fees in each of the
Company's major segments. Consolidated pretax operating income for these periods
benefited from reasonably stable  underwriting/service income in these segments,
and from higher investment income generated by a greater invested asset base.

General Insurance Results

The  following  highlights  reflect  the  progress  of  Old  Republic's  General
Insurance business for the third quarter and first nine months of 2005.

<TABLE>
                                                                 ($ in Millions)
                                    ------------------------------------------------------------------------
                                             Quarters Ended                        Nine Months Ended
                                              September 30,                          September 30,
                                    --------------------------------        --------------------------------

                                      2005        2004       Change           2005        2004       Change
                                    --------    --------    --------        --------    --------    --------
<s>                                 <c>         <c>         <c>             <c>         <c>         <c>
Net premiums earned                 $ 457.4     $ 421.3        8.6%         $1,349.9    $1,194.2       13.0%
Net investment income                  49.1        45.7        7.4             144.8       135.2        7.1
Pretax operating income             $  87.5     $  87.2        0.3%         $  258.8    $  244.9        5.7%
                                    ========    ========    ========        ========    ========    =========

Benefits and claims ratio              67.0%       66.1%                       67.1%       66.0%
Expense ratio                          24.5        23.9                        24.3        24.7
                                    --------    --------                    --------    --------
  Composite ratio                      91.5%       90.0%                       91.4%       90.7%
                                    ========    ========                    ========    ========
</TABLE>

General Insurance earned premiums  continued to reflect the positive pricing and
risk selection changes effected during the past few years, as well as additional
business  produced in an environment  marked by reasonably  stable  underwriting
discipline on the part of many competitors.  Underwriting  results in the latest
quarter and year-to-date  period continued to benefit from fairly stable overall
claims ratios,  and firm production and  administrative  expense control.  Claim
costs attributable to hurricane Katrina added approximately 1.0 percentage point
to the composite  ratio during the third  quarter.  The decline in  underwriting
results  during the third  quarter of 2005 by  comparison  to the same period in
2004 was slightly more than offset by the increase in net investment income. The
composite  underwriting  ratio represents the most widely accepted  indicator of
underwriting  performance in the industry, and Old Republic has now registered a
favorable general insurance composite ratio below 100 percent for 14 consecutive
quarters.

                                     -more-

<PAGE>
Old Republic International Corporation
Add 3

Mortgage Guaranty Results

Old Republic's  Mortgage  Guaranty Group performed  within  expectations for the
first nine months of 2005. Performance indicators of this segment follow:

<TABLE>
                                                                 ($ in Millions)
                                    ------------------------------------------------------------------------
                                             Quarters Ended                         Nine Months Ended
                                              September 30,                           September 30,
                                    --------------------------------        --------------------------------

                                      2005        2004       Change           2005        2004       Change
                                    --------    --------    --------        --------    --------    --------
<s>                                 <c>         <c>         <c>             <c>         <c>         <c>
Net premiums earned                 $ 107.6     $ 102.3        5.1%         $ 321.5     $ 301.5        6.7%
Net investment income                  17.2        16.9        1.7             52.2        50.2        3.9
Pretax operating income             $  55.9     $  53.7        4.1%         $ 188.5     $ 170.7       10.4%
                                    ========    ========    ========        ========    ========    ========


Claims ratio                           42.4%       41.4%                       35.4%       34.4%
Expense ratio                          21.6        22.6                        22.2        25.7
                                    --------    --------                    --------    --------
  Composite ratio                      64.0%       64.0%                       57.6%       60.1%
                                    ========    ========                    ========    ========
</TABLE>

For both the third quarter and first nine months of 2005, the Company's Mortgage
Guaranty   segment   reflected   moderate   operating  income  growth  from  its
underwriting/service  functions  in  particular.  Net  premiums  earned  rose by
mid-single  digits  principally  due to bulk business growth as well as a higher
average  premium  rate  on new  traditional  primary  business  production.  The
composite underwriting ratios for 2005 interim periods were stable to moderately
lower in  comparison  to the same periods of the  preceding  year.  This ratio's
generally  positive  trend in 2005 is mainly  due to a decline  in the sales and
operating expense component.

Title Insurance Results

Old Republic's  Title  Insurance  segment  turned in much improved  results this
quarter. Major indicators of that performance follow:

<TABLE>
                                                                 ($ in Millions)
                                    ------------------------------------------------------------------------
                                             Quarters Ended                         Six Months Ended
                                              September 30,                                June 30,
                                    --------------------------------        --------------------------------

                                      2005        2004       Change           2005        2004       Change
                                    --------    --------    --------        --------    --------    --------
<s>                                 <c>         <c>         <c>             <c>         <c>         <c>
Net premiums and
  fees earned                       $ 282.0     $ 256.9        9.8%         $ 775.5     $ 759.8        2.1%
Net investment income                   6.3         6.4       (1.7)            19.1        18.9        0.8
Pretax operating income             $  30.7     $  21.1       45.6%         $  66.4     $  65.4        1.5%
                                    ========    ========    ========        ========    =========   ========

Claims ratio                            5.9%        5.8%                        5.9%        5.8%
Expense ratio                          85.4        88.5                        87.9        88.1
                                    --------    --------                    --------    --------
  Composite ratio                      91.3%       94.3%                       93.8%       93.9%
                                    ========    ========                    ========    ========
</TABLE>

During the first nine months of 2005,  housing and mortgage  lending trends were
relatively  uneven in many parts of the nation.  Net premiums and fees earned by
Old Republic's Title Insurance group reflected this environment.  Year over year
the Group's  revenues were down by 1 percent in the first  quarter,  down by 2.6
percent in the second quarter, and up by nearly 10 percent in the third quarter.
Pretax operating earnings for this segment generally followed these quarterly

                                     -more-

<PAGE>
Old Republic International Corporation
Add 4

revenue  patterns. While the claims ratio was relatively  stable for each of the
first three quarters,  the expense component of the ratio was impacted favorably
by expense  control  efforts  and by  production  and other costs that rose at a
slower pace than revenues.

Corporate and Other Operations

Combined results for Old Republic's small life and health insurance business and
net corporate  expenses reflected a pretax operating deficit of $2.4 million and
pretax  operating  income of $1.8  million  in the first  nine  months and third
quarter of 2005,  respectively.  For the same  periods of 2004,  the  comparable
operating  deficits  amounted to $6.1  million and $2.0  million,  respectively.
These results are reflective of holding company expenses and debt service costs,
income  on  short  term  investment  holdings,   and  higher  earnings  from Old
Republic's small book of life and accident and health business.

Cash, Invested Assets and Shareholders' Equity

The following  table shows the growth in  consolidated  cash and invested assets
and shareholders'  equity,  along with the corresponding per share amounts as of
the dates shown:
<TABLE>
                                                     ($ in Millions except Share Data)
                                      ----------------------------------------------------------------
                                                                                       %  Change
                                                                                 ---------------------
                                       September     December      September     Sept `05/   Sept `05/
                                         2005          2004          2004        Dec  `04    Sept '04
                                      ----------    ----------    ----------     ---------   ---------
<s>                                   <c>           <c>           <c>            <c>         <c>
Cash and invested assets:
         Total                        $ 7,957.8     $ 7,519.5     $ 7,315.9          5.8%         8.8%
         Per share                        43.43         41.19         40.12          5.4          8.3
Shareholders' equity:
         Total, as reported             4,128.5       3,865.6       3,791.6          6.8          8.9
         Per Share: as reported           22.53         21.17         20.79          6.4          8.4
                    at cost           $   22.03     $   20.24     $   19.80          8.8%        11.3%
                                      ==========    ==========    ==========     =========   ==========
</TABLE>

Consolidated  operating  cash flow amounted to $655.8 million for the first nine
months of 2005 versus  $605.0  million for the same period of 2004.  Each of the
Company's major segments sustained positive operating cash flow during 2005.

Old Republic's high quality  investment  portfolio reflects a current allocation
of  approximately  87  percent  in  fixed-income  investments  and 6 percent  in
equities. As has been the case for many years, it contains little or no exposure
to real estate investments, mortgage-backed securities, derivatives, junk bonds,
private  placements  or mortgage  loans.  The rise in the  shareholders'  equity
account resulted mostly from earnings  retained in excess of cash dividends paid
to  shareholders.  Equity per share as reported is inclusive of unrealized gains
or losses on  investments  whereas the cost basis is exclusive of such gains and
losses.

Conference Call Information

Old Republic has scheduled a conference call today at 2:00 p.m.  Central Time to
discuss its third quarter 2005 performance and related trends in its business.

                                     -more-

<PAGE>
Old Republic International Corporation

To access this call, log on to www.oldrepublic.com 15 minutes before the call to
download the necessary software.  Replays will be available through this website
for 30 days.

About Old Republic

Chicago-based  Old Republic  International  Corporation is an insurance  holding
company  whose  subsidiaries  market,  underwrite  and provide  risk  management
services  for a  wide  variety  of  coverages  primarily  in  the  property  and
liability, mortgage guaranty, and title insurance fields. One of the nation's 50
largest  publicly  owned  insurance  organizations,  Old  Republic has assets of
approximately  $11.3 billion and shareholders'  equity of $4.1 billion or $22.53
per share. Its current stock market valuation is approximately $4.7 billion,  or
$25.39 per share.

Safe Harbor Statement

Historical data pertaining to the operating  performance,  liquidity,  and other
performance  indicators  applicable  to an  insurance  enterprise  such  as  Old
Republic are not necessarily  indicative of results to be achieved in succeeding
years.  In addition to the factors  cited  below,  the  long-term  nature of the
insurance  business,  seasonal  and annual  patterns in premium  production  and
incidence of claims,  changes in yields obtained on invested assets,  changes in
government  policies  and free  markets  affecting  inflation  rates and general
economic  conditions,  and changes in legal precedents or the application of law
affecting  the  settlement  of disputed  and other  claims can have a bearing on
period-to-period comparisons and future operating results.

Some of the statements made in this News Release and Company published  reports,
as well as oral statements or commentaries  made by the Company's  management in
conference calls following  earnings releases,  can constitute  "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995. Of necessity,  any such forward-looking  statements,  commentaries,  or
inferences,  involve assumptions,  uncertainties,  and risks that may affect the
Company's future  performance.  With regard to Old Republic's  General Insurance
segment,  its  results  can be  affected  in  particular  by the level of market
competition,  which is  typically a function of  available  capital and expected
returns on such capital among competitors,  the levels of interest and inflation
rates, and periodic  changes in claim frequency and severity  patterns caused by
natural  disasters,  weather  conditions,   accidents,  illnesses,  work-related
injuries,  and  unanticipated  external  events.  Mortgage  Guaranty  and  Title
insurance results can be impacted by similar factors and, most particularly,  by
changes in national and regional housing demand and values, the availability and
cost of mortgage loans,  employment trends, and default rates on mortgage loans.
Additionally,  mortgage  guaranty  results,  may  also be  affected  by  various
risk-sharing arrangements with business producers as well as the risk management
and  pricing  policies  of  government  sponsored  enterprises.  Life and health
insurance  earnings  can be affected by the levels of  employment  and  consumer
spending,  variations  in  mortality  and health  trends,  and changes in policy
lapsation rates. At the parent company level,  operating  earnings or losses are
generally  reflective of the amount of debt  outstanding and its cost,  interest
income on temporary  holdings of short-term  investments,  and  period-to-period
variations in the costs of administering the Company's widespread operations.

Any forward-looking statements or commentaries speak only as of their dates. Old
Republic  undertakes  no  obligation  to  publicly  update  or  revise  all such
comments,  whether as a result of new  information,  future events or otherwise,
and accordingly they may not be unduly relied upon.

           For the latest news releases and other corporate documents
                         on Old Republic International
                           Visit: www.oldrepublic.com
                                  -------------------
                           Financial Tables Follow....

                                     -more-

<PAGE>
Old Republic International Corporation
Add 6
<TABLE>
                                                Old Republic International Corporation
                                                         FINANCIAL HIGHLIGHTS
                                                  ($ in Millions, Except Share Data)
- ------------------------------------------------------------------------------------------------------------------------------------

                                                 Quarters Ended                                 Nine Months Ended
                                                 September 30,                                    September 30,
                                        ---------------------------------               ----------------------------------
                                             2005              2004         Change           2005               2004         Change
                                        -------------------------------------------     --------------------------------------------
<s>                                     <c>               <c>             <c>           <c>                <c>             <c>
NET INCOME:
  Total                                         $121.6            $109.1     11.5%               $408.2            $334.5     22.0%
                                        ===============   ===============               ================   ===============

  Per Share: Basic                               $0.66             $0.60     10.0%                $2.23             $1.84     21.2%
                                        ===============   ===============               ================   ===============
             Diluted                             $0.65             $0.59     10.2%                $2.20             $1.81     21.5%
                                        ===============   ===============               ================   ===============


Average number of shares outstanding:
             Basic                        183,217,078        182,327,380                    183,202,689       182,317,511
                                       ===============    ===============               ================   ===============
             Diluted                      185,630,338        184,417,471                    185,295,639       184,474,671
                                       ===============    ===============               ================   ===============

- ------------------------------------------------------------------------------------------------------------------------------------
COMPOSITION  OF  EARNINGS  PER  SHARE:
- ------------------------------------------------------------------------------------------------------------------------------------
Basic Earnings:
   Net operating income                         $0.65              $0.59     10.2%                $2.14             $1.76     21.6%
   Realized investment gains                     0.01               0.01                           0.09              0.08
                                       ---------------    ---------------               ----------------   ---------------
       Net income                               $0.66              $0.60     10.0%                $2.23             $1.84     21.2%
                                       ===============    ===============               ================   ===============
Diluted Earnings:
   Net operating income                         $0.64              $0.58     10.3%                $2.12             $1.73     22.5%
   Realized investment gains                     0.01               0.01                           0.08              0.08
                                       ---------------    ---------------               ----------------   ---------------
       Net income                               $0.65              $0.59     10.2%                $2.20             $1.81     21.5%
                                       ===============    ===============               ================   ===============

- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL POSITION SUMMARY:
- ------------------------------------------------------------------------------------------------------------------------------------

                                                                        September 30,      December 31,     September 30,
                                                                            2005              2004              2004
                                                                       ---------------   ---------------   ---------------
Assets:
  Cash and fixed maturity securities                                         $7,338.1          $6,905.2          $6,666.0
  Equity securities                                                             455.5             459.0             503.7
  Other invested assets                                                         164.1             155.2             146.1
  Accounts and premiums receivable                                              636.6             543.9             549.3
  Reinsurance balances recoverable                                            2,075.5           1,846.5           1,834.5
  Sundry assets                                                                 672.5             660.7             686.1
                                                                        --------------   ---------------   ---------------
      Total                                                                 $11,342.6         $10,570.8         $10,386.0
                                                                        ==============   ===============   ===============

Liabilities and Shareholders' Equity:
  Policy liabilities                                                         $1,169.7          $1,079.1          $1,079.8
  Benefit and claim reserves                                                  4,838.3           4,403.5           4,342.5
  Federal income tax payable: deferred                                          551.6             554.5             557.1
  Debt                                                                          142.8             143.0             142.7
  Sundry liabilities                                                            511.4             524.9             472.1
  Shareholders' equity                                                        4,128.5           3,865.6           3,791.6
                                                                        --------------   ---------------   ---------------
      Total                                                                 $11,342.6         $10,570.8         $10,386.0
                                                                        ==============   ===============   ===============

Number of shares outstanding                                              183,225,447       182,563,545       182,335,518
                                                                        ==============   ===============   ===============

- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>





                                                                          -more-
<PAGE>
Old Republic International Corporation
Add 7
<TABLE>
                                                 Old Republic International Corporation
                                                       SEGMENTED OPERATING SUMMARY
                                                             ($ in Millions)
- ------------------------------------------------------------------------------------------------------------------------------------

                   Net                                                                                     Pretax
                Premiums       Net                                                Sales                   Operating    Composite
                 & Fees     Investment     Other      Operating     Benefits     & Other        Total      Income     Underwriting
  Segment        Earned       Income       Income     Revenues      & Claims     Expenses     Expenses     (Loss)        Ratios
- ------------  ------------  -----------  ----------  -----------  ------------  -----------  ----------  -----------  ------------
<s>           <c>           <c>          <c>         <c>          <c>           <c>          <c>         <c>          <c>
Quarter Ended September 30, 2005
- --------------------------------
General            $457.4        $49.1        $4.1       $510.7        $306.4       $116.7      $423.1        $87.5          91.5%
Mortgage            107.6         17.2         4.4        129.3          45.6         27.7        73.3         55.9          64.0%
Title               282.0          6.3         0.2        288.6          16.6        241.2       257.9         30.7          91.3%
Other                16.7          5.4         0.1         22.3           7.2         13.1        20.4          1.8            ---
              ------------------------------------------------------------------------------------------------------  -------------
Consolidated       $863.8        $78.0        $9.0       $951.0        $376.0       $398.8      $774.8       $176.1          88.1%
              ======================================================================================================  =============

Quarter Ended September 30, 2004
- --------------------------------
General            $421.3        $45.7        $4.1       $471.1        $278.4       $105.4      $383.9        $87.2          90.0%
Mortgage            102.3         16.9         4.4        123.7          42.3         27.6        70.0         53.7          64.0%
Title               256.9          6.4         0.1        263.6          14.8        227.6       242.4         21.1          94.3%
Other                15.6          3.7         0.2         19.5           8.9         12.5        21.5         (2.0)           ---
              ------------------------------------------------------------------------------------------------------  -------------
Consolidated       $796.3        $72.8        $8.9       $878.0        $344.5       $373.3      $717.9       $160.1          88.4%
              ======================================================================================================  =============

- ------------------------------------------------------------------------------------------------------------------------------------

Nine Months Ended September 30, 2005
- ------------------------------------
General          $1,349.9       $144.8       $11.7     $1,506.5        $905.8       $341.8    $1,247.6       $258.8          91.4%
Mortgage            321.5         52.2        12.8        386.6         113.7         84.3       198.1        188.5          57.6%
Title               775.5         19.1         0.6        795.3          45.8        682.9       728.8         66.4          93.8%
Other                53.3         13.1         0.3         66.8          26.3         43.0        69.3         (2.4)           ---
              ------------------------------------------------------------------------------------------------------  -------------
Consolidated     $2,500.4       $229.3       $25.6     $2,755.4      $1,091.8     $1,152.1    $2,244.0       $511.3          88.1%
              ======================================================================================================  =============

Nine Months Ended September 30, 2004
- ------------------------------------
General          $1,194.2       $135.2       $12.3     $1,341.7        $787.8       $308.9    $1,096.8       $244.9          90.7%
Mortgage            301.5         50.2        14.8        366.6         103.6         92.3       195.9        170.7          60.1%
Title               759.8         18.9         0.8        779.7          44.1        670.1       714.2         65.4          93.9%
Other                48.1         10.1         0.6         58.8          27.1         37.9        65.0         (6.1)           ---
              ------------------------------------------------------------------------------------------------------  -------------
Consolidated     $2,303.7       $214.6       $28.6     $2,547.0        $962.7     $1,109.3    $2,072.0       $474.9          88.0%
              ======================================================================================================  =============

- ------------------------------------------------------------------------------------------------------------------------------------

Fiscal Twelve Months Ended September 30, 2005
- ---------------------------------------------
General          $1,778.7       $193.0       $15.5     $1,987.3      $1,187.5       $452.7    $1,640.3       $346.9          91.3%
Mortgage            423.2         69.7        16.8        509.8         153.3        114.1       267.4        242.3          59.2%
Title             1,040.9         25.7         0.7      1,067.4          61.5        942.3     1,003.8         63.5          96.3%
Other                69.8         17.0         0.5         87.4          34.6         66.2       100.9        (13.5)           ---
              ------------------------------------------------------------------------------------------------------  -------------
Consolidated     $3,312.8       $305.5       $33.6     $3,652.0      $1,437.0     $1,575.5    $3,012.6       $639.3          89.3%
              ======================================================================================================  =============

Fiscal Twelve Months Ended September 30, 2004
- ---------------------------------------------
General          $1,561.7       $179.2       $16.4     $1,757.4      $1,030.0       $410.0    $1,440.1       $317.2          91.1%
Mortgage            403.4         66.9        19.7        490.1         136.2        121.7       258.0        232.1          59.1%
Title             1,054.4         24.9         0.9      1,080.3          62.8        927.4       990.3         90.0          93.9%
Other                61.1         14.1         0.7         76.0          33.0         47.5        80.5         (4.5)           ---
              ------------------------------------------------------------------------------------------------------  -------------
Consolidated     $3,080.8       $285.2       $37.9     $3,404.0      $1,262.2     $1,506.8    $2,769.0       $634.9          88.0%
              ======================================================================================================  =============

- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>



                                     -more-

<PAGE>
Old Republic International Corporation
Add 8
<TABLE>
                                                  Old Republic International Corporation
                                                      SEGMENTED OPERATING STATISTICS
                                                             ($ in Millions)
- ------------------------------------------------------------------------------------------------------------------------------------

                                                                     Quarters Ended                       Nine Months Ended
                                                                     September 30,                          September 30,
                                                            ---------------------------------      ---------------------------------
                                                                 2005              2004                 2005              2004
                                                            ---------------------------------      ---------------------------------
<s>                                                         <c>               <c>                  <c>               <c>
General Insurance:
  Benefits and claims ratio                                          67.0%             66.1%                67.1%             66.0%
  Expense ratio                                                      24.5%             23.9%                24.3%             24.7%
                                                            ---------------   ---------------      ---------------   ---------------
     Composite ratio                                                 91.5%             90.0%                91.4%             90.7%
                                                            ===============   ===============      ===============   ===============

   Paid loss ratio                                                   52.7%             50.5%                51.2%             50.9%
                                                            ===============   ===============      ===============   ===============


Mortgage Guaranty:
  New insurance written: Traditional Primary                      $5,553.0          $5,998.0            $15,585.5         $19,080.7
                         Bulk                                      1,701.1           1,804.9              7,465.9           3,136.1
                         Other                                        19.8             360.0                 63.2           6,801.1
                                                            ---------------   ---------------      ---------------   ---------------
                         Total                                    $7,274.0          $8,163.0            $23,114.7         $29,018.0
                                                            ===============   ===============      ===============   ===============

  Net risk in force: Traditional Primary                                                                $14,882.4         $15,474.4
                     Bulk                                                                                 1,482.2             813.9
                     Other                                                                                  575.8             576.1
                                                                                                   ---------------   ---------------
                     Total                                                                              $16,940.5         $16,864.4
                                                                                                   ===============   ===============

  Earned premiums: Direct                                           $127.0            $122.4               $379.7            $360.8
                                                            ===============   ===============      ===============   ===============
                   Net                                              $107.6            $102.3               $321.5            $301.5
                                                            ===============   ===============      ===============   ===============

  Persistency/Traditional Primary                                                                           65.2%             62.8%
                                                                                                   ===============   ===============

  Delinquency ratio: Traditional Primary                                                                    4.14%             3.90%
                                                                                                   ===============   ===============
                     Bulk                                                                                   3.41%             4.84%
                                                                                                   ===============   ===============

  Claims ratio                                                       42.4%             41.4%                35.4%             34.4%
  Expense ratio                                                      21.6%             22.6%                22.2%             25.7%
                                                            ---------------   ---------------      ---------------   ---------------
     Composite ratio                                                 64.0%             64.0%                57.6%             60.1%
                                                            ===============   ===============      ===============   ===============

  Paid loss ratio                                                    37.5%             34.7%                33.2%             30.0%
                                                            ===============   ===============      ===============   ===============


Title Insurance:
  Direct orders opened                                             104,659            99,248              310,961           315,186
                                                            ===============   ===============      ===============   ===============
  Direct orders closed                                              89,293            82,166              253,639           261,464
                                                            ===============   ===============      ===============   ===============

  Claims ratio                                                        5.9%              5.8%                 5.9%              5.8%
  Expense ratio                                                      85.4%             88.5%                87.9%             88.1%
                                                            ---------------   ---------------      ---------------   ---------------
     Composite ratio                                                 91.3%             94.3%                93.8%             93.9%
                                                            ===============   ===============      ===============   ===============

  Paid loss ratio                                                     3.9%              2.9%                 4.7%              3.5%
                                                            ===============   ===============      ===============   ===============
</TABLE>


                                      -30-

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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