• Old Republic average return on tangible equity for 2023 was 11.73, a 19.6% decline from 2022.
• Old Republic average return on tangible equity for 2022 was 14.59, a 40.06% decline from 2021.
• Old Republic average return on tangible equity for 2021 was 24.34, a 373.54% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.