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Old Republic (NYSE: ORI) Q2 2026 net income rises on investment gains

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Old Republic International Corporation reported Q2 2026 net income attributable to shareholders of $322.3 million or $1.31 per diluted share, up from $204.4 million or $0.81 a year earlier, alongside $172.4 million of pretax investment gains versus a $7.3 million loss. Net income excluding investment gains (net operating income) declined to $186.0 million or $0.76 per diluted share from $209.2 million or $0.83, as the consolidated combined ratio moved to 95.3% from 93.6%.

Consolidated net premiums and fees earned were $2,097.8 million, and net investment income increased to $182.0 million. Specialty Insurance premiums grew but underwriting income fell and its combined ratio rose to 95.5%, while Title Insurance delivered double-digit premium growth and improved its combined ratio to 95.1%. Book value per share at June 30, 2026 was $25.33, inclusive of dividends, up 7.2% since year-end 2025; annualized operating return on equity was 12.1%. Capital returned to shareholders totaled $137.4 million for the quarter and $374.9 million year to date. An acquisition of Everett Cash Mutual Insurance Co. closed July 1, 2026 and is expected to generate an approximately $125 gain, subject to final valuations, and be accretive to 2026 earnings.

Positive

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Filing Explained

The financing detail shows completed note issuance before an August maturity, raising interest costs; capital returned included dividends and repurchases.

The July 23, 2026 filing discloses that Old Republic issued Senior Notes in May ahead of a Senior Notes maturity in August 2026.

The issuance is a completed financing, while the August maturity remains a future milestone; the release says the debt issuance increased interest costs.

The release also breaks down second-quarter capital returned through dividends and share repurchases. For the first half, capital returned comprised dividends and repurchases.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income attributable to shareholders, Q2 2026 $322.3 million Quarter ended June 30, 2026; compared to $204.4 million in Q2 2025
Net income excluding investment gains (losses), Q2 2026 $186.0 million Net operating income; (11.1)% versus $209.2 million in Q2 2025
Consolidated combined ratio, Q2 2026 95.3% Overall combined ratio; compared to 93.6% in Q2 2025
Net premiums and fees earned, Q2 2026 $2,097.8 million Consolidated net premiums and fees earned; 5.2% growth over Q2 2025
Net investment income, Q2 2026 $182.0 million Quarter ended June 30, 2026; up from $171.5 million in Q2 2025
Book value per share, June 30, 2026 $25.33 Per common share; 4.6% above $24.21 at December 31, 2025; 7.2% inclusive of dividends since year-end 2025
Total capital returned to shareholders, Q2 2026 $137.4 million Includes $76.6 million in dividends and $60.7 million in share repurchases
Debt outstanding, June 30, 2026 $2,284.0 million Consolidated debt; up from $1,589.9 million at December 31, 2025
combined ratio financial
"Consolidated combined ratio of 95.3%, compared to 93.6% last year."
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
net operating income financial
"Net income excluding investment gains (net operating income) of $186.0 million, compared to $209.2 million last year."
Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.
loss reserve development financial
"Favorable loss reserve development of 0.1 points, compared to 2.1 points last year."
Loss reserve development is the change in an insurer’s estimate of money set aside to pay claims as more information about those claims becomes available. Investors watch it because increases mean the company may need to pay more than expected (reducing profits and tying up capital), while decreases free up funds; think of it like updating your household emergency fund after discovering a surprise bill.
pretax operating income financial
"Together, these factors produced a profitable combined ratio and strong pretax operating income for the quarter and first six months."
demutualization transaction financial
"conversion to a stock company in a sponsored demutualization transaction closed effective July 1, 2026."
Senior Notes financial
"The Company issued $700 in Senior Notes in anticipation of the August 2026 maturity of the existing $550 Senior Notes."
Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.
Net income attributable to shareholders, Q2 2026 $322.3 million Compared to $204.4 million in Q2 2025
Net income excluding investment gains (losses), Q2 2026 $186.0 million (11.1)% vs Q2 2025
Diluted net operating income per share, Q2 2026 $0.76 (9.3)% vs Q2 2025
Consolidated net premiums and fees earned, Q2 2026 $2,097.8 million 5.2% vs Q2 2025
Consolidated combined ratio, Q2 2026 95.3% Compared to 93.6% in Q2 2025
Book value per share, June 30, 2026 $25.33 4.6% vs $24.21 at December 31, 2025; 7.2% inclusive of dividends since year-end 2025

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FAQ

How did Old Republic (ORI) perform financially in Q2 2026?
Old Republic reported Q2 2026 net income attributable to shareholders of $322.3 million, up from $204.4 million. Net income excluding investment gains (net operating income) was $186.0 million, down from $209.2 million, as the consolidated combined ratio rose to 95.3%.

What were Old Republic (ORI) Q2 2026 earnings per share?
Diluted net income per share in Q2 2026 was $1.31, compared to $0.81 in Q2 2025. Diluted net operating income per share, excluding investment gains (losses), was $0.76, down from $0.83 a year earlier, reflecting softer underwriting performance.

How did net premiums and investment income trend for ORI in Q2 2026?
Consolidated net premiums and fees earned in Q2 2026 were $2,097.8 million, up 5.2% year over year. Net investment income rose to $182.0 million from $171.5 million, supported by a higher invested asset base across the insurance operations.

What were Old Republic (ORI) key underwriting ratios in Q2 2026?
The consolidated combined ratio was 95.3% in Q2 2026, compared to 93.6% last year. Specialty Insurance recorded a combined ratio of 95.5%, while Title Insurance improved to a combined ratio of 95.1%, down from 99.0% in Q2 2025.

How much capital did Old Republic (ORI) return to shareholders in 2026?
Total capital returned to shareholders was $137.4 million in Q2 2026, including $76.6 million in dividends and $60.7 million of share repurchases. For the first six months of 2026, total capital returned was $374.9 million, split between dividends and repurchases.

What is Old Republic (ORI) book value per share and ROE as of June 30, 2026?
Book value per share at June 30, 2026 was $25.33, up 4.6% from $24.21 at December 31, 2025 and 7.2% inclusive of dividends. Annualized operating return on equity for Q2 2026 was 12.1%, based on net income excluding investment gains (losses).

What strategic actions did Old Republic (ORI) take around acquisitions and debt in 2026?
Old Republic closed its acquisition of Everett Cash Mutual Insurance Co. on July 1, 2026, expecting an approximately $125 gain and 2026 earnings accretion. It also issued $700 in Senior Notes ahead of the August 2026 maturity of existing $550 Senior Notes.
0000074260false00000742602026-07-232026-07-23

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) July 23, 2026
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 AvenueChicagoIllinois60601
(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))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock / $1 par valueORINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.  Results of Operations and Financial Condition

On July 23, 2026, Old Republic International Corporation announced the results of its operations and its financial condition for the quarter ended June 30, 2026.  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 July 23, 2026

104 Cover page Interactive Data file (embedded within Inline XBRL document)


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: July 23, 2026
By: /s/   Frank J. Sodaro   
Frank J. Sodaro
Senior Vice President,
Chief Financial Officer, and
Chief Accounting Officer



NEWS RELEASE
oldrepublic_horizontal-blua.jpg
OLD REPUBLIC REPORTS RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2026

CHICAGO – July 23, 2026 – Old Republic International Corporation (NYSE: ORI) – today reported the following results for the second quarter 2026:

•Net income of $322.3 million, compared to $204.4 million last year.
•Net income excluding investment gains (net operating income) of $186.0 million, compared to $209.2 million last year.
•Net operating income per diluted share of $0.76, compared to $0.83 last year.
•Consolidated net premiums and fees earned of nearly $2.1 billion, compared to nearly $2.0 billion last year.
•Net investment income of $182.0 million, compared to $171.5 million last year.
•Consolidated combined ratio of 95.3%, compared to 93.6% last year.
•Favorable loss reserve development of 0.1 points, compared to 2.1 points last year.
•Book value per share of $25.33, inclusive of dividends declared, up 7.2% since year-end 2025.
•Annualized operating return on equity of 12.1%.
•Total capital returned to shareholders of $137.4 million.

Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended June 30,Six Months Ended June 30,
20262025% Change20262025% Change
Net income$322.3 $204.4 $652.4 $449.5 
Net of tax investment gains (losses)136.2 (4.7)295.7 38.5 
Net income excluding investment gains (losses)$186.0 $209.2 (11.1)%$356.6 $410.9 (13.2)%
Combined ratio95.3 %93.6 %96.0 %93.7 %
PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended June 30,Six Months Ended June 30,
20262025% Change20262025% Change
Net income$1.31 $0.81 $2.63 $1.79 
Net of tax investment gains (losses)0.55 (0.02)1.19 0.15 
Net income excluding investment gains (losses)$0.76 $0.83 (9.3)%$1.44 $1.64 (12.3)%
SHAREHOLDERS' EQUITY (BOOK VALUE)
June 30,Dec. 31,
20262025% Change
Total$6,072.8 $5,914.0 2.7 %
Per common share$25.33 $24.21 4.6 %








Old Republic International Corporation







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 Company's obligations. Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net income excluding net investment gains (losses) (net operating income), a non-GAAP financial measure, in its evaluation of periodic and long-term results.

In management's opinion, excluding investment gains (losses) from income 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 that are unrelated to the insurance operations. Net operating income, however, does not replace GAAP net income as a measure of total profitability.

FINANCIAL HIGHLIGHTS
Quarters Ended June 30,Six Months Ended June 30,
SUMMARY INCOME STATEMENTS:20262025% Change20262025% Change
Revenues:
Net premiums and fees earned$2,097.8 $1,994.6 5.2 %$4,070.0 $3,835.7 6.1 %
Net investment income182.0 171.5 6.1 360.1 342.2 5.2 
Other income51.4 49.6 3.7 98.8 96.8 2.0 
Total operating revenues2,331.3 2,215.8 5.2 4,528.9 4,274.9 5.9 
Net investment gains (losses):
Realized from actual transactions and
impairments38.1 (2.4)123.5 34.9 
Unrealized from changes in fair value of
equity securities134.2 (4.9)250.7 12.7 
Total net investment gains (losses)172.4 (7.3)374.3 47.7 
Total revenues2,503.8 2,208.5 4,903.3 4,322.6 
Operating expenses:
Loss and loss adjustment expenses896.7 830.6 8.0 1,737.0 1,608.4 8.0 
Underwriting, acquisition, and other expenses1,170.2 1,099.9 6.4 2,298.2 2,110.7 8.9 
Interest and other charges26.5 17.6 50.3 44.3 35.5 24.8 
Total expenses2,093.6 1,948.3 7.5 %4,079.6 3,754.6 8.7 %
Pretax income410.2 260.1 823.6 567.9 
Income taxes85.7 51.7 169.6 113.3 
Total net income324.4 208.4 653.9 454.5 
Net income attributable to noncontrolling interests2.0 3.9 1.5 5.0 
Net income attributable to shareholders$322.3 $204.4 $652.4 $449.5 
COMMON STOCK STATISTICS:
Components of net income per share:
Basic net income excluding investment gains (losses)$0.78 $0.85 (9.2)%$1.48 $1.68 (12.2)%
Net investment gains (losses):
Realized investment gains (losses)0.12 (0.01)0.40 0.11 
Unrealized from changes in fair value of
equity securities0.44 (0.01)0.82 0.05 
Basic net income$1.34 $0.83 $2.70 $1.84 
Diluted net income excluding investment gains (losses)$0.76 $0.83 (9.3)%$1.44 $1.64 (12.3)%
Net investment gains (losses):
Realized investment gains (losses)0.12 (0.01)0.39 0.11 
Unrealized from changes in fair value of
 equity securities0.43 (0.01)0.80 0.04 
Diluted net income$1.31 $0.81 $2.63 $1.79 
Dividends declared on common stock$0.315 $0.290 8.6%$0.630 $0.580 8.6%

2

Old Republic International Corporation







The information presented in the following table highlights the most meaningful indicators of Old Republic's segmented and consolidated financial performance. The information underscores the performance of the operating companies, as well as the sound investment of their capital and underwriting cash flows.

Sources of Consolidated Income
Quarters Ended June 30,Six Months Ended June 30,
20262025% Change20262025% Change
Net premiums and fees earned:
Specialty Insurance$1,323.8 $1,294.5 2.3 %$2,615.7 $2,528.1 3.5 %
Title Insurance772.6 697.8 10.7 1,450.5 1,302.9 11.3 
Corporate & Other1.2 2.3 (45.6)3.7 4.6 (19.2)
Consolidated$2,097.8 $1,994.6 5.2 %$4,070.0 $3,835.7 6.1 %
Underwriting income (loss): (a)
Specialty Insurance$59.3 $119.9 (50.5)%$126.5 $246.1 (48.6)%
Title Insurance37.6 6.9 N/M37.0 (5.2)N/M
Corporate & Other(14.7)(13.3)(10.6)(30.1)(27.4)(10.0)
Consolidated$82.2 $113.6 (27.6)%$133.5 $213.4 (37.5)%
Net investment income:
Specialty Insurance$159.5 $149.9 6.4 %$317.6 $299.9 5.9 %
Title Insurance18.3 17.3 5.8 35.8 34.0 5.1 
Corporate & Other4.1 4.2 (2.3)6.6 8.2 (19.5)
Consolidated$182.0 $171.5 6.1 %$360.1 $342.2 5.2 %
Interest and other charges:
Specialty Insurance$20.2 $16.1 $36.5 $32.1 
Title Insurance— — 0.1 0.1 
Corporate & Other (b)6.2 1.5 7.6 3.2 
Consolidated$26.5 $17.6 50.3 %$44.3 $35.5 24.8 %
Pretax income (loss) excluding investment
gains (losses):
Specialty Insurance$198.6 $253.7 (21.7)%$407.6 $513.9 (20.7)%
Title Insurance55.9 24.2 130.5 72.7 28.6 153.9 
Corporate & Other(16.8)(10.5)(59.2)(31.1)(22.3)(39.1)
Consolidated 237.7 267.5 (11.1)%449.3 520.2 (13.6)%
Income taxes49.5 54.3 91.0 104.1 
Net income excluding investment
gains (losses)188.1 213.2 (11.7)%358.2 416.0 (13.9)%
Consolidated pretax investment gains (losses):
Realized from actual transactions
and impairments38.1 (2.4)123.5 34.9 
Unrealized from changes in
fair value of equity securities134.2 (4.9)250.7 12.7 
Total172.4 (7.3)374.3 47.7 
Income taxes (credits)36.2 (2.6)78.6 9.1 
Net of tax investment gains (losses)136.2 (4.7)295.7 38.5 
 Total net income324.4 208.4 653.9 454.5 
Net income attributable to
noncontrolling interests2.0 3.9 1.5 5.0 
Net income attributable to shareholders$322.3 $204.4 $652.4 $449.5 
(a) Includes related services.
(b) Includes consolidation/elimination entries.

3

Old Republic International Corporation







Specialty Insurance Segment Operating Results

Quarters Ended June 30,Six Months Ended June 30,
20262025% Change20262025% Change
Revenues:
Net premiums written$1,483.2 $1,361.0 9.0 %$2,822.6 $2,633.1 7.2 %
Net premiums earned1,323.8 1,294.5 2.3 2,615.7 2,528.1 3.5 
Other income51.2 49.3 3.8 98.4 96.4 2.1 
Expenses:
Loss and loss adjustment expenses872.8 809.6 7.8 1,694.7 1,570.7 7.9 
Underwriting, acquisition, and other expenses442.9 414.2 6.9 892.8 807.7 10.5 
Segment underwriting income59.3 119.9 (50.5)126.5 246.1 (48.6)
Add: Net investment income159.5 149.9 6.4 317.6 299.9 5.9 
Less: Interest and other charges20.2 16.1 25.7 36.5 32.1 13.7 
Segment pretax operating income$198.6 $253.7 (21.7)%$407.6 $513.9 (20.7)%
Loss ratio:
Current year65.6 %65.4 %65.4 %65.2 %
Prior years0.3 (2.9)(0.6)(3.1)
Total65.9 62.5 64.8 62.1 
Expense ratio29.6 28.2 30.4 28.1 
Combined ratio95.5 %90.7 %95.2 %90.2 %

Specialty Insurance net premiums written reflects significant growth in a large auto warranty program which requires net premiums written to include the retail selling price of the service contract. Excluding the write-up to retail pricing from all auto warranty programs, net premiums written increased 1.6% and 2.2% for the quarter and first six months, respectively.

Net premiums earned increased 2.3% for the quarter and 3.5% for the first six months. Growth in the quarter was driven by a combination of premium rate increases and new business production, including an increasing contribution from new operating companies, partially offset by a decline in renewal retention ratios compared to last year. Commercial auto renewal retention improved slightly compared to the first quarter of 2026, while Specialty Insurance continued to prioritize rate. Earned premium growth was most pronounced within commercial auto, accident & health, general liability, property, and auto warranty coverages while workers' compensation and Canadian travel accident and trucking declined.

The increase in net investment income was primarily driven by a higher invested asset base.

The Specialty Insurance loss ratio increase was largely due to changes in prior year loss reserve development, while the current year loss ratio remained consistent. In the quarter, Specialty Insurance experienced unfavorable development of approximately $40 (3.0 points) from its run-off transactional risk business reported in financial indemnity. This unfavorable development was mostly offset by significant favorable development from commercial auto and property.

The expense ratio remains elevated due to continued investments in start-up operating companies which are not at scale, information technology modernization, data and analytics, and artificial intelligence, including the additional personnel costs to manage all of these key initiatives. Several of the information technology modernization efforts are entering a phase in which costs are being amortized while the systems being replaced are not yet decommissioned.

Together, these factors produced a profitable combined ratio and strong pretax operating income for the quarter and first six months. For Specialty Insurance, combined ratios between 90% and 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range, particularly with long-tailed lines of coverage.

Old Republic’s previously announced acquisition of Everett Cash Mutual Insurance Co. (ECM) and affiliated companies following its conversion to a stock company in a sponsored demutualization transaction closed effective July 1, 2026. ECM will be included in the Specialty Insurance segment beginning in the third quarter of 2026. Specialty Insurance expects to report a gain on the acquisition of approximately $125 subject to final valuations as of the closing date, and for the business to be accretive to earnings in 2026.

4

Old Republic International Corporation







Title Insurance Segment Operating Results
Quarters Ended June 30,Six Months Ended June 30,
20262025% Change20262025% Change
Revenues:
Net premiums earned$699.3 $629.8 11.0 %$1,318.2 $1,176.8 12.0 %
Title, escrow, and other fees73.3 67.9 7.9 132.2 126.1 4.9 
Net premiums and fees earned772.6 697.8 10.7 1,450.5 1,302.9 11.3 
Other income0.2 0.1 15.3 0.3 0.3 21.0 
Expenses:
Loss and loss adjustment expenses23.4 20.3 15.2 40.8 36.3 12.4 
Underwriting, acquisition, and other expenses711.8 670.7 6.1 1,372.9 1,272.1 7.9 
Segment underwriting income (loss)37.6 6.9 N/M37.0 (5.2)N/M
Add: Net investment income18.3 17.3 5.8 35.8 34.0 5.1 
Less: Interest and other charges— — N/M0.1 0.1 (14.2)
Segment pretax operating income$55.9 $24.2 130.5 %$72.7 $28.6 153.9 %
Loss ratio:
Current year3.7 %3.5 %3.7 %3.5 %
Prior years(0.7)(0.6)(0.9)(0.7)
Total3.0 2.9 2.8 2.8 
Expense ratio92.1 96.1 94.6 97.6 
Combined ratio95.1 %99.0 %97.4 %100.4 %

Title Insurance net premiums and fees earned increased 10.7% for the quarter and 11.3% for the first six months. Both agency and directly produced premiums experienced solid growth and continued strong commercial business production. Commercial premiums represented 25.4% of net premiums earned compared to 23.0% in the second quarter of last year.

Net investment income increased, reflecting a slightly higher invested asset base.

The Title Insurance loss ratio remained consistent with last year, reflecting a slightly higher level of favorable prior year loss reserve development offset by slightly higher current year losses. The second quarter and first half of 2025 expense ratios included approximately $15 (2.1 and 1.1 points, respectively) in litigation settlement expenses. Excluding that impact, the expense ratios for both 2026 periods improved as a result of expense management and scale, partially offset by a higher amount of agent commissions as a result of increased agency business compared to the direct operation.

Together, these factors produced higher pretax operating income for the quarter and first six months. For Title Insurance, combined ratios between 90% to 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range. Although Title Insurance has been navigating a difficult real estate environment over the last few years resulting in ratios in excess of this range, they continue to strive to come into range in the near term.

5

Old Republic International Corporation







Corporate & Other Operating Results
Quarters Ended June 30,Six Months Ended June 30,
20262025% Change20262025% Change
Net premiums earned$1.2 $2.3 (45.6)%$3.7 $4.6 (19.2)%
Net investment income (a)4.1 4.2 (2.3)6.6 8.2 (19.5)
Operating revenues5.4 6.6 (18.6)10.3 12.8 (20.0)
Operating expenses22.2 17.2 29.1 41.4 35.2 17.5 
Corporate & Other pretax operating loss$(16.8)$(10.5)(59.2)%$(31.1)$(22.3)(39.1)%
(a) Net of elimination entries.

Corporate & Other includes a small life and accident insurance business, the parent holding company, and several internal corporate services subsidiaries. Net investment income was impacted by a lower portfolio yield and invested asset base due to the return of capital to shareholders, partially offset by proceeds from the May 2026 debt issuance. The Company issued $700 in Senior Notes in anticipation of the August 2026 maturity of the existing $550 Senior Notes. Operating expenses for both 2026 periods reflect the increased interest costs associated with the debt issuance.

Consolidated Balance Sheets
June 30,December 31,
20262025
Assets:
Fixed income securities (at fair value)$12,161.2 $12,709.8 
Equity securities (at fair value)2,679.0 2,487.7 
Short-term investments (at fair value which approximates cost)2,233.1 1,613.6 
Other investments17.8 27.7 
Cash417.7 263.2 
Accrued investment income142.5 141.1 
Accounts and notes receivable3,140.2 2,782.2 
Reinsurance balances and funds held385.7 404.5 
Reinsurance recoverable8,426.3 7,740.2 
Deferred policy acquisition costs814.8 636.2 
Other assets1,173.7 1,055.9 
Total assets$31,592.4 $29,862.7 
Liabilities and Equity:
Loss and loss adjustment expense reserves$15,326.9 $14,775.7 
Unearned premiums4,559.0 3,982.5 
Other policyholders' benefits and funds held183.5 177.8 
Commissions, expenses, fees, and taxes544.4 601.8 
Reinsurance balances and funds held1,689.5 1,428.0 
Federal income tax: Deferred262.9 219.3 
Debt2,284.0 1,589.9 
Other liabilities653.9 1,158.7 
Total liabilities25,504.5 23,934.2 
Total shareholders' equity6,072.8 5,914.0 
Noncontrolling interests15.0 14.4 
Total equity6,087.8 5,928.4 
Total liabilities and equity$31,592.4 $29,862.7 
6

Old Republic International Corporation







Investments
As of June 30, 2026, the consolidated investment portfolio reflected an allocation of approximately 84% to fixed income securities (bonds and notes) and short-term investments, and 16% to equity securities (common and preferred stocks). The investment management process remains focused on retaining quality investments that produce consistent streams of investment income, while monitoring concentration limits among the operating companies. The equity portfolio consists of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends.

The investment portfolio has extremely limited exposure to high risk or illiquid asset classes such as limited partnerships, derivatives, hedge funds or private equity investments. In addition, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities with values predicated on non-regulated financial instruments with unfunded counterparty risk attributes.
Shareholders' Equity Per Share
Changes in shareholders' equity per share are reflected in the following table. These changes resulted mostly from net operating income, realized and unrealized investment gains (losses), and dividends to shareholders declared during the year.
QuarterYear
EndedEnded
June 30,Six Months Ended June 30,Dec. 31,
2026202620252025
Beginning balance$24.53 $24.21 $22.84 $22.84 
Changes in shareholders' equity:
Net income excluding net investment gains (losses)0.78 1.48 1.68 3.23 
Net of tax realized investment gains0.12 0.40 0.11 0.65 
Net of tax unrealized investment gains (losses):
Fixed income securities(0.14)(0.61)0.75 1.02 
Equity securities0.44 0.82 0.05 (0.06)
Total net of tax realized and unrealized investment gains0.42 0.61 0.91 1.61 
Dividends declared(0.315)(0.630)(0.580)(3.660)
Other – net(0.09)(0.34)0.29 0.19 
Net change0.80 1.12 2.30 1.37 
Ending balance$25.33 $25.33 $25.14 $24.21 
Change for the period3.3 %4.6 %10.1 %6.0 %
Change for the period, inclusive of dividends declared4.5 %7.2 %12.6 %22.0 %
Total capital returned to shareholders during the quarter was $137.4, comprised of $76.6 in dividends and $60.7 in share repurchases. For the first six months, total capital returned was $374.9, comprised of $153.3 in dividends and $221.5 in share repurchases.
7

Old Republic International Corporation







Financial Supplement

A financial supplement to this news release is available on the Company's website: www.oldrepublic.com

Conference Call Information

Old Republic has scheduled a conference call at 3:00 p.m. ET (2:00 p.m. CT) today to discuss its second quarter 2026 performance and to review major operating trends and business developments. The call can be accessed live on Old Republic's website at www.oldrepublic.com or by dialing 1-800-715-9871, passcode 2246765. Interested parties may also listen to a replay of the call through July 30, 2026 by dialing 1-800-770-2030, passcode 2246765, or by accessing it on Old Republic's website.

About Old Republic

Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, Old Republic is a leader in underwriting and risk management services for business partners across the United States and Canada. Old Republic's specialized operating companies are experts in their fields, enabling them to provide tailored solutions that set them apart. For more information, please visit www.oldrepublic.com.

Forward-Looking Statements

Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include words such as "expect," "predict," "estimate," "will," "should," "anticipate," "believe," and similar expressions. Any such forward-looking statements involve assumptions, uncertainties, and risks that may affect the Company's future performance.

Historical data pertaining to the operating results, 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.

Old Republic's Specialty Insurance segment results can be affected by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors; general economic considerations, including the levels of investment yields, inflation rates, and the impacts of tariffs; periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, and work-related injuries; claims development and the impact on loss reserves; adequacy and availability of reinsurance; uncertainties in underwriting and pricing risks; and unanticipated external events. Old Republic's Title Insurance segment results can be affected by similar factors, and by changes in national and regional housing demand and values, the availability and cost of mortgage loans, and employment trends. Life and accident insurance earnings can be affected by the levels of employment and consumer spending, changes in mortality and health trends, and alterations in policy lapsation rates. At the parent holding company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income, the levels of investments held, and period-to-period variations in the costs of administering the Company's widespread operations. In addition, results could be particularly affected by technology and security breaches or failures, including cybersecurity incidents.

A more detailed listing and discussion of the risks and other factors which affect the Company's risk-taking insurance business are included in Part I, Item 1A - Risk Factors, of the Company's 2025 Form 10-K, and the various risks, uncertainties, and other factors that are included from time to time in other Securities and Exchange Commission filings.

Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise any and all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.
At Old Republic:
At Financial Relations Board:
Craig R. Smiddy, President and Chief Executive Officer
Analysts/Investors: Joe Calabrese/jcalabrese@mww.com


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