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Old Republic Q3 2026 net operating income falls 7.8%

Title Insurance pretax operating income rose 10.1%, while Specialty Insurance pretax operating income declined 1.8%.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

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Form Type
8-K

Rhea-AI Filing Summary

Old Republic International Corporation (ORI) reported third-quarter 2026 net income attributable to shareholders of $243.2 million, versus $279.5 million a year earlier, while net operating income attributable to shareholders was $181.4 million, down 7.8%. Net premiums and fees earned rose 8.8% to $2.2693 billion; net investment income was $185.4 million, up 1.5%. The consolidated combined ratio was 96.1%, compared with 95.3% in third quarter 2025.

For the first nine months, shareholder net income was $895.6 million versus $729.0 million, including $232.5 million in net realized investment gains and a $124.9 million bargain purchase gain; net operating income was $538.1 million, down 11.5%. Old Republic's acquisition of ECM Insurance Group closed effective July 1, 2026; ECM's current-period results were accretive to Specialty Insurance's quarterly operating earnings. Title Insurance pretax operating income rose 10.1% to $50.4 million, while Specialty Insurance's declined 1.8% to $203.9 million. ORI returned $190.2 million to shareholders, including $113.8 million in share repurchases; book value per share was $24.65, up 1.8% from December 31, 2025.

2 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 2 points

How the balance works

Positive

  • Moderate pointConsolidated net premiums and fees earned increased 8.8% to $2.2693 billion in third-quarter 2026.
  • Moderate pointNine-month shareholder net income rose to $895.6 million from $729.0 million; the period included $232.5 million in net realized investment gains and a $124.9 million bargain purchase gain.

Negative

  • Moderate pointThird-quarter shareholder net income declined to $243.2 million from $279.5 million, and net operating income declined 7.8% to $181.4 million.
  • Moderate pointNine-month net operating income declined 11.5% to $538.1 million from $607.7 million.

Filing Explained

Third-quarter net income included both a realized investment loss and an acquisition gain; the company’s operating measure excludes both.

Old Republic's Form 8-K reports third-quarter and first-nine-month 2026 results; the company says the Senior Notes issued in May funded repayment of notes that matured in August, completing those debt transactions.

Reported debt was $1,749.7 million at September 30, 2026, versus $1,589.9 million at December 31, 2025.

The company defines net operating income as net income excluding net investment gains or losses and the bargain purchase gain.

For the third quarter, it reported shareholder net income, a net realized investment loss, a bargain purchase gain, and net operating income.

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, or exhibit attachments filed with this report.
Net income attributable to shareholders $243.2 million Third quarter 2026; $279.5 million in third quarter 2025
Net operating income attributable to shareholders $181.4 million Third quarter 2026; down 7.8% from third quarter 2025
Net premiums and fees earned $2.2693 billion Third quarter 2026; up 8.8% from third quarter 2025
Net investment income $185.4 million Third quarter 2026; up 1.5% from third quarter 2025
Consolidated combined ratio 96.1% Third quarter 2026; compared with 95.3% in third quarter 2025
Capital returned to shareholders $190.2 million Third quarter 2026; included $76.3 million in dividends and $113.8 million in share repurchases
Book value per common share $24.65 As of September 30, 2026; up 1.8% from December 31, 2025
Net operating income financial
"net operating income, a non-GAAP financial measure"
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.
Combined ratio financial
"Consolidated combined ratio of 96.1%"
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.
Favorable loss reserve development financial
"Favorable loss reserve development of 1.1 points"
Bargain purchase gain financial
"Bargain purchase gain"
A bargain purchase gain happens when a buyer acquires another company's assets for less than those assets' estimated fair value, producing an immediate accounting profit for the buyer. For investors, it matters because that one-time gain boosts the acquirer's reported earnings and can signal a very favorable deal — like finding a valuable item at a steep discount — but it may also prompt scrutiny about whether asset values or the deal terms were estimated correctly.
Net income attributable to shareholders $243.2 million Down from $279.5 million in third quarter 2025
Net operating income attributable to shareholders $181.4 million Down 7.8% from third quarter 2025
Net premiums and fees earned $2.2693 billion Up 8.8% from third quarter 2025
Net operating income per diluted share $0.73 Down 6.0% from third quarter 2025
Net investment income $185.4 million Up 1.5% from third quarter 2025
Consolidated combined ratio 96.1% Compared with 95.3% in third quarter 2025
Capital returned to shareholders $190.2 million Included $76.3 million in dividends and $113.8 million in share repurchases
Guidance

Specialty Insurance targets combined ratios between 90% and 95% over a full underwriting cycle; Title Insurance targets combined ratios between 90% to 95%. Quarterly and annual ratios and trends may deviate from these ranges.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was ORI's third-quarter 2026 net operating income?
ORI reported net operating income attributable to shareholders of $181.4 million for third quarter 2026, compared with $196.7 million in third quarter 2025. Net operating income per diluted share was $0.73, compared with $0.78 a year earlier.

What combined-ratio targets did ORI state for its insurance segments?
Specialty Insurance targets combined ratios between 90% and 95% over a full underwriting cycle, and Title Insurance targets ratios between 90% and 95%. The company states that quarterly and annual ratios and trends may deviate from that range.

How does ORI define net operating income?
ORI defines net operating income as net income excluding net investment gains or losses and bargain purchase gain. Management uses the measure to evaluate periodic and long-term results and states that it does not replace GAAP net income as a measure of total profitability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR Accepted by SEC EDGAR
0000074260false00000742602026-10-222026-10-22

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 22, 2026
OLD REPUBLIC INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-1060736-2678171
(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 October 22, 2026, Old Republic International Corporation announced the results of its operations and its financial condition for the quarter ended September 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 October 22, 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: October 22, 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 THIRD QUARTER AND FIRST NINE MONTHS OF 2026

CHICAGO – October 22, 2026 – Old Republic International Corporation (NYSE: ORI) – today reported the following results for the third quarter 2026:

•Net income of $243.2 million, compared to $279.5 million last year.
•Net operating income1 of $181.4 million, compared to $196.7 million last year.
•Net operating income per diluted share of $0.73, compared to $0.78 last year.
•Consolidated net premiums and fees earned of nearly $2.3 billion, compared to nearly $2.1 billion last year.
•Net investment income of $185.4 million, compared to $182.6 million last year.
•Consolidated combined ratio of 96.1%, compared to 95.3% last year.
•Favorable loss reserve development of 1.1 points, compared to 2.5 points last year.
•Book value per share of $24.65, inclusive of dividends declared up 5.7% since year-end 2025.
•Annualized operating return on equity of 12.1%.
•Total capital returned to shareholders of $190.2 million, including $113.8 million in share repurchases.

Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended September 30,Nine Months Ended September 30,
20262025% Change20262025% Change
Net income$243.2 $279.5 $895.6 $729.0 
Net realized investment gains (losses)(63.2)82.7 232.5 121.3 
Bargain purchase gain124.9 — 124.9 — 
Net operating income$181.4 $196.7 (7.8)%$538.1 $607.7 (11.5)%
Combined ratio96.1 %95.3 %96.0 %94.2 %
PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended September 30,Nine Months Ended September 30,
20262025% Change20262025% Change
Net income$0.99 $1.11 $3.62 $2.91 
Net realized investment gains (losses)(0.25)0.33 0.95 0.49 
Bargain purchase gain0.51 — 0.50 — 
Net operating income$0.73 $0.78 (6.0)%$2.17 $2.42 (10.3)%
SHAREHOLDERS' EQUITY (BOOK VALUE)
Sep. 30,Dec. 31,
20262025% Change
Total$5,875.3$5,914.0(0.7)%
Per common share$24.65$24.211.8 %


1 Non-GAAP financial measure. See "Use of Non-GAAP financial measures" for additional information.


Old Republic International Corporation







Use of Non-GAAP financial measures
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 operating income, a non-GAAP financial measure defined as net income excluding net investment gains (losses) and bargain purchase gain, in its evaluation of periodic and long-term results.

In management's opinion, excluding these gains and 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 sales are often highly discretionary, and changes in the value of equity securities can cause 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 September 30,Nine Months Ended September 30,
SUMMARY INCOME STATEMENTS:20262025% Change20262025% Change
Revenues:
Net premiums and fees earned$2,269.3 $2,086.2 8.8 %$6,339.4 $5,922.0 7.0 %
Net investment income185.4 182.6 1.5 545.5 524.9 3.9 
Other income50.6 50.7 (0.2)149.4 147.5 1.3 
Total operating revenues2,505.4 2,319.6 8.0 7,034.4 6,594.5 6.7 
Pretax realized investment gains (losses)(79.9)104.7 294.3 152.4 
Bargain purchase gain124.9 — 124.9 — 
Total revenues2,550.5 2,424.3 7,453.8 6,746.9 
Operating expenses:
Loss and loss adjustment expenses943.9 856.9 10.2 2,681.0 2,465.3 8.8 
Underwriting, acquisition, and other expenses1,308.6 1,197.0 9.3 3,606.9 3,307.8 9.0 
Interest and other charges25.5 17.3 47.2 69.9 52.9 32.2 
Total expenses2,278.2 2,071.3 10.0 %6,357.8 5,826.0 9.1 %
Pretax income272.2 352.9 1,095.9 920.9 
Income taxes27.8 72.8 197.4 186.1 
Total net income244.4 280.1 898.4 734.7 
Net income attributable to
noncontrolling interests1.2 0.5 2.7 5.6 
Net income attributable to shareholders$243.2 $279.5 $895.6 $729.0 
COMMON STOCK STATISTICS:
Components of net income per share:
Basic net operating income$0.75 $0.80 (5.7)%$2.23 $2.48 (10.1)%
Net realized investment gains (losses)(0.26)0.34 0.96 0.50 
Bargain purchase gain0.52 — 0.52 — 
Basic net income$1.01 $1.14 $3.71 $2.98 
Diluted net operating income$0.73 $0.78 (6.0)%$2.17 $2.42 (10.3)%
Net realized investment gains (losses)(0.25)0.33 0.95 0.49 
Bargain purchase gain0.51 — 0.50 — 
Diluted net income$0.99 $1.11 $3.62 $2.91 
Dividends declared on common stock$0.315 $0.290 8.6%$0.945 $0.870 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 its operating companies, as well as the sound investment of their capital and underwriting cash flows.

Sources of Consolidated Income
Quarters Ended September 30,Nine Months Ended September 30,
20262025% Change20262025% Change
Net premiums and fees earned:
Specialty Insurance$1,444.6 $1,316.8 9.7 %$4,060.3 $3,845.0 5.6 %
Title Insurance823.3 767.0 7.3 2,273.9 2,070.0 9.8 
Corporate & Other1.4 2.3 (39.4)5.1 6.9 (25.9)
Consolidated$2,269.3 $2,086.2 8.8 %$6,339.4 $5,922.0 7.0 %
Underwriting income (loss):1
Specialty Insurance$58.5 $69.2 (15.4)%$185.1 $315.3 (41.3)%
Title Insurance32.3 27.8 15.969.3 22.5 207.0
Corporate & Other(23.4)(14.0)(66.6)(53.6)(41.4)(29.2)
Consolidated$67.4 $83.0 (18.8)%$200.9 $296.4 (32.2)%
Net investment income:
Specialty Insurance$162.3 $154.6 4.9 %$479.9 $454.6 5.6 %
Title Insurance17.9 17.6 1.7 53.7 51.7 3.9 
Corporate & Other5.2 10.3 (49.5)11.8 18.5 (36.2)
Consolidated$185.4 $182.6 1.5 %$545.5 $524.9 3.9 %
Interest and other charges (income):
Specialty Insurance$17.0 $16.1 $53.5 $48.3 
Title Insurance(0.1)(0.2)— (0.1)
Corporate & Other28.7 1.5 16.4 4.7 
Consolidated$25.5 $17.3 47.2 %$69.9 $52.9 32.2 %
Pretax operating income (loss):
Specialty Insurance$203.9 $207.7 (1.8)%$611.6 $721.7 (15.3)%
Title Insurance50.4 45.7 10.1 123.1 74.4 65.5 
Corporate & Other(27.0)(5.2)N/M(58.2)(27.6)N/M
Consolidated 227.2 248.2 (8.5)%676.5 768.4 (12.0)%
Income taxes44.5 50.8 135.6 155.0 
Net operating income182.6 197.3 (7.4)%540.9 613.4 (11.8)%
Consolidated pretax realized investment
gains (losses)(79.9)104.7 294.3 152.4 
Income taxes (credits)(16.7)21.9 61.8 31.1 
Net realized investment gains (losses)(63.2)82.7 232.5 121.3 
Bargain purchase gain124.9 — 124.9 — 
Total net income244.4 280.1 898.4 734.7 
Net income attributable to
noncontrolling interests1.2 0.5 2.7 5.6 
Net income attributable to shareholders$243.2 $279.5 $895.6 $729.0 


1 Includes related services.
2 Includes consolidation/elimination entries.
3

Old Republic International Corporation







Specialty Insurance Segment Operating Results

Quarters Ended September 30,Nine Months Ended September 30,
20262025% Change20262025% Change
Revenues:
Net premiums written$1,636.3 $1,481.1 10.5 %$4,458.9 $4,114.3 8.4 %
Net premiums earned1,444.6 1,316.8 9.7 4,060.3 3,845.0 5.6 
Other income50.4 50.6 (0.3)148.9 147.1 1.2 
Expenses:
Loss and loss adjustment expenses924.1 835.9 10.6 2,618.9 2,406.7 8.8 
Underwriting, acquisition, and other expenses512.3 462.2 10.8 1,405.2 1,270.0 10.6 
Segment underwriting income58.5 69.2 (15.4)185.1 315.3 (41.3)
Add: Net investment income162.3 154.6 4.9 479.9 454.6 5.6 
Less: Interest and other charges17.0 16.1 5.1 53.5 48.3 10.9 
Segment pretax operating income$203.9 $207.7 (1.8)%$611.6 $721.7 (15.3)%
Loss ratio:
Current year64.8 %66.9 %65.2 %65.8 %
Prior years(0.8)(3.4)(0.7)(3.2)
Total64.0 63.5 64.5 62.6 
Expense ratio32.0 31.3 30.9 29.2 
Combined ratio96.0 %94.8 %95.4 %91.8 %
Combined Ratio Analysis - Excluding Auto Warranty Write-Up to Retail
Loss ratio:
Current year66.8 %68.0 %66.5 %66.6 %
Prior years(0.8)(3.5)(0.7)(3.2)
Total66.0 64.5 65.8 63.4 
Expense ratio29.9 30.2 29.6 28.3 
Combined ratio95.9 %94.7 %95.4 %91.7 %

Specialty Insurance net premiums written continues to reflect significant growth in auto warranty programs which require net premiums written to include the retail selling price of service contracts. Excluding the write-up to retail pricing, Specialty Insurance net premiums written increased 7.1% and 4.0% for the quarter and first nine months, respectively, and net premiums earned increased 8.0% and 4.9% for the same periods. Growth in net premiums earned for the quarter was driven by a combination of premium rate increases and new business production (including an increasing contribution from start-up operating companies) and the acquisition of ECM Insurance Group. Earned premium growth was most pronounced within commercial auto, accident & health, property, and auto warranty coverages, while Canadian travel accident and trucking continued to decline.

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

Specialty Insurance underwriting ratios reflect the impact of the write-up to retail pricing on certain auto warranty programs. Under these programs, as the retail premiums are earned a corresponding commission expense is recognized. The combined ratio analysis above illustrates the resulting increase in the expense ratios and corresponding decrease in the loss ratios.

Excluding the auto warranty write-up to retail, Specialty Insurance loss ratios increased due to a lower level of favorable prior year loss reserve development, partially offset by an improvement in the current year loss ratios. Favorable development was recognized in property, commercial auto, and workers' compensation, partially offset by unfavorable development in general liability and financial indemnity.

The expense ratio for the third quarter 2026 includes a $20 credit loss (1.4 points) from a guaranteed asset protection account. This was offset by lower acquisition costs from changes in mix, and the impact of a third quarter 2025 true-up of ceding commissions (0.9 points). In addition, the expense ratios continue to reflect 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.


4

Old Republic International Corporation







Specialty Insurance Segment Operating Results (continued)
Old Republic’s acquisition of ECM Insurance Group following its conversion to a stock company in a sponsored demutualization transaction closed effective July 1, 2026. Specialty Insurance recognized a gain on the acquisition of $124.9 and ECM Insurance Group's current period results were accretive to this quarter's operating earnings.

Together, these factors produced a profitable combined ratio and strong pretax operating income for the quarter and first nine 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.



5

Old Republic International Corporation







Title Insurance Segment Operating Results
Quarters Ended September 30,Nine Months Ended September 30,
20262025% Change20262025% Change
Revenues:
Net premiums earned$756.0 $699.5 8.1 %$2,074.3 $1,876.3 10.6 %
Title, escrow, and other fees67.2 67.5 (0.5)199.5 193.6 3.0 
Net premiums and fees earned823.3 767.0 7.3 2,273.9 2,070.0 9.8 
Other income0.2 0.1 25.4 0.5 0.4 22.5 
Expenses:
Loss and loss adjustment expenses17.0 20.3 (16.3)57.9 56.7 2.1 
Underwriting, acquisition, and other expenses774.2 719.0 7.7 2,147.1 1,991.1 7.8 
Segment underwriting income32.3 27.8 15.9 69.3 22.5 207.0 
Add: Net investment income17.9 17.6 1.7 53.7 51.7 3.9 
Less: Interest and other charges (income)(0.1)(0.2)31.2 — (0.1)55.0 
Segment pretax operating income$50.4 $45.7 10.1 %$123.1 $74.4 65.5 %
Loss ratio:
Current year3.7 %3.5 %3.7 %3.5 %
Prior years(1.6)(0.8)(1.2)(0.8)
Total2.1 2.7 2.5 2.7 
Expense ratio94.0 93.7 94.4 96.2 
Combined ratio96.1 %96.4 %96.9 %98.9 %

Title Insurance net premiums and fees earned increased 7.3% for the quarter and 9.8% for the first nine months. Agency premiums, which are reported on a lag relative to direct premiums, experienced strong growth, while directly produced premiums were relatively flat as a result of the interest rate environment. Commercial premiums represented 23.6% of net premiums earned compared to 26.4% in the third quarter of last year.

Net investment income increased marginally in the quarter.

The Title Insurance loss ratios improved slightly compared to last year, primarily from a higher level of favorable prior year loss reserve development. The expense ratio for the quarter increased slightly due to commissions on a higher level of agency business, partially offset by continued expense management and scale. In addition, the expense ratio for the first nine months of 2025 included approximately $15 (0.7 points) in litigation settlement expenses; excluding this impact, the expense ratio improved 1.1 points for the first nine months.

Together, these factors produced higher pretax operating income for the quarter and first nine 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, Title Insurance continues to strive to come into range in the near term.

6

Old Republic International Corporation







Corporate & Other Operating Results
Quarters Ended September 30,Nine Months Ended September 30,
20262025% Change20262025% Change
Net premiums earned$1.4 $2.3 (39.4)%$5.1 $6.9 (25.9)%
Net investment income15.2 10.3 (49.5)11.8 18.5 (36.2)
Operating revenues6.5 12.5 (47.6)16.8 25.4 (33.6)
Operating expenses33.6 17.8 88.6 %75.0 53.1 41.4 %
Corporate & Other pretax operating loss$(27.0)$(5.2)N/M$(58.2)$(27.6)N/M

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 invested asset base due to the return of capital to shareholders and a higher allocation to short-term investments. Additionally, the Company's $550 Senior Notes matured in August 2026 and were repaid with proceeds from the $700 Senior Notes issued in May 2026. Operating expenses in 2026 include the increased interest costs associated with the May 2026 debt issuance and transaction costs associated with the closing of the ECM Insurance Group acquisition.

Consolidated Balance Sheets
September 30,December 31,
20262025
Assets:
Fixed income securities (at fair value)$12,136.2 $12,709.8 
Equity securities (at fair value)2,252.3 2,487.7 
Short-term investments (at fair value which approximates cost)2,258.5 1,613.6 
Other investments19.3 27.7 
Cash336.0 263.2 
Accrued investment income133.8 141.1 
Accounts and notes receivable3,153.1 2,782.2 
Reinsurance balances and funds held410.0 404.5 
Reinsurance recoverable8,702.8 7,740.2 
Deferred policy acquisition costs893.3 636.2 
Other assets1,175.8 1,055.9 
Total assets$31,471.7 $29,862.7 
Liabilities and Equity:
Loss and loss adjustment expense reserves$15,820.9 $14,775.7 
Unearned premiums4,815.1 3,982.5 
Other policyholders' benefits and funds held185.2 177.8 
Commissions, expenses, fees, and taxes585.5 601.8 
Reinsurance balances and funds held1,581.8 1,428.0 
Federal income tax: Deferred123.5 219.3 
Debt1,749.7 1,589.9 
Other liabilities718.8 1,158.7 
Total liabilities25,580.8 23,934.2 
Total shareholders' equity5,875.3 5,914.0 
Noncontrolling interests15.4 14.4 
Total equity5,890.8 5,928.4 
Total liabilities and equity$31,471.7 $29,862.7 
1 Net of elimination entries.
7

Old Republic International Corporation







Investments
As of September 30, 2026, the consolidated investment portfolio reflected an allocation of approximately 86% to fixed income securities (bonds and notes) and short-term investments, and 14% 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. Both 2026 periods are also impacted by the bargain purchase gain realized by the Company as a result of its July 1, 2026 acquisition of ECM Insurance Group.
QuarterYear
EndedEnded
Sep. 30,Nine Months Ended Sep. 30,Dec. 31,
2026202620252025
Beginning balance$25.33 $24.21 $22.84 $22.84 
Changes in shareholders' equity:
Net operating income0.75 2.23 2.48 3.23 
Net realized investment gains (losses)(0.26)0.96 0.50 0.59 
Net unrealized investment gains (losses) on
fixed income securities(1.29)(1.90)1.01 1.02 
Total net realized and unrealized investment gains (losses)(1.55)(0.94)1.51 1.61 
Bargain purchase gain0.52 0.52 — — 
Dividends declared(0.315)(0.945)(0.870)(3.660)
Other – net(0.08)(0.43)0.23 0.19 
Net change(0.68)0.44 3.35 1.37 
Ending balance$24.65 $24.65 $26.19 $24.21 
Change for the period(2.7)%1.8 %14.7 %6.0 %
Change for the period, inclusive of dividends declared(1.4)%5.7 %18.5 %22.0 %
Total capital returned to shareholders during the quarter was $190.2, comprised of $76.3 in dividends and $113.8 in share repurchases. For the first nine months, total capital returned was $565.2, comprised of $229.7 in dividends and $335.4 in share repurchases.
8

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 third 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 833-461-5787, passcode 419723846. Interested parties may also listen to a replay of the call through October 29, 2026 by dialing 833-309-1852, passcode 419723846, 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


9

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