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Old Republic (NYSE: ORI) posts Q1 2026 profit jump but softer underwriting

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8-K

Rhea-AI Filing Summary

Old Republic International Corporation reported first quarter 2026 net income attributable to shareholders of $330.0 million, up from $245.0 million a year ago, driven largely by higher realized and unrealized investment gains. Net income excluding investment gains (net operating income) fell to $170.5 million from $201.7 million, with diluted net operating income per share down to $0.68 from $0.81.

Consolidated net premiums and fees earned rose to $1.97 billion from nearly $1.85 billion, and net investment income increased to $178.0 million from $170.7 million. The consolidated combined ratio deteriorated to 96.6% from 93.7%, reflecting lower favorable loss reserve development. Book value per share was $24.53, up 2.6% since year-end 2025 inclusive of dividends.

Specialty Insurance premiums grew 4.7% but segment pretax operating income declined 19.6%, while Title Insurance premiums and fees grew 12.0% and pretax operating income rose to $16.7 million from $4.3 million. Total capital returned to shareholders was $237.5 million, including $76.7 million in dividends and $160.7 million in share repurchases. The previously announced acquisition of Everett Cash Mutual Insurance Co. has received regulatory approval and is expected to close early in the third quarter 2026, subject to policyholder approval and customary conditions.

Positive

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Insights

Q1 2026 shows strong investment gains but softer core underwriting.

Old Republic generated higher total net income of $330.0 million versus $245.0 million as net investment gains rose to $201.8 million from $55.0 million. However, net income excluding investment gains declined to $170.5 million, and the consolidated combined ratio worsened to 96.6% from 93.7%, signaling weaker underlying underwriting performance.

Specialty Insurance premiums grew 4.7%, but segment underwriting income fell 46.7%, reflecting a higher loss ratio from reduced favorable prior-year reserve development and higher expenses tied to growth and technology investments. Title Insurance improved, with net premiums and fees up 12.0% and pretax operating income rising to $16.7 million. Book value per share increased to $24.53, up 2.6% inclusive of dividends, even as $237.5 million was returned to shareholders.

The approved acquisition of Everett Cash Mutual Insurance Co., expected to close early in the third quarter 2026, will be added to the Specialty segment once completed. Future disclosures may clarify how integration affects growth, combined ratios, and capital deployment following the sizeable share repurchases and special dividend noted for early 2026.

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 $330.0 million Quarter ended March 31, 2026 vs $245.0 million in 2025
Net income excluding investment gains $170.5 million Quarter ended March 31, 2026 vs $201.7 million in 2025
Net premiums and fees earned $1.97 billion Quarter ended March 31, 2026; about $1.84 billion in 2025
Consolidated combined ratio 96.6% Quarter ended March 31, 2026 vs 93.7% in 2025
Book value per share $24.53 March 31, 2026; up 2.6% since year-end 2025 inclusive of dividends
Capital returned to shareholders $237.5 million Quarter ended March 31, 2026; $76.7M dividends, $160.7M buybacks
Annualized operating ROE 11.5% Based on net operating income for Q1 2026
Total revenues $2,399.4 million Quarter ended March 31, 2026 vs $2,114.0 million in 2025
combined ratio financial
"Consolidated combined ratio of 96.6%, compared to 93.7% 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 $170.5 million, compared to $201.7 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.
favorable loss reserve development financial
"Favorable loss reserve development of 1.5 points, compared to 2.6 points last year."
specialty insurance financial
"Specialty Insurance net premiums earned increased 4.7%."
demutualization transaction financial
"conversion to a stock company in a sponsored demutualization transaction has received regulatory approval"
net investment gains financial
"Total net investment gains 201.8 ... 55.0"
Net investment gains are the overall profit a company or fund earns from its investments after subtracting losses and related costs, such as fees or write-downs. For investors, this number shows whether the entity’s spare cash and portfolio are adding value or dragging on results—think of it like the net profit from a side business after paying its bills and covering any bad months. It directly affects reported earnings and the return on capital.
Net premiums and fees earned $1,972.2 million 7.1% YoY
Net income attributable to shareholders $330.0 million up from $245.0 million YoY
Net income excluding investment gains $170.5 million -15.4% YoY
Consolidated combined ratio 96.6% from 93.7% YoY
Book value per share $24.53 1.3% increase from $24.21 at Dec. 31, 2025
Understanding 8-K Material Events →
0000074260false00000742602026-04-232026-04-23

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) April 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 April 23, 2026, Old Republic International Corporation announced the results of its operations and its financial condition for the quarter ended March 31, 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 April 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: April 23, 2026
By: /s/   Frank J. Sodaro   
Frank J. Sodaro
Senior Vice President,
Chief Financial Officer, and
Chief Accounting Officer



NEWS RELEASE
orilogoa09.jpg
OLD REPUBLIC REPORTS RESULTS FOR THE FIRST QUARTER 2026

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

•Net income of $330.0 million, compared to $245.0 million last year.
•Net income excluding investment gains (net operating income) of $170.5 million, compared to $201.7 million last year.
•Net operating income per diluted share of $0.68, compared to $0.81 last year.
•Consolidated net premiums and fees earned of $1.97 billion, compared to nearly $1.85 billion last year.
•Net investment income of $178.0 million, compared to $170.7 million last year.
•Consolidated combined ratio of 96.6%, compared to 93.7% last year.
•Favorable loss reserve development of 1.5 points, compared to 2.6 points last year.
•Book value per share of $24.53, inclusive of dividends declared, up 2.6% since year-end 2025.
•Annualized operating return on equity of 11.5%.
•Total capital returned to shareholders of $237.5 million.

Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended March 31,
20262025% Change
Net income$330.0 $245.0 
Net of tax investment gains
159.4 43.2 
Net income excluding investment gains
$170.5 $201.7 (15.4)%
Combined ratio96.6 %93.7 %
PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended March 31,
20262025% Change
Net income$1.32 $0.98 
Net of tax investment gains
0.64 0.17 
Net income excluding investment gains
$0.68 $0.81 (15.4)%
SHAREHOLDERS' EQUITY (BOOK VALUE)
Mar. 31,
Dec. 31,
20262025% Change
Total$5,911.9 $5,914.0 — %
Per common share
$24.53 $24.21 1.3 %








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 March 31,
SUMMARY INCOME STATEMENTS:20262025% Change
Revenues:
Net premiums and fees earned$1,972.2 $1,841.0 7.1 %
Net investment income178.0 170.7 4.3 
Other income47.3 47.2 0.2 
Total operating revenues2,197.6 2,059.0 6.7 
Net investment gains:
Realized from actual transactions and impairments
85.3 37.4 
Unrealized from changes in fair value of equity securities
116.4 17.6 
Total net investment gains
201.8 55.0 
Total revenues2,399.4 2,114.0 
Operating expenses:
Loss and loss adjustment expenses840.2 777.7 8.0 
Underwriting, acquisition, and other expenses1,128.0 1,010.7 11.6 
Interest and other charges
17.7 17.8 (0.5)
Total expenses
1,986.0 1,806.3 10.0 %
Pretax income413.4 307.7 
Income taxes83.8 61.6 
Total net income
329.5 246.1 
Net income (loss) attributable to noncontrolling interests
(0.5)1.1 
Net income attributable to shareholders
$330.0 $245.0 
COMMON STOCK STATISTICS:
Components of net income per share:
Basic net income excluding investment gains
$0.70 $0.83 (15.1)%
Net investment gains:
Realized investment gains
0.28 0.12 
Unrealized from changes in fair value of equity securities
0.38 0.06 
Basic net income$1.36 $1.01 
Diluted net income excluding investment gains
$0.68 $0.81 (15.4)%
Net investment gains:
Realized investment gains
0.27 0.12 
Unrealized from changes in fair value of equity securities
0.37 0.05 
Diluted net income$1.32 $0.98 
Dividends declared on common stock
$0.315 $0.290 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 Company's operating companies, as well as the sound investment of their capital and underwriting cash flows.

Sources of Consolidated Income
Quarters Ended March 31,
20262025% Change
Net premiums and fees earned:
Specialty Insurance
$1,291.8 $1,233.6 4.7 %
Title Insurance677.8 605.1 12.0 
Corporate & Other2.4 2.2 7.6 
Consolidated$1,972.2 $1,841.0 7.1 %
Underwriting income (loss): (a)
Specialty Insurance
$67.2 $126.1 (46.7)%
Title Insurance(0.5)(12.2)95.2 
Corporate & Other(15.4)(14.0)(9.4)
Consolidated$51.2 $99.8 (48.7)%
Net investment income:
Specialty Insurance
$158.1 $150.0 5.4 %
Title Insurance17.4 16.7 4.4 
Corporate & Other2.4 3.9 (38.1)
Consolidated$178.0 $170.7 4.3 %
Interest and other charges:
Specialty Insurance
$16.2 $16.0 
Title Insurance0.1 0.1 
Corporate & Other (b)
1.3 1.6 
Consolidated$17.7 $17.8 (0.5)%
Pretax income (loss) excluding investment gains:
Specialty Insurance
$209.0 $260.1 (19.6)%
Title Insurance16.7 4.3 284.5 
Corporate & Other(14.3)(11.8)(21.1)
Consolidated 211.5 252.7 (16.3)%
Income taxes
41.4 49.8 
Net income excluding investment gains
170.0 202.8 (16.2)%
Consolidated pretax investment gains:
Realized from actual transactions and impairments
85.3 37.4 
Unrealized from changes in fair value of equity securities
116.4 17.6 
Total201.8 55.0 
Income taxes
42.4 11.7 
Net of tax investment gains
159.4 43.2 
 Total net income
329.5 246.1 
Net income (loss) attributable to noncontrolling interests
(0.5)1.1 
Net income attributable to shareholders
$330.0 $245.0 
(a) Includes related services.
(b) Includes consolidation/elimination entries.

3

Old Republic International Corporation







Specialty Insurance Segment Operating Results

Quarters Ended March 31,
20262025% Change
Revenues:
Net premiums written$1,315.3 $1,272.0 3.4 %
Net premiums earned1,291.8 1,233.6 4.7 
Other income47.1 47.1 0.2 
Expenses:
Loss and loss adjustment expenses821.9 761.0 8.0 
Underwriting, acquisition, and other expenses
449.9 393.5 14.3 
Segment underwriting income
67.2 126.1 (46.7)
Add: Net investment income
158.1 150.0 5.4 
Less: Interest and other charges
16.2 16.0 1.7 
Segment pretax operating income$209.0 $260.1 (19.6)%
Loss ratio:
Current year65.2 %65.0 %
Prior years(1.6)(3.3)
Total63.6 61.7 
Expense ratio31.2 28.1 
Combined ratio94.8 %89.8 %

Specialty Insurance net premiums earned increased 4.7%. Growth 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. Retention ratios were affected by the continued prioritization of rate, in particular within commercial auto and general liability lines where significant rate increases were achieved. Premium growth was most pronounced within commercial auto, property, accident & health, and general liability coverages while the most notable decline came from Canadian travel accident and trucking.

The net investment income increase was driven by a higher invested asset base, along with higher investment yields earned.

The Specialty Insurance loss ratio is higher due to lower levels of favorable prior year loss reserve development while the current year loss ratio remained consistent. Favorable prior year development came predominately from commercial auto, workers' compensation, and property, partially offset by modest unfavorable development in general liability. The expense ratio is elevated due to continued investments in start-up operating companies which are not at scale, information technology modernization, data 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 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 proposed acquisition of Everett Cash Mutual Insurance Co. (ECM) and affiliated companies following its conversion to a stock company in a sponsored demutualization transaction has received regulatory approval, and is expected to close early in the third quarter 2026 upon receipt of policyholder approval and completion of all customary and regulatory closing conditions. Upon closing, ECM will be reported within the Specialty Insurance segment operating results.

4

Old Republic International Corporation







Title Insurance Segment Operating Results
Quarters Ended March 31,
20262025% Change
Revenues:
Net premiums earned
$618.9 $546.9 13.2 %
Title, escrow, and other fees
58.9 58.1 1.3 
Net premiums and fees earned677.8 605.1 12.0 
Other income0.1 0.1 N/M
Expenses:
Loss and loss adjustment expenses17.4 16.0 8.7 
Underwriting, acquisition, and other expenses
661.1 601.4 9.9 
Segment underwriting loss
(0.5)(12.2)95.2 
Add: Net investment income17.4 16.7 4.4 
Less: Interest and other charges0.1 0.1 N/M
Segment pretax operating income$16.7 $4.3 284.5 %
Loss ratio:
Current year3.7 %3.5 %
Prior years(1.1)(0.8)
Total2.6 2.7 
Expense ratio97.5 99.4 
Combined ratio100.1 %102.1 %

Title Insurance net premiums and fees earned increased 12.0% for the quarter. Both agency and directly produced premiums experienced solid growth and strong commercial business production. Commercial premiums represented 27% of net premiums earned compared to 24% in the first quarter of last year. Title, escrow, and other fees were up slightly, as the decrease in fees from the sale of certain technology platforms in the first quarter 2025 was offset by growth in escrow and closing service fees.

Net investment income increased primarily due to higher investment yields earned on a slightly higher invested asset base.

The Title Insurance loss ratio remained consistent with last year, reflecting a higher level of favorable prior year loss reserve development offset by slightly higher current year losses. The expense ratio continues to benefit from expense management and scale, partially offset by a higher amount of agent commissions primarily due to greater amounts of agency business compared to the direct operation.

Together, these factors produced higher pretax operating income. 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 March 31,
20262025% Change
Net premiums earned
$2.4 $2.2 7.6 %
Net investment income (a)2.4 3.9 (38.1)
Operating revenues4.8 6.2 (21.5)
Operating expenses19.1 18.0 6.4 
Corporate & Other pretax operating loss
$(14.3)$(11.8)(21.1)%
(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 invested asset base due to the return of capital to shareholders, including the January 2026 special dividend payment.

Consolidated Balance Sheets
March 31,December 31,
20262025
Assets:
Fixed income securities (at fair value)$12,802.6 $12,709.8 
Equity securities (at fair value)2,527.7 2,487.7 
Short-term investments (at fair value which approximates cost)1,044.9 1,613.6 
Other investments18.2 27.7 
Cash202.1 263.2 
Accrued investment income129.9 141.1 
Accounts and notes receivable2,783.3 2,782.2 
Reinsurance balances and funds held403.0 404.5 
Reinsurance recoverable7,942.8 7,740.2 
Deferred policy acquisition costs659.1 636.2 
Other assets1,081.9 1,055.9 
Total assets$29,596.0 $29,862.7 
Liabilities and Equity:
Loss and loss adjustment expense reserves$14,954.8 $14,775.7 
Unearned premiums4,099.5 3,982.5 
Other policyholders' benefits and funds held176.6 177.8 
Commissions, expenses, fees, and taxes553.2 601.8 
Reinsurance balances and funds held1,440.8 1,428.0 
Federal income tax: Deferred210.6 219.3 
Debt1,590.2 1,589.9 
Other liabilities644.6 1,158.7 
Total liabilities23,670.5 23,934.2 
Total shareholders' equity5,911.9 5,914.0 
Noncontrolling interests13.4 14.4 
Total equity5,925.4 5,928.4 
Total liabilities and equity$29,596.0 $29,862.7 
6

Old Republic International Corporation







Investments
As of March 31, 2026, the consolidated investment portfolio reflected an allocation of approximately 85% to fixed income securities (bonds and notes) and short-term investments, and 15% 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 fixed income portfolio continues to be the anchor for the operating companies' obligations. The maturities of the fixed income securities are generally matched to the expected liabilities for claim payment obligations to policyholders and their beneficiaries. 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.

Old Republic’s investment portfolio is focused on ensuring solid funding of the operating companies' obligations to policyholders and their beneficiaries, as well as the long-term stability of the subsidiaries’ capital base. For these reasons, 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 counter-party risk attributes. Old Republic performs regular stress tests of the investment portfolio to gain reasonable assurance that periodic downdrafts in market prices do not undermine the Company's financial strength.
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.
Quarters Ended Mar. 31,
20262025
Beginning balance$24.21 $22.84 
Changes in shareholders' equity:
Net income excluding net investment gains
0.70 0.83 
Net of tax realized investment gains
0.28 0.12 
Net of tax unrealized investment gains (losses):
Fixed income securities(0.47)0.46 
Equity securities0.38 0.06 
Total net of tax realized and unrealized investment gains0.19 0.64 
Dividends declared
(0.315)(0.290)
Other – net
(0.26)0.17 
Net change0.32 1.35 
Ending balance$24.53 $24.19 
Change for the period1.3 %5.9 %
Change for the period, inclusive of dividends declared
2.6 %7.2 %
Total capital returned to shareholders during the quarter was $237.5, comprised of $76.7 in dividends and $160.7 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 first 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 8649152. Interested parties may also listen to a replay of the call through April 30, 2026 by dialing 1-800-770-2030, passcode 8649152, 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, we are a leader in underwriting and risk management services for business partners across the United States and Canada. Our specialized operating companies are experts in their fields, enabling us to provide tailored solutions that set us 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


8

Source: View Original Filing on SEC EDGAR

FAQ

How did Old Republic (ORI) perform financially in Q1 2026?

Old Republic reported net income attributable to shareholders of $330.0 million in Q1 2026, up from $245.0 million a year earlier. Total revenues reached $2.40 billion, supported by higher premiums, fees, and significantly larger realized and unrealized investment gains.

What happened to Old Republic’s net operating income in Q1 2026?

Net income excluding investment gains (net operating income) declined to $170.5 million from $201.7 million in Q1 2025. Diluted net operating income per share fell to $0.68 from $0.81, reflecting higher loss and expense ratios despite stronger premium growth.

How did Old Republic’s insurance combined ratio change in Q1 2026?

Old Republic’s consolidated combined ratio increased to 96.6% from 93.7% in the prior-year quarter. The change was driven by lower favorable loss reserve development and higher expense ratios, particularly in the Specialty Insurance segment due to growth and technology investments.

What were key capital and book value metrics for Old Republic in Q1 2026?

Shareholders’ equity was $5.91 billion at March 31, 2026, with book value per share of $24.53. Book value per share rose 2.6% since year-end 2025 inclusive of dividends, while $237.5 million of capital was returned via dividends and share repurchases.

How did Old Republic’s Specialty and Title segments perform in Q1 2026?

Specialty Insurance net premiums earned rose 4.7%, but pretax operating income fell 19.6%. Title Insurance net premiums and fees earned grew 12.0%, and pretax operating income increased to $16.7 million from $4.3 million, aided by better expense ratios and commercial business growth.

What is the status of Old Republic’s Everett Cash Mutual Insurance Co. acquisition?

The proposed acquisition of Everett Cash Mutual Insurance Co. and affiliates has received regulatory approval. It is expected to close early in the third quarter 2026, subject to policyholder approval and completion of customary and regulatory closing conditions, after which it will be included in Specialty Insurance results.

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