ORI earnings analysis
What we found in ORI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Old Republic International Corporation reported a strong Q1 2026 with net income of $330.0 million, an increase from $245.0 million in Q1 2025. However, the company's core earnings performance was impacted as net operating income fell to $170.5 million compared to $201.7 million a year ago, driven by underwriting challenges. Revenues rose 7.1% year-over-year to $2.4 billion primarily due to growth in both Specialty and Title Insurance segments, despite rising expenses and pressure on margins.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 7.1% Year-over-Year
- Total revenues increased from $2.11 billion in Q1 2025 to $2.40 billion in Q1 2026.
- Net Income Improvement
- Net income rose to $330.0 million in Q1 2026, up from $245.0 million in Q1 2025.
- Strong Performance in Title Insurance Segment
- Title Insurance net premiums and fees earned increased by 12.0% to $677.8 million.
- Increased Investment Income
- Net investment income rose to $178.0 million, compared to $170.7 million a year ago.
- Total Capital Returned to Shareholders
- The company returned $237.5 million to shareholders through dividends and share repurchases.
- Improved Book Value Per Share
- Book value per share increased to $24.53, up 2.6% since year-end 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Operating Income Excluding Investment Gains
- Net operating income fell to $170.5 million from $201.7 million year-over-year, a 15.4% decrease.
- Increased Combined Ratio
- The consolidated combined ratio increased to 96.6% from 93.7% for the same quarter last year.
- Pressure from Rising Loss & Loss Adjustment Expenses (LAE)
- Total loss and LAE increased 8.0% year-over-year, leading to concerns over underwriting profitability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.32
- Gross margin
- 15.72%
- Segment
- Specialty Insurance
- Segment
- Title Insurance
What they said about what is next.
Management did not provide numeric guidance for future periods.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 26, 2026
- Old Republic reported 2025 results showing revenue and investment income growth with consolidated total revenues of $9,136.3 million and net income to shareholders of $935.4 million. Net operating income (excluding…
- 10-Q · October 31, 2025
- Old Republic reported third-quarter 2025 total revenues of $2,424.3 million, up from $2,341.7 million a year ago, but net income to shareholders declined to $279.5 million (Q3 2025) from $338.9 million (Q3 2024) and…
- 10-K · February 27, 2025
- Old Republic International Corporation reported a solid performance for the year ended December 31, 2024, with net income per diluted share soaring to $3.24, up from $2.10 in 2023. Revenue increased 9.0% to $8.16…
- 10-K · February 28, 2024
- Old Republic (ORI) reported a mixed 2023: consolidated net premiums and fees earned fell 12.6% to $6,707.7 million while net investment income rose 25.8% to $578.3 million. The company’s long‑running General Insurance…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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