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…
Earnings analysis · 10-Q
ORI earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.32
- Gross margin
- 15.72%
- Segment
- Specialty Insurance
- Segment
- Title Insurance
What stood out
-
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.
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Net Income Improvement
Net income rose to $330.0 million in Q1 2026, up from $245.0 million in Q1 2025.
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Strong Performance in Title Insurance Segment
Title Insurance net premiums and fees earned increased by 12.0% to $677.8 million.
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Increased Investment Income
Net investment income rose to $178.0 million, compared to $170.7 million a year ago.
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Total Capital Returned to Shareholders
The company returned $237.5 million to shareholders through dividends and share repurchases.
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Improved Book Value Per Share
Book value per share increased to $24.53, up 2.6% since year-end 2025.
What to watch
-
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.
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Increased Combined Ratio
The consolidated combined ratio increased to 96.6% from 93.7% for the same quarter last year.
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Pressure from Rising Loss & Loss Adjustment Expenses (LAE)
Total loss and LAE increased 8.0% year-over-year, leading to concerns over underwriting profitability.
Management's outlook
Management did not provide numeric guidance for future periods.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.