| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 2.5K | 4.3% | 13.4% |
| Total Income | 2.5K | 4.3% | 13.4% |
| Expenditure | 2.1K | 5.5% | 7.3% |
| PBT | 410.20 | 0.8% | 57.7% |
| Net Profit | 322.30 | 2.3% | 57.7% |
| OPM | — | ||
| NPM | 12.87% | 0.88pp | 3.62pp |
| EPS | 1.34 | 1.5% | 61.5% |
Old Republic Reports Q2 2026 Net Income of $322.3 Million
23 Jul 2026 · 23 Jul, 5:42 pm
Summary
Old Republic International Corporation announced strong results for the second quarter of 2026, with net income soaring to $322.3 million, a significant improvement from $204.4 million in the prior year. Consolidated net premiums and fees earned increased to nearly $2.1 billion, driven by growth in both the Specialty and Title Insurance segments. While the consolidated combined ratio slightly increased to 95.3%, the Title Insurance segment showed robust growth with a 130.5% increase in pretax operating income. Management highlighted the long-term focus on profitable operating results and balance sheet strength.
Key Highlights
- 1
Old Republic reported net income of $322.3 million for the second quarter of 2026, a significant increase compared to $204.4 million in the prior year.
- 2
Consolidated net premiums and fees earned reached nearly $2.1 billion for the second quarter of 2026, up from nearly $2.0 billion in the same period last year.
- 3
The consolidated combined ratio for the second quarter of 2026 was 95.3%, compared to 93.6% in the second quarter of 2025.
- 4
Book value per share stood at $25.33 as of June 30, 2026, reflecting a 7.2% increase since year-end 2025.
- 5
Net operating income for the second quarter of 2026 was $186.0 million, down from $209.2 million in the prior year.
- 6
Title Insurance segment pretax operating income saw a substantial increase of 130.5% to $55.9 million for the quarter.
- 7
Specialty Insurance segment experienced a decrease in underwriting income to $59.3 million from $119.9 million in the prior year quarter.
Management Comments
Craig R. Smiddy
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.
Informational and educational content only. Not investment advice.