Old Republic International : Investor Presentation 1st Quarter 2026
ORI
Published on 04/23/2026 at 07:44 am EDT
Primarily a Specialty underwriter serving the insurance needs of a large number of organizations, including Property & Casualty provider to many of America's leading industrial and financial services institutions and provider of Title Insurance to America's residential and commercial markets
A history dating back 103 years
Total Shareholder Return of 17.0% per share for past 10 years NYSE listed since 1990
Member of the Fortune 500
listing of America's largest companies
One of America's 50 Largest
shareholder-owned insurance businesses
#3 Title insurer in the nation
85 years of dividends
without interruption
Annual dividend raised for each of the past 45 years
$7.1 billion of dividends & share repurchases since 12.31.16
Market Cap / Stock price (NYSE: ORI)
$9.69 billion / $39.90
Shareholders' Equity / BVPS
$5.91 billion / $24.53
Trailing 4 Quarter Operating Income / EPS (a)
$761.4 million / $3.03
Annualized Operating ROE (b)
11.5%
Regular Dividend / Yield
$1.26 / 3.2%
Employees
9,500
Insider and Employee Ownership
7.7%
Note: Market and financial data as of March 31, 2026, except Regular Dividend / Yield which has been updated to reflect the current year run-rate.
A reconciliation to the most directly comparable GAAP measure is included in the appendix
Operating ROE (return on equity) is operating income divided by beginning shareholders' equity
Fostering a unique culture built around integrity, respect and accountability
Investing in people, technology and growth initiatives
Driving deep relationships built on outstanding customer service and risk management expertise
Operating and growing a diverse & decentralized portfolio of specialty insurance products and services
Combining operational & underwriting excellence with narrow & deep expertise
Aligning incentives and accountability to drive profitable growth
Maintaining a lean and flat organizational structure
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dollars in millions, except per share
Total Operating Revenues
$ 6,032
$ 6,281
$ 6,494
$ 6,824
$ 7,308
$ 8,583
$ 8,285
$ 7,449
$ 8,162
$ 8,957
Combined Ratio
94.8
96.9
94.9
95.3
93.3
89.9
91.0
92.6
93.9
94.7
Operating Income Per Share (a)
$ 1.46
$ 1.11
$ 1.86
$ 1.84
$ 2.24
$ 3.08
$ 2.79
$ 2.63
$ 3.03
$ 3.15
Cash & Invested Assets
$ 12,996
$ 13,536
$ 13,187
$ 14,527
$ 15,535
$ 16,819
$ 16,048
$ 16,188
$ 16,409
$ 17,243
Shareholders' Equity
$ 4,461
$ 4,733
$ 5,146
$ 6,000
$ 6,187
$ 6,895
$ 6,173
$ 6,411
$ 5,619
$ 5,914
Book Value Per Share (BVPS)
$ 17.16
$ 17.72
$ 17.23
$ 19.98
$ 20.75
$ 22.77
$ 21.07
$ 23.31
$ 22.84
$ 24.21
Dividends Declared Per Share (b)
$ 0.75
$ 1.76
$ 0.78
$ 1.80
$ 1.84
$ 2.38
$ 1.92
$ 0.98
$ 3.06
$ 3.66
A reconciliation to the most directly comparable GAAP measure is included in the appendix
Includes special dividends declared of $2.50 in 2025, $2.00 in 2024, $1.00 in 2022, $1.50 in 2021 and $1.00 in 2020, 2019 and 2017
$60
14.0% Compound Annual Growth in Book Value Per Share
Including Dividends over 50 years
$50
$40
$30
$20
$10
$-
1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025
Conservatism, diversification, and risk-sharing structures drive consistency in growth of Book Value Per Share (BVPS)
Growth in BVPS vs. Variation
Operating ROE
ORI
Strong returns +
Low volatility
200% 16.0%
10 Year Coefficient of Variation
150% 12.0%
100%
8.0%
50%
4.0%
0%
6.0% 9.0% 12.0% 15.0% 18.0%
10 year Growth in BVPS
0.0%
16 17 18 19 20 21 22 23 24 25
$0.68
15.4% decrease from $0.81 in the 1st quarter of 2025 driven by 19.8% pretax operating income decrease in Specialty Insurance offset by an 284.5% increase in Title Insurance.
$24.53
Adding back dividends, book value increased 2.6% from year-end 2025.
$1.97 billion
7.1% increase from the 1st quarter of 2025 driven by Specialty Insurance (up 4.7%)
and by Title Insurance (up 12.0%).
1.5 points
Favorable development in all segments.
96.6
Up 2.9 points versus last year's 93.7. Specialty Insurance at 94.8 (vs 89.8) and Title Insurance at 100.1 (vs 102.1).
$0.315
Up 8.6% from 1st quarter of 2025.
$161 million
$695 million remains authorized for repurchases
Specialty Insurance
$6.0 billion of 2025 operating revenue
Capital heavy
High loss - low expense
Highly diverse competitors
P&C market cycle influenced
Higher interest rates can increase investment income
Title Insurance
$2.9 billion of 2025 operating revenue
Capital light
Low loss - high expense
3rd largest in concentrated industry
Real estate market cycle influenced
Lower interest rates can increase revenue
Specialty Insurance 87%
Title Insurance 13%
1978
Old Republic National Title Insurance Company
1983
2021
Old Republic Excess & Surplus Old Republic Inland Marine
1992
2026
Old Republic Property
1970s
1980s
1990s
2000s
2010s
2020s
BITCO Insurance Companies
Great West Casualty Company Old Republic Risk Management
PMA Companies
Lodestar Claims & Risk Services
Old Republic Accident & Health
Old Republic Lawyers Specialty Insurance
Old Republic Insurance Company of Canada
Old Republic Cyber
Old Republic Environmental
Old Republic Surety Company
Old Republic Insured Automotive Services
Old Republic Aerospace Old Republic Professional
Old Republic Home Protection
Old Republic Specialty Underwriters
1981
2015
2010
1985
2023
1971
2025
1986
Date of start-up or acquisition
2018
Old Republic Residual Market Services
ORINSCO
Includes large national accounts with customers taking risk through captives and large deductibles; also includes Automotive Services, Aerospace and Professional Liability
$8.5B Direct Premiums Written (FY 2025)
Great West 24%
Other Specialty 18%
PMA BITCO
12% 8%
Coverage for the forest, oil & gas and construction industries; primarily workers' compensation, GL and commercial auto, including accounts with customers taking risk through large deductibles
BITCO
TPA services, workers' compensation and other coverages for large and mid-sized companies, including accounts with customers taking risk through captives, large deductibles and retrospectively rated policies
PMA
Specialty Ins. Underwriters, Home Protection, Canada, Surety, Residual Markets and recent startups Inland Marine, Excess & Surplus, Lawyers Specialty, Accident & Health, Cyber, and Environmental
Other Specialty Products
Great West
Commercial auto, workers' compensation, physical damage and cargo for the trucking industry, including accounts with customers taking risk through captives and large deductibles
ORINSCO 38%
The Product
Customers share in underwriting risk
Key Loss Sensitive Structures:
Retrospective rated programs
Large deductibles
Captives
Self-insured retentions
Old Republic provides administrative & underwriting services that are difficult to replicate
Credit exposure managed through collateralization of risk
The Result
High (90%+) customer retention
Less commoditized
Less cyclical
Consistent growth
Financial alignment with insureds
Driving Risk Management Expertise
Long-term growth with a willingness to contract when rate levels are inadequate
Specialty niches through agent & broker distribution
Customer service orientation across over 100 local offices
Approximately 74% casualty; 26% short-tailed lines
Relatively low property-cat exposure; protected by reinsurance
Home and Auto Warranty, 7%
Inland Marine & CMP, 13%
Financial Indemnity, 7%
Other, 6%
Commercial auto (principally trucking), 42%
$6.00
$5.2
$5.00
Billions
$4.00
$3.00
$2.00
General Liability, 8%
Based on YE 2025 data
Workers Compensation, 17%
$1.00
$-
17 18 19 20 21 22 23 24 25 LTM
12
Combined Ratio
Pretax Operating Income
Targeting 90-95 combined ratios over the long run
Specialty Insurance segment is a significant and consistent driver of income
97.3 97.2 97.5 95.5
94.8
91.3
92.2 93.2
89.5 90.2
105.0
100.0
95.0
90.0
85.0
80.0
75.0
70.0
$1,000
$849
$900
$800
$700
Millions
$600
$500
$400
$300
$200
$100
$-
13
Lower capital requirements
$1.0 billion in equity at Dec. 31, 2025, supporting $2.9 billion of premium & fees (2.9x)
2025 premium from independent title agents is 78% of total premium & fees
246 local offices to serve customers
Strong presence in commercial real estate market (26% of 2025 premiums)
Title Market Share
Fidelity
National (FNF) 31.7%
Old Republic 14.0%
Stewart Title
(STC) 11.2%
First
American (FAF) 25.9%
Other
17.2%
Title Revenue
$5.0
$4.5
$4.0
$3.5
Billions
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$-
$2.9
17 18 19 20 21 22 23 24 25 LTM
Agency Focused Distribution Agent Support Tools
Strategic focus on independent title agents
that control 63% of industry premium
Partnership - not competition - with agents
Delivering products and tools that empower agents to streamline operations, save time, and enhance client experience
Strategic
Focus
19%
Market Share
Agency
63%
Direct
37%
Industry Distribution
5% Market Share
Source: 12/31/25 ALTA
StarsLink Agent Portal
Equips agents with
essential tools and resources
Features comprehensive rate calculators, an online jacket for policy coverage, and supports electronic remittance for efficient financial transactions.
Benefits include closing protection letters, high liability services, and a variety of forms and best practices, making StarsLink an all-inclusive platform
Business Solutions and Services
Supporting our agents' growth and success with a suite of tailored business solutions and services
Customized marketing support, online continuing education, social media management, title search production, and submission of electronic document recordings
Dedicated Commercial Agency Services group to assist agents as a single point of contact with multistate projects
Strategic technology partnerships including with Qualia to deliver digital closing solutions and with CertifID for wire fraud protection
Combined Ratio
Targeting 90-95 combined ratios over the long run
Overweight in agency distribution
Pretax Operating Income
Variable acquisition cost mitigates impact of a real estate market decline
105.0
100.0
95.0
90.0
85.0
80.0
75.0
$600
$152
$500
Millions
$400
$300
$200
$100
100.1
97.1 97.0
97.6
91.8
92.8 93.0
93.2
90.7
89.3
70.0 $-
High quality, liquid portfolio
Bonds & Stocks. No 'alternatives'
Strong reserve position
Conservative reserving & favorable development
High quality capital
Limited goodwill & intangibles (3% of capital)
Parent company liquidity
Subsidiary dividend capacity of $985 million in 2026
Share repurchases
$695 million remains authorized for repurchases
$1.26 annual regular dividend run-rate
Paid 85 consecutive years
Annual increases for 45 consecutive years
$10.00 in special dividends since 2017
$2.04 billion in share repurchases since 2022; nearly 23% of shares outstanding
$124
$161
$942
$530
$281
$2.00
$1.50
$1.00
$1.00 $1.00
$1.00
$2.50
Regular Dividends Special Dividends Repurchases ($M)
$2.50
$1.40
$1,000
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$-
17 18 19 20 21 22 23 24 25 Run-
rate
$2.00
$1.50
$1.00
$0.50
$-
$1.26
17 18 19 20 21 22 23 24 25
Special dividends are reflected in the year declared.
$800
$600
$400
$200
$-
22 23 24 25 1Q26
85%
$16.4
billion
15%
99% Investment grade
A average quality
4.0 duration
4.6% market yield (4.8% book yield)
Fixed Income
Blue Chip, Value & Utilities
3.0% dividend yield
Diversified portfolio
Equities
Investment Mix at 1Q26
No exposure to real estate, CDOs, derivatives, hybrids or illiquid private equity and hedge fund investments
Investment Income
$750
$716
Millions
$650
$550
$450
$350
$250
17 18 19 20 21 22 23 24 25 LTM
Each segment had favorable development each of the last three years
On a consolidated basis, reserves have developed favorably each of the last 10 years
Disciplined and conservative reserving is a core element of ORI's strategy
6.0%
(Favorable)/Unfavorable Development
% of Net Premiums & Fees Earned
-1.5%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
17 18 19 20 21 22 23 24 25 1Q26
Disclaimer
Old Republic International Corporation published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:43 UTC.