Old Republic International : First Quarter Financial Supplement as of March 31, 2026
ORI
Published on 04/23/2026 at 07:06 am EDT
Table of Contents Page
Old Republic Common Stock Statistics 1
Old Republic Long-Term Performance Statistics 1
Specialty Insurance Operating Statistics 2
Title Insurance Operating Statistics 3
Consolidated Operating Statistics 3
Notes to Financial Supplement 4
Forward-Looking Statements 5
The information included in this Financial Supplement is unaudited; dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
(d)
Net Income
(c)
Excluding
End of
(c)
Ending
(b)
(b)
Total
Investment
Period
Total
Shares
Quoted Stock Market Prices
Dividends
Dividend
Shareholder
Net
Gains
Book
Book
Year Outstanding
High
Low
Close
Paid
Yield
Return Income
(Losses)
Value
Return
2016 262,719,660
$ 20.00
$ 16.51
$ 19.00
$ 0.75
4.2 %
6.2 % $ 1.62
$ 1.46
$ 17.16
19.6 %
2017 269,238,727
21.56
17.92
21.38
0.76
4.4
16.9 1.92
1.11
17.72
13.5
2018 302,714,502
23.05
19.48
20.57
1.78
(*)
8.6
(*)
4.8 1.24
1.86
17.23
1.6
2019 303,652,553
24.10
19.68
22.37
1.80
(*)
9.0
(*)
17.8 3.51
1.84
19.98
26.4
2020 304,122,180
23.62
11.88
19.71
0.84
4.2
(7.7) 1.87
2.24
20.75
13.1
2021 307,565,632
26.69
17.94
24.58
3.38
(*)
20.5
(*)
45.2 5.05
3.08
22.77
21.2
2022 296,932,316
27.19
20.28
24.15
1.92
(*)
8.4
(*)
6.7 2.26
2.79
21.07
0.9
2023 278,392,263
29.89
23.31
29.40
0.98
4.6
26.3 2.10
2.63
23.31
15.3
2024 248,817,316
39.27
27.20
36.19
1.06
4.0
27.1 3.24
3.03
22.84
11.1
2025 246,355,085
$ 46.76
$ 33.00
$ 45.64
$ 3.16
(*)
11.3 %
(*)
37.4 % $ 3.72
$ 3.15
$ 24.21
22.0 %
10-Year Average -
-
-
-
-
7.7 %
17.0 % -
-
-
14.2 %
Quarter Ended March 31,
2026 242,826,815
$ 44.26
$ 37.00
$ 39.90
$ 2.815
(*)
-
- $ 1.32
$ 0.68
$ 24.53
-
(*) Includes special dividends when paid. Refer to Note (b) on page 4.
For The Year
At Year End
Revenues
(d)
Net Income
Total
Cash &
Invested
Shareholders'
Net Premiums
Net
Investment
(e)
Total
Net
Excluding
Investment
Operating
Cash
Combined
Year
Assets
Assets
Equity
& Fees Earned
Income
Revenues
Income
Gains (Losses)
Flow
Ratio
2016
$ 18,591.6
$ 12,995.8
$ 4,460.6
$ 5,537.5
$ 387.0
$ 6,104.7
$ 466.9
$ 419.6
$ 637.3
94.8 %
2017
19,403.5
13,536.4
4,733.3
5,769.1
409.4
6,492.4
560.5
318.0
452.8
96.9
2018
19,327.1
13,187.4
5,146.2
5,940.9
431.8
6,258.8
370.5
556.4
760.5
94.9
2019
21,076.3
14,527.4
6,000.1
6,241.1
450.7
7,460.5
1,056.4
554.2
936.2
95.3
2020
22,815.2
15,535.3
6,186.6
6,737.8
438.9
7,166.0
558.6
670.8
1,185.0
93.3
2021
24,981.8
16,818.9
6,894.7
8,003.6
434.3
9,341.6
1,534.3
935.9
1,311.7
89.9
2022
25,159.4
16,047.7
6,173.2
7,675.3
459.5
8,083.7
686.4
845.1
1,170.6
91.0
2023
26,501.4
16,187.6
6,410.7
6,707.7
578.3
7,258.3
598.6
749.5
880.4
92.6
2024
27,843.1
16,408.8
5,618.9
7,310.8
673.1
8,231.5
852.7
797.0
1,233.4
93.9
2025
$ 29,862.7
$ 17,243.4
$ 5,914.0
$ 8,052.9
$ 708.7
$ 9,136.3
$ 935.4
$ 792.5
$ 1,164.3
94.7 %
Quarter Ended March 31,
2026 $ 29,596.0 $ 16,725.6 $ 5,911.9 $ 1,972.2 $ 178.0 $ 2,399.4 $ 330.0 $ 170.5 $ 281.4 96.6 %
Operating Statistics
Quarters Ended March 31,
Years Ended December 31,
Specialty Insurance All Lines Combined
Net Premiums Written .............................................................................................................................
2026
$1,315.3
2025
$1,272.0
2025
$5,430.1
2024
$5,030.5
2023
$4,356.3
2022
$3,978.2
2021
$3,680.9
Net Premiums Earned.............................................................................................................................
Loss Ratio:
Current Year .........................................................................................................................................
1,291.8
65.2 %
1,233.6
65.0 %
5,184.8
66.8 %
4,677.0
66.4 %
4,119.2
67.7 %
3,808.6
67.2 %
3,555.5
68.6 %
Prior Years............................................................................................................................................
(1.6)
(3.3)
(2.9)
(2.3)
(5.7)
(5.1)
(3.8)
Total .......................................................................................................................................................
63.6
61.7
63.9
64.1
62.0
62.1
64.8
Expense Ratio ..........................................................................................................................................
31.2
28.1
29.3
28.1
28.2
27.4
26.5
Combined Ratio...................................................................................................................................
94.8 %
89.8 %
93.2 %
92.2 %
90.2 %
89.5 %
91.3 %
Experience by Major Coverage:
Commercial Auto
Net Premiums Written .............................................................................................................................
$ 538.7
$ 532.9
$2,253.2
$2,084.1
$1,817.1
$1,590.1
$1,428.3
Net Premiums Earned.............................................................................................................................
547.9
516.7
2,184.9
1,961.8
1,689.4
1,505.2
1,408.6
Loss Ratio .................................................................................................................................................
70.4 %
70.3 %
72.3 %
72.4%
71.5 %
66.6 %
71.5 %
Workers' Compensation
Net Premiums Written .............................................................................................................................
$ 236.5
$ 233.5
$ 869.4
$ 863.2
$ 813.7
$ 827.1
$ 828.3
Net Premiums Earned.............................................................................................................................
215.6
215.6
879.7
836.2
802.2
811.8
778.6
Loss Ratio .................................................................................................................................................
62.3 %
58.7 %
59.0 %
48.0 %
41.4 %
45.9 %
58.9 %
Property (1)
Net Premiums Written .............................................................................................................................
$ 171.7
$ 139.0
$ 613.6
$ 548.7
$ 419.9
$ 330.6
$ 272.0
Net Premiums Earned.............................................................................................................................
154.0
135.3
568.2
484.8
375.8
286.7
264.7
Loss Ratio .................................................................................................................................................
44.5 %
48.6 %
52.0 %
49.9 %
60.4 %
58.1 %
50.2 %
General Liability
Net Premiums Written .............................................................................................................................
$ 130.2
$ 133.0
$ 595.0
$ 522.0
$ 394.2
$ 297.9
$ 272.8
Net Premiums Earned.............................................................................................................................
141.4
129.5
563.0
476.0
349.1
283.5
265.1
Loss Ratio .................................................................................................................................................
64.3 %
58.6 %
62.0 %
71.6 %
72.5 %
77.0 %
71.7 %
Financial Indemnity (2)
Net Premiums Written .............................................................................................................................
$ 82.6
$ 82.5
$ 334.3
$ 335.6
$ 342.4
$ 376.4
$ 363.8
Net Premiums Earned.............................................................................................................................
83.0
90.0
355.9
321.7
347.7
391.7
344.0
Loss Ratio .................................................................................................................................................
52.2 %
51.5 %
48.0 %
63.9 %
48.2 %
67.0 %
53.9 %
Home and Auto Warranty
Net Premiums Written .............................................................................................................................
$ 92.4
$ 94.1
$ 481.8
$ 402.5
$ 299.8
$ 329.9
$ 350.2
Net Premiums Earned.............................................................................................................................
78.6
81.1
336.2
315.0
311.4
330.4
336.5
Loss Ratio .................................................................................................................................................
52.7 %
51.0 %
54.9 %
58.2 %
65.5 %
66.9 %
67.9 %
Other Coverages (3)
Net Premiums Written .............................................................................................................................
$ 62.9
$ 56.7
$ 282.4
$ 274.0
$ 269.0
$ 225.8
$ 165.3
Net Premiums Earned.............................................................................................................................
71.0
65.1
296.5
281.2
243.3
199.0
157.8
Loss Ratio .................................................................................................................................................
81.0 %
63.9 %
71.7 %
73.1 %
65.9 %
60.4 %
63.8 %
(1) Includes Inland Marine coverages. / (2) Includes D&O, E&O, Fidelity, and Surety coverages. / (3) Includes Aviation, Travel Accident, and A&H coverages.
Title Insurance
2026
2025
2025
2024
2023
2022
2021
Orders Opened - Direct (f)...............................................................................................................................
46,900
50,342
186,031
206,756
175,551
243,883
405,121
Orders Closed - Direct (f).................................................................................................................................
29,326
27,516
126,546
123,017
112,663
172,675
316,768
Net Premiums Earned - Agency .....................................................................................................................
$ 538.8
$ 471.5
$2,232.9
$2,016.4
$2,024.5
$3,087.9
$3,433.5
Net Premiums Earned - Direct........................................................................................................................
80.0
75.4
361.5
318.1
276.4
412.6
526.9
Title, Escrow and Other Fees - Direct............................................................................................................
58.9
58.1
264.1
284.4
261.8
333.2
443.8
Net Premiums and Fees Earned - Total ........................................................................................................ $ 677.8 $ 605.1 $2,858.6 $2,619.1 $2,562.8 $3,833.8 $4,404.3
Net Premiums Earned - Agency
as a percentage of Net Premiums and Fees Earned - Total...................................................................
79.5 %
77.9 %
78.1 %
77.0 %
79.0 %
80.5 %
78.0 %
Commercial Net Premiums Earned - Total
as a percentage of Net Premiums Earned - Total ....................................................................................
27.0 %
23.9 %
25.8 %
21.6 %
22.2 %
22.5 %
15.6 %
Residential Refinance Net Premiums and Fees Earned - Direct
as a percentage of Net Premiums and Fees Earned - Direct.................................................................
11.7 %
7.5 %
8.3 %
6.4 %
4.7 %
9.7 %
20.4 %
Loss Ratio:
Current Year ..................................................................................................................................................
3.7 %
3.5 %
3.4 %
3.4 %
3.7 %
3.6 %
3.6 %
Prior Years.....................................................................................................................................................
(1.1)
(0.8)
(1.2)
(1.6)
(1.8)
(1.3)
(1.0)
Total ................................................................................................................................................................
2.6
2.7
2.2
1.8
1.9
2.3
2.6
Expense Ratio ...................................................................................................................................................
97.5
99.4
95.4
95.2
95.2
90.9
86.7
Combined Ratio............................................................................................................................................
100.1 %
102.1 %
97.6 %
97.0 %
97.1 %
93.2 %
89.3 %
Reserves to Paid Losses Ratio (g).................................................................................................................
7.4:1
8.5:1
7.4:1
8.7:1
9.2:1
9.2:1
9.3:1
Consolidated
Net Premiums and Fees Earned....................................................................................................................
Loss Ratio:
Current Year ..................................................................................................................................................
$1,972.2
44.1 %
$1,841.0
44.8 %
$8,052.9
44.3 %
$7,310.8
43.9 %
$6,707.7
43.3 %
$7,675.3
35.5 %
$8,003.6
32.9 %
Prior Years.....................................................................................................................................................
(1.5)
(2.6)
(2.4)
(2.2)
(4.6)
(3.7)
(2.7)
Total ................................................................................................................................................................
42.6
42.2
41.9
41.7
38.7
31.8
30.2
Expense Ratio ...................................................................................................................................................
54.0
51.5
52.8
52.2
53.9
59.2
59.7
Combined Ratio............................................................................................................................................
96.6 %
93.7 %
94.7 %
93.9 %
92.6 %
91.0 %
89.9 %
Operating Return on Equity (h).......................................................................................................................
11.5 %
14.4 %
14.1 %
12.4 %
12.1 %
12.3 %
15.1 %
In calculating book value and earnings per share, accounting rules require that common shares held by the ORI 401(k) Savings and Profit Sharing Plan that are not yet allocated to Plan participants must be excluded from the calculation. Such shares are issued and outstanding, have the same voting and other rights applicable to all other common shares, and may be sold at any time by the plan.
In addition to regular quarterly dividend payments, special dividends were declared and paid as follows:
Dividend Per Share
Month Declared
Month Paid
Dividend Per Share
Month Declared
Month Paid
$1.00
December 2017
January 2018
$1.00
August 2022
September 2022
$1.00
August 2019
September 2019
$2.00
December 2024
January 2025
$1.00
December 2020
January 2021
$2.50
December 2025
January 2026
$1.50
August 2021
October 2021
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 operating companies' obligations. Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net income excluding net investment gains (net operating income), a non-GAAP financial measure, in its evaluation of periodic and long-term results. Net operating income, however, does not replace GAAP net income as a measure of total profitability.
The reporting of opened and closed orders includes only those associated with the direct issuance of a title policy, and excludes certain services provided by the Company on behalf of independent agents.
The Title reserves to paid losses ratio represents average paid losses for the most recent five years divided into loss reserves at the end of any one year or interim period. The higher this ratio, the greater is a title insurer's ability to meet obligations to its insureds.
Certain immaterial adjustments have been made to prior year statistics to conform to current presentation. Specifically, effective in the first quarter 2026, operating statistics on page 2 for the liability portion of commercial multi-peril coverages have been reclassified from property to general liability, with prior period amounts reclassified to reflect the change in presentation.
Craig R. Smiddy, President and Chief Executive Officer Analysts/Investors: Joe Calabrese/[email protected]
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.
Disclaimer
Old Republic International Corporation published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:04 UTC.