ORI

Old Republic International’s second quarter saw growth in both specialty and title insurance, though results missed Wall Street’s expectations for revenue and adjusted profit. Management attributed these outcomes to ongoing investments in technology and data analytics, as well as segment-specific trends. CEO Craig Richard Smiddy highlighted that specialty insurance performance was affected by unfavorable reserve development in runoff transactional risk, while title insurance benefited from improved operational efficiency and a more favorable business mix. The company also cited higher investment income from an expanded investment base as a supportive factor. Is now the time to buy ORI? Find out in our full research report (it’s free). Revenue: $2.33 billion vs analyst estimates of $2.37 billion (5.2% year-on-year growth, 1.8% miss) Adjusted EPS: $0.76 vs analyst expectations of $0.79 (4.2% miss) Market Capitalization: $10.68 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Charles Peters (Raymond James) questioned how new specialty operating companies are faring amid competitive pricing, particularly in property and E&S lines. CEO Craig Richard Smiddy responded that Old Republic’s exposure to catastrophe-exposed property is limited, and newer operations are not writing premium until platforms are fully developed, reducing impact from current rate declines. Charles Peters (Raymond James) asked about measuring return on technology investments. Smiddy explained that while precise ROI figures are unavailable, operational efficiencies—especially from AI-enabled platforms in title insurance—are already visible, and technology upgrades are necessary for future competitiveness. Charles Peters (Raymond James) sought insight into the outlook for commercial title business given infrastructure projects. Carolyn Jean Monroe stated that commercial activity remains diverse across sectors and is expected to continue at a steady pace into year-end, not reliant on a single project type. Paul Newsome (Piper Sandler) asked about the interplay between reserve releases and higher accident-year loss picks in commercial auto. Smiddy clarified that the company has taken a conservative approach, increasing loss picks as trends warranted, and that prior years are developing favorably, supporting current reserve practices. Matt Carletti (JMP Securities) inquired about the Supreme Court ruling’s impact on freight broker liability. Smiddy replied that Old Republic insures truckers, not freight brokers, so direct exposure is limited, though changes could shift business toward higher-quality insureds like those in Old Republic’s portfolio. Looking ahead, our analysts will monitor (1) the successful integration and financial impact of the ECM acquisition, (2) the ability of technology investments—particularly in title insurance—to deliver sustained margin improvements, and (3) management’s execution on maintaining underwriting discipline in a more competitive rate environment. Additionally, progress in commercial title business and any further strategic investment in AI or analytics will serve as important markers for tracking Old Republic’s trajectory. Old Republic International currently trades at $44.56, up from $41.60 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Specialty insurance performance was impacted by $40 million in reserve strengthening for a transactional risk business placed in runoff in 2024. Commercial auto saw high-teens rate increases that exceeded current loss trends, leading to improved retention as competitors began implementing similar rate hikes. Workers' compensation faced top-line pressure from a competitive marketplace, though management remains focused on risk-adequate pricing over volume. Title insurance growth was driven by a modest improvement in residential transactions and sustained strength in diverse commercial sectors including industrial and hospitality. The expense ratio increase reflects deliberate investments in IT modernization, data analytics, and AI to replace legacy mainframe platforms and enhance pricing precision. Management attributes the Title segment's margin expansion to operational efficiencies and the ongoing rollout of a new AI-enabled operating system. The ECM acquisition is expected to be accretive to earnings and book value in the second half of 2026, with a projected bargain purchase gain. Management expects the Title segment to continue its progress toward driving the combined ratio below 95% through further operational efficiency gains. The rollout of the new Qualia-based operating system in the Title segment is scheduled to continue through the end of 2027. Capital management strategy remains opportunistic regarding share repurchases, with a potential special dividend under consideration for year-end based on excess capital. Auto warranty partnerships are expected to continue driving top-line growth, though they will introduce accounting 'noise' due to retail premium write-ups. A $40 million reserve charge was taken for the runoff transactional risk business due to poor claims experience. The ECM acquisition adds approximately $220 million in direct premiums written and will be integrated into corporate treaties to eliminate external quota shares. A Supreme Court ruling on freight broker liability is viewed as a potential tailwind, as brokers may seek higher-caliber truckers like those in the Great West portfolio. Property rate decreases were limited to 7.5% as the company avoids the more volatile catastrophe-exposed property segments currently seeing sharper declines. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that the new property entity has not yet written premium, shielding it from current market volatility while it builds its platform. The E&S business focuses on package types rather than catastrophe-exposed lines, allowing for better rate maintenance than the broader market. Management stated that modernization is a necessity to move off legacy mainframes and enable the data analytics required for AI. Early ROI is visible in the Title segment, where AI-enabled technology has significantly reduced the labor hours required to process transactions. The company intentionally set a more conservative (higher) loss pick for the 2026 accident year in response to emerging severity trends seen in late 2025. Favorable development from prior years continues to validate the company's conservative reserving philosophy.

Old Republic International Corporation has reported past second-quarter 2026 results, with revenue rising to US$2,503.8 million and net income to US$322.3 million, alongside continued share repurchases under its August 2025 buyback program. Beneath the headline growth, Q2 operating performance was mixed as strong Title Insurance premiums and profits were offset by weaker Specialty Insurance results and reserve additions. We’ll now examine how this mix of stronger title insurance earnings and softer specialty results may reshape Old Republic’s investment narrative. Uncover the next big thing with 21 elite penny stocks that balance risk and reward. To own Old Republic, you need to believe its mix of title and specialty insurance can keep generating solid, recurring earnings while disciplined capital returns support shareholder value. The latest quarter showed that stronger Title Insurance results and higher investment income helped offset weaker Specialty performance and reserve additions, so the big picture remains intact, but the biggest near term swing factor is how quickly Specialty loss trends stabilize, with reserve risk still the key concern. The recent update on Old Republic’s share repurchase activity is most relevant here, as the company bought back 1,531,736 shares for US$60.7 million in Q2 under its August 2025 program. This sits alongside rising earnings and highlights how active capital management can reinforce per share outcomes even when underwriting results are mixed, which matters for investors watching both near term earnings catalysts and the ongoing risk that reserve strengthening in runoff books could recur. Yet investors should be aware that reserve additions in Specialty Insurance could still prove more persistent than... Read the full narrative on Old Republic International (it's free!) Old Republic International's narrative projects $10.8 billion revenue and $730.4 million earnings by 2029. This requires 4.6% yearly revenue growth and a $269.6 million earnings decrease from $1.0 billion today. Uncover how Old Republic International's forecasts yield a $42.00 fair value, in line with its current price. Two members of the Simply Wall St Community currently see Old Republic’s fair value between US$42 and about US$69 per share, a wide span of expectations. You can weigh these views against the recent tension between strong Title Insurance earnings and softer Specialty results, which could influence how sustainably the business converts premiums and investment income into long term profits. Explore 2 other fair value estimates on Old Republic International - why the stock might be worth just $42.00! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Old Republic International research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision. Our free Old Republic International research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Old Republic International's overall financial health at a glance. Our daily scans reveal stocks with breakout potential. Don't miss this chance: Invest in the nuclear renaissance through our list of 90 elite nuclear energy infrastructure plays powering the global AI revolution. Capitalize on the AI infrastructure supercycle with our selection of the 54 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. Outshine the giants: these 16 early-stage AI stocks could fund your retirement. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ORI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Old Republic International Corporation? Here are five stocks we like better. Old Republic’s Q2 operating earnings fell as weaker specialty insurance results outweighed gains in title insurance. Consolidated pre-tax operating income dropped to $238 million from $268 million a year ago, and the combined ratio worsened to 95.3%. Specialty insurance was pressured by reserve strengthening, especially in the runoff transactional risk business, which led to $40 million of reserve additions. Commercial auto improved, but workers’ compensation premiums declined and the segment’s expense ratio rose due to investments in technology and new specialty businesses. Title insurance posted stronger growth and profitability, with premium and fee revenue up 11% and pre-tax operating income rising to $56 million from $24 million. Management also highlighted rising net investment income, continued share repurchases, and optimism for the second half of the year. 3 Analyst-Backed Stocks the Market Is Getting Totally Wrong Old Republic International (NYSE:ORI) reported lower second-quarter operating earnings as weaker specialty insurance underwriting results offset a stronger performance in its title insurance segment, management said on the company’s earnings call. President and CEO Craig Smiddy said consolidated pre-tax operating income was $238 million in the second quarter of 2026, down from $268 million in the prior-year period. The consolidated combined ratio was 95.3%, compared with 93.6% a year earlier. The company’s annualized operating return on beginning equity was 12.1%, while book value per share, including dividends, increased 7.2% during the first six months of the year. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Chief Financial Officer Frank Sodaro said net operating income was $186 million, or $0.76 per share, compared with $209 million, or $0.83 per share, in the second quarter of 2025. Old Republic’s specialty insurance segment produced $199 million of pre-tax operating income, down from $254 million a year earlier. Net premiums earned increased 2.3% from the second quarter of 2025, while net premiums written rose 1.6% after excluding what Smiddy described as “noise” related to an auto warranty business written in the company’s auto warranty operating company. → 3 Photonics Companies Making Quantum Tech Possible The specialty insurance combined ratio rose to 95.5% from 90.7% a year earlier. Smiddy said the segment’s loss ratio was 65.9%, including 0.3 percentage points of unfavorable prior-year loss reserve development. That compared with a 62.5% loss ratio in the prior-year quarter, which included 2.9 percentage points of favorable development. Sodaro said the company’s runoff transactional risk business had “poor claims experience,” which led to $40 million of reserve strengthening in the quarter. He noted that Old Republic placed the business into runoff in 2024. Outside of that runoff business, Sodaro said property and commercial auto had significant favorable reserve development, workers’ compensation had favorable development that was “considerably lower” than the prior year, and general liability had a moderate level of unfavorable development. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off Smiddy said the specialty insurance expense ratio was 29.6%, up from 28.2% a year earlier, with most of the increase tied to investments in new specialty operating companies, technology modernization, data analytics and artificial intelligence. In commercial auto, net premiums written rose 3.6% in the quarter, and the loss ratio was 69.4%, about 1 percentage point better than a year earlier. Smiddy said the improvement reflected a higher level of favorable prior-year reserve development, partially offset by a more conservative current accident-year loss ratio. Rate increases in commercial auto were in the high teens and were higher than in the first quarter, Smiddy said, adding that the increases were greater than current loss trends the company is observing. He also said commercial auto retention ratios improved as competitors began implementing higher rate increases in response to higher loss trends. Workers’ compensation net premiums written fell 8.4% in the quarter. The loss ratio was 60.6%, compared with 48.5% in the second quarter of 2025, with most of the change tied to a larger amount of favorable prior-year reserve development in the year-ago quarter. Smiddy said Old Republic held workers’ compensation rates flat, severity loss trends remained consistent and frequency loss trends continued to decline. Smiddy said the company is seeing “some top-line pressure stemming from generally a competitive marketplace” but remains focused on risk-adequate pricing. In response to an analyst question about property pricing, he said catastrophe-exposed property is not a large part of Old Republic’s portfolio and that total property rates were down about 7.5% for the company. Old Republic’s title insurance segment reported premium and fee revenue of $773 million, up 11% from the second quarter of 2025, according to Carolyn Monroe, president and CEO of Old Republic National Title Insurance Group. Smiddy said title premiums and fees increased 10%, while the segment generated $56 million of pre-tax operating income, up from $24 million a year earlier. Monroe said residential transactions improved after a slow seasonal start, while commercial activity remained strong. Premiums produced in direct title operations increased 6%, while agency-produced premiums rose 12% and represented 78% of revenue, up from 77% in the prior-year quarter. Commercial premiums increased and accounted for 25% of premiums earned, compared with 23% a year earlier. Monroe said the company saw “a wide mix of transactions across many segments of the commercial sector.” Asked about data center and infrastructure projects, she said data centers are large transactions that generally involve multiple title companies, and that Old Republic is also seeing activity in industrial projects and hospitality. The title segment’s combined ratio improved to 95.1% from 99% a year earlier. Monroe said the expense ratio improved by 4 percentage points to 92.1%, with about half of the improvement tied to a one-time litigation settlement expense in the second quarter of 2025. The rest reflected operational efficiency, expense management and higher transaction volumes, partly offset by higher agent commissions due to a greater mix of agency business. Monroe said Old Republic remains focused on improving operational efficiency and expanding margins, including through its partnership with Qualia and the rollout of a new operating system. Implementation began earlier this year and is expected to continue through the end of next year. Sodaro said net investment income increased just over 6% in the quarter, primarily due to a larger investment base from operating results and a debt issuance completed in May. The average rate on corporate bonds acquired during the quarter was 4.9%, compared with an average yield of about 4.2% on bonds rolling off. The bond portfolio’s book yield ended the quarter at 4.8%, slightly higher than at year-end. Book value per share was $25.33 at quarter-end. During the quarter, Old Republic paid nearly $77 million in dividends and repurchased $61 million of shares, leaving about $640 million remaining under its current repurchase program. Smiddy said the company continues to view share repurchases as a way to return capital to shareholders but will remain opportunistic and mindful of the impact on book value per share. He said Old Republic could also consider a special dividend near year-end if it believes it has excess capital. Management also discussed the company’s acquisition of ECM. Sodaro said Old Republic expects to report a bargain purchase gain on the acquisition next quarter and expects ECM’s results to be accretive to earnings and book value this year. ECM reported direct premiums written of just under $220 million in 2025 and ended that year with estimated GAAP equity of $145 million. Smiddy said ECM has the same combined ratio targets as Old Republic’s other companies, between 90% and 95% over time, and that ECM produced “very strong” combined ratios in the first two quarters of 2026. He said Old Republic has eliminated ECM’s external quota share effective July 1 and is working to include ECM in its corporate treaties. In closing, Smiddy said the company feels good about its prospects for the third and fourth quarters, citing “very solid” fundamentals in specialty insurance and brighter prospects in title insurance. Old Republic International Corporation, through its subsidiaries, engages in the insurance underwriting and related services business primarily in the United States and Canada. It operates through three segments: General Insurance, Title Insurance, and Republic Financial Indemnity Group Run-off Business. The General Insurance segment offers aviation, commercial auto, commercial multi-peril, commercial property, general liability, home and auto warranty, inland marine, travel accident, and workers' compensation insurance products; and financial indemnity products for specialty coverages, including errors and omissions, fidelity, directors and officers, and surety. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Old Republic International Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Consolidated Pretax Operating Income: $238 million, compared to $268 million in the previous year. Consolidated Combined Ratio: 95.3%, compared to 93.6% previously. Annualized Operating Return on Beginning Equity: 12.1%. Growth in Book Value Per Share: 7.2% including dividends for the first six months. Specialty Insurance Net Premiums Earned Growth: 2.3% over the second quarter of 2025. Specialty Insurance Pretax Operating Income: $199 million, compared to $254 million. Specialty Insurance Combined Ratio: 95.5%, compared to 90.7% previously. Title Insurance Premiums and Fees Growth: 10% over the second quarter of 2025. Title Insurance Pretax Operating Income: $56 million, compared to $24 million. Title Insurance Combined Ratio: 95.1%, compared to 99 previously. Net Operating Income: $186 million for the quarter, compared to $209 million last year. Net Operating Income Per Share: $0.76, compared to $0.83. Net Investment Income Growth: Increased just over 6% in the quarter. Book Value Per Share: $25.33, representing an increase of 7.2% since year-end. Dividends Paid: Nearly $77 million in the quarter. Share Repurchases: $61 million worth of shares repurchased. Commercial Auto Net Premiums Written Growth: 3.6% in the quarter. Workers Compensation Net Premiums Written Decline: 8.4% lower in the quarter. Title Insurance Premium and Fee Revenue: $773 million, an increase of 11% from the second quarter of 2025. Title Insurance Expense Ratio Improvement: Improved by 4-percentage-points to 92.1% from 96.1%. Warning! GuruFocus has detected 4 Warning Sign with ORI. Is ORI fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Old Republic International Corp (NYSE:ORI) reported a consolidated pretax operating income of $238 million for the quarter. The Title Insurance segment grew premiums and fees by 10% over the second quarter of 2025, with pretax operating income increasing from $24 million to $56 million. Net investment income increased by over 6% in the quarter, driven by a larger investment base and a higher average rate on corporate bonds. The company achieved a 7.2% growth in book value per share, including dividends, for the first six months of the year. The ECM acquisition is expected to be accretive to earnings and book value, with ECM reporting direct premiums written of just under $220 million in 2025. Consolidated pretax operating income decreased from $268 million in the previous year to $238 million. The Specialty Insurance segment's pretax operating income fell from $254 million to $199 million, with a combined ratio increase to 95.5%. The company experienced unfavorable prior year loss reserve development in specialty insurance, leading to reserve strengthening of $40 million. Workers compensation net premiums written were 8.4% lower in the quarter, with a higher loss ratio compared to the previous year. The expense ratio increased due to continued investments in technology modernization, data analytics, and AI, impacting overall profitability. Q: With increasing price competition in the marketplace, how are Old Republic's new operating companies, particularly in the E&S and property business, faring? A: Craig Smiddy, President and CEO, explained that catastrophic exposed property is not a significant part of their portfolio, so they haven't seen the dramatic price decreases others have. The new entities, like Old Republic Property, are not yet writing premiums, focusing instead on building the platform correctly. In E&S, they are maintaining property rates better than the market on catastrophic business. Q: Can you discuss the ROI on your technology investments and how you measure their success? A: Craig Smiddy noted that about a full percentage point of the expense ratio increase is due to investments in IT systems, data analytics, and AI. The ROI is evident in operational efficiencies, particularly in Title Insurance with their Qualia partnership. Modernizing IT systems is essential to leverage AI and improve pricing and claims management. Q: How is the growth in the commercial title business looking for the rest of the year? A: Carolyn Monroe, Senior Vice President, expects commercial growth to continue, driven by a mix of industrial projects and hospitality, rather than a single strong sector. This diversity suggests sustained growth through the year. Q: Can you explain the reserve releases in commercial auto and the higher accident year loss pick? A: Craig Smiddy clarified that they raised the 2025 accident year loss pick due to increasing loss severity trends. They maintained a conservative approach for 2026, resulting in favorable prior year loss reserve development, indicating their picks are aligning with expectations. Q: What are your thoughts on capital management and the pace of stock repurchases? A: Craig Smiddy stated that they continue to view share repurchases as a way to return capital to shareholders, being opportunistic and mindful of book value per share. Frank Sodaro added that ECM acquisition-related share issuance affected repurchase activity this quarter. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

CHICAGO, July 23, 2026 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) – today reported the following results for the second quarter 2026: Net income of $322.3 million, compared to $204.4 million last year. Net income excluding investment gains (net operating income) of $186.0 million, compared to $209.2 million last year. Net operating income per diluted share of $0.76, compared to $0.83 last year. Consolidated net premiums and fees earned of nearly $2.1 billion, compared to nearly $2.0 billion last year. Net investment income of $182.0 million, compared to $171.5 million last year. Consolidated combined ratio of 95.3%, compared to 93.6% last year. Favorable loss reserve development of 0.1 points, compared to 2.1 points last year. Book value per share of $25.33, inclusive of dividends declared, up 7.2% since year-end 2025. Annualized operating return on equity of 12.1%. Total capital returned to shareholders of $137.4 million. 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. The information presented in the following table highlights the most meaningful indicators of Old Republic's segmented and consolidated financial performance. The information underscores the performance of the operating companies, as well as the sound investment of their capital and underwriting cash flows. Specialty Insurance net premiums written reflects significant growth in a large auto warranty program which requires net premiums written to include the retail selling price of the service contract. Excluding the write-up to retail pricing from all auto warranty programs, net premiums written increased 1.6% and 2.2% for the quarter and first six months, respectively. Net premiums earned increased 2.3% for the quarter and 3.5% for the first six months. Growth in the quarter was driven by a combination of premium rate increases and new business production, including an increasing contribution from new operating companies, partially offset by a decline in renewal retention ratios compared to last year. Commercial auto renewal retention improved slightly compared to the first quarter of 2026, while Specialty Insurance continued to prioritize rate. Earned premium growth was most pronounced within commercial auto, accident & health, general liability, property, and auto warranty coverages while workers' compensation and Canadian travel accident and trucking declined. The increase in net investment income was primarily driven by a higher invested asset base. The Specialty Insurance loss ratio increase was largely due to changes in prior year loss reserve development, while the current year loss ratio remained consistent. In the quarter, Specialty Insurance experienced unfavorable development of approximately $40 (3.0 points) from its run-off transactional risk business reported in financial indemnity. This unfavorable development was mostly offset by significant favorable development from commercial auto and property. The expense ratio remains elevated due to continued investments in start-up operating companies which are not at scale, information technology modernization, data and analytics, and artificial intelligence, including the additional personnel costs to manage all of these key initiatives. Several of the information technology modernization efforts are entering a phase in which costs are being amortized while the systems being replaced are not yet decommissioned. Together, these factors produced a profitable combined ratio and strong pretax operating income for the quarter and first six months. For Specialty Insurance, combined ratios between 90% and 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range, particularly with long-tailed lines of coverage. Old Republic's previously announced acquisition of Everett Cash Mutual Insurance Co. (ECM) and affiliated companies following its conversion to a stock company in a sponsored demutualization transaction closed effective July 1, 2026. ECM will be included in the Specialty Insurance segment beginning in the third quarter of 2026. Specialty Insurance expects to report a gain on the acquisition of approximately $125 subject to final valuations as of the closing date, and for the business to be accretive to earnings in 2026. Title Insurance net premiums and fees earned increased 10.7% for the quarter and 11.3% for the first six months. Both agency and directly produced premiums experienced solid growth and continued strong commercial business production. Commercial premiums represented 25.4% of net premiums earned compared to 23.0% in the second quarter of last year. Net investment income increased, reflecting a slightly higher invested asset base. The Title Insurance loss ratio remained consistent with last year, reflecting a slightly higher level of favorable prior year loss reserve development offset by slightly higher current year losses. The second quarter and first half of 2025 expense ratios included approximately $15 (2.1 and 1.1 points, respectively) in litigation settlement expenses. Excluding that impact, the expense ratios for both 2026 periods improved as a result of expense management and scale, partially offset by a higher amount of agent commissions as a result of increased agency business compared to the direct operation. Together, these factors produced higher pretax operating income for the quarter and first six months. For Title Insurance, combined ratios between 90% to 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range. Although Title Insurance has been navigating a difficult real estate environment over the last few years resulting in ratios in excess of this range, they continue to strive to come into range in the near term. Corporate & Other includes a small life and accident insurance business, the parent holding company, and several internal corporate services subsidiaries. Net investment income was impacted by a lower portfolio yield and invested asset base due to the return of capital to shareholders, partially offset by proceeds from the May 2026 debt issuance. The Company issued $700 in Senior Notes in anticipation of the August 2026 maturity of the existing $550 Senior Notes. Operating expenses for both 2026 periods reflect the increased interest costs associated with the debt issuance. As of June 30, 2026, the consolidated investment portfolio reflected an allocation of approximately 84% to fixed income securities (bonds and notes) and short-term investments, and 16% to equity securities (common and preferred stocks). The investment management process remains focused on retaining quality investments that produce consistent streams of investment income, while monitoring concentration limits among the operating companies. The equity portfolio consists of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends. The investment portfolio has extremely limited exposure to high risk or illiquid asset classes such as limited partnerships, derivatives, hedge funds or private equity investments. In addition, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities with values predicated on non-regulated financial instruments with unfunded counterparty risk attributes. Changes in shareholders' equity per share are reflected in the following table. These changes resulted mostly from net operating income, realized and unrealized investment gains (losses), and dividends to shareholders declared during the year. Total capital returned to shareholders during the quarter was $137.4, comprised of $76.6 in dividends and $60.7 in share repurchases. For the first six months, total capital returned was $374.9, comprised of $153.3 in dividends and $221.5 in share repurchases. Financial Supplement A financial supplement to this news release is available on the Company's website: www.oldrepublic.com Conference Call Information Old Republic has scheduled a conference call at 3:00 p.m. ET (2:00 p.m. CT) today to discuss its second quarter 2026 performance and to review major operating trends and business developments. The call can be accessed live on Old Republic's website at www.oldrepublic.com or by dialing 1-800-715-9871, passcode 2246765. Interested parties may also listen to a replay of the call through July 30, 2026 by dialing 1-800-770-2030, passcode 2246765, or by accessing it on Old Republic's website. About Old Republic Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, Old Republic is a leader in underwriting and risk management services for business partners across the United States and Canada. Old Republic's specialized operating companies are experts in their fields, enabling them to provide tailored solutions that set them apart. For more information, please visit www.oldrepublic.com. Forward-Looking Statements 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. View original content:https://www.prnewswire.com/news-releases/old-republic-reports-results-for-the-second-quarter-and-first-half-2026-302832775.html

Old Republic International (ORI) came out with quarterly earnings of $0.76 per share, missing the Zacks Consensus Estimate of $0.77 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1.30%. A quarter ago, it was expected that this insurance underwriter would post earnings of $0.79 per share when it actually produced earnings of $0.68, delivering a surprise of -13.92%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Old Republic, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $2.33 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.85%. This compares to year-ago revenues of $2.22 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Old Republic shares have lost about 8.9% since the beginning of the year versus the S&P 500's gain of 9.6%. While Old Republic has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Old Republic was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.77 on $2.47 billion in revenues for the coming quarter and $2.95 on $9.66 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, MetLife (MET), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This insurer is expected to post quarterly earnings of $2.36 per share in its upcoming report, which represents a year-over-year change of +16.8%. The consensus EPS estimate for the quarter has been revised 1% higher over the last 30 days to the current level. MetLife's revenues are expected to be $19.38 billion, up 8.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Old Republic International Corporation (ORI) : Free Stock Analysis Report MetLife, Inc. (MET) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Old Republic International (ORI) reported $2.33 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 5.2%. EPS of $0.76 for the same period compares to $0.83 a year ago. The reported revenue represents a surprise of -1.85% over the Zacks Consensus Estimate of $2.38 billion. With the consensus EPS estimate being $0.77, the EPS surprise was -1.3%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Old Republic performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Specialty Insurance Segment - Loss Ratio: 65.9% compared to the 64.7% average estimate based on two analysts. Specialty Insurance Segment - Expense Ratio: 29.6% compared to the 29.9% average estimate based on two analysts. Title Insurance Segment - Combined Ratio: 95.1% compared to the 98.9% average estimate based on two analysts. Title Insurance Segment - Loss Ratio: 3% versus the two-analyst average estimate of 2.9%. Operating Revenue- Specialty Insurance Segment- Net premiums earned: $1.32 billion compared to the $1.38 billion average estimate based on two analysts. The reported number represents a change of +2.3% year over year. Operating Revenue- Specialty Insurance Segment- Net investment income: $159.5 million versus $158.34 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +6.4% change. Operating Revenue- Specialty Insurance Segment- Other income: $51.2 million compared to the $50.89 million average estimate based on two analysts. The reported number represents a change of +3.9% year over year. Operating Revenue- Corporate & Other: $5.4 million compared to the $5.9 million average estimate based on two analysts. The reported number represents a change of -18.2% year over year. Operating Revenue- Title Insurance Segment- Net investment income: $18.3 million compared to the $17.79 million average estimate based on two analysts. The reported number represents a change of +5.8% year over year. Operating Revenue- Specialty Insurance Segment: $1.53 billion versus $1.59 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +2.7% change. Operating Revenue- Title Insurance Segment: $717.8 million compared to the $782.15 million average estimate based on two analysts. The reported number represents a change of +0.4% year over year. Operating Revenue- Title Insurance Segment- Net premiums earned: $699.3 million versus the two-analyst average estimate of $764.31 million. The reported number represents a year-over-year change of +0.2%. View all Key Company Metrics for Old Republic here>>> Shares of Old Republic have returned +3.2% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Old Republic International Corporation (ORI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research