Old Republic International (ORI) investor relations material

Executive summary

• Q3 net premiums and fees earned rose 8.8% to $2.269B; net operating income was $181.4M vs. $196.7M, and diluted operating EPS was $0.73 vs. $0.78.

• Consolidated combined ratio rose to 96.1% from 95.3%; annualized operating ROE was 12.1%.

• Book value per share was $24.65, up 5.7% year to date including dividends declared.

Financial highlights

• Q3 net income was $243.2M vs. $279.5M; net realized investment losses were $63.2M, compared with an $82.7M gain and $124.9M bargain purchase gain in Q3 2025.

• Q3 net investment income increased 1.5% to $185.4M; 9M net premiums and fees earned rose 7.0% to $6.339B and net investment income increased 3.9% to $545.5M.

• Q3 operating revenues were $2.505B vs. $2.320B; total revenues were $2.551B vs. $2.424B.

• 9M net income was $895.6M vs. $729.0M; adjusted net operating income was $538.1M vs. $607.7M.

Outlook and guidance

• Specialty and Title target combined ratios of 90%–95% over a full underwriting cycle; Specialty aims to remain at or below 95% in the softest market conditions.

• Rate discipline may constrain premium growth; lower volume can weaken expense leverage, while scaling startups may support growth.

• Auto warranty growth is expected to remain robust; annual net premiums of $600M–$700M in coming years were described as possible, with potential to exceed that range.

• ECM is expected to contribute to top and bottom lines in coming quarters, no longer constrained by its prior quota share; Qualia rollout is expected to continue through year-end 2027.