Old Republic International (ORI) investor relations material

Executive summary

• Net income for Q2 2026 was $322.3 million, up from $204.4 million year-over-year, driven by strong investment gains, while net operating income was $186 million, down from $209.2 million.

• Net premiums and fees earned reached nearly $2.1 billion, a 5.2% increase year-over-year, with book value per share rising 7.2% since year-end 2025 to $25.33.

• Operating EPS for Q2 2026 was $0.76, down 9.3% year-over-year, and the combined ratio increased to 95.3% from 93.6%.

• Specialty Insurance faced higher loss ratios and lower pre-tax operating income, while Title Insurance delivered strong revenue and margin improvements.

• Total capital returned to shareholders in Q2 was $137.4 million, including dividends and share repurchases.

Financial highlights

• Total revenues for Q2 2026 were $2,503.8 million, up from $2,208.5 million year-over-year.

• Net investment income rose 6.1% to $182.0 million, and net investment gains were $172.4 million, compared to a loss last year.

• Combined ratio was 95.3%, with Specialty Insurance at 95.5% and Title Insurance at 95.1%.

• Diluted net operating income per share was $0.76, down from $0.83 year-over-year.

• Dividends declared per share increased 8.6% to $0.315 for the quarter.

Outlook and guidance

• Specialty Insurance targets combined ratios between 90% and 95% over a full underwriting cycle, with continued investments in new operating companies and IT modernization.

• Title Insurance aims to return to a combined ratio range of 90% to 95% as market conditions improve.

• ECM acquisition completed July 1, 2026, is expected to be accretive to earnings and book value, with a projected gain of approximately $125 million.

• Ongoing focus on operational efficiency and margin expansion in Title Insurance.

• Anticipates ongoing growth from new specialty operating companies and ECM integration.