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Old Republic International
Old Republic International (ORI) investor relations material
Old Republic International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary22 Jan, 2026
Executive summary
Consolidated pre-tax operating income for Q4 was $236 million, down from $285 million, with a combined ratio of 96% versus 92.7% last year; full-year pre-tax operating income reached $1 billion and a combined ratio of 94.7%.
Q4 2025 operating EPS was $0.74, a 17.8% decrease year-over-year, mainly due to a 21.8% drop in Specialty Insurance pretax operating income, partially offset by an 18.1% increase in Title Insurance.
Book value per share increased 22% to $24.21, including dividends, reflecting strong earnings and investment valuations.
Net premiums and fees earned rose 9.8% to $2.13 billion, driven by growth in both Specialty (up 8.3%) and Title Insurance (up 12.4%).
Total capital returned to shareholders was $742 million for the quarter, including dividends and share repurchases.
Financial highlights
Total operating revenues for 2025 were $8.96 billion, up from $8.16 billion in 2024.
Net operating income for Q4 was $185 million, down from $227 million; EPS was $0.74 versus $0.90 year-over-year.
Net investment income increased 7.9% in Q4, driven by higher bond yields and a larger investment base; bond portfolio book yield rose to 4.75%.
Combined ratio for Q4 was 96%, up from 92.7% last year, and 94.7% for the full year, up from 93.9%.
Cash dividends declared per share increased 23.2% for the quarter and 19.6% for the year.
Outlook and guidance
Specialty insurance combined ratio target for 2026 is expected to be consistent with 2025's 93.2%, with a focus on pricing and underwriting discipline.
Title business expects commercial premiums to improve 15-20% in 2026, with residential premiums rising 3-7%.
Net investment income growth is expected to slow in 2026 due to the current interest rate environment.
Management targets combined ratios between 90% and 95% over a full underwriting cycle for both Specialty and Title Insurance segments.
Acquisition of Everett Cash Mutual (ECM) announced, expected to be accretive to book value per share and operating EPS, pending regulatory approval in 2026.
Commercial auto Q4 loss ratio increase drivers
Future capital return strategy and drivers
Investment strategy's impact on volatility
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Next Old Republic International earnings date
Q1 202623 Apr, 2026
Old Republic International
Next Old Republic International earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Old Republic International Corporation engages in the insurance underwriting and related services business primarily in the United States and Canada. It assists individuals, families and businesses in obtaining protection against a range of risks through insurance products offered by independent agents. The company does so by offering personal lines property and casualty insurance, covering a wide range of properties and insurance. The company's markets include several states in the US, among other, Texas and Oklahoma.
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