Old Republic International (ORI) investor relations material

Executive summary

• Consolidated pre-tax operating income was $238 million, down from $268 million year-over-year, while net income for Q2 2026 was $322.3 million, up from $204.4 million, driven by strong investment gains.

• Net operating income for the quarter was $186 million, compared to $209 million last year.

• Net premiums and fees earned rose 5.2% to nearly $2.1 billion, with specialty up 2.3% and title up 10.7%.

• Book value per share increased 7.2% since year-end 2025, reaching $25.33 after dividends.

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

Financial highlights

• Net operating income per share was $0.76, down from $0.83 year-over-year, with operating EPS declining 9.3%.

• Combined ratio increased to 95.3% from 93.6% year-over-year.

• Net investment income rose to $182 million from $171.5 million year-over-year.

• Paid $77 million in dividends and repurchased $61 million in shares during the quarter; $635 million remains authorized for repurchases.

• Annualized operating return on equity was 12.1%.

Outlook and guidance

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

• Combined ratios for both Specialty and Title Insurance are targeted between 90% and 95% over a full underwriting cycle.

• Continued focus on operational efficiency, margin expansion, and growth from new specialty operating companies and ECM integration.