Old Republic International Reports First Quarter 2026 Results

Old Republic's net income for the first quarter reached $330.0 million, a significant increase from $245.0 million in the same period last year. However, when excluding investment gains, the net operating income was reported at $170.5 million, down from $201.7 million in the prior year, reflecting a 15.4% decline. This decline was echoed in the net operating income per diluted share, which fell to $0.68 from $0.81 year-over-year.

The company reported consolidated net premiums and fees earned of $1.97 billion, rising from nearly $1.85 billion in Q1 2025, marking a 7.1% increase. This growth was supported by both the Specialty Insurance and Title Insurance segments. The net investment income also saw an increase, totaling $178.0 million, compared to $170.7 million a year earlier.

Old Republic's consolidated combined ratio, a key measure of underwriting profitability, was reported at 96.6%, up from 93.7% in the prior year. The company experienced favorable loss reserve development of 1.5 points, though this was a decrease from 2.6 points reported last year.

In the Specialty Insurance segment, net premiums earned increased by 4.7% to $1.29 billion. However, the segment's underwriting income saw a significant drop of 46.7%, falling to $67.2 million. The increased loss ratio was attributed to lower levels of favorable prior year loss reserve development, while the current year loss ratio remained consistent.

The Title Insurance segment demonstrated robust performance, with net premiums and fees earned rising 12.0% to $677.8 million. This growth was driven by solid agency and direct production in commercial business. The segment's underwriting loss improved significantly, reflecting a 95.2% reduction in losses compared to the previous year.

Old Republic returned a total of $237.5 million to shareholders during the quarter, primarily through dividends and share repurchases. The book value per share increased to $24.53, a 2.6% rise from the end of 2025.

Management emphasized their commitment to achieving long-term profitability and maintaining a strong balance sheet. The company remains focused on managing its operations with an eye toward sustainable growth, despite the challenges presented by fluctuating market conditions.

Additionally, Old Republic's proposed acquisition of Everett Cash Mutual Insurance Co. has received regulatory approval and is expected to close in early Q3 2026, pending policyholder approval. This acquisition is anticipated to enhance the Specialty Insurance segment.

Old Republic International's first quarter results for 2026 reflect a company that is successfully navigating a challenging environment while still facing areas for improvement, particularly in net operating income. The growth in premiums, coupled with strategic acquisitions and shareholder returns, positions the company favorably for the future. As the company continues to evolve, stakeholders will be watching closely to see how it addresses current challenges and capitalizes on growth opportunities.