Net income of $330.0 million, compared to $245.0 million last year.
Net income excluding investment gains (net operating income) of $170.5 million, compared to $201.7 million last year.
Net operating income per diluted share of $0.68, compared to $0.81 last year.
Consolidated net premiums and fees earned of $1.97 billion, compared to nearly $1.85 billion last year.
Net investment income of $178.0 million, compared to $170.7 million last year.
Consolidated combined ratio of 96.6%, compared to 93.7% last year.
Favorable loss reserve development of 1.5 points, compared to 2.6 points last year.
Book value per share of $24.53, inclusive of dividends declared, up 2.6% since year-end 2025.
Annualized operating return on equity of 11.5%.
Total capital returned to shareholders of $237.5 million.
Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended March 31,
2026
2025
% Change
Net income
$ 330.0
$ 245.0
Net of tax investment gains
159.4
43.2
Net income excluding investment gains
$ 170.5
$ 201.7
(15.4) %
Combined ratio
96.6 %
93.7 %
PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended March 31,
2026
2025
% Change
Net income
$ 1.32
$ 0.98
Net of tax investment gains
0.64
0.17
Net income excluding investment gains
$ 0.68
$ 0.81
(15.4) %
SHAREHOLDERS' EQUITY (BOOK VALUE)
Mar. 31,
Dec. 31,
2026
2025
% Change
Total
$ 5,911.9
$ 5,914.0
— %
Per common share
$ 24.53
$ 24.21
1.3 %
Old Republic's business is managed for the long run. In this context, management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the Company's obligations. Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net income excluding net investment gains (losses) (net operating income), a non-GAAP financial measure, in its evaluation of periodic and long-term results.
In management's opinion, excluding investment gains (losses) from income provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations that are unrelated to the insurance operations. Net operating income, however, does not replace GAAP net income as a measure of total profitability.
FINANCIAL HIGHLIGHTS
Quarters Ended March 31,
SUMMARY INCOME STATEMENTS:
2026
2025
% Change
Revenues:
Net premiums and fees earned
$ 1,972.2
$ 1,841.0
7.1 %
Net investment income
178.0
170.7
4.3
Other income
47.3
47.2
0.2
Total operating revenues
2,197.6
2,059.0
6.7
Net investment gains:
Realized from actual transactions and impairments
85.3
37.4
Unrealized from changes in fair value of equity securities
116.4
17.6
Total net investment gains
201.8
55.0
Total revenues
2,399.4
2,114.0
Operating expenses:
Loss and loss adjustment expenses
840.2
777.7
8.0
Underwriting, acquisition, and other expenses
1,128.0
1,010.7
11.6
Interest and other charges
17.7
17.8
(0.5)
Total expenses
1,986.0
1,806.3
10.0 %
Pretax income
413.4
307.7
Income taxes
83.8
61.6
Total net income
329.5
246.1
Net income (loss) attributable to noncontrolling interests
(0.5)
1.1
Net income attributable to shareholders
$ 330.0
$ 245.0
COMMON STOCK STATISTICS:
Components of net income per share:
Basic net income excluding investment gains
$ 0.70
$ 0.83
(15.1) %
Net investment gains:
Realized investment gains
0.28
0.12
Unrealized from changes in fair value of equity securities
0.38
0.06
Basic net income
$ 1.36
$ 1.01
Diluted net income excluding investment gains
$ 0.68
$ 0.81
(15.4) %
Net investment gains:
Realized investment gains
0.27
0.12
Unrealized from changes in fair value of equity securities
0.37
0.05
Diluted net income
$ 1.32
$ 0.98
