NYSE: ORI
OLD REPUBLIC INTERNATIONAL CORPCIK 0000074260 · SIC 6351 · Surety Insurance
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Old Republic Q2 net income jumps 57.7% to $322.3M on buybacks
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Old Republic reports Q2 2026 net operating income of $186.0M ($0.76/share), down 11% YoY
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Old Republic completes ECM Insurance acquisition via $24.7M discounted stock offering
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Old Republic prices $700M senior notes offering at 5.700% due 2036
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Old Republic International prices $700M senior notes offering at 5.700% due 2036
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Old Republic prices $550M senior notes offering to refinance August 2026 debt maturity
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Latest financial statements
From 10-Q filed Jul 31, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
($ in Millions, Except Per Share Data)
| Description | Quarters ended June 30, 2026 | Quarters ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Net premiums earned | 2,024.4 | 1,926.7 | 3,937.7 | 3,709.6 |
| Title, escrow, and other fees | 73.3 | 67.9 | 132.2 | 126.1 |
| Total premiums and fees | 2,097.8 | 1,994.6 | 4,070.0 | 3,835.7 |
| Net investment income | 182.0 | 171.5 | 360.1 | 342.2 |
| Other income | 51.4 | 49.6 | 98.8 | 96.8 |
| Total operating revenues | 2,331.3 | 2,215.8 | 4,528.9 | 4,274.9 |
| Net investment gains (losses): | ||||
| Realized from actual transactions and impairments | 38.1 | (2.4) | 123.5 | 34.9 |
| Unrealized from changes in fair value of | ||||
| equity securities | 134.2 | (4.9) | 250.7 | 12.7 |
| Total net investment gains (losses) | 172.4 | (7.3) | 374.3 | 47.7 |
| Total revenues | 2,503.8 | 2,208.5 | 4,903.3 | 4,322.6 |
| Expenses: | ||||
| Loss and loss adjustment expenses | 892.4 | 826.5 | 1,728.0 | 1,598.6 |
| Dividends to policyholders | 4.3 | 4.1 | 9.0 | 9.7 |
| Underwriting, acquisition, and other expenses | 1,170.2 | 1,099.9 | 2,298.2 | 2,110.7 |
| Interest and other charges | 26.5 | 17.6 | 44.3 | 35.5 |
| Total expenses | 2,093.6 | 1,948.3 | 4,079.6 | 3,754.6 |
| Income before income taxes | 410.2 | 260.1 | 823.6 | 567.9 |
| Income Taxes (Credits): | ||||
| Current | 24.4 | 55.1 | 87.2 | 100.6 |
| Deferred | 61.3 | (3.4) | 82.4 | 12.6 |
| Total income taxes | 85.7 | 51.7 | 169.6 | 113.3 |
| Net Income: | ||||
| Total net income | 324.4 | 208.4 | 653.9 | 454.5 |
| Net income attributable to noncontrolling interests | 2.0 | 3.9 | 1.5 | 5.0 |
| Net Income to Shareholders | 322.3 | 204.4 | 652.4 | 449.5 |
| Net Income Per Share: | ||||
| Basic | 1.34 | 0.83 | 2.70 | 1.84 |
| Diluted | 1.31 | 0.81 | 2.63 | 1.79 |
| Average shares outstanding: Basic | 239,833,084 | 244,801,566 | 241,413,617 | 244,343,845 |
| Diluted | 246,265,986 | 251,075,011 | 247,887,413 | 250,456,276 |
Consolidated Balance Sheets
($ in Millions, Except Per Share Data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Investments: | ||
| Fixed income securities (at fair value) (amortized cost: $12,116.5 and $12,478.8) | 12,161.2 | 12,709.8 |
| Equity securities (at fair value) (cost: $1,318.2 and $1,377.7) | 2,679.0 | 2,487.7 |
| Short-term investments (at fair value which approximates cost) | 2,233.1 | 1,613.6 |
| Other investments | 17.8 | 27.7 |
| Total investments | 17,091.2 | 16,839.0 |
| Cash | 417.7 | 263.2 |
| Accrued investment income | 142.5 | 141.1 |
| Accounts and notes receivable | 3,140.2 | 2,782.2 |
| Reinsurance balances and funds held | 385.7 | 404.5 |
| Reinsurance recoverable: Paid loss and loss adjustment expenses | 175.1 | 209.9 |
| Loss and loss adjustment expense reserves | 6,757.9 | 6,399.1 |
| Unearned premium and policy reserves | 1,493.2 | 1,131.1 |
| Deferred policy acquisition costs | 814.8 | 636.2 |
| Other assets | 1,173.7 | 1,055.9 |
| Total assets | 31,592.4 | 29,862.7 |
| Liabilities and Equity | ||
| Liabilities: | ||
| Policy liabilities: | ||
| Loss and loss adjustment expense reserves | 15,326.9 | 14,775.7 |
| Unearned premiums | 4,559.0 | 3,982.5 |
| Other policyholders' benefits and funds held | 183.5 | 177.8 |
| Total policy liabilities | 20,069.5 | 18,936.1 |
| Commissions, expenses, fees, and taxes | 544.4 | 601.8 |
| Reinsurance balances and funds held | 1,689.5 | 1,428.0 |
| Federal income tax: Deferred | 262.9 | 219.3 |
| Debt | 2,284.0 | 1,589.9 |
| Other liabilities | 653.9 | 1,158.7 |
| Total liabilities | 25,504.5 | 23,934.2 |
| Equity: | ||
| Shareholders' Equity: | ||
| Preferred stock | — | — |
| Common stock ($1.00 par value; 500,000,000 shares authorized; 241,432,922 and 246,355,085 shares issued) (Class B $1.00 par value; 100,000,000 shares authorized; none issued) | 241.4 | 246.3 |
| Additional paid-in capital | — | 23.3 |
| Retained earnings | 5,850.5 | 5,515.2 |
| Accumulated other comprehensive income | 8.5 | 163.1 |
| Unallocated 401(k) plan shares (at cost) | (27.6) | (34.1) |
| Treasury stock (at cost) (no shares outstanding) | — | — |
| Total shareholders' equity | 6,072.8 | 5,914.0 |
| Noncontrolling interests | 15.0 | 14.4 |
| Total equity | 6,087.8 | 5,928.4 |
| Total liabilities and equity | 31,592.4 | 29,862.7 |
Consolidated Statements of Cash Flows (Unaudited)
($ in Millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Total net income | 653.9 | 454.5 |
| Adjustments to reconcile net income to | ||
| net cash provided by operating activities: | ||
| Deferred policy acquisition costs | (178.5) | (57.2) |
| Accounts and notes receivable | (366.9) | (470.4) |
| Loss and loss adjustment expense reserves | 192.4 | 182.0 |
| Unearned premiums and other policyholders' liabilities | 220.4 | 123.9 |
| Federal income taxes | 7.9 | 16.3 |
| Reinsurance balances and funds held | 315.1 | 256.4 |
| Realized investment gains from actual transactions and impairments | (123.5) | (34.9) |
| Unrealized investment gains from changes in fair value | ||
| of equity securities | (250.7) | (12.7) |
| Other net | 10.9 | (92.5) |
| Total | 481.1 | 365.5 |
| Cash flows from investing activities: | ||
| Maturities and calls of fixed income securities | 765.3 | 835.4 |
| Sales of: | ||
| Fixed income securities | 834.4 | 522.3 |
| Equity securities | 266.9 | 167.5 |
| Other investments | 1.8 | 3.3 |
| Purchases of: | ||
| Fixed income securities | (1,158.5) | (1,314.2) |
| Equity securities | (68.5) | (58.6) |
| Other investments | (41.3) | (68.8) |
| Net increase in short-term investments | (619.1) | 198.7 |
| Other net | — | 2.0 |
| Total | (18.9) | 287.6 |
| Cash flows from financing activities: | ||
| Issuance of debentures and notes | 693.4 | — |
| Issuance of common shares | 3.0 | 2.8 |
| Dividends on common shares | (770.4) | (640.9) |
| Repurchase of common stock | (220.0) | (25.3) |
| Other net | (13.7) | (13.5) |
| Total | (307.6) | (676.9) |
| Increase (decrease) in cash: | 154.5 | (23.7) |
| Cash, beginning of period | 263.2 | 201.9 |
| Cash, end of period | 417.7 | 178.1 |
| Supplemental cash flow information: | ||
| Cash paid during the period for: Interest | 34.6 | 34.6 |
| Income taxes | 162.7 | 98.4 |
Amounts as printed on the EDGAR/iXBRL face — ($ in Millions, Except Per Share Data); ($ in Millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗