NYSE: ORI OLD REPUBLIC INTERNATIONAL CORP 8-K

Old Republic reports Q2 2026 net operating income of $186.0M ($0.76/share), down 11% YoY

Filed July 23, 2026 · Period ending July 23, 2026 · ~2 min read

Key Changes

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Q2 2026 net operating income fell 11% to $186.0M ($0.76/share) from $209.2M ($0.83/share) in Q2 2025, as consolidated combined ratio rose to 95.3% from 93.6% driven by lower favorable prior-year reserve development.

Item 2.02 verify on EDGAR →
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Specialty Insurance combined ratio deteriorated to 95.5% from 90.7%, with $40M (3.0 points) unfavorable reserve development from run-off transactional risk business mostly offset by favorable development in commercial auto and property.

Exhibit 99.1 view on EDGAR →
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Title Insurance pretax operating income surged 130.5% to $55.9M from $24.2M, with net premiums up 131% to $772.6M and combined ratio improving to 95.1% from 99.0%.

Exhibit 99.1 view on EDGAR →
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Everett Cash Mutual acquisition closed July 1, 2026, expected to generate ~$125M gain (subject to final valuations) and be accretive to 2026 earnings; will be included in Specialty Insurance segment starting Q3 2026.

Exhibit 99.1 view on EDGAR →
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Returned $137.4M to shareholders in Q2 2026 ($76.6M dividends, $60.7M repurchases), totaling $374.9M for the first six months; issued $700M Senior Notes ahead of August 2026 maturity of $550M existing notes.

Exhibit 99.1 view on EDGAR →

Summary

Old Republic reported second quarter 2026 results that showed a year-over-year decline in profitability despite revenue growth. Net operating income fell 11% to $186.0 million ($0.76 per share) as the consolidated combined ratio rose 1.7 points to 95.3%, primarily due to lower favorable prior-year reserve development (0.1 points versus 2.1 points in Q2 2025).

The Specialty Insurance segment faced headwinds from $40 million in unfavorable reserve development in its run-off transactional risk business, though this was largely offset by favorable development in commercial auto and property. The segment's expense ratio remains elevated due to ongoing investments in start-up operations, IT modernization, and AI initiatives.

The Title Insurance segment delivered strong performance, with pretax operating income more than doubling to $55.9 million on 10.7% premium growth and a 390-basis-point improvement in combined ratio to 95.1%. Commercial premiums grew to 25.4% of net premiums earned from 23.0% a year earlier. The company completed its acquisition of Everett Cash Mutual effective July 1, 2026, which is expected to generate a $125 million gain and be accretive to 2026 earnings. Old Republic maintained its capital return program, distributing $137.4 million to shareholders in the quarter through dividends and repurchases, while refinancing debt with a $700 million Senior Notes issuance ahead of an August maturity.

Section-by-Section Diff

Event · Item 2.02 — Results of Operations and Financial Condition

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Old Republic announced Q2 2026 financial results via earnings release.

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Added Q2 2026 earnings release high

Added in current filing · verify on EDGAR →

On July 23, 2026, Old Republic International Corporation announced the results of its operations and its financial condition for the quarter ended June 30, 2026.

The company disclosed its second quarter 2026 operating results and financial condition through an earnings release. The 8-K itself provides no quantitative details; all financial metrics are contained in the attached Exhibit 99.1, which was not provided for analysis.

Event · Exhibit 99.1

~4,800 words View exhibit on EDGAR ↗

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Added Q2 2026 earnings high

Added in current filing · view on EDGAR → · paraphrased

Net income excluding investment gains (net operating income) of $186.0 million, compared to $209.2 million last year. Net operating income per diluted share of $0.76, compared to $0.83 last year. Consolidated net premiums and fees earned of nearly $2.1 billion, compared to nearly $2.0 billion last year. Net investment income of $182.0 million, compared to $171.5 million last year. Consolidated combined ratio of 95.3%, compared to 93.6% last year.

Old Republic reported second quarter 2026 net operating income of $186.0 million, or $0.76 per diluted share, down 11% from $209.2 million ($0.83/share) in Q2 2025. The consolidated combined ratio rose to 95.3% from 93.6%, driven by lower favorable prior-year reserve development (0.1 points vs. 2.1 points). Net premiums and fees earned grew 5.2% to $2.1 billion, and net investment income increased 6.1% to $182.0 million.

Added Specialty Insurance segment results high

Added in current filing · view on EDGAR →

Specialty Insurance experienced unfavorable development of approximately $40 (3.0 points) from its run-off transactional risk business reported in financial indemnity. This unfavorable development was mostly offset by significant favorable development from commercial auto and property.

The expense ratio remains elevated due to continued investments in start-up operating companies which are not at scale, information technology modernization, data and analytics, and artificial intelligence, including the additional personnel costs to manage all of these key initiatives.

The Specialty Insurance segment reported a 95.5% combined ratio in Q2 2026, up from 90.7% in Q2 2025, with pretax operating income declining 21.7% to $198.6 million. The segment experienced $40 million (3.0 points) of unfavorable reserve development from run-off transactional risk business, mostly offset by favorable development in commercial auto and property. The expense ratio remains elevated due to investments in start-up companies, IT modernization, data analytics, and AI initiatives.

Added Title Insurance segment results high

Added in current filing · view on EDGAR → · paraphrased

Title Insurance net premiums and fees earned increased 10.7% for the quarter and 11.3% for the first six months. Both agency and directly produced premiums experienced solid growth and continued strong commercial business production. Commercial premiums represented 25.4% of net premiums earned compared to 23.0% in the second quarter of last year. Segment pretax operating income $ 55.9 $ 24.2 130.5 %

The Title Insurance segment reported strong performance with net premiums and fees earned up 10.7% to $772.6 million in Q2 2026. Pretax operating income surged 130.5% to $55.9 million from $24.2 million in Q2 2025, driven by revenue growth and improved expense management. The combined ratio improved to 95.1% from 99.0%, and commercial premiums grew to 25.4% of net premiums earned from 23.0% a year earlier.

Added Everett Cash Mutual acquisition high

Added in current filing · view on EDGAR →

Old Republic’s previously announced acquisition of Everett Cash Mutual Insurance Co. (ECM) and affiliated companies following its conversion to a stock company in a sponsored demutualization transaction closed effective July 1, 2026. ECM will be included in the Specialty Insurance segment beginning in the third quarter of 2026. Specialty Insurance expects to report a gain on the acquisition of approximately $125 subject to final valuations as of the closing date, and for the business to be accretive to earnings in 2026.

Old Republic completed the acquisition of Everett Cash Mutual Insurance Co. (ECM) and affiliated companies effective July 1, 2026, following ECM's conversion to a stock company. The company expects to report a gain of approximately $125 million on the acquisition, subject to final valuations, and anticipates the business will be accretive to earnings in 2026. ECM will be included in the Specialty Insurance segment starting in Q3 2026.