Old Republic International reported first-quarter 2026 net income of $330.0 million, up from $245.0 million a year earlier, even as operating earnings declined.
Net income excluding investment gains fell to $170.5 million from $201.7 million, a drop of 15.4%. On a diluted per-share basis, operating income was $0.68, down from $0.81.
Revenue growth was steady. Net premiums and fees earned rose 7.1% to $1.97 billion from nearly $1.85 billion, while net investment income increased 4.3% to $178.0 million from $170.7 million. Total operating revenues climbed 6.7% to $2.20 billion.
Expenses grew faster than revenue. Loss and loss adjustment expenses increased 8.0% to $840.2 million, and underwriting, acquisition and other expenses rose 11.6% to $1.13 billion. Total expenses reached $1.99 billion, up 10.0% from $1.81 billion. Pretax income advanced to $413.4 million from $307.7 million, helped by investment gains.
The consolidated combined ratio worsened to 96.6% from 93.7%. Favorable loss reserve development contributed 1.5 points, down from 2.6 points in the prior-year quarter.
Book value per share ended the quarter at $24.53, up 1.3% from $24.21 at year-end 2025, or 2.6% including dividends declared. Total shareholders’ equity was essentially flat at $5.91 billion, compared with $5.91 billion at year-end.
Capital returned to shareholders totaled $237.5 million in the quarter, including $76.7 million in dividends and $160.7 million in share repurchases. Dividends declared on common stock rose to $0.315 per share from $0.290, an increase of 8.6%.
In specialty insurance, net premiums earned increased 4.7% to $1.29 billion from $1.23 billion, while net premiums written rose 3.4% to $1.32 billion from $1.27 billion. Segment underwriting income dropped to $67.2 million from $126.1 million, and pretax operating income fell 19.6% to $209.0 million from $260.1 million. The specialty combined ratio increased to 94.8% from 89.8%.
Title insurance posted a stronger top line. Net premiums and fees earned climbed 12.0% to $677.8 million from $605.1 million, with net premiums earned up 13.2% to $618.9 million from $546.9 million. Segment pretax operating income jumped to $16.7 million from $4.3 million, while the combined ratio improved to 100.1% from 102.1%.
At the balance-sheet level, total assets were $29.60 billion at March 31, 2026, down from $29.86 billion at year-end 2025. Cash fell to $202.1 million from $263.2 million, and short-term investments declined to $1.04 billion from $1.61 billion. Fixed income securities rose to $12.80 billion from $12.71 billion, and equity securities increased to $2.53 billion from $2.49 billion.
Loss and loss adjustment expense reserves increased to $14.95 billion from $14.78 billion. Debt was essentially unchanged at $1.59 billion. Today the company's shares have moved 1.14% to a price of $39.81. If you want to know more, read the company's complete 8-K report here.
