OLD REPUBLIC REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2025
CHICAGO, Jan. 22, 2026 /PRNewswire/ -- Old Republic International Corporation (NYSE:ORI) today reported the following results for the fourth quarter 2025:
Net income of $206.3 million, compared to $105.1 million last year.
Net income excluding investment gains (losses) (net operating income) of $184.7 million, compared to $227.0 million last year.
Net operating income per diluted share of $0.74, compared to $0.90 last year.
Consolidated net premiums and fees earned of $2.1 billion, an increase of 9.8% over last year.
Net investment income of $183.8 million, an increase of 7.9% over last year.
Consolidated combined ratio of 96.0%, compared to 92.7% last year.
Favorable loss reserve development of 2.4 points, compared to 2.9 points last year.
Book value per share of $24.21, inclusive of cash dividends declared, up 22.0% since year-end 2024.
Operating return on beginning of year equity of 14.1%.
Total capital returned to shareholders of $742 million.
Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended December 31,
Years Ended December 31,
2025
2024
% Change
2025
2024
% Change
Net income
$ 206.3
$ 105.1
$ 935.4
$ 852.7
Net of tax investment gains (losses)
21.5
(121.9)
142.8
55.7
Net income excluding investment gains (losses)
$ 184.7
$ 227.0
(18.6) %
$ 792.5
$ 797.0
(0.6) %
Combined ratio
96.0 %
92.7 %
94.7 %
93.9 %
PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended December 31,
Years Ended December 31,
2025
2024
% Change
2025
2024
% Change
Net income
$ 0.82
$ 0.42
$ 3.72
$ 3.24
Net of tax investment gains (losses)
0.08
(0.48)
0.57
0.21
Net income excluding investment gains (losses)
$ 0.74
$ 0.90
(17.8) %
$ 3.15
$ 3.03
4.0 %
SHAREHOLDERS' EQUITY (BOOK VALUE)
Dec. 31,
Dec. 31,
2025
2024
% Change
Total
$ 5,914.0
$ 5,618.9
5.3 %
Per common share
$ 24.21
$ 22.84
6.0 %
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 operating companies' 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 December 31,
Years Ended December 31,
SUMMARY INCOME STATEMENTS:
2025
2024
% Change
2025
2024
% Change
Revenues:
Net premiums and fees earned
$ 2,130.8
$ 1,941.5
9.8 %
$ 8,052.9
$ 7,310.8
10.1 %
Net investment income
183.8
170.3
7.9
708.7
673.1
5.3
Other income
47.4
44.5
6.4
194.9
177.6
9.8
Total operating revenues
2,362.1
2,156.4
9.5
8,956.6
8,161.6
9.7
Net investment gains (losses):
Realized from actual transactions and
impairments
173.0
(24.2)
202.0
88.8
Unrealized from changes in fair value of
equity securities
(145.7)
(130.1)
(22.3)
(18.9)
Total net investment gains (losses)
27.2
(154.4)
179.7
69.9
Total revenues
2,389.4
2,002.0
9,136.3
8,231.5
Operating expenses:
Loss and loss adjustment expenses
912.0
792.9
15.0
3,377.3
3,048.0
10.8
Underwriting, acquisition, and other expenses
1,196.7
1,061.1
12.8
4,504.5
4,036.4
11.6
Interest and other expenses
17.4
17.2
1.2
70.3
77.3
(9.0)
Total expenses
2,126.2
1,871.3
13.6 %
7,952.3
7,161.7
11.0 %
Pretax income
263.1
130.6
1,184.0
1,069.7
Income taxes
55.9
25.5
242.1
216.9
Total net income
207.2
105.1
941.9
852.7
Net income attributable to noncontrolling interests
0.8
—
6.5
—
Net income attributable to shareholders
$ 206.3
$ 105.1
$ 935.4
$ 852.7
COMMON STOCK STATISTICS:
Components of net income per share:
Basic net income excluding investment
gains (losses)
$ 0.75
$ 0.92
(18.5) %
$ 3.23
$ 3.09
4.5 %
Net investment gains (losses):
Realized investment gains (losses)
0.56
(0.08)
0.65
0.27
Unrealized from changes in fair value of
equity securities
(0.47)
(0.41)
(0.06)
(0.06)
Basic net income
$ 0.84
$ 0.43
$ 3.82
$ 3.30
Diluted net income excluding investment gains (losses)
$ 0.74
$ 0.90
(17.8) %
$ 3.15
$ 3.03
4.0 %
Net investment gains (losses):
Realized investment gains (losses)
0.54
(0.07)
0.63
0.27
Unrealized from changes in fair value of
