Q2 2026 Old Republic International Corp Earnings Call Transcript
Key Points
- Old Republic International Corp (ORI) reported a consolidated pretax operating income of $238 million for the quarter.
- The Title Insurance segment grew premiums and fees by 10% over the second quarter of 2025, with pretax operating income increasing from $24 million to $56 million.
- Net investment income increased by over 6% in the quarter, driven by a larger investment base and a higher average rate on corporate bonds.
- The company achieved a 7.2% growth in book value per share, including dividends, for the first six months of the year.
- The ECM acquisition is expected to be accretive to earnings and book value, with ECM reporting direct premiums written of just under $220 million in 2025.
- Consolidated pretax operating income decreased from $268 million in the previous year to $238 million.
- The Specialty Insurance segment's pretax operating income fell from $254 million to $199 million, with a combined ratio increase to 95.5%.
- The company experienced unfavorable prior year loss reserve development in specialty insurance, leading to reserve strengthening of $40 million.
- Workers compensation net premiums written were 8.4% lower in the quarter, with a higher loss ratio compared to the previous year.
- The expense ratio increased due to continued investments in technology modernization, data analytics, and AI, impacting overall profitability.
Well, good day, everyone, and welcome to the Old Republic International second quarter earnings conference call. Just a reminder that today's call is being recorded.
I would now like to hand the call over to Mr. Joe Calabrese. Please go ahead, sir.
Thank you, Lisa. Good afternoon, everyone, and thank you for joining us. for the Old Republic conference call to discuss second quarter 2026 results. This morning, we distributed a copy of the press release and posted a separate financial supplement. Both of the documents are available on Old Republic's website at oldrepublic.com.
Please be advised that this call may involve forward-looking statements as discussed in the press release dated July 23, 2026. The assumptions, uncertainties and risks exist that may cause results to differ materially from those set forth in these forward-looking statements. For more information on these assumptions, uncertainties and risks, please refer to the forward-looking statement discussions in the
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