Share Performance
Shares of Old Republic International Corp. (NYSE: ORI) were down about 1.9% in early trading on Friday, after the Chicago‑based insurer reported fourth‑quarter and full‑year 2025 results showing revenue growth but earnings miss versus expectations. The stock has traded in a 52‑week range of roughly $34.43 to $46.76, pressured recently by broader property‑casualty industry concerns and underwriting margin metrics.
Quarterly Results
For the quarter ended Dec. 31, 2025, Old Republic reported net income of $206.3 million, up from $105.1 million in Q4 2024. Net operating income per diluted share was $0.74, down from $0.90 a year earlier. Total operating revenues — including net premiums and fees, net investment income, and other income — rose 9.5% to about $2.36 billion.
Consolidated net premiums and fees earned in the quarter increased nearly 9.8% to $2.13 billion, while net investment income climbed about 7.9% to $183.8 million. The company’s consolidated combined ratio widened to 96.0% from 92.7%, reflecting higher underwriting costs relative to premiums earned. Book value per share was $24.21, up about 22% from year‑end 2024.
Full‑Year Growth Context
For the full year 2025, Old Republic reported net income of $935.4 million, compared with $852.7 million in 2024, while total revenues — driven by premiums, fees and investment income — rose close to 9.7% to roughly $8.96 billion. Consolidated net premiums and fees increased 10.1%, with net investment income up about 5.3% year‑over‑year. Capital returned to shareholders — including dividends and share repurchases — totaled more than $1.0 billion for the year.
Segment Results
Old Republic’s two main business segments showed varied trends. Specialty Insurance net premiums earned were up 8.3% in the quarter, but pretax operating income declined. Title Insurance net premiums and fees climbed 12.4%, and pretax operating income increased about 18.1%.
Dividend and Capital Actions
Old Republic sustained its longstanding dividend policy with a regular fourth‑quarter cash dividend of $0.29 per share, payable in December 2025. That marked the company’s 44th consecutive annual increase in regular dividends.
Analyst and Market Reaction
There were no widely reported analyst upgrades or price‑target changes tied directly to the Q4 print as of Friday’s market open. The company’s earnings per share figure of $0.74 missed the consensus estimate of about $0.87, even though revenue modestly exceeded expectations. That result contributed to stock price weakness.
Sector and Macro Pressures
Old Republic’s results come amid broad pressure in the property‑casualty insurance sector, where underwriting margins have faced headwinds from rising claim costs and higher loss ratios in certain lines. Insurers have also contended with macroeconomic uncertainty, including interest rate volatility and investment return fluctuations, which affect net investment income and reserve development trends. These factors have weighed on sector valuations.
