Old Republic International Corporation reported a net income of $330.0 million for the first quarter of 2026, a significant increase from $245.0 million in the same period last year. The company's net income per diluted share rose to $1.32, compared to $0.98 in the prior year. Total operating revenues reached $1.97 billion, up 7.1% from nearly $1.85 billion in the first quarter of 2025. The increase in revenue was driven by growth in both the Specialty Insurance and Title Insurance segments, with net premiums earned rising to $1.91 billion from $1.78 billion year-over-year.
In terms of operational performance, Old Republic's combined ratio for the quarter was 96.6%, reflecting a deterioration from 93.7% in the previous year. The Specialty Insurance segment reported a combined ratio of 94.8%, while Title Insurance had a combined ratio of 100.1%. The company experienced favorable loss reserve development of 1.5 points, down from 2.6 points in the prior year, indicating a slight decline in the efficiency of its claims management. The Specialty Insurance segment's underwriting income fell to $67.2 million, a decrease of 46.7% from $126.1 million in the first quarter of 2025.
Strategically, Old Republic is moving forward with its acquisition of Everett Cash Mutual Insurance Co. and affiliated companies, which has received regulatory approval and is expected to close in the third quarter of 2026. This acquisition is anticipated to enhance the company's Specialty Insurance segment. Additionally, the company announced the formation of a new property insurance company to underwrite specialized products through a national retail broker distribution network, further expanding its operational footprint.
As of March 31, 2026, Old Republic's total assets decreased to $29.60 billion from $29.86 billion at the end of 2025, primarily due to a reduction in total investments following the return of excess capital, including a special dividend of $615.2 million paid during the quarter. The company's total liabilities also decreased to $23.67 billion, resulting in a debt-to-equity ratio of 26.9%. Shareholders' equity remained relatively stable at $5.91 billion, with a book value per share of $24.53, reflecting a 2.6% increase since year-end 2025.
Looking ahead, Old Republic's management remains focused on achieving long-term profitability and maintaining a strong balance sheet to support its obligations to policyholders. The company continues to prioritize underwriting results and is committed to investing in technology and operational improvements to enhance efficiency. The outlook for the remainder of 2026 will depend on market conditions, including competition in the insurance sector and economic factors affecting claims and premium growth.
About OLD REPUBLIC INTERNATIONAL CORP
Old Republic International Corporation is a diversified insurance holding company specializing in underwriting and related services through regulated subsidiaries. Its core segments include Specialty Insurance, offering niche commercial lines such as auto, property, liability, and financial indemnity, and Title Insurance, providing real estate title protection. The company emphasizes disciplined risk management, long-term financial stability, and investment income, serving primarily North American markets with a focus on niche industries and client-specific solutions.
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