Old Republic Q1 Net Income Rises to $330M, Operating EPS Drops 15%
Old Republic posted Q1 net income of $330M, $1.32/share, up from $245M last year, driven by $159M in investment gains. Net operating income fell 15% to $170.5M (68 cents/share) while consolidated premiums rose 7.1% to $1.97B and combined ratio widened to 96.6%.
1. Q1 Net Income and Operating Results
Old Republic posted net income of $330.0 million ($1.32 per share) in Q1 2026, up from $245.0 million ($0.98 per share) last year. Excluding $159.4 million of investment gains, net operating income declined 15.4% to $170.5 million (68 cents per share).
2. Premiums Growth and Combined Ratio
Consolidated net premiums and fees earned rose 7.1% to $1.97 billion, driven by a 4.7% increase in Specialty Insurance and 12.0% growth in Title Insurance premium income. However, the combined ratio widened to 96.6% from 93.7%, reflecting higher loss and acquisition expenses.
3. Investment Gains Impact and Shareholder Distributions
Net investment gains totaled $201.8 million, up from $55.0 million, boosting overall profitability. The company returned $237.5 million to shareholders through dividends and buybacks, with dividends per share rising 8.6% to $0.315.
4. Balance Sheet Strength and ROE
Book value per share increased 1.3% to $24.53 since year-end, while annualized operating return on equity stood at 11.5%, underscoring a sturdy balance sheet that supports long-term obligations and shareholder value.