EarningsQ2 2026 Earnings Report

Old Republic International (ORI) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:ORI Q2 2026 EPS Results

Actual EPS$13.80

Consensus EPS$14.40

Beat/MissMissed by -$0.60

One Year Ago EPS$15.07

MX:ORI Q2 2026 Revenue Results

Actual Revenue$45.47B

Expected Revenue$43.13B

Beat/MissBeat by +$2.33B

YoY Revenue Growth+13.37%

Earnings Announcement Details

QuarterQ2 2026

Date07/23/2026

TimeBefore Open

Conference CallThursday, July 23, 2026

MX:ORI Upcoming Earnings

Old Republic International's next earnings date is estimated for October 22, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:ORI Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 23, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a mix of clear strengths — notably strong title revenue and profitability, book value growth, higher investment income, and an accretive acquisition (ECM) — alongside meaningful near-term challenges including lower consolidated and specialty earnings, reserve strengthening in a runoff business ($40M), and higher expense ratios driven by necessary IT and AI investments. Management communicated confidence in long-term benefits from modernization and the accretive outlook for ECM, while acknowledging short-term profit and reserve pressures.

Company Guidance

Management reiterated that the ECM acquisition should produce a bargain purchase gain next quarter and be accretive to 2026 earnings and book value (ECM 2025 direct premiums ~ $220M, GAAP equity ~ $145M, expected combined ratio target 90–95); they expect continued opportunistic share repurchases (Q2 repurchases $61M, ~$640M remaining authorization) and may consider a special dividend if excess capital exists. Key metrics called out: consolidated Q2 pre‑tax operating income $238M (vs $268M Y/Y), consolidated combined ratio 95.3% (93.6), annualized operating return on beginning equity 12.1%, net operating income $186M (vs $209M), comparable EPS $0.76 (vs $0.83), book value per share $25.33 (up 7.2% YTD incl. dividends), paid nearly $77M of dividends. Investment metrics: net investment income up ~6%, investment income up ~6%, bond portfolio book yield 4.80%, corporate bonds acquired avg 4.90% vs rolloff ~4.20%. Specialty: net premiums earned +2.3% Y/Y, pretax operating income $199M (vs $254M), combined ratio 95.5% (90.7), NPW +1.6% excluding noise, commercial auto NPW +3.6% with loss ratio 69.4% and rate increases in the high teens, workers’ comp NPW −8.4% with loss ratio 60.6%. Title: premiums & fees $773M (+11% Y/Y), direct +9%, agency +12% (agency = 78% of revenue), commercial = 25% of premiums, pretax operating income $56M (vs $24M), title combined ratio 95.1% (99), title expense ratio 92.1% (96.1), YTD combined ratio 97.4% with objective to drive below 95%.

Title Insurance Revenue and Profitability Surge

Title premium and fee revenue of $773M, up 11% year-over-year; pretax operating income increased to $56M from $24M; title combined ratio improved to 95.1% from 99.0%; expense ratio improved 4 percentage points to 92.1% driven by operational efficiency and higher transaction volumes.

Book Value and Shareholder Returns

Book value per share of $25.33, representing a 7.2% increase since year-end (including dividends); paid nearly $77M in regular dividends and repurchased $61M of shares with ~$640M remaining in the repurchase program.

Investment Income and Bond Yields Improved

Net investment income increased just over 6% in the quarter due to a larger investment base; average rate on corporate bonds acquired was 4.90% vs. 4.20% rolling off; total bond portfolio book yield ended the quarter at 4.80%.

Commercial Auto Pricing and Retention Strength

Commercial auto net premiums written up 3.6% with rate increases in the high teens; commercial auto loss ratio improved to 69.4% (≈1 percentage point better than Q2 last year); retention ratios improved as competitors raised rates.

ECM Acquisition Expected Accretive

ECM reported direct premiums ~ $220M in 2025 and GAAP equity ~ $145M; management expects a bargain purchase gain next quarter and that ECM will be accretive to earnings and book value in 2026; ECM targeted combined ratio in line with company (90–95%).

Operational Modernization Investments with Long-Term ROI

Ongoing investments in new specialty operating companies, IT modernization, data analytics and AI driving higher expense ratio today (≈1 percentage point impact) but management cites early productivity gains (notably in title via Qualia partnership) and expects long-term improvements in pricing, claims handling and efficiency.

MX:ORI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 22, 2026	2026 (Q3)	14.46 / -	14.165	―
Jul 23, 2026	2026 (Q2)	14.40 / 13.80	15.073	-8.43% (-1.27)
Apr 23, 2026	2026 (Q1)	14.40 / 12.35	14.71	-16.05% (-2.36)
Jan 22, 2026	2025 (Q4)	15.78 / 13.44	16.345	-17.78% (-2.91)
Oct 23, 2025	2025 (Q3)	13.82 / 14.17	12.894	9.86% (+1.27)
Jul 24, 2025	2025 (Q2)	14.64 / 15.07	13.802	9.21% (+1.27)
Apr 24, 2025	2025 (Q1)	13.44 / 14.71	12.168	20.90% (+2.54)
Jan 23, 2025	2024 (Q4)	12.64 / 16.34	12.531	30.43% (+3.81)
Oct 24, 2024	2024 (Q3)	13.18 / 12.89	13.076	-1.39% (-0.18)
Jul 25, 2024	2024 (Q2)	11.62 / 13.80	11.26	22.58% (+2.54)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed