EarningsQ3 2026 Earnings Report
MX:ORI Q3 2026 EPS Results
Actual EPS$13.71
Consensus EPS$14.82
Beat/MissMissed by -$1.11
One Year Ago EPS$14.65
MX:ORI Q3 2026 Revenue Results
Actual Revenue$45.57B
Expected Revenue$46.82B
Beat/MissMissed by -$1.25B
YoY Revenue Growth+0.05%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeBefore Open
Conference CallThursday, October 22, 2026
MX:ORI Upcoming Earnings
Old Republic International's next earnings date is estimated for January 28, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:ORI Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly constructive, with solid premium growth, favorable title results, capital returns, improving book value, continued auto warranty and ECM expansion, and progress at newer businesses. These positives were tempered by lower consolidated and specialty operating income, higher combined ratios, lower favorable reserve development, legal system abuse affecting liability severity, a one-time $20 million credit charge, softer-market pricing pressure, and uncertainty from elevated mortgage rates.Company Guidance
Positive Book Value Growth and Capital Returns
Book value per share ended the quarter at $24.65, representing a 5.7% increase since year-end including regular dividends. The increase resulted primarily from solid operating earnings and the bargain purchase gain on the ECM acquisition, partially offset by lower bond valuations. Old Republic paid $76 million in dividends and repurchased $114 million of shares during the quarter, followed by another $60 million of repurchases after quarter-end; approximately $460 million remains in the current repurchase program.
Stable Operating Return on Equity
Annualized operating return on beginning equity remained 12.1%, identical to the prior quarter.
Specialty Insurance Premium Growth
Specialty Insurance net premiums earned increased 9.7% compared with the third quarter of 2025. Net premiums written increased 10.5%, including the first-time contribution from ECM and strong auto warranty growth. Excluding ECM and the write-up portion of the auto warranty business, net premiums written increased 4.4%.
Commercial Auto Pricing and Retention
Commercial auto net premiums written increased 5.7%. Old Republic achieved rate increases in the mid-teens, which remained above its view of observed and anticipated loss trends, while retention ratios remained stable near 80%. Commercial auto also recorded at least 16 consecutive quarters of favorable prior-year reserve development.
Workers' Compensation Loss Ratio Improvement
Workers' compensation net premiums written increased 7%, while the loss ratio improved to 62.7% from 63.8% in the third quarter of 2025. Management stated that rates remained adequate relative to observed loss and exposure trends.
ECM Acquisition and Auto Warranty Expansion
The ECM transaction closed successfully during the quarter and was accretive to book value per share and earnings per share. Management expects ECM and auto warranty to provide a continued lift to top-line and bottom-line results, with auto warranty growth expected to continue at a robust pace. Management said annual auto warranty premium of $600 million to $700 million in the next few years was not out of the question, and could be higher.
Progress at New Specialty Start-Ups
Newer start-up operating companies continued to make good progress and collectively grew approximately 40% year-to-date. Management said the investments made over the past several years were gaining traction and would contribute more meaningfully going forward.
Strong ECM Results
ECM was producing results within Old Republic's target range. Management said ECM had a very good year, helped by limited weather activity, and expected it to continue on that path. The removal of ECM's quota share was also expected to add to net top-line and bottom-line results.
Title Insurance Revenue and Profit Growth
Title premium and fee revenue was $823 million, an increase of 7% compared with the third quarter of 2025. Title pretax operating income increased to $50 million from $46 million, while the combined ratio improved to 96.1% from 96.4%.
Title Agency and Commercial Strength
Title agency-channel revenue increased 9% compared with the third quarter of 2025, while direct-operation revenue was flat. Management reported a strong pipeline of commercial transactions with a diverse mix across commercial real estate segments. Agency-generated premiums represented 81% of title revenue, compared with 80% a year earlier.
Title Reserving and Efficiency Progress
The title loss ratio improved by 60 basis points, driven by higher favorable prior-year development and the company's consistent and conservative reserving practices. Operational efficiency and disciplined expense management provided a 1.4 percentage point improvement that substantially offset the higher agency-related expense. Year-to-date, the title combined ratio improved to 96.9%, reflecting progress toward the long-term objective of achieving a combined ratio below 95%.
Higher Investment Income and Reinvestment Yields
Net investment income increased 1.5% during the quarter, or approximately 4% excluding several unique investment charges. The increase was attributed to a larger investment base, partly from the timing of debt refinancing, and higher bond yields. The average rate on corporate bonds acquired during the quarter was 5.4%, compared with approximately 4.4% on the average yield rolling off, and the total bond portfolio book yield ended the quarter near 4.9%, up approximately 10 basis points from year-end.
Continued Investment in Title Operating Infrastructure
Old Republic continued its partnership with Qualia and the rollout of a new title operating system. Implementation began earlier in 2026 and is expected to continue through the end of 2027 to strengthen the company's foundation for long-term success.
MX:ORI Earnings History
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