Our parent company, Old Republic International Corporation (NYSE: ORI), today reported the following results for the third quarter 2026:
· Net income of $243.2 million, compared to $279.5 million last year.
· Net operating income* of $181.4 million, compared to $196.7 million last year.
· Net operating income per diluted share of $0.73, compared to $0.78 last year.
· Consolidated net premiums and fees earned of nearly $2.3 billion, compared to nearly $2.1 billion last year.
· Net investment income of $185.4 million, compared to $182.6 million last year.
· Consolidated combined ratio of 96.1%, compared to 95.3% last year.
· Favorable loss reserve development of 1.1 points, compared to 2.5 points last year.
· Book value per share of $24.65, inclusive of dividends declared up 5.7% since year-end 2025.
· Annualized operating return on equity of 12.1%.
· Total capital returned to shareholders of $190.2 million, including $113.8 million in share repurchases.
Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
For more details, review the complete 10.22.26 news release from ORI. To see financial highlights for Old Republic Title, scroll down in the news release to the section called “Title Insurance Segment Operating Results.”
*Non-GAAP financial measure. Use of Non-GAAP financial measures: Old Republic's business is managed for the long run. In this context, management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the Company's obligations. Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net operating income, a non-GAAP financial measure defined as net income excluding net investment gains (losses) and bargain purchase gain, in its evaluation of periodic and long-term results.
In management's opinion, excluding these gains and losses from income provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results because sales are often highly discretionary, and changes in the value of equity securities can cause significant period-to-period fluctuations that are unrelated to the insurance operations. Net operating income, however, does not replace GAAP net income as a measure of total profitability.
