Old Republic operating EPS slips to 73 cents as combined ratio rises

Old Republic International's third-quarter operating earnings fell 6% per share as its combined ratio rose and favorable reserve development shrank.

Net operating income, which excludes investment gains and losses and a bargain purchase gain, was $181.4 million, or 73 cents a share, down from $196.7 million, or 78 cents, a year earlier, according to the earnings release the insurer filed with an 8-K on Thursday. Net income was $243.2 million, or 99 cents a share, compared with $279.5 million, or $1.11, and included a $124.9 million bargain purchase gain.

Consolidated net premiums and fees earned rose to nearly $2.3 billion from nearly $2.1 billion. The combined ratio worsened to 96.1% from 95.3%, and favorable loss reserve development contributed 1.1 points, versus 2.5 points a year earlier.

Investment income and capital

Net investment income edged up to $185.4 million from $182.6 million. The annualized operating return on equity was 12.1%.

Book value per share was $24.65, up 5.7% since year-end 2025 including dividends declared. Old Republic returned $190.2 million to shareholders in the quarter, including $113.8 million of share repurchases and $76.3 million of dividends. Through nine months, total capital returned reached $565.2 million.

By the numbers

• Net operating income: $181.4 million, or $0.73 a share
• Net income: $243.2 million, or $0.99 a share
• Combined ratio: 96.1%, versus 95.3%
• Premiums and fees earned: nearly $2.3 billion
• Q3 buybacks: $113.8 million

Sources

1. Old Republic International Corporation, Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 22, 2026, accession 0000074260-26-000100

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