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Old Republic: Using Technology, Pricing Power, and Diversification to Drive Competitive Advantage!

Old Republic International reported its fourth quarter and full-year 2025 financial results, reflecting mixed operational trends across its Specialty Insurance and Title Insurance segments. The company posted consolidated pretax operating income of $236 million for the quarter, down from $285 million in the same period of 2024, with a consolidated combined ratio of 96% versus 92.7% previously. For the full year, pretax operating income reached $1 billion, with a combined ratio of 94.7%, while operating return on beginning equity was 14.1%, and book value per share, including dividends, grew by 22%. The Specialty Insurance segment experienced premium growth, with net premiums earned rising 8.3% in the quarter and 10.9% for the year, surpassing $5 billion in net premiums earned for the first time. Despite this growth, pretax operating income declined to $178 million in the quarter from $228 million a year earlier, and the segment’s combined ratio increased to 97.