The Chicago-based insurer posted consolidated net premiums and fees of nearly $2.1 billion, reflecting a steady rise from the $2.0 billion reported in the second quarter of 2025. While total net income benefited from investment gains, management highlighted that net operating income—a metric excluding investment fluctuations—declined to $0.76 per diluted share compared to $0.83 in the prior year. The consolidated combined ratio reached 95.3%, up from 93.6% a year ago.
Performance varied across key segments. The Specialty Insurance division faced a challenging quarter with underwriting income falling to $59.3 million, largely due to reserve development and continued investment in technology and new operating companies. Conversely, the Title Insurance segment showed improvement, with pretax operating income rising to $55.9 million as the company navigated a complex real estate landscape. Old Republic also returned $137.4 million to shareholders through dividends and share repurchases during the quarter, maintaining a book value per share of $25.33.
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