Old Republic Intl Q2 2026 Earnings Call: Complete Transcript

On Thursday, Old Republic Intl (NYSE: ORI ) discussed second-quarter financial results during its earnings call.

The full transcript is provided below.

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For comprehensive financial data and transcripts, visit The full earnings call is available at Summary Old Republic International reported a consolidated pre-tax operating income of $238 million, a decrease from $268 million, with a combined ratio of 95.3 compared to 93.6.

Specialty Insurance saw a 2.3% increase in net premiums earned but experienced a decrease in pre-tax operating income to $199 million, with a combined ratio of 95.5.

Title Insurance premiums and fees grew by 10%, resulting in a pre-tax operating income of $56 million, and a combined ratio improvement to 95.1 from 99.

Net operating income for the quarter was $186 million, down from $209 million, with net investment income rising by over 6% due to a larger investment base.

The company experienced favorable prior year development in Title Insurance but unfavorable development in Specialty Insurance, particularly in the runoff transactional risk business.

Book value per share increased by 7.2% since year-end, supported by solid operating earnings and higher investment valuations.

Old Republic expects ECM acquisition to be accretive to earnings and book value, with combined ratios expected between 90 and 95.

Investments in IT systems, data analytics, and AI are driving up the expense ratio, but management views these as necessary for long-term efficiency and competitiveness.

The company is handling market competition by focusing on risk-adequate rates and sees growth potential in their newer specialty operating companies and the ECM acquisition.

Full Transcript OPERATOR Well, good day everyone and welcome to the Old Republic Intl second quarter earnings conference call.

Just a reminder that today's call is being recorded.

I would now like to hand the call over to Mr.

Joe Calabrese.

Please go ahead, sir.

Joe Calabrese Thank you, Lisa.

Good afternoon everyone and thank you for joining us for the Old Republic conference call to discuss second quarter 2026 results.

This morning we distributed a copy of the press release and posted a separate financial supplement.

Both of the documents are available on Old Republic Intl's website.

Please be advised as this call may involve forward-looking statements.

As discussed in the press release dated July 23, 2026, assumptions, uncertainties and risks exist that may cause results to differ materially from those set forth in these forward-looking statements.

For more information on these assumptions, uncertainties and risks, please refer to the forward-looking statement discussions in the press release and the company's other recent SEC filings and the risk factors discussed in the company's most recent Form 10-K and other recent SEC filings.

We also may include references to net income, excluding net investment gains or net operating income, a non-GAAP financial measure, in our remarks or in responses to questions.

GAAP reconciliations are included in the press release.

Presenting on today's conference call will be Craig Smiddy, President and CEO, Frank Sodaro, Chief Financial Officer, and Carolyn Monroe, President and CEO of Old Republic's National Title Insurance Group.

Management will make some opening remarks and then we'll open the line for your questions.

At this time I'd like to turn the call over to Craig.

Please go ahead, sir.

Craig Smiddy, Chief Executive Officer Okay Joe, thank you, and good afternoon everyone and welcome again to Old Republic's second quarter 2026 earnings call.

So in the quarter we produced 238 million of consolidated pre-tax operating income and that compares to 268 million, and our consolidated combined ratio was 95.3 and that compares to 93.6.

Our annualized operating return on beginning equity stands at 12.1% and for the first six months of the year growth in book value per share including dividends stands at 7.2%.

Specialty Insurance grew net premiums earned by 2.3% over the second quarter of 2025 and produced 199 million of pre-tax operating income compared to 254 million.

Specialty's combined ratio was 95.5 compared to 90.7.

In Title Insurance, we grew premiums and fees by 10% over the second quarter of 2025 and produced 56 million of pre-tax operating income compared to 24 million.