[Executive Summary](index=1&type=section&id=Executive%20Summary) Old Republic reported significant Q2 2025 net income growth driven by investments, alongside increased net operating income, per share metrics, and shareholder returns, with management emphasizing net operating income for core performance evaluation [Overall Financial Performance](index=1&type=section&id=Overall%20Results%20Attributable%20to%20Shareholders) Old Republic reported a significant increase in net income for Q2 2025, driven by improved investment results, while net operating income also saw a modest increase of 3.3%. Consolidated net premiums and fees earned grew by 11.0%, and the combined ratio remained stable at 93.6% Key Financial Metrics | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | 6M 2025 ($M) | 6M 2024 ($M) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net income | 204.4 | 91.8 | - | 449.5 | 408.6 | - | | Net income excluding investment gains (losses) | 209.2 | 202.4 | 3.3% | 410.9 | 387.2 | 6.1% | | Combined ratio | 93.6 % | 93.5 % | - | 93.7 % | 93.8 % | - | - Consolidated net premiums and fees earned were nearly **$2 billion**, an increase of **11.0%**[4](index=4&type=chunk) - Net investment income was **$171.5 million**, an increase of **2.4%**[4](index=4&type=chunk) [Per Share Metrics & Shareholder Returns](index=1&type=section&id=PER%20DILUTED%20SHARE%20ATTRIBUTABLE%20TO%20SHAREHOLDERS) Diluted net operating income per share increased by 9.2% for the quarter and 14.7% for the first six months of 2025. Book value per share grew 10.1% since year-end 2024, reaching $25.14, and the company returned $71.8 million in capital to shareholders during the quarter Per Diluted Share Attributable to Shareholders | Metric | Q2 2025 ($) | Q2 2024 ($) | % Change | 6M 2025 ($) | 6M 2024 ($) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net income | 0.81 | 0.35 | - | 1.79 | 1.51 | - | | Net income excluding investment gains (losses) | 0.83 | 0.76 | 9.2% | 1.64 | 1.43 | 14.7% | Shareholders' Equity | Metric | June 30, 2025 ($M) | Dec. 31, 2024 ($M) | % Change | | :--- | :--- | :--- | :--- | | Total Shareholders' Equity | 6,185.6 | 5,618.9 | 10.1 % | | Per common share | 25.14 | 22.84 | 10.1 % | - Book value per share of **$25.14**, inclusive of cash dividends declared, up **12.6%** since year-end 2024. Annualized operating return on equity was **14.6%**[4](index=4&type=chunk) - Total capital returned to shareholders was **$71.8 million** for the quarter[4](index=4&type=chunk) [Management's Financial Reporting Philosophy](index=2&type=section&id=Old%20Republic%20International%20Corporation%20-%20Management's%20Perspective) Management emphasizes net income excluding investment gains/losses (net operating income) as a key measure for evaluating insurance operations, believing it provides a clearer view of underlying performance by isolating discretionary and volatile investment results - Management uses **net income excluding net investments gains (losses) (net operating income)**, a non-GAAP financial measure, in its evaluation of periodic and long-term results to better analyze and establish accountability for insurance operations, as realized investment gains/losses can mask operating trends[5](index=5&type=chunk)[6](index=6&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) Consolidated operating revenues and net premiums grew significantly, with strong performance in Specialty Insurance, while Title Insurance underwriting income declined and Corporate & Other reported an operating loss [Consolidated Income Statement Analysis](index=2&type=section&id=FINANCIAL%20HIGHLIGHTS%20-%20SUMMARY%20INCOME%20STATEMENTS) Total operating revenues increased by 10.1% for the quarter and 10.7% for the first six months, primarily driven by higher net premiums and fees earned. Pretax income saw a substantial increase, while net investment gains/losses fluctuated significantly Consolidated Income Statement Highlights | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | 6M 2025 ($M) | 6M 2024 ($M) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net premiums and fees earned | 1,994.6 | 1,797.4 | 11.0 % | 3,835.7 | 3,440.1 | 11.5 % | | Total operating revenues | 2,215.8 | 2,012.2 | 10.1 % | 4,274.9 | 3,861.0 | 10.7 % | | Total net investment gains (losses) | (7.3) | (140.5) | - | 47.7 | 26.6 | - | | Pretax income | 260.1 | 113.3 | - | 567.9 | 512.1 | - | | Net income to shareholders | 204.4 | 91.8 | - | 449.5 | 408.6 | - | Diluted Per Share Financials | Metric | Q2 2025 ($) | Q2 2024 ($) | % Change | 6M 2025 ($) | 6M 2024 ($) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Diluted net income excluding investment gains (losses) | 0.83 | 0.76 | 9.2% | 1.64 | 1.43 | 14.7% | | Diluted net income | 0.81 | 0.35 | - | 1.79 | 1.51 | - | | Cash dividends declared on common stock | 0.290 | 0.265 | 9.4% | 0.580 | 0.530 | 9.4% | [Segment Performance Overview](index=4&type=section&id=Sources%20of%20Consolidated%20Income) The Specialty Insurance segment demonstrated strong growth in premiums and underwriting income, while the Title Insurance segment experienced a decline in underwriting income despite revenue growth. The Corporate & Other segment reported an operating loss due to reduced investment income Net Premiums and Fees Earned by Segment | Segment | Q2 2025 Net Premiums & Fees Earned ($M) | Q2 2024 Net Premiums & Fees Earned ($M) | % Change | | :--- | :--- | :--- | :--- | | Specialty Insurance | 1,294.5 | 1,129.6 | 14.6 % | | Title Insurance | 697.8 | 663.4 | 5.2 % | | Corporate & Other | 2.3 | 4.3 | (46.6)% | | **Consolidated** | **1,994.6** | **1,797.4** | **11.0 %** | Underwriting Income by Segment | Segment | Q2 2025 Underwriting Income (Loss) ($M) | Q2 2024 Underwriting Income (Loss) ($M) | % Change | | :--- | :--- | :--- | :--- | | Specialty Insurance | 119.9 | 85.1 | 40.9 % | | Title Insurance | 6.9 | 30.2 | (76.9)% | | Corporate & Other | (13.3) | (6.6) | (98.9)% | | **Consolidated** | **113.6** | **108.6** | **4.6 %** | [Specialty Insurance Segment](index=6&type=section&id=Specialty%20Insurance%20Segment%20Operating%20Results) Specialty Insurance Segment Performance | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | 6M 2025 ($M) | 6M 2024 ($M) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net premiums earned | 1,294.5 | 1,129.6 | **14.6 %** | 2,528.1 | 2,221.3 | **13.8 %** | | Net investment income | 149.9 | 132.9 | **12.8 %** | 299.9 | 264.0 | **13.6 %** | | Segment pretax operating income | 253.7 | 202.5 | **25.3 %** | 513.9 | 422.9 | **21.5 %** | | Combined ratio | **90.7 %** | **92.4 %** | - | **90.2 %** | **91.4 %** | - | - Premium growth was driven by rate increases, high renewal retention, and new business production, with commercial auto showing the most pronounced growth[12](index=12&type=chunk) - The 2025 loss ratios reflect slightly higher levels of favorable prior year loss reserve development and improved current year loss ratios, primarily from workers' compensation and short-tailed lines[14](index=14&type=chunk) [Title Insurance Segment](index=7&type=section&id=Title%20Insurance%20Segment%20Operating%20Results) Title Insurance Segment Performance | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | 6M 2025 ($M) | 6M 2024 ($M) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net premiums and fees earned | 697.8 | 663.4 | **5.2 %** | 1,302.9 | 1,208.8 | **7.8 %** | | Net investment income | 17.3 | 15.5 | **11.8 %** | 34.0 | 31.2 | **9.2 %** | | Segment pretax operating income | 24.2 | 46.0 | **(47.2)%** | 28.6 | 48.4 | **(40.8)%** | | Combined ratio | **99.0 %** | **95.4 %** | - | **100.4 %** | **98.6 %** | - | - Agency-produced revenues grew **7%**, and commercial premiums represented **23%** of net premiums earned, up from **21%** in Q2 2024[16](index=16&type=chunk) - The loss ratio increased due to a lower level of favorable prior year loss reserve development, and expense ratios included approximately **$15 million** in litigation settlement expenses and higher agent commissions[17](index=17&type=chunk) [Corporate & Other Segment](index=8&type=section&id=Corporate%20%26%20Other%20Operating%20Results) Corporate & Other Segment Performance | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | 6M 2025 ($M) | 6M 2024 ($M) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net premiums earned | 2.3 | 4.3 | **(46.6)%** | 4.6 | 9.9 | **(53.5)%** | | Net investment income | 4.2 | 19.0 | **(77.5)%** | 8.2 | 36.4 | **(77.4)%** | | Corporate & Other pretax operating income (loss) | (10.5) | 5.2 | N/M | (22.3) | 14.0 | N/M | - Net investment income was significantly impacted by a lower invested asset base due to the return of capital to shareholders (including a special cash dividend) and the sale of the RFIG Run-off business[20](index=20&type=chunk) [Financial Position & Capital Management](index=8&type=section&id=Financial%20Position%20%26%20Capital%20Management) Total assets and shareholders' equity increased, supported by a conservative investment portfolio, while the company returned significant capital to shareholders [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $29.26 billion as of June 30, 2025, with a corresponding increase in total liabilities and shareholders' equity, reflecting growth in loss and loss adjustment expense reserves and unearned premiums Consolidated Balance Sheet Highlights | Metric | June 30, 2025 ($M) | December 31, 2024 ($M) | | :--- | :--- | :--- | | Total assets | 29,255.7 | 27,843.1 | | Loss and loss adjustment expense reserves | 14,356.4 | 13,727.7 | | Unearned premiums | 4,018.5 | 3,505.4 | | Total liabilities | 23,052.1 | 22,224.1 | | Total shareholders' equity | 6,185.6 | 5,618.9 | [Investment Portfolio Strategy](index=9&type=section&id=Investments) The investment portfolio is primarily allocated to fixed income securities (84%) and equity securities (16%), focusing on quality investments that generate consistent income and ensure the funding of insurance obligations, with limited exposure to high-risk or illiquid assets - The consolidated investment portfolio is allocated approximately **84%** to fixed income securities and short-term investments, and **16%** to equity securities[22](index=22&type=chunk) - The investment management process focuses on retaining quality investments for consistent income and ensuring solid funding of insurance obligations, with extremely limited exposure to high-risk or illiquid asset classes[22](index=22&type=chunk)[23](index=23&type=chunk) [Shareholders' Equity and Capital Actions](index=9&type=section&id=Shareholders'%20Equity%20Per%20Share) Shareholders' equity per share increased by 10.1% for the first six months of 2025, driven by net operating income and net investment gains, partially offset by cash dividends declared. The company returned $165.4 million in capital to shareholders during the first half Shareholders' Equity Per Share Movement | Metric | Q2 2025 ($) | 6M 2025 ($) | 6M 2024 ($) | FY 2024 ($) | | :--- | :--- | :--- | :--- | :--- | | Beginning balance | 24.19 | 22.84 | 23.31 | 23.31 | | Net income excluding net investment gains (losses) | 0.85 | 1.68 | 1.45 | 3.09 | | Total net of tax realized and unrealized investment gains | 0.27 | 0.91 | (0.14) | 0.33 | | Cash dividends declared | (0.29) | (0.58) | (0.53) | (3.06) | | Ending balance | 25.14 | 25.14 | 23.59 | 22.84 | | Change for the period, inclusive of cash dividends declared | 5.1 % | 12.6 % | 3.5 % | 11.1 % | - Total capital returned to shareholders during the quarter was **$71.8 million** in dividends. For the first six months, total capital returned was **$165.4 million**, comprised of **$140.2 million** in dividends and **$25.2 million** in share repurchases[25](index=25&type=chunk) [Corporate Information & Outlook](index=10&type=section&id=Corporate%20Information%20%26%20Outlook) Old Republic, a Fortune 500 insurer, provided Q2 2025 conference call details and outlined forward-looking statements and key risk factors [Company Profile](index=10&type=section&id=About%20Old%20Republic) Old Republic International Corporation, founded in 1923, is a Fortune 500 specialty insurer operating diverse property & casualty and title insurance companies, providing underwriting and risk management services across the US and Canada - Old Republic is a leading specialty insurer, founded in **1923** and a member of the **Fortune 500**, operating diverse property & casualty and title insurance companies across the United States and Canada[26](index=26&type=chunk) [Conference Call Details](index=10&type=section&id=Conference%20Call%20Information) Old Republic scheduled a conference call on July 24, 2025, at 3:00 p.m. ET to discuss Q2 2025 performance, with live access and replay available via their website or dial-in - A conference call was scheduled for July 24, 2025, at 3:00 p.m. ET to discuss second quarter 2025 performance and review major operating trends and business developments[27](index=27&type=chunk) [Forward-Looking Statements & Risk Factors](index=11&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to assumptions, uncertainties, and risks, including market competition, economic conditions, claim patterns, and technology breaches, which may affect future performance across its Specialty, Title, and Life & Accident insurance segments - Statements in the report may constitute "forward-looking statements" involving assumptions, uncertainties, and risks that may affect the Company's future performance[29](index=29&type=chunk) - Key risk factors include market competition, general economic conditions, changes in claim frequency and severity patterns, adequacy of reinsurance, and technology and security breaches, particularly for Specialty and Title Insurance segments[31](index=31&type=chunk)

Core Viewpoint - Old Republic International (ORI) reported quarterly earnings of $0.83 per share, exceeding the Zacks Consensus Estimate of $0.79 per share, and showing an increase from $0.76 per share a year ago, indicating a positive earnings surprise of +5.06% [1] Financial Performance - The company achieved revenues of $2.22 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.74% and up from $2.01 billion year-over-year [2] - Over the last four quarters, Old Republic has consistently surpassed consensus EPS estimates and revenue estimates [2] Stock Performance and Outlook - Old Republic shares have increased by approximately 1.2% since the beginning of the year, while the S&P 500 has gained 8.1%, indicating underperformance relative to the broader market [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $0.73, with expected revenues of $2.28 billion, and for the current fiscal year, the EPS estimate is $3.20 on revenues of $8.83 billion [7] Industry Context - The Insurance - Multi line industry, to which Old Republic belongs, is currently ranked in the bottom 34% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The performance of Old Republic's stock may be influenced by the overall outlook for the industry [8]

Overall Results - Old Republic International Corporation reported a net income of $204.4 million for Q2 2025, a significant increase from $91.8 million in Q2 2024 [6][7] - Net income excluding investment gains (losses) was $209.2 million, reflecting a 3.3% increase year-over-year [6][7] - The combined ratio for the quarter was 93.6%, slightly improved from 93.5% in the previous year [6][9] Earnings Per Share - Diluted net income per share was $0.81, compared to $0.35 in the same quarter last year, marking a substantial increase [2][6] - Net income excluding investment gains (losses) per diluted share rose to $0.83, a 9.2% increase from $0.76 in Q2 2024 [2][6] Shareholders' Equity - Total shareholders' equity reached $6,185.6 million as of June 30, 2025, up 10.1% from $5,618.9 million at the end of 2024 [3][20] - Book value per share increased to $25.14, reflecting a 10.1% rise from $22.84 [3][20] Financial Highlights - Total operating revenues for Q2 2025 were $2,215.8 million, an increase of 10.1% from $2,012.2 million in Q2 2024 [7] - Net premiums and fees earned were $1,994.6 million, up 11.0% year-over-year [5][8] - Net investment income increased by 2.4% to $171.5 million [5][9] Specialty Insurance Segment - Specialty Insurance net premiums earned increased by 14.6% for Q2 2025, driven by premium rate increases and high renewal retention [11][14] - The segment's underwriting income rose by 40.9% to $119.9 million compared to the previous year [11][12] - The combined ratio for Specialty Insurance improved to 90.7% from 92.4% in Q2 2024 [11][15] Title Insurance Segment - Title Insurance net premiums and fees earned grew by 5.2% for the quarter, with agency-produced revenues increasing by 7% [16][17] - The segment's combined ratio increased to 99.0%, up from 95.4% in the same quarter last year [16][18] Corporate & Other Segment - Corporate & Other reported a significant decline in net premiums earned, down 46.6% to $2.3 million [19] - The segment's pretax operating loss was $10.5 million, compared to a profit of $5.2 million in Q2 2024 [19] Investment Portfolio - As of June 30, 2025, the investment portfolio consisted of approximately 84% fixed income securities and 16% equity securities [21][22] - The investment management strategy focuses on quality investments to ensure the stability of the insurance underwriting subsidiaries' obligations [21][22]

Core Insights - Analysts project Old Republic International (ORI) will announce quarterly earnings of $0.79 per share, a 4% increase year over year, with revenues expected to reach $2.17 billion, reflecting a 7.6% increase from the same quarter last year [1] Earnings Projections - Revisions to earnings projections are crucial for predicting investor behavior, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [2] Key Metrics Estimates - Analysts estimate 'Operating Revenue- Specialty Insurance Segment- Net premiums earned' at $1.27 billion, indicating a 12.7% year-over-year increase [4] - 'Operating Revenue- Specialty Insurance Segment- Net investment income' is projected to be $149.75 million, also reflecting a 12.7% increase year over year [4] - 'Operating Revenue- Specialty Insurance Segment- Other income' is expected to reach $47.05 million, showing a slight increase of 0.1% [5] - 'Operating Revenue- Corporate & Other' is estimated at $15.07 million, suggesting a significant decline of 35.3% year over year [5] Title Insurance Segment Estimates - 'Operating Revenue- Title Insurance Segment- Net investment income' is forecasted at $16.44 million, a 6% increase from the prior year [6] - 'Operating Revenue- Title Insurance Segment' is expected to be $693.19 million, indicating a 2.1% year-over-year increase [7] Ratios and Performance Metrics - The 'Specialty Insurance Segment - Loss Ratio' is predicted to be 65.0%, up from 64.3% in the same quarter last year [7] - The 'Specialty Insurance Segment - Expense Ratio' is estimated at 28.6%, compared to 28.1% a year ago [7] - The 'Title Insurance Segment - Combined Ratio' is expected to be 96.8%, up from 95.4% in the previous year [8] - The 'Title Insurance Segment - Expense Ratio' is projected at 94.5%, compared to 93.1% last year [8] - The 'Specialty Insurance Segment - Combined Ratio' is estimated at 93.6%, compared to 92.4% a year ago [9] Stock Performance - Over the past month, Old Republic shares have recorded a return of -1.3%, while the Zacks S&P 500 composite has increased by 5.4% [10]

Management Changes - Old Republic Surety Company has appointed Steve Denault as President and Alan Pavlic as CEO, effective immediately [1] - Craig R. Smiddy, President and CEO of Old Republic International, praised Alan Pavlic for his contributions to the growth of Old Republic Surety and expressed optimism for continued profitable growth under Steve Denault's leadership [2] Leadership Background - Steve Denault joined Old Republic in January 2025, previously serving 33 years at COUNTRY Financial in various executive roles, including EVP and COO [2] - Alan Pavlic has been with Old Republic since 2005, initially as SVP, Claims General Counsel, and was promoted to President in 2013 [3] Company Overview - Old Republic is a leading specialty insurer, operating in property & casualty and title insurance sectors, and is a member of the Fortune 500 [4] - The company focuses on underwriting and risk management services across the United States and Canada, providing tailored solutions through its specialized operating companies [4]

Company Announcement - Old Republic International Corporation will report its financial results for the second quarter of 2025 before the market opens on July 24, 2025 [1] - A conference call to discuss the results will be held at 3:00 p.m. Eastern time on the same day, accessible via the company's website or by phone [1] Call Access Information - Investors can access a replay of the conference call by dialing 1-800-770-2030, with the passcode 4060501, available until July 31, 2025 [2] - The replay will also be available on Old Republic's website [2] Company Overview - Old Republic is a leading specialty insurer, operating diverse property & casualty and title insurance companies [3] - Founded in 1923 and a member of the Fortune 500, the company excels in underwriting and risk management services across the United States and Canada [3] - The specialized operating companies within Old Republic are experts in their fields, providing tailored solutions that differentiate them in the market [3]

2020 Performance Highlights - Operating EPS reached $2.24, a 22% increase compared to 2019[11] - Operating Revenues totaled $7.31 billion, up 7% from 2019[11] - The combined ratio improved to 93.3, a 2-point improvement from 95.3 in 2019[11] - Book Value Per Share increased by 13% to $20.75, inclusive of dividends, from year-end 2019[11] - Shareholders' Equity rose to $6.19 billion, up from $6.00 billion at the end of 2019[11] 1st Quarter 2021 Highlights - Operating EPS increased by 47% to $0.69, from $0.47 in the first quarter of 2020, driven by underwriting strength in both General Insurance & Title[12] - Net Premiums & Fees Earned increased by 18% to $1.83 billion, driven by Title Insurance (up 40%) and General Insurance (up 1%)[12] - The combined ratio decreased by 4.2 points to 90.9, versus 95.1 last year[12] - Book Value Per Share was $21.59, up 5.1% from 4Q20, inclusive of dividends[12] Business Profile - General Insurance accounted for 53% and Title Insurance for 46% of the company's operating revenue in 2020[14] - The General Insurance segment had $3.8 billion in operating revenue with a steady 96 combined ratio over 15 years[14] - The Title Insurance segment had $3.3 billion in operating revenue with low 90's combined ratios[14] Dividend Record - The company has a shareholder-friendly dividend track record, paying dividends for 80 straight years and increasing the annual dividend for 40 straight years[33]

Core Insights - The article discusses Old Republic International (NYSE: ORI), highlighting its above-average yield and strong prospects for future income [1] Group 1 - The author previously analyzed Old Republic International, concluding it offers an attractive investment opportunity due to its yield and income potential [1] - The target audience for the article includes conservative investors, particularly those from Generation X, who are seeking income-generating strategies [1]

Dividend Announcement - Old Republic International Corporation declared a regular quarterly cash dividend of 29 cents per share, payable on June 16, 2025, to shareholders of record on June 6, 2025 [1] - The full year's cash dividend for 2025 will amount to $1.16 per share, representing a 9.4% increase from the $1.06 per share paid in 2024 [1] Dividend History - 2025 marks the 44th consecutive year that Old Republic has increased its regular cash dividend [2] - The company has maintained uninterrupted regular cash dividend payments for 84 years [2] Company Overview - Old Republic is a leading specialty insurer operating diverse property & casualty and title insurance companies [3] - Founded in 1923, the company is a member of the Fortune 500 and is recognized for its underwriting and risk management services across the United States and Canada [3] - The specialized operating companies within Old Republic are experts in their fields, providing tailored solutions that differentiate the company in the market [3]

Financial Performance - Net premiums earned rose to $1,782.9 million for the quarter ended March 31, 2025, compared to $1,574.6 million for the same period in 2024, reflecting an increase of 13.2%[8] - Total operating revenues reached $2,059.0 million for Q1 2025, up from $1,848.8 million in Q1 2024, marking a growth of 11.4%[8] - Net income attributable to shareholders decreased to $245.0 million in Q1 2025 from $316.7 million in Q1 2024, a decline of 22.5%[8] - Total comprehensive income for Q1 2025 was $359.5 million, compared to $243.7 million in Q1 2024, indicating an increase of 47.5%[9] - Total net income for Q1 2025 was $246.1 million, a decrease of 22.2% compared to $316.7 million in Q1 2024[12] - Net income excluding investment gains increased by 9.2% to $201.7 million in Q1 2025 from $184.7 million in Q1 2024[86] - Basic earnings per share for Q1 2025 were $1.01, compared to $1.17 in Q1 2024, reflecting a decline of 13.7%[53] Assets and Liabilities - Total assets increased to $28,028.1 million as of March 31, 2025, up from $27,843.1 million at December 31, 2024, representing a growth of 0.67%[7] - The company's total liabilities decreased slightly to $22,084.5 million as of March 31, 2025, from $22,224.1 million at December 31, 2024, a reduction of 0.63%[7] - Retained earnings increased to $5,721.2 million as of March 31, 2025, compared to $5,519.7 million at the end of Q1 2024, reflecting a growth of 3.6%[11] - The total debt as of March 31, 2025, was $1,589.0 million, compared to $1,588.7 million as of December 31, 2024, showing a slight increase[57] Investment Income - The company reported net investment income of $170.7 million for Q1 2025, compared to $164.1 million in Q1 2024, an increase of 4.0%[8] - The company reported total realized and unrealized investment gains of $55.0 million for the quarter, compared to $167.1 million in the previous year[46] - The company experienced a net change in unrealized investment gains of $111.7 million for the quarter, compared to a loss of $67.6 million in the same quarter of 2024[46] - Net investment income for Q1 2025 was $170.7 million, an increase from $164.1 million in the same quarter of 2024[46] Cash Flow and Capital Management - Cash flows from operating activities totaled $231.7 million, up from $160.4 million in the same quarter last year[12] - Cash flows from investing activities showed a significant increase to $428.4 million, compared to a decrease of $355.2 million in Q1 2024[12] - The company reported a cash balance of $263.7 million at the end of Q1 2025, up from $136.9 million at the end of Q1 2024[12] - Dividends on common shares increased significantly to $567.9 million in Q1 2025, compared to $71.5 million in Q1 2024[12] - Total capital returned to shareholders amounted to $93 million[89] Insurance Operations - Specialty Insurance accounted for 41.9% of the segment's net premiums earned in Q1 2025, with commercial auto being the largest type of coverage[62] - The combined ratio improved slightly to 93.7% in Q1 2025 from 94.3% in Q1 2024[86] - Segment underwriting income for Specialty Insurance was $126.1 million in Q1 2025, compared to $105.8 million in Q1 2024, representing a growth of 19.2%[86] - Specialty Insurance net premiums earned increased by 13.0% to $1.233 billion, driven by premium rate increases and high renewal retention ratios[96] - Title Insurance net premiums and fees earned rose by 10.9% to $605.1 million, with commercial premiums up 27%[101] Reserves and Loss Ratios - Total incurred loss and loss adjustment expenses for Q1 2025 were $772.3 million, compared to $695.1 million in Q1 2024, representing an increase of 11.1%[48] - The consolidated loss ratio for Q1 2025 was 42.2%, slightly improved from 42.5% in Q1 2024, reflecting a favorable development in prior year loss reserves[118] - The loss ratio for Specialty Insurance in Q1 2025 was 61.7%, reflecting a slight improvement from 62.7% in Q1 2024[134] - The total loss and loss adjustment expense reserves included asbestosis and environmental loss reserves of $165.5 million, representing 1.2% of total Specialty Insurance reserves as of March 31, 2025[117] Shareholder Equity and Dividends - Book value per share increased by 5.9% to $24.19, reflecting a 7.2% rise since year-end 2024 when including dividends declared[89] - Shareholders' equity per share increased by 5.9% to $24.19 in Q1 2025 from $22.84 in Q1 2024[110] - The company has consistently paid dividends since 1942 and has increased the annual cash dividend for the past 44 years[162] Market Conditions and Risks - Market competition, economic conditions, and claim frequency can significantly impact the results of Old Republic's Specialty Insurance segment[173] - Title Insurance results are influenced by national and regional housing demand, mortgage loan availability, and employment trends[173] - The adequacy and availability of reinsurance are critical factors affecting the company's financial stability[173] - Historical performance indicators may not predict future results due to the dynamic nature of the insurance business[172]