Old Republic International (US:ORI) Prnewswire·2026-01-22 12:00Overall Results - Old Republic International Corporation reported a net income of $206.3 million for Q4 2025, a significant increase from $105.1 million in Q4 2024 [2][3] - The net income excluding investment gains (net operating income) was $184.7 million, down 18.6% from $227.0 million in the previous year [2][3] - The combined ratio for the quarter was 96.0%, compared to 92.7% in the prior year, indicating a decline in underwriting profitability [2][3] Financial Performance - Consolidated net premiums and fees earned reached $2.1 billion, reflecting a 9.8% increase year-over-year [3][6] - Net investment income increased by 7.9% to $183.8 million, driven by higher investment yields and a larger asset base [3][11] - Total operating revenues for the quarter were $2.4 billion, up 9.5% from the previous year [6] Shareholder Returns - Total capital returned to shareholders was $742 million in Q4 2025, consisting of $686 million in dividends and $56 million in share repurchases [27] - The book value per share increased to $24.21, a 6.0% rise from $22.84 at the end of 2024 [2][27] Segment Performance - Specialty Insurance net premiums earned increased by 8.3% for Q4 and 10.9% for the full year, driven by premium rate increases and strong renewal retention [10][12] - Title Insurance segment saw net premiums and fees earned rise by 12.4% for the quarter and 9.1% for the full year, supported by lower interest rates and robust commercial business production [16][19] - Corporate & Other segment reported a decline in net premiums earned by 4.5% for Q4 and 35.6% for the full year, impacted by the sale of the RFIG Run-off business [21][22] Investment Portfolio - As of December 31, 2025, the investment portfolio was allocated approximately 85% to fixed income securities and short-term investments, and 15% to equity securities [24][25] - The investment management strategy focuses on maintaining quality investments that provide consistent income streams while minimizing exposure to high-risk assets [25]