Old Republic Q3 net income falls to $243.2 million

Old Republic International Corporation reported third-quarter 2026 net income of $243.2 million, a decrease from $279.5 million in the same period last year. The Chicago-based company, listed on the NYSE under the ticker ORI, disclosed these results on October 22, 2026.

Net operating income, a non-GAAP measure that excludes net realized investment gains or losses and bargain purchase gains, stood at $181.4 million for the quarter, down 7.8% from $196.7 million in the prior year period. Per diluted share, net operating income was $0.73, compared to $0.78 a year earlier.

The company’s consolidated combined ratio rose to 96.1% for the quarter, up from 95.3% in the prior year. Favorable loss reserve development contributed 1.1 points to the ratio, a lower contribution than the 2.5 points recorded in the previous year.

Total capital returned to shareholders reached $190.2 million during the quarter, which included $113.8 million in share repurchases. The annualized operating return on equity was reported at 12.1%. Book value per common share stood at $24.65 as of September 30, 2026, reflecting a 1.8% increase from $24.21 at year-end 2025.

Revenue growth remained positive despite the decline in net income. Consolidated net premiums and fees earned totaled nearly $2.3 billion, an increase from nearly $2.1 billion in the prior year period. Net investment income rose to $185.4 million from $182.6 million.

Management noted that while GAAP net income includes realized investment gains and losses, net operating income provides a clearer view of insurance operations by excluding these discretionary sales and market value fluctuations. The company stated that excluding these items helps analyze trends and establish accountability for operating results.