Old Republic Q1 net income falls to $245.0 million; operating EPS rises to $0.81
Old Republic International reported first-quarter 2025 results, with GAAP net income of $245.0 million, down from $316.7 million a year earlier, mainly because investment gains fell. Excluding investment gains, net operating income rose 9.2% to $201.7 million, and diluted operating EPS rose 20.9% to $0.81, which matters to shareholders because the company says that measure better reflects its insurance operations.
Key points
- GAAP net income was $245.0 million, or $0.98 per diluted share, versus $316.7 million, or $1.15, in Q1 2024.
- Net income excluding investment gains was $201.7 million, up 9.2%; diluted operating EPS was $0.81 versus $0.67.
- Net premiums and fees earned were over $1.8 billion, up 12.1%; combined ratio was 93.7% versus 94.3%.
- Book value per share was $24.19 at March 31, 2025, up from $22.84 at December 31, 2024; $93 million was returned to shareholders in the quarter.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:17 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 24, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.