Old Republic Q1 net income rises to $330.0 million; operating income falls 15.4%
Old Republic International reported first-quarter 2026 net income of $330.0 million, up from $245.0 million a year earlier, helped by $201.8 million of investment gains. Excluding investment gains, net operating income fell 15.4% to $170.5 million, and the combined ratio worsened to 96.6% from 93.7%, which matters to shareholders because the insurance operations earned less.
Key points
- Net operating income per diluted share was $0.68, compared with $0.81 a year earlier.
- Net investment gains were $201.8 million, compared with $55.0 million a year earlier.
- Specialty Insurance combined ratio rose to 94.8% from 89.8%, with less favorable prior year reserve development.
- Total capital returned to shareholders was $237.5 million, including $160.7 million in share repurchases.
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing 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 23, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.