Old Republic Reports Higher Net Operating Income, Premium Growth in Q3

Old Republic International Corporation (NYSE:ORI) reported on October 23, 2025, its financial results for the third quarter ended September 30, 2025. The company announced an increase in net operating income and consolidated net premiums earned, alongside a decrease in reported net income due to investment gains and losses.

For the third quarter, net income attributable to shareholders was $279.5 million, down from $338.9 million in the prior year. However, net income excluding investment gains and losses, referred to as net operating income, rose to $196.7 million from $182.7 million year-over-year. Net operating income per diluted share increased to $0.78, up from $0.71.

Consolidated net premiums and fees earned grew 8.1% to $2.1 billion for the quarter. Net investment income increased 6.7% to $182.6 million. The consolidated combined ratio was 95.3%, a slight increase from 95.0% in the third quarter of 2024. The company noted favorable loss reserve development of 2.5 points, an improvement from 1.3 points in the prior year.

Book value per share stood at $26.19 as of September 30, 2025, representing an 18.5% increase since year-end 2024. The annualized operating return on equity was 14.4%. Old Republic International returned $115 million in capital to shareholders during the quarter, comprised of $71 million in dividends and $44 million in share repurchases.

For the first nine months of 2025, net income attributable to shareholders was $729.0 million, compared to $747.6 million in the same period last year. Net operating income for the nine-month period increased 6.6% to $607.7 million, with net operating income per diluted share rising 13.1% to $2.42. Consolidated net premiums and fees earned for the first nine months increased 10.3% to $5.9 billion.

Old Republic's management uses net operating income, a non-GAAP financial measure, in its evaluation of periodic and long-term results, stating that excluding investment gains or losses provides a better analysis of operating trends.