Business Description
Old Republic International Corporation is a Chicago-based specialty insurance holding company that operates primarily in the United States and Canada. Founded in 1923, the company provides a wide range of property, casualty, and title insurance products to commercial clients and individuals. It is distinctive for its decentralized structure of specialized underwriting businesses and its long-standing track record of consistent dividend payments.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Premiums Earned | 7,788,700 | 7,026,400 | 6,445,900 | 7,342,100 |
| Investment Income | 708,700 | 673,100 | 578,300 | 459,500 |
| Net Gains on Investments | 179,700 | 69,900 | (190,900) | (201,200) |
| Total Other Revenues | 459,000 | 462,000 | 424,900 | 483,100 |
| Total Revenues | 9,136,300 | 8,231,500 | 7,258,300 | 8,083,700 |
| Insurance Benefits & Claims | 3,377,300 | 3,047,900 | 2,596,500 | 2,440,200 |
| Policy Amortization Costs | 2,408,000 | — | — | — |
| Other Operating Expenses | 6,671,200 | 4,113,700 | 3,914,100 | 4,785,900 |
| Operating Profit | (3,320,200) | 1,069,900 | 747,700 | 857,600 |
| Income Before Provision for Income Taxes | 1,184,000 | 1,069,700 | 747,400 | 857,400 |
| Provision for Income Taxes | 484,000 | 216,900 | 148,800 | 170,900 |
| Consolidated Net Income | 941,900 | 852,700 | 598,600 | 686,400 |
| Net Income Attributable to Minority Interests and Other | 6,500 | — | — | — |
| Net Income Attributable to Common Shareholders | 935,400 | 852,700 | 598,600 | 686,400 |
| Basic EPS | 3.82 | 3.30 | 2.12 | 2.28 |
| Diluted EPS | 3.72 | 3.24 | 2.10 | 2.26 |
| Basic Weighted Average Shares Outstanding | 245,121 | 258,032 | 282,733 | 301,677 |
| Diluted Weighted Average Shares Outstanding | 251,314 | 262,881 | 285,471 | 303,297 |
| Shares Outstanding | 243,604 | 248,817 | 278,392 | 296,932 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Debt Securities | 12,709,800 | 12,091,500 | 12,139,900 | 11,746,700 |
| Equity and Preferred Securities | 2,487,700 | 2,540,700 | 2,660,800 | 3,220,900 |
| Other Investments | 1,641,300 | 1,446,500 | 1,066,900 | 892,000 |
| Total Investments | 16,839,000 | 16,079,000 | 15,867,700 | 15,859,900 |
| Cash and Cash Equivalents | 263,200 | 201,900 | 202,800 | 81,000 |
| Reinsurance Contract Assets | 8,144,600 | 7,337,100 | 6,496,000 | 5,910,800 |
| Deferred Acquisition Costs | 636,200 | 531,300 | 417,800 | 382,500 |
| Other Receivables | 2,923,300 | 2,599,500 | 2,318,400 | 2,034,200 |
| Other Assets | 1,055,900 | 1,094,000 | 1,198,100 | 890,500 |
| Total Assets | 29,862,700 | 27,843,100 | 26,501,400 | 25,159,400 |
| Unearned Premiums | 3,982,500 | 3,505,400 | 3,042,700 | 2,787,800 |
| Claims Reserves | 14,953,500 | 13,901,700 | 12,688,500 | 12,403,700 |
| Reinsurance Contract Liabilities | 1,428,000 | 1,409,800 | 1,380,900 | 1,079,400 |
| Accrued Expenses | 601,800 | 547,500 | 532,900 | 514,800 |
| Total Debt | 1,589,900 | 1,588,700 | 1,591,200 | 1,597,000 |
| Other Liabilities | 1,378,000 | 1,270,700 | 854,000 | 603,200 |
| Total Liabilities | 23,934,200 | 22,224,100 | 20,090,700 | 18,986,200 |
| Common Stock | 246,300 | 248,800 | 278,300 | 296,900 |
| Additional Paid-in Capital | 23,300 | — | 678,700 | 1,141,800 |
| Accumulated Other Comprehensive Income | 129,000 | (149,500) | (190,600) | (587,300) |
| Retained Earnings | 5,515,200 | 5,519,700 | 5,644,300 | 5,321,800 |
| Total Common Shareholders' Equity | 5,914,000 | 5,618,900 | 6,410,700 | 6,173,200 |
| Minority Interests and Other | 14,400 | — | — | — |
| Total Shareholders' Equity | 5,928,400 | 5,618,900 | 6,410,700 | 6,173,200 |
| Total Liabilities and Shareholders' Equity | 29,862,700 | 27,843,100 | 26,501,400 | 25,159,400 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 941,900 | 852,700 | 598,600 | 686,400 |
| Other Adjustments | (150,600) | (115,300) | 327,200 | 203,100 |
| Changes in Receivables | (278,600) | (270,100) | (274,400) | (158,600) |
| Changes in Reinsurance Contract Assets | 12,600 | 140,600 | 23,800 | 147,200 |
| Changes in Deferred Acquisition Costs | (104,900) | (113,400) | (35,200) | (32,000) |
| Changes in Unearned Premiums | 260,600 | 363,400 | 194,000 | 157,600 |
| Changes in Claims Reserves | 438,100 | 354,900 | 93,400 | 221,500 |
| Changes in Income Taxes Payable | 45,100 | 20,800 | (47,100) | (54,700) |
| Cash from Operating Activities | 1,164,300 | 1,233,400 | 880,400 | 1,170,600 |
| Purchases of Investments | (2,914,700) | (4,142,100) | (3,118,000) | (5,127,200) |
| Proceeds from Sale of Investments | 2,938,900 | 4,393,300 | 3,505,700 | 5,020,200 |
| Proceeds from Business Divestments | — | 136,600 | — | — |
| Other Investing Activities | (201,400) | (391,700) | (362,300) | (308,000) |
| Cash from Investing Activities | (177,200) | (3,900) | 25,300 | (415,000) |
| Issuance of Long-Term Debt | — | 395,900 | — | — |
| Repayments of Long-Term Debt | — | (400,000) | (5,300) | — |
| Net Issuance / (Repayments) of Long-Term Debt | — | (4,100) | (5,300) | — |
| Issuance of Common Shares | 3,800 | 2,000 | 31,100 | 26,600 |
| Repurchases of Common Shares | (123,800) | (942,200) | (535,300) | (281,200) |
| Net Issuance / (Repurchases) of Common Shares | (120,000) | (940,200) | (504,200) | (254,600) |
| Common Share Dividends Paid | (782,600) | (271,900) | (275,500) | (579,700) |
| Other Financing Activities | (23,100) | (10,700) | 1,800 | 1,500 |
| Cash from Financing Activities | (925,700) | (1,226,900) | (783,200) | (832,700) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 61,300 | 2,400 | 122,500 | (77,100) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $11.12B |
| P/E | 12.27x |
| P/S | 1.43x |
| Return on Equity | 16.3% |
| Return on Invested Capital | -6.9% |
| Dividend Yield | 7.0% |
| Free Cash Flow Margin | 12.7% |
Margins
Gross margin
—
Operating margin
-36.3%
Net margin
10.2%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $2.50B | +13.4% | 16.4% | $410M |
| Q1 2026 | $2.40B | +13.5% | 17.2% | $414M |
| Q4 2025 | $2.39B | +19.3% | -177.5% | $-4.24B |
| Q3 2025 | $2.42B | +3.5% | 14.6% | $353M |
| Q2 2025 | $2.21B | — | 11.8% | $260M |
| Q1 2025 | $2.11B | — | 14.6% | $308M |
| Q4 2024 | $2.00B | — | 6.5% | $131M |
| Q3 2024 | $2.34B | — | 18.2% | $427M |
More on Old Republic International Corp.
Figures compiled from public company filings.
See how Top Bucket AI works for your firm
Request DemoTop Bucket AI Research
Stay ahead of private markets
Research and market intelligence for private-markets professionals.
✓
You're subscribed.
Thanks for signing up.