舊共和國際次季純利大增58% 投資收益強勁惟承保表現轉弱

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM10-Q

☒Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934
for the quarterly period ended:June 30, 2026
or
☐Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934

Commission File Number:001-10607

OLD REPUBLIC INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)

Delaware36-2678171
(State or other jurisdiction of(IRS Employer Identification No.)
incorporation or organization)

307 North Michigan AvenueChicagoIllinois60601
(Address of principal executive office)(Zip Code)

Registrant's telephone number, including area code: 312-346-8100 

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock / $1 par valueORINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes: ☒ No: ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes: ☒ No: ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 

Large accelerated filer
☒Accelerated filer
☐

Non-accelerated filer
☐
Smaller reporting company
☐

Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).Yes: ☐  No: ☒ 

The number of shares of the Registrant's Common Stock outstanding at June 30, 2026 was 241,432,922.

There are 48 pages in this report

OLD REPUBLIC INTERNATIONAL CORPORATION

Report on Form 10-Q / June 30, 2026

INDEX

PAGE NO.

PART I - FINANCIAL INFORMATION:

ITEM 1 -
CONSOLIDATED BALANCE SHEETS
3

CONSOLIDATED STATEMENTS OF INCOME
4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
5

CONSOLIDATED STATEMENTS OF EQUITY
6

CONSOLIDATED STATEMENTS OF CASH FLOWS
7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
8 - 21

ITEM 2 -
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
22 - 43

ITEM 3 -
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
44

ITEM 4 -
CONTROLS AND PROCEDURES
44

PART II - OTHER INFORMATION:

ITEM 1 -
LEGAL PROCEEDINGS45

ITEM 1A -
RISK FACTORS
45

ITEM 2 -
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
45

ITEM 5 -
OTHER INFORMATION
45

ITEM 6 -
EXHIBITS
46

SIGNATURE47

EXHIBIT INDEX48

2

Old Republic International Corporation and Subsidiaries
Consolidated Balance Sheets
($ in Millions, Except Per Share Data)

(Unaudited)
June 30,December 31,
20262025
Assets
Investments:
Fixed income securities (at fair value) (amortized cost: $12,116.5 and $12,478.8)$12,161.2 $12,709.8 
Equity securities (at fair value) (cost: $1,318.2 and $1,377.7)2,679.0 2,487.7 
Short-term investments (at fair value which approximates cost)2,233.1 1,613.6 
Other investments17.8 27.7 
Total investments
17,091.2 16,839.0 
Cash417.7 263.2 
Accrued investment income142.5 141.1 
Accounts and notes receivable3,140.2 2,782.2 

Reinsurance balances and funds held385.7 404.5 
Reinsurance recoverable: Paid loss and loss adjustment expenses175.1 209.9 
 Loss and loss adjustment expense reserves6,757.9 6,399.1 
 Unearned premium and policy reserves
1,493.2 1,131.1 
Deferred policy acquisition costs814.8 636.2 

Other assets1,173.7 1,055.9 
Total assets
$31,592.4 $29,862.7 
Liabilities and Equity

Liabilities:
Policy liabilities:
Loss and loss adjustment expense reserves$15,326.9 $14,775.7 
Unearned premiums4,559.0 3,982.5 
Other policyholders' benefits and funds held183.5 177.8 
Total policy liabilities20,069.5 18,936.1 
Commissions, expenses, fees, and taxes544.4 601.8 
Reinsurance balances and funds held1,689.5 1,428.0 

Federal income tax: Deferred262.9 219.3 
Debt2,284.0 1,589.9 

Other liabilities653.9 1,158.7 
Total liabilities
25,504.5 23,934.2 
Equity:

Shareholders' Equity:

Preferred stock
($0.01 par value; 75,000,000 shares authorized; none issued)— — 
Common stock ($1.00 par value; 500,000,000 shares authorized; 241,432,922 and 246,355,085 shares issued) (Class B – $1.00 par value; 100,000,000 shares authorized; none issued)241.4 246.3 
Additional paid-in capital— 23.3 
Retained earnings5,850.5 5,515.2 
Accumulated other comprehensive income
8.5 163.1 
Unallocated 401(k) plan shares (at cost)(27.6)(34.1)
Treasury stock (at cost) (no shares outstanding)
— — 
Total shareholders' equity
6,072.8 5,914.0 
Noncontrolling interests
15.0 14.4 
Total equity
6,087.8 5,928.4 
Total liabilities and equity
$31,592.4 $29,862.7 

See accompanying Notes to Consolidated Financial Statements (Unaudited). 

3

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)

($ in Millions, Except Per Share Data)

Quarters EndedSix Months Ended
June 30,June 30,
2026202520262025
Revenues:

Net premiums earned$2,024.4 $1,926.7 $3,937.7 $3,709.6 
Title, escrow, and other fees73.3 67.9 132.2 126.1 
Total premiums and fees2,097.8 1,994.6 4,070.0 3,835.7 
Net investment income182.0 171.5 360.1 342.2 
Other income51.4 49.6 98.8 96.8 
Total operating revenues2,331.3 2,215.8 4,528.9 4,274.9 
Net investment gains (losses):
Realized from actual transactions and impairments38.1 (2.4)123.5 34.9 
Unrealized from changes in fair value of
equity securities134.2 (4.9)250.7 12.7 
Total net investment gains (losses)172.4 (7.3)374.3 47.7 
Total revenues2,503.8 2,208.5 4,903.3 4,322.6 

Expenses:
Loss and loss adjustment expenses892.4 826.5 1,728.0 1,598.6 
Dividends to policyholders4.3 4.1 9.0 9.7 
Underwriting, acquisition, and other expenses1,170.2 1,099.9 2,298.2 2,110.7 
Interest and other charges26.5 17.6 44.3 35.5 
Total expenses2,093.6 1,948.3 4,079.6 3,754.6 
Income before income taxes
410.2 260.1 823.6 567.9 

Income Taxes (Credits):
Current24.4 55.1 87.2 100.6 
Deferred61.3 (3.4)82.4 12.6 
Total income taxes85.7 51.7 169.6 113.3 

Net Income:
Total net income
324.4 208.4 653.9 454.5 
Net income attributable to noncontrolling interests2.0 3.9 1.5 5.0 
Net Income to Shareholders
$322.3 $204.4 $652.4 $449.5 

Net Income Per Share:

Basic$1.34 $0.83 $2.70 $1.84 
Diluted$1.31 $0.81 $2.63 $1.79 

Average shares outstanding: Basic239,833,084244,801,566241,413,617244,343,845
Diluted246,265,986251,075,011247,887,413250,456,276

See accompanying Notes to Consolidated Financial Statements (Unaudited). 

4

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)

($ in Millions)
Quarters EndedSix Months Ended
June 30,June 30,
2026202520262025
Total Net Income As Reported
$324.4 $208.4 $653.9 $454.5 

Other comprehensive income (loss):
Unrealized gains (losses) on investments:

Unrealized gains (losses) before reclassifications
(50.8)88.0 (201.6)228.3 
Amounts reclassified as net realized investment

losses in the statements of income7.8 2.6 15.3 4.0 
Pretax unrealized gains (losses) on investments
(43.0)90.6 (186.3)232.3 
Deferred income taxes (credits)
(8.9)19.0 (39.1)48.9 
Net unrealized gains (losses) on investments
(34.0)71.6 (147.2)183.3 

Foreign currency translation adjustment and other(4.9)9.2 (7.4)10.8 
Total other comprehensive income (loss)
(39.0)80.8 (154.6)194.2 
Total Comprehensive Income
285.4 289.3 499.3 648.8 
Comprehensive income attributable to
noncontrolling interests2.0 3.9 1.5 5.0 
Comprehensive Income to Shareholders
$283.3 $285.3 $497.7 $643.7 

See accompanying Notes to Consolidated Financial Statements (Unaudited). 

5

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Equity (Unaudited)

($ in Millions)
Quarters EndedSix Months Ended
June 30,June 30,
2026202520262025
Preferred Stock:
Balance, beginning and end of period$— $— $— $— 

Common Stock:
Balance, beginning of period$242.8 $248.4 $246.3 $248.8 
Dividend reinvestment plan— — — — 
Stock-based compensation— — 0.4 0.3 
Treasury stock restored to unissued status(1.4)— (5.4)(0.7)
Balance, end of period$241.4 $248.4 $241.4 $248.4 

Additional Paid-in Capital:
Balance, beginning of period$— $— $23.3 $— 
Dividend reinvestment plan0.3 0.3 2.8 2.7 

Stock-based compensation7.4 4.8 18.0 11.2 
401(k) plan shares released3.8 3.5 8.2 6.9 
Treasury stock restored to unissued status(11.6)— (52.3)(12.0)
Other - net— 23.3 — 23.3 
Balance, end of period$— $32.1 $— $32.1 

Retained Earnings:
Balance, beginning of period$5,652.4 $5,721.2 $5,515.2 $5,519.7 

Net income to shareholders
322.3 204.4 652.4 449.5 
Dividends on common shares
(76.6)(71.8)(153.3)(140.2)
Treasury stock restored to unissued status(47.7)— (163.7)(12.4)
Other changes
— — — 37.2 
Balance, end of period$5,850.5 $5,853.8 $5,850.5 $5,853.8 

Accumulated Other Comprehensive Income (Loss):
Balance, beginning of period$47.5 $10.8 $163.1 $(102.4)

Net unrealized gains (losses) on securities, net of tax
(34.0)71.6 (147.2)183.3 

Foreign currency translation adjustment and other(4.9)9.2 (7.4)10.8 
Balance, end of period$8.5 $91.7 $8.5 $91.7 

Unallocated 401(k) Plan Shares:
Balance, beginning of period$(30.8)$(43.8)$(34.1)$(47.1)
401(k) plan shares released3.2 3.2 6.5 6.4 

Balance, end of period$(27.6)$(40.6)$(27.6)$(40.6)

Treasury Stock:
Balance, beginning of period$— $(19.0)$— $— 
Common stock repurchases
(60.7)— (221.5)(25.2)
Restored to unissued status60.7 — 221.5 25.2 
Other changes
— 19.0 — — 
Balance, end of period$— $— $— $— 

Noncontrolling Interests:

Balance, beginning of period$13.4 $26.0 $14.4 $— 
Net income attributable to noncontrolling interests2.0 3.9 1.5 5.0 
Net effect of changes in ownership and other
(0.5)(11.9)(1.0)12.9 
Balance, end of period$15.0 $17.9 $15.0 $17.9 

See accompanying Notes to Consolidated Financial Statements (Unaudited). 

6

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

($ in Millions)
Six Months Ended 
June 30,
20262025
Cash flows from operating activities:
Total net income
$653.9 $454.5 
Adjustments to reconcile net income to
net cash provided by operating activities:
Deferred policy acquisition costs(178.5)(57.2)
Accounts and notes receivable(366.9)(470.4)
Loss and loss adjustment expense reserves192.4 182.0 
Unearned premiums and other policyholders' liabilities220.4 123.9 
Federal income taxes7.9 16.3 

Reinsurance balances and funds held315.1 256.4 
Realized investment gains from actual transactions and impairments
(123.5)(34.9)
Unrealized investment gains from changes in fair value

of equity securities(250.7)(12.7)
Other – net
10.9 (92.5)
Total481.1 365.5 

Cash flows from investing activities:
Maturities and calls of fixed income securities765.3 835.4 
Sales of:
Fixed income securities834.4 522.3 
Equity securities266.9 167.5 
Other investments1.8 3.3 

Purchases of:
Fixed income securities(1,158.5)(1,314.2)
Equity securities(68.5)(58.6)
Other investments(41.3)(68.8)

Net increase in short-term investments
(619.1)198.7 
Other – net
— 2.0 
Total(18.9)287.6 

Cash flows from financing activities:
Issuance of debentures and notes693.4 — 
Issuance of common shares3.0 2.8 

Dividends on common shares(770.4)(640.9)
Repurchase of common stock(220.0)(25.3)
Other – net
(13.7)(13.5)
Total(307.6)(676.9)

Increase (decrease) in cash:
154.5 (23.7)

Cash, beginning of period263.2 201.9 
Cash, end of period$417.7 $178.1 

Supplemental cash flow information:
Cash paid during the period for: Interest$34.6 $34.6 
                                                        Income taxes$162.7 $98.4 

See accompanying Notes to Consolidated Financial Statements (Unaudited). 

7

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
($ in Millions, Except Per Share Data)

Old Republic International Corporation is a Chicago-based holding company engaged in the business of insurance underwriting and related services. It conducts its business through a number of operating companies, which utilize one or more insurance company subsidiaries to issue their policies, and is organized into two segments: Specialty Insurance and Title Insurance. References herein to such segments apply to the Company's subsidiaries engaged in these respective segments of business. The results of a small life and accident insurance business is included within the Corporate & Other caption of this report. "Old Republic" or "the Company" refers to Old Republic International Corporation, its subsidiaries, and any variable interest entities that meet the requirements for consolidation, as the context requires.

Note 1 - Summary of Significant Accounting Policies

Accounting Principles - The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2025 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial condition have been recorded. Pertinent accounting and disclosure pronouncements issued by the FASB are adopted by the Company as they become effective.

Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to per share data) in millions, which amounts may not add to totals shown due to truncation. Prior period amounts have been reclassified whenever appropriate to conform to the most current presentation.

Accounting Standards Pending Adoption - In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses which will require additional disclosure as to the nature of expenses included in the income statement. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, such as employee compensation, depreciation, and intangible asset amortization. The guidance does not change the requirements for the presentation of expenses on the face of the income statement.

The requirements are effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 and will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of this disclosure-only guidance.

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software which clarifies and modernizes accounting for costs related to internal-use software to better align with current software development practices, including agile methodologies. The new standard removes all references to software development project stages, clarifies threshold requirements to begin capitalizing costs, and provides guidance on how to evaluate whether the probable-to-complete threshold has been met. Under this new guidance, an entity will be required to capitalize software costs when both:

•Management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project, and
•It is probable that the project will be completed and the software will be used to perform the function intended.

The requirements are effective for interim and annual periods in fiscal years beginning after December 15, 2027, and can be applied on a prospective, modified, or retrospective transition approach. The Company is currently evaluating the impact of this guidance.

Investments - The Company classifies its fixed income securities as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale, or (3) has the intention of trading. The Company's fixed income portfolio is classified as available for sale as of June 30, 2026 and December 31, 2025.

Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At June 30, 2026, the Company and its subsidiaries do not have significant amounts of non-income producing securities.

Revenue Recognition - Most Specialty Insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related loss and loss adjustment expenses. Auto warranty policy premiums are often earned over several years with earning patterns correlated to anticipated paid claim activity.

Title Insurance premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly-owned agency subsidiaries) are generally recognized as income at the transaction closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining Title Insurance 
8

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can result in up to a four-month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and loss reserve provisions.

Loss and Loss Adjustment Expense Reserves - The establishment of loss reserves is a reasonably complex and dynamic process influenced by a large variety of factors. The Company's accounting policy regarding the establishment of loss reserve estimates is described in Note 1 in the Notes to Consolidated Financial Statements included in Old Republic's 2025 Annual Report on Form 10-K.

Reinsurance - The cost of reinsurance is recognized over the terms of the reinsurance contracts. Amounts recoverable from reinsurers for loss and loss adjustment expenses are estimated in a manner consistent with the claim liability associated with the reinsured business. The Company evaluates the financial condition of its reinsurers on a regular basis, and allowances are established for estimated credit losses.

Common Share Repurchases - Common shares acquired under share repurchase programs are generally retired, restoring them to authorized, unissued status. Repurchases above par value are first charged to additional paid-in capital, with any excess charged to retained earnings.

Note 2 - Investments

The amortized cost and fair values by type and contractual maturity of fixed income securities are shown in the following tables. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Amortized
CostGross
Unrealized
GainsGross
Unrealized
LossesFair
Value

Fixed Income Securities by Type:
June 30, 2026:
Government & Agency$1,695.8 $2.5 $33.2 $1,665.0 

Corporate10,420.7 120.7 45.2 10,496.2 
$12,116.5 $123.2 $78.5 $12,161.2 

December 31, 2025:
Government & Agency$1,795.3 $13.2 $21.1 $1,787.4 

Corporate10,683.5 255.8 16.9 10,922.3 
$12,478.8 $269.1 $38.1 $12,709.8 

Amortized
CostFair
Value

Fixed Income Securities Stratified by Contractual Maturity at June 30, 2026:
Due in one year or less$1,291.6 $1,291.4 
Due after one year through five years5,821.8 5,845.2 
Due after five years through ten years4,709.1 4,730.8 
Due after ten years293.9 293.7 
$12,116.5 $12,161.2 

The following table reflects the Company's gross unrealized losses and fair value of fixed income securities, aggregated by category and length of time that individual securities have been in an unrealized loss position.

9

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Less than 12 Months12 Months or GreaterTotal
Fair
ValueUnrealized LossesFair
ValueUnrealized LossesFair
ValueUnrealized Losses
June 30, 2026:
Fixed Income Securities:
Government & Agency$747.2 $9.0 $518.7 $24.2 $1,266.0 $33.2 

Corporate3,174.6 34.5 472.5 10.6 3,647.2 45.2 
$3,921.9 $43.6 $991.2 $34.9 $4,913.2 $78.5 

December 31, 2025:
Fixed Income Securities:
Government & Agency$179.9 $1.0 $594.7 $20.1 $774.7 $21.1 

Corporate895.2 4.3 767.9 12.6 1,663.1 16.9 
$1,075.1 $5.4 $1,362.7 $32.7 $2,437.8 $38.1 

In the above tables, the unrealized losses on fixed income securities are deemed to primarily reflect changes in the interest rate environment and are not indicative of a significant deterioration in credit quality. As part of its assessment of credit losses, the Company considers whether it intends to sell or is more likely than not required to sell securities, principally in consideration of its asset and liability maturity matching objectives. There were no impairment losses on fixed income securities in the second quarter or first six months of 2026 or 2025. The Company's allowance for credit losses related to fixed income securities was $1.6 as of both June 30, 2026 and December 31, 2025. 

The following table shows cost and fair value information for equity securities:

Equity Securities

CostGross
Unrealized
GainsGross
Unrealized
LossesFair
Value

June 30, 2026$1,318.2 $1,380.6 $19.8 $2,679.0 
December 31, 2025$1,377.7 $1,134.4 $24.3 $2,487.7 

Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources (inputs) used to measure fair value into three broad levels:

•Level 1 inputs are based on quoted market prices in active markets;
•Level 2 observable inputs are based on corroboration with available market data; and
•Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions.

The Company's valuation methodology and classification used for financial instruments measured at fair value is described in Note 3 in the Notes to Consolidated Financial Statements included in Old Republic's 2025 Annual Report on Form 10-K.

The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
10

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Fair Value Measurements
As of June 30, 2026:Level 1Level 2Level 3Total
Fixed income securities:
Government & Agency$1,502.5 $162.4 $— $1,665.0 

Corporate— 10,486.6 9.6 10,496.2 
Equity securities2,676.8 — 2.2 2,679.0 
Short-term investments$2,233.1 $— $— $2,233.1 

As of December 31, 2025:
Fixed income securities:
Government & Agency$1,591.8 $195.6 $— $1,787.4 

Corporate— 10,912.7 9.5 10,922.3 
Equity securities2,485.5 — 2.2 2,487.7 
Short-term investments$1,613.6 $— $— $1,613.6 

There were no transfers between Levels 1, 2, or 3 during the quarter or six months ended June 30, 2026.

The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.

11

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Quarters EndedSix Months Ended 
June 30,June 30,
2026202520262025
Net investment income:

Fixed income securities$149.1 $141.2 $298.4 $279.8 
Equity securities18.9 20.9 38.0 41.7 
Short-term investments12.7 11.8 23.7 23.8 
Other investments (a)
6.5 2.8 10.2 7.6 
Gross investment income187.4 176.9 370.5 353.1 
Investment expenses (a)
5.4 5.4 10.4 10.8 
Net investment income$182.0 $171.5 $360.1 $342.2 

Net investment gains (losses):
Realized from actual transactions:
Fixed income securities:
Gains$3.1 $1.5 $6.0 $2.1 
Losses(7.5)(4.1)(7.8)(5.8)
Net(4.3)(2.6)(1.8)(3.6)
Equity securities:
Gains46.0 11.4 138.9 51.4 
Losses— (11.3)— (12.4)
Net46.0 0.1 138.8 38.9 
Other investments, net0.3 — 0.3 (0.3)
Total realized from actual transactions42.0 (2.4)137.3 34.9 
From impairments
(3.8)— (13.8)— 
From unrealized changes in fair value of equity securities134.2 (4.9)250.7 12.7 
Total realized and unrealized investment gains
172.4 (7.3)374.3 47.7 
Current and deferred income taxes
36.2 (2.6)78.6 9.1 
Net of tax realized and unrealized investment gains
$136.2 $(4.7)$295.7 $38.5 

Changes in unrealized investment gains (losses)

reflected directly in shareholders' equity:
Fixed income securities$(42.9)$90.6 $(186.0)$230.6 
Less: Deferred income taxes (credits)
(8.9)19.0 (39.0)48.6 
(33.9)71.6 (146.9)182.0 

Other investments(0.1)— (0.2)1.6 
Less: Deferred income taxes
— — — 0.3 
— — (0.2)1.3 
Net changes in unrealized investment gains,

net of tax (credits)
$(34.0)$71.6 $(147.2)$183.3 

_________

(a) Includes interest on funds held.

For the quarter, changes in the fair value of equity securities still held at June 30, 2026 and 2025 were $162.2 and $0.6, respectively. For the first six months, changes in the fair value of equity securities still held at June 30, 2026 and 2025 were $337.4 and $61.2, respectively.

12

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 3 - Loss and Loss Adjustment Expenses

The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:

Six Months Ended 
June 30,
20262025
Gross reserves at beginning of period$14,775.7 $13,727.7 
Less: Reinsurance losses recoverable
6,399.1 5,807.1 
Net reserves at beginning of period:
Specialty Insurance
7,826.6 7,341.5 
Title Insurance545.7 572.7 
Other4.1 6.4 
Subtotal
8,376.5 7,920.6 
Incurred loss and loss adjustment expenses:
Provisions for insured events of the current year:
Specialty Insurance
1,702.3 1,638.8 
Title Insurance53.7 45.4 
Other2.2 3.7 
Subtotal
1,758.3 1,687.9 
Change in provision for insured events of prior years:
Specialty Insurance
(16.6)(77.7)
Title Insurance(12.8)(9.0)
Other(1.1)(1.8)
Subtotal
(30.6)(88.6)
Total incurred loss and loss adjustment expenses1,727.6 1,599.3 
Payments:
Loss and loss adjustment expenses attributable to
   insured events of the current year:
Specialty Insurance
398.1 389.2 
Title Insurance3.1 2.6 
Other1.3 1.7 
Subtotal
402.6 393.6 
Loss and loss adjustment expenses attributable to
   insured events of prior years:
Specialty Insurance
1,098.4 962.6 
Title Insurance33.0 40.9 
Other1.1 2.1 
Subtotal
1,132.6 1,005.8 
Total payments1,535.2 1,399.5 
Net reserves at end of period:
Specialty Insurance
8,015.7 7,550.5 
Title Insurance550.4 565.4 
Other2.7 4.3 
Subtotal
8,568.9 8,120.4 
Reinsurance losses recoverable6,757.9 6,236.0 
Gross reserves at end of period
$15,326.9 $14,356.4 

Overall, the 2026 change in provision for insured events of prior years reflects favorable prior year loss reserve development for the first six months of 2026 for all groups shown, although at a significantly lower level compared to last year on a consolidated basis.

During the first six months of 2026, Specialty Insurance experienced a significant level of favorable development from accident years 2015 through 2019 and 2023. Net favorable development was predominantly from property and commercial auto with workers' compensation also contributing a strong level of favorable development. This was partially offset by unfavorable development of approximately $40 (1.5 points) from run-off transactional risk business and a modest level of unfavorable development in general liability.

13

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

For Title Insurance, favorable development experienced during the first six months of 2026 occurred largely from 2019, 2021, and 2022, partially offset by unfavorable development from 2020 and 2024.

Note 4 - Income Taxes

Tax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve-month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. The Company classifies interest and penalties as income tax expense in the consolidated statements of income. The Company is not currently under audit by the Internal Revenue Service (IRS), and 2022 and subsequent tax years remain open.

Note 5 - Net Income Per Share

Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing net income available to common stockholders by the weighted-average number of common shares actually outstanding for the periods presented. Diluted earnings per share is similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income and the number of shares used in basic and diluted earnings per share calculations.

Quarters EndedSix Months Ended
June 30,June 30,
2026202520262025
Numerator:
Net income to shareholders
$322.3 $204.4 $652.4 $449.5 

Denominator:
Basic weighted-average shares (a)239,833,084 244,801,566 241,413,617 244,343,845 
Effect of dilutive securities – stock-based

   compensation awards6,432,902 6,273,445 6,473,796 6,112,431 
Diluted adjusted weighted-average shares (a)246,265,986 251,075,011 247,887,413 250,456,276 
Earnings per share: Basic
$1.34 $0.83 $2.70 $1.84 
       Diluted
$1.31 $0.81 $2.63 $1.79 

Anti-dilutive common stock equivalents
excluded from earnings per share computations:
Stock-based compensation awards
1,096,255 1,014,202 1,096,255 1,014,202 

__________

(a) In calculating earnings per share, accounting standards require that common shares owned by the ORI 401(k) Savings and Profit Sharing Plan that are unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all other common shares.

Note 6 - Credit Losses

Credit losses on financial assets measured at amortized cost, primarily the Company's reinsurance recoverables and accounts and notes receivable, are recognized based on estimated losses expected to occur over the life of the asset. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented in the consolidated balance sheets.

The Company's credit allowance was comprised of $39.0 and $23.0 related to reinsurance recoverables as of June 30, 2026 and December 31, 2025, respectively, and $29.9 and $31.7 related to accounts and notes receivable as of June 30, 2026 and December 31, 2025, respectively. The increase related to reinsurance recoverables resulted from applying historic default rates to a larger balance of uncollateralized recoverables. Changes in this allowance are recorded through underwriting, acquisition, and other expenses.

The Company's evaluation of credit losses on available for sale fixed income securities is discussed further in Note 2. The Company is not exposed to material concentrations of credit risks as to any one issuer of fixed income securities. Refer to additional discussion of credit risk in the Company's 2025 Annual Report on Form 10-K under Item 1A - Risk Factors.

14

OLD REPUBLIC INTERNATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 7 - Debt

Consolidated debt of Old Republic and its subsidiaries is summarized below:

June 30, 2026December 31, 2025
Carrying
AmountFair
ValueCarrying
AmountFair
Value
Senior Notes:
3.875% issued in 2016 and due 2026$549.9 $550.0 $549.6 $549.7 
5.750% issued in 2024 and due 2034396.8 406.8 396.6 416.4 
5.700% issued in 2026 and due 2036693.5 702.9 — — 
3.850% issued in 2021 and due 2051643.7 468.0 643.6 471.9 

Total debt$2,284.0 $2,127.8 $1,589.9 $1,438.2 

On May 18, 2026, the Company completed a public offering of $700.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 5.700% per year and mature on June 1, 2036. These notes were issued in anticipation of refinancing the $550.0 aggregate principal amount of Senior Notes maturing on August 26, 2026.

Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations to estimate the fair value of outstanding debt, all of which is classified within Level 2 of the fair value hierarchy described in Note 2.

Note 8 - Common Stock Repurchases

On March 1, 2024, the Company announced that the Board of Directors authorized a $1.1 billion share repurchase program (the 2024 authorization). This authorization was completed during the first quarter 2026. On August 19, 2025, the Company announced a share repurchase program authorizing the repurchase of up to an additional $750.0 million in shares of the Company's common stock (the 2025 authorization), which commenced immediately following the completion of the 2024 authorization. Total share repurchases under these programs for the second quarter and first six months of 2026 were 1.4 million shares for $60.7 (average price of $41.45) and 5.4 million shares for $221.5 (average price of $40.85), respectively, leaving $635.1 remaining under the 2025 authorization. Following the close of the quarter and through July 29, 2026, the Company repurchased 91.8 thousand additional shares for $4.0 (average price