| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 85 | 8.6x | 17.3x | Top tier | |
Growth | 64 | 11.1% | 7.1% | Around median | |
Quality | 90 | — | — | Top tier | |
Safety | 32 | — | — | Bottom tier | |
Capital Return | 86 | 8.29% | 0.06% | Top tier | |
Momentum | 45 | -8.6% | -1.6% | Around median | |
Sentiment | 32 | 2 | 3 | Bottom tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Old Republic International Corporation is an insurance group that generates its revenue primarily from the Specialty Insurance and Title Insurance segments, along with income from its investment portfolio. In Specialty Insurance, the activities cited include commercial auto, workers’ compensation, general liability, and auto warranty insurance, while the Title segment generates revenue from premiums and fees through direct operations and agents. During Q2 FY2026, agency operations accounted for 78% of Title Insurance revenue, and commercial premiums represented 25% of earned premiums in this segment.
According to EDGAR data, Q2 FY2026 revenue was approximately $2.5 billion, net income was $322.3 million, and earnings per share were $1.31, compared with FY2025 revenue of $9.1 billion and net income of $935.4 million. On an operating basis, the company recorded pretax operating income of $238 million in Q2 FY2026, compared with $268 million in the corresponding period, while the consolidated combined ratio rose to 95.3% from 93.6%. Net operating income was $186 million, or $0.76 per share, compared with $209 million and $0.83 per share in Q2 FY2025.
The segment mix showed a clear divergence in Q2 FY2026; net earned premiums in Specialty Insurance increased 2.3%, but its pretax operating income declined to $199 million from $254 million, and its combined ratio rose to 95.5% from 90.7%. In contrast, Title Insurance premiums and fees increased by approximately 10%, premium and fee revenue reached $773 million, up 11%, and pretax operating income jumped to $56 million from $24 million, with the combined ratio improving to 95.1% from 99%. Investment income increased by slightly more than 6%, benefiting from a larger investment base and an increase in the book yield on bonds to 4.80%.
Analyst consensus rates ORI shares Neutral, with an average price target of $41.5 and a range between $39 and $44. The average target falls within the 52-week range of $36.65–$46.76 and is approximately 11% below its high, while the highest target also remains below that high. This range reflects a balance between the improvement in Title Insurance and the addition of ECM on one hand, and declining Specialty Insurance profitability and a higher combined ratio and expenses on the other.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
According to EDGAR, revenue was approximately $2.5 billion, net income was $322.3 million, and earnings per share were $1.31. On an operating basis, the company recorded pretax income of $238 million and net operating income of $186 million, or $0.76 per share. The consolidated combined ratio rose to 95.3% from 93.6% in Q2 FY2025, reflecting a decline in the overall underwriting margin despite strong net income according to EDGAR.
Premium and fee revenue reached $773 million in Q2 FY2026, up 11% from Q2 FY2025. Premiums from direct operations increased 9% and agency premiums rose 12%, while agency operations accounted for 78% of segment revenue. Commercial premiums also increased to 25% of earned premiums from 23%, and higher volumes and operating efficiency helped reduce the expense ratio by four percentage points to 92.1%.
Management said during the July 23, 2026 call that it expects to record a bargain purchase gain from the ECM acquisition and that ECM’s results will support earnings and book value during FY2026. ECM recorded slightly less than $220 million in direct written premiums in FY2025 and ended that year with estimated GAAP equity of $145 million. Old Republic is targeting a combined ratio between 90% and 95% for ECM and terminated the external quota-share reinsurance agreement effective July 1, 2026 while integrating the business into its corporate agreements.
Automated analysis for informational purposes only — not investment advice.
The segment’s pretax operating income declined to $199 million from $254 million, and its combined ratio rose to 95.5% from 90.7%. Results included a $40 million reserve strengthening in the run-off transactional risk business, while the loss ratio increased to 65.9%. The expense ratio also rose to 29.6% from 28.2% because of investments in new corporate operating initiatives, technology modernization, data analytics, and artificial intelligence.
Net investment income increased by slightly more than 6% in Q2 FY2026, supported by a larger investment base resulting from operating performance and the debt issuance in May 2026. The average yield on corporate bonds purchased during the quarter was 4.90%, compared with approximately 4.20% for bonds that exited the portfolio at maturity. The overall book yield on the bond portfolio reached 4.80% at the end of the quarter, a modest increase from the end of FY2025.
The primary operating risks are the increase in the Specialty Insurance combined ratio to 95.5% and the $40 million reserve strengthening for the transactional risk business. Workers’ compensation net premiums also declined 8.4%, and its loss ratio rose to 60.6%, alongside price competition that reduced the company’s property rates by approximately 7.5%. In addition, expenses for technology, data, and artificial intelligence modernization increased, with the Specialty Insurance expense ratio reaching 29.6% without management disclosing a specific numerical return on these investments.