Old Republic International Corporation · NYSE:ORI
Old Republic International — Q2 2025 Earnings Presentation
28 slides from Old Republic International's earnings presentation, Jul 24, 2025
Slide 1: Investor Presentation 2nd Quarter 2025
Investor Presentation 2nd Quarter 2025
Slide 2: Preliminary Matters: Forward-Looking Statements
OLD REPUBLIC Preliminary Matters Forward-Looking Statements Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Refo
Slide 3: Managing Old Republic for the Long Run
OLD REPUBLIC Managing Old Republic for the Long Run Primarily a Specialty underwriter serving the insurance needs of a large number of organizations, A history dating back 102 years including Property & Casualty provider to Total Market Return of 16.7% many of America’s leading industrial and financ
Slide 4: Key Metrics
OLD REPUBLIC Key Metrics Market Cap / Stock price (NYSE: ORI) $9.55 billion / $38.44 Shareholders’ Equity / BVPS $6.20 billion / $25.14 Trailing 4 Quarter Operating Income / EPS (a) $820.7 million / $3.25 Annualized Operating ROE (b) 14.6% Regular Dividend / Yield $1.16 / 3.0% Employees 9,500 Inside
Slide 5: Shareholder Returns are Driven by Our Long-Term Focus
OLD REPUBLIC Shareholder Returns are Driven by Our Long-Term Focus Operating and growing a diverse & decentralized portfolio of specialty insurance products and services Combining operational & underwriting excellence with narrow & deep expertise Fostering a unique culture built around integrity, re
Slide 6: Consolidated Financial Trends
OLD REPUBLIC Consolidated Financial Trends Dollars in millions, except per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Operating Revenues $ 5,850 $ 6,032 $ 6,281 $ 6,494 $ 6,824 $ 7,308 $ 8,583 $ 8,285 $ 7,449 $ 8,162 Combined Ratio 96.1 94.8 96.9 94.9 95.3 93.3 89.9 91.0 92.6 93.9
Slide 7: Low Volatility Model
OLD REPUBLIC Low Volatility Model Conservatism, diversification, and risk-sharing structures drive consistency in growth of Book Value Per Share (BVPS) Limited property-cat exposure Prevalent use of risk-sharing structures Use of reinsurance to reduce volatility Conservative reserving practi
Slide 8: 2nd Quarter 2025 Highlights
OLD REPUBLIC 2nd Quarter 2025 Highlights 9% increase from $0.76 in the 2nd $0.83 quarter of 2024 driven by 25% pretax $25.14 Adding back dividends, book value increased Operating operating income increase in Specialty Book Value 12.6% from year-end EPS (a) Insurance offset by 47% decrease in Per Sha
Slide 9: Business Profile
OLD REPUBLIC Business Profile Unique and complimentary combination of Specialty P&C and Title offers diversification and supports our brand around customer service, financial strength, underwriting & trust Specialty Insurance Title Insurance $5.4 billion of 2024 operating revenue $2.7 billion of
Slide 10: A history of launching and acquiring specialty businesses
OLD REPUBLIC A history of launching and acquiring specialty businesses ‘71 1981 Old Republic Home Protection 2015 Old Republic Specialty Underwriters 1983 1978 Old Republic Old Republic Aerospace 1992 2021 National Title Old Republic Professional Old Republic Insured Old Republic Excess & Surplus In
Slide 11: Specialty Insurance – Profile
OLD REPUBLIC Specialty Insurance – Profile Our business model emphasizes diversification to manage risk and decentralization to foster industry specialization, autonomy & accountability ORINSCO Includes large national accounts with customers taking risk through captives and large deductibles; also i
Slide 12: Specialty Insurance – Differentiation
OLD REPUBLIC Specialty Insurance – Differentiation The Specialty Insurance segment’s business model includes over 70 years of Risk Management expertise serving large customers and group clients The Product The Result Customers share in underwriting risk High (90%+) customer Key Loss Sensitive
Slide 13: Specialty Insurance – Premium
OLD REPUBLIC Specialty Insurance – Premium The Specialty Insurance segment has achieved sustained growth and stable underwriting profitability Long-term growth with a willingness to contract when rate levels are inadequate Specialty niches through agent & broker distribution Customer service o
Slide 14: Specialty Insurance – Underwriting Profit
OLD REPUBLIC Specialty Insurance – Underwriting Profit The Specialty Insurance segment has proven consistently profitable and resilient across market cycles Combined Ratio Pretax Operating Income Targeting 90-95 combined ratios over the long Specialty Insurance segment is a significant run and consi
Slide 15: Title Insurance – Profile
OLD REPUBLIC Title Insurance – Profile ORI’s Title Insurance business is the 3rd largest in this concentrated industry with 14.4% market share Lower capital requirements $1.0 billion in equity at Dec. 31, 2024, supporting $2.6 billion of premium & fees (2.6x) 2024 premium from independent titl
Slide 16: Title Insurance – Differentiation
OLD REPUBLIC Title Insurance – Differentiation A strategic focus on delivering business solutions and support services for independent title agents Agency Focused Distribution Agent Support Tools Strategic focus on independent title agents StarsLink Agent Portal that control 63% of industry premiu
Slide 17: Title Insurance - Profit
OLD REPUBLIC Title Insurance - Profit Consistently low single-digit loss ratios and a variable cost structure help protect profitability in a slow real estate market Combined Ratio Pretax Operating Income Targeting 90-95 combined ratios over the long run Overweight in agency distribution Variable
Slide 18: Balance Sheet, Liquidity & Capital Overview
OLD REPUBLIC Balance Sheet, Liquidity & Capital Overview Strong capital position marked by a high quality and conservative balance sheet High quality, liquid portfolio Bonds & Stocks. No ‘alternatives’ Strong reserve position Conservative reserving & favorable development High quality capital Limite
Slide 19: Dividend & Repurchase Record
OLD REPUBLIC Dividend & Repurchase Record Shareholder friendly dividend track record through all business and market cycles $1.16 annual regular dividend run-rate Paid 84 consecutive years Annual increases for 44 consecutive years $7.50 in special dividends since 2017 $1.78 billion in shar
Slide 20: Investment Portfolio
OLD REPUBLIC Investment Portfolio The investment portfolio is high-grade, transparent and liquid Investment Mix at 2Q25 Fixed Income Equities 99% Investment grade Blue Chip, Value & Utilities A+ average quality $16.1 16% 3.4% dividend yield 84% billion 3.9 duration Diversified portfolio
Slide 21: Reserve Development
OLD REPUBLIC Reserve Development Reserve development has been favorable in each segment Each segment had favorable development each of the last three years On a consolidated basis, reserves have developed favorably each of the last 10 years Disciplined and conservative reserving is a core elem
Slide 22: Appendix
xt *@ * OLD REPUBLIC oasis appendix 22
Slide 23: Flagship case study: Great West Casualty Company
OLD REPUBLIC Flagship case study: Great West Casualty Company Premier provider of insurance products & services for truckers Differentiated by: $1.9 billion in direct written premium Pricing precision & data/analytics Single unit owner-operators to large fleets Value-focused agency partnersh
Slide 24: Flagship case study: Old Republic Risk Management
OLD REPUBLIC Flagship case study: Old Republic Risk Management Premier service provider and insurer to large corporate and group insureds $2.1 billion in direct written premium Expertise in credit risk management Customers include 25% of the Fortune 500 High barriers to entry Serving custo
Slide 25: Start-up Operating Companies
OLD REPUBLIC Start-up Operating Companies Five new operating companies focused on specialty niches Excess & Lawyers Accident & Inland Marine Cyber Surplus Specialty Health Matt Bisig Ralph Sabbagh Mike Furlong Gary Nidds CJ Pruzinsky Launched 2021 Launched 2021 Launched 2023 Launched 2023 Launched 2
Slide 26: The Lodestar Embodies our Mission
OLD REPUBLIC The Lodestar Embodies our Mission by Binding Organization, Purpose and Long-Term Strategy Into a Coordinated Whole Our Community: Our Capital Providers: The Public Interest Shareholders & Debt Holders We’re an insurance business vested Capital is the lifeblood of a with the public inter
Slide 27: Old Republic's Culture, Operating Philosophy, and Institutional Memory
OLD REPUBLIC Old Republic’s Culture, Operating Philosophy, and Institutional Memory It starts with “we” – We act with integrity – we have each other’s back we are trustworthy and honest We are efficient – We do things the right way – we optimize better and faster we don’t follow undisciplined compet
Slide 28: Non-GAAP Reconciliation
OLD REPUBLIC Non-GAAP Reconciliation Amounts in millions, except per share data Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net income excluding net investment gains (losses), also known as operating income, a non-GA
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