Old Republic International Corporation · NYSE:ORI
Old Republic International — Q2 2026 Earnings Presentation
30 slides from Old Republic International's earnings presentation, 2026
Slide 1: Investor Presentation 2nd Quarter 2026
Investor Presentation 2nd Quarter 2026 ©2026 OLD REPUBLIC. ALL RIGHTS RESERVED.
Slide 2: Managing Old Republic for the Long Run
Managing Old Republic for the Long Run EXCELLENCE IS OUR SPECIALTY Primarily a Specialty underwriter serving the insurance needs of a large number of organizations, including Property & Casualty provider to many of America’s leading industrial and financial services institutions and provider of Titl
Slide 3: Key Metrics
Key Metrics Market Cap / Stock price (NYSE: ORI) $9.88 billion / $40.92 Shareholders’ Equity / BVPS $6.07 billion / $25.33 FORTUNE ® NYSE LISTED Trailing 4 Quarter Operating Income / EPS (a) $737.9 million / $2.96 500 ORI Operating ROE (b) 12.1% Regular Dividend / Yield $1.26 / 3.1% AM BEST S&P GLOB
Slide 4: Shareholder Returns are Driven by Our Long-Term Focus
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, respect and acc
Slide 5: Consolidated Financial Trends
Consolidated Financial Trends Dollars in millions, except per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Operating Revenues $ 6,032 $ 6,281 $ 6,494 $ 6,824 $ 7,308 $ 8,583 $ 8,285 $ 7,449 $ 8,162 $ 8,957 Combined Ratio 94.8 96.9 94.9 95.3 93.3 89.9 91.0 92.6 93.9 94.7 Operating In
Slide 6: Low Volatility Model
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 practices • Divers
Slide 7: 2nd Quarter 2026 Highlights
2nd Quarter 2026 Highlights $0.76 9.3% decrease from $0.83 in the 2nd quarter of 2025 driven by 21.7% pretax operating income decrease in Specialty Operating EPS (a) Insurance offset by a 130.5% increase in Title Insurance. $2.10 billion Net Premiums & Fees Earned 5.2% increase from the 2nd quarter
Slide 8: Business Profile
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 • $6.0 billion of 2025 operating revenue • $2.9 billion of 2025 operat
Slide 9: A History of Launching and Acquiring Specialty Businesses
A History of Launching and Acquiring Specialty Businesses Note: Year indicates date of start-up or acquisition. 9 ©2026 OLD REPUBLIC. ALL RIGHTS RESERVED.
Slide 10: Specialty Insurance – Profile
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 includes Auto
Slide 11: Specialty Insurance – Differentiation
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 • Customers share in underwriting risk • Key Loss Sensitive Structures: • Retrospective rated programs • L
Slide 12: Specialty Insurance – Premium
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 orientation a
Slide 13: Specialty Insurance – Underwriting Profit
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 run Specialty Insurance segment is a significant and consistent driver
Slide 14: Title Insurance – Profile
Title Insurance – Profile ORI’s Title Insurance business is the 3rd largest in this concentrated industry with 14.0% market share. • Lower capital requirements • $1.0 billion in equity at Dec. 31, 2025, supporting $2.9 billion of premium & fees (2.9x) • 2025 premium from independent title agents is
Slide 15: Title Insurance – Differentiation
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 that control 63% of StarsLink Agent Portal industry premium • Equips a
Slide 16: Title Insurance - Profit
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 acquisition
Slide 17: Balance Sheet, Liquidity & Capital Overview
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 Limited goodwill &
Slide 18: Dividend & Repurchase Record
Dividend & Repurchase Record Shareholder friendly dividend track record through all business and market cycles. • $1.26 annual regular dividend run-rate • Paid 85 consecutive years • Annual increases for 45 consecutive years • $10.00 in special dividends since 2017 • $2.10 billion in share repurchas
Slide 19: Investment Portfolio
Investment Portfolio The investment portfolio is high-grade, transparent and liquid Investment Mix at 2Q26 Investment Income $727 Fixed Income Equities $700 • 99% Investment grade • Blue Chip, Value & Utilities • "A" average quality • 2.8% dividend yield $600 Millions • 3.9 duration • Diversified po
Slide 20: Reserve Development
Reserve Development Reserve development has been favorable on a consolidated basis. • Each segment had favorable development each of the last five years • On a consolidated basis, reserves have developed favorably each of the last 10 years • Disciplined and conservative reserving is a core element o
Slide 21: Appendix
Appendix 21 ©2026 OLD REPUBLIC. ALL RIGHTS RESERVED.
Slide 22: Flagship Case Study: Great West, An Old Republic Company
Flagship Case Study: Great West, An Old Republic Company Premier provider of insurance products & services for truckers. Differentiated by: • $2.0 billion in direct written premium Pricing precision & data/analytics • Single unit owner-operators to large fleets Value-focused agency partnerships • Co
Slide 23: Flagship Case Study: Old Republic Risk Management
Flagship Case Study: Old Republic Risk Management Premier service provider and insurer to large corporate and group insureds. • $2.4 billion in direct written premium • Expertise in credit risk management • Customers include 15% of the Fortune® 500 • High barriers to entry • Serving customers that r
Slide 24: Acquisition Case Study: Everett Cash Mutual (ECM)
Acquisition Case Study: Everett Cash Mutual (ECM) Specialty farmowners and commercial agricultural underwriter – Completed July 1, 2026 • $219 million 2025 Direct Premium Written • Well diversified across 48 states • Approximately 79% property & short-tailed lines • Average 95 combined ratio over fi
Slide 25: Start-up Operating Companies
Start-up Operating Companies Seven new operating companies focused on specialty niches. LAWYERS ACCIDENT & INLAND MARINE EXCESS & SURPLUS CYBER ENVIRONMENTAL PROPERTY PROFESSIONAL HEALTH Matt Bisig Ralph Sabbagh Mike Furlong Gary Nidds CJ Pruzinsky George Holderied Patrick Hagerty Launched 2021 Laun
Slide 26: Centers of Excellence
Centers of Excellence Driving operational excellence and reinforcing our culture across the organization. • Standardized best practices CENTERS OF EXCELLENCE • Cross-group collaboration Human Resources • Data-driven decision making IT/Security • Innovation Accounting • Continuous improvement Legal •
Slide 27: The Lodestar Embodies our Mission
The Lodestar Embodies our Mission by Binding Organization, Purpose and Long-Term Strategy Into a Coordinated Whole Our Community Our People We operate with integrity to Our people's expertise and earn trust within our industry and judgement power our ability to with the public. deliver dependable ou
Slide 28: Old Republic’s Culture, Operating Philosophy, and Institutional Memory
Old Republic’s Culture, Operating Philosophy, and Institutional Memory It starts with “we.” We support one another and have each other’s backs. We are efficient. We optimize for better outcomes and avoid over-engineering. We are humble. But we are confident. We are patient and thoughtful. We don’t p
Slide 29: Non-GAAP Reconciliation
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-GAAP financial
Slide 30: Forward-Looking Statements
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 Reform Act of 1995. These forward-loo
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