Old Republic International Corporation · NYSE:ORI
Old Republic International — Q1 2026 Earnings Presentation
30 slides from Old Republic International's earnings presentation, Apr 23, 2026
Slide 1: Investor Presentation 1st Quarter 2026
Investor Presentation 1st Quarter 2026
Slide 2: 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 103 years including Property & Casualty provider to Total Shareholder Return of many of America’s leading industrial and financi
Slide 3: Key Metrics
OLD REPUBLIC Key Metrics Market Cap / Stock price (NYSE: ORI) $9.69 billion / $39.90 Shareholders’ Equity / BVPS $5.91 billion / $24.53 Trailing 4 Quarter Operating Income / EPS (a) $761.4 million / $3.03 Annualized Operating ROE (b) 11.5% Regular Dividend / Yield $1.26 / 3.2% Employees 9,500 Inside
Slide 4: 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 5: Consolidated Financial Trends
OLD REPUBLIC 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
Slide 6: 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 7: 1st Quarter 2026 Highlights
OLD REPUBLIC 1st Quarter 2026 Highlights 15.4% decrease from $0.81 in the $0.68 1st quarter of 2025 driven by 19.8% $24.53 Adding back dividends, Operating pretax operating income decrease in Book Value book value increased 2.6% EPS (a) Specialty Insurance offset by an Per Share from year-end 2025.
Slide 8: 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 $6.0 billion of 2025 operating revenue $2.9 billion of
Slide 9: A History of Launching and Acquiring Specialty Businesses
OLD REPUBLIC A History of Launching and Acquiring Specialty Businesses Date of start-up or acquisition ‘71 2015 1981 Old Republic Specialty Underwriters Old Republic Home Protection 2021 Old Republic Excess & Surplus 1983 Old Republic Inland Marine 1978 Old Republic Old Republic Aerospace 1992 Old R
Slide 10: 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 11: Specialty Insurance – Differentiation
OLD REPUBLIC Specialty Insurance – Differentiation The Specialty Insurance segment’s business model includes over 40 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 12: 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 13: 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 14: Title Insurance – Profile
OLD REPUBLIC 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 titl
Slide 15: 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 16: 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 17: 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 18: Dividend & Repurchase Record
OLD REPUBLIC 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 $2.04 billion in sha
Slide 19: Investment Portfolio
OLD REPUBLIC Investment Portfolio The investment portfolio is high-grade, transparent and liquid Investment Mix at 1Q26 Fixed Income Equities 99% Investment grade Blue Chip, Value & Utilities A average quality $16.4 15% 85% billion 3.0% dividend yield 4.0 duration Diversified portfolio
Slide 20: 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 21: Appendix
xt *@ * OLD REPUBLIC oasis Appendix 21
Slide 22: 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: $2.0 billion in direct written premium Pricing precision & data/analytics Single unit owner-operators to large fleets Value-focused agency partnersh
Slide 23: 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 $2.4 billion in direct written premium Expertise in credit risk management Customers include 25% of the Fortune 500 High barriers to entry Serving custo
Slide 24: Acquisition Case Study: Everett Cash Mutual (ECM)
OLD REPUBLIC Acquisition Case Study: Everett Cash Mutual (ECM) Specialty farmowners and commercial agricultural underwriter – announced Oct 23, 2025 $237 million 2024 Direct Premium Written Geographic Mix Approximately 79% property & short-tailed lines KY, 5.6% AR, 6.7% Subject to some weather
Slide 25: Start-up Operating Companies
OLD REPUBLIC Start-up Operating Companies Seven new operating companies focused on specialty niches Excess & Lawyers Accident & Inland Marine Cyber Environmental Property Surplus Specialty Health Matt Ralph Mike Gary CJ George Patrick Bisig Sabbagh Furlong Nidds Pruzinsky Holderied Hagerty Launched
Slide 26: Centers of Excellence
OLD REPUBLIC Centers of Excellence Driving operational excellence and reinforcing our culture across the organization Standardized best practices Cross-group collaboration Data-driven decision making Innovation Continuous improvement Shared lessons learned 26
Slide 27: 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 28: 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 29: 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
Slide 30: Forward-Looking Statements
OLD REPUBLIC 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. Thes
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