Old Republic International Corporation (ORI) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

information on the assumptions on certain needs and risks, please refer to the following statements discussion in the press release and the company's other SEC filings and the risk factors discussed in the company's most recent Form 10-K and other recent SEC filings. We may also include references to net income, excluding net investment gains or net operating income, a non-GAAP financial measure, in our remarks or in our responses to questions. GAAP reconciliations are included in the press release. Presenting on today's conference call will be Craig Schmitty, President and CEO, Frank Sidora, Chief Financial Officer, and Callan Monroe, President and CEO of Old Republic's National Title Insurance Group. Management will make some opening remarks, and then we'll open the line to your questions. At this time, I'd like to turn the call over to Craig. Please go ahead, sir. All right, Joe, thank you very much. And good afternoon, everyone. Thank you for joining our call. And welcome again to our second quarter 2025 earnings discussion. Well, our story of strong growth and strong profitability continued through the second quarter of this year. During the second quarter, we produced 267.5 million of consolidated pre-tax operating income, up from 253.8 million in the second quarter of 24. Our consolidated combined ratio was 93.6 compared to 93.5 in the second quarter of last year. In specialty insurance, we grew net premiums earned by 14.6% in the second quarter and produced $253.7 million of pre-tax operating income. That was up from $202.5 million in the second quarter last year. The specialty insurance combined ratio was 90.7 in the quarter, and that compares to 92.4 in the second quarter of last year. In title, despite the continuation of higher mortgage interest rates and...