Carolyn Monroe
President and CEO of Old Republic National Title Insurance Group
Replay available
Old Republic International Corporation (ORI) Q4 2025 Earnings Call
Old Republic International Corporation (NYSE: ORI) Q4 2025 earnings conference call, held 2026-01-22. Replay captured from the company's public earnings webcast.
Hosted by
Featured presenters
Paul Newsome
Analyst, Piper Sandler
Gregory Peters
Analyst, Raymond James
Frank Sodaro
Chief Financial Officer
Craig Smitty
President and CEO
Investor webinar replay
Watch the replay and follow the connected company analysis, news, and investor updates for Old Republic International Corporation.
Replay transcript excerpt
WEBVTT 00:00:00.031 -- 00:00:04.116 Today's conference call will be Craig Smitty, President and CEO, Frank Sodaro, Chief 00:00:04.116 -- 00:00:08.822 Financial Officer, and Carolyn Monroe, President and CEO of Old Republic National Title 00:00:08.822 -- 00:00:13.408 Insurance Group. Management will make some opening remarks, and then we'll open the line 00:00:13.408 -- 00:00:17.133 for your questions. At this time, I'd like to turn the call over to Greg. 00:00:17.133 -- 00:00:19.533 Please go ahead, sir. 00:00:19.616 -- 00:00:24.782 All right, Joe. Thank you very much. Well, good afternoon, everyone, and welcome again 00:00:24.782 -- 00:00:30.389 to Old Republic's fourth quarter and full year 2025 earnings call. 00:00:30.389 -- 00:00:33.773 In the fourth quarter, we produced $236 00:00:33.773 -- 00:00:39.281 million of consolidated pre-tax operating income compared to $285 00:00:39.281 -- 00:00:44.848 million. And our consolidated combined ratio was 96% compared 00:00:44.848 -- 00:00:46.968 to 92.7%. 00:00:47.652 -- 00:00:52.818 For the full year, we produced $1 billion of consolidated pre-tax operating 00:00:52.818 -- 00:00:58.263 income, and our consolidated combined ratio was 94.7%. 00:00:59.819 -- 00:01:03.623 Some other information on 2025, 00:01:03.623 -- 00:01:09.587 our operating return on beginning equity was 14.1%, and 00:01:09.750 -- 00:01:14.853 growth in book value per share, including dividends, was 22%. 00:01:15.536 -- 00:01:21.062 And we think this reflects our strong operating earnings, our higher investment valuations, 00:01:21.062 -- 00:01:25.115 and our sound capital management strategy. 00:01:25.115 -- 00:01:30.763 In the fourth quarter, specialty insurance grew net premiums earned by 8.3% 00:01:30.763 -- 00:01:35.991 over the fourth quarter of 2...