Old Republic International Corporation (ORI) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Today's conference call will be Craig Smitty, President and CEO, Frank Sodaro, Chief Financial Officer, and Carolyn Monroe, President and CEO of Old Republic National Title Insurance Group. Management will make some opening remarks, and then we'll open the line for your questions. At this time, I'd like to turn the call over to Greg. Please go ahead, sir. All right, Joe. Thank you very much. Well, good afternoon, everyone, and welcome again to Old Republic's fourth quarter and full year 2025 earnings call. In the fourth quarter, we produced $236 million of consolidated pre-tax operating income compared to $285 million. And our consolidated combined ratio was 96% compared to 92.7%. For the full year, we produced $1 billion of consolidated pre-tax operating income, and our consolidated combined ratio was 94.7%. Some other information on 2025, our operating return on beginning equity was 14.1%, and growth in book value per share, including dividends, was 22%. And we think this reflects our strong operating earnings, our higher investment valuations, and our sound capital management strategy. In the fourth quarter, specialty insurance grew net premiums earned by 8.3% over the fourth quarter of 24. And for the full year, grew net premiums earned by 10.9%. And we eclipsed the $5 billion mark for the first time. In the fourth quarter, specialty produced $178 million of pre-tax operating income compared to $228 million. and specialties combined ratio was 97.3 compared to 91.8. For the full year, specialty produced $900 million of pre-tax operating income, another all-time high for us, and specialties combined ratio was 93.2. In the fourth quarter, title grew premium and fees by 12.4% over the fourth quarter of 24, And for the full year, title grew premium and fees by 9.1%. I...