Highlights

  • Q4 revenue rose 19% year-over-year to USD 2.39 billion, below analyst expectations
  • Adjusted net operating income fell to USD 185 million, down from USD 227 million last year
  • Combined ratio increased to 96%, reflecting higher underwriting costs across key segments

Old Republic International Corporation (NYSE:ORI), a U.S.-based property and title insurer headquartered in Chicago, released its fourth-quarter results on Thursday, prompting a notable decline in its share price (down 9%). Despite a 19% year-over-year revenue increase to USD 2.39 billion, the company fell short of analyst expectations for adjusted net operating income, reporting USD 185 million (USD 0.74 per share) compared to the projected USD 0.87 per share and prior-year USD 227 million.

The company’s combined ratio, a key metric that measures the profitability of underwriting operations, rose to 96% from 92.7% in the previous year. Among its reporting segments, specialty insurance saw underwriting income fall sharply to USD 37 million from USD 101 million in the fourth quarter of 2024. The corporate and other segment’s underwriting loss widened to USD 15 million from just over USD 8 million, while gains in the title insurance business increased to USD 47 million from USD 39 million, partially offsetting losses elsewhere.

Investors reacted to these figures amid a broader bullish market, signaling concerns about rising underwriting costs and mixed segment performance. While the quarter’s results were not catastrophic, the performance highlights ongoing challenges in key insurance operations as the company enters 2026.

Latest Closing Price as of January 22, 2026: USD 39.11, down USD 4.01 (9.30%).