Old Republic International Corporation (NYSE:ORI) reported fourth-quarter results on Thursday that missed profit expectations even as revenue came in ahead of forecasts, prompting a decline in its shares.
The insurer’s stock eased 1.90% in pre-market trading following the update.
Old Republic posted adjusted earnings per share of $0.74 for the fourth quarter of 2025, well below the analyst consensus of $0.87. Revenue rose to $2.39 billion, beating expectations of $2.31 billion and marking a 9.8% increase from the same period a year earlier.
Within the group, the Specialty Insurance division — the company’s largest business — delivered an 8.3% rise in net premiums earned to $1.34 billion. However, pretax operating income in the segment fell 21.8% to $178.3 million, as the combined ratio deteriorated to 97.3% from 91.8% in the prior-year quarter.
By contrast, the Title Insurance segment recorded a stronger performance. Net premiums and fees earned increased 12.4% to $788.5 million, while pretax operating income climbed 18.1% to $65.5 million.
“While strong favorable prior year development was recognized in commercial auto, the current year loss ratio includes a provision resulting from higher loss trends detected within the liability portion of long-haul trucking case reserves,” the company said in its earnings release.
For the full year 2025, Old Republic reported net income of $935.4 million, or $3.72 per diluted share, up from $852.7 million, or $3.24 per diluted share, in 2024. Book value per share rose 6.0% to $24.21 from $22.84 at the end of the prior year.
During the fourth quarter, the company returned $742 million to shareholders through dividends and share buybacks, bringing total capital returned for the year to $1.02 billion.