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Mar 31
Old Republic Q1 2025 Earnings Report
Old Republic reported solid operating results in Q1 2025, with higher premiums, strong underwriting, and increased investment income.
Key Takeaways
Old Republic delivered strong results in Q1 2025 with a rise in net premiums and fees, improved underwriting performance, and solid investment income. Operating income rose nearly 10% year-over-year, driven by strong contributions from Specialty Insurance.
Net income reached $245,000,000, although down from the prior year due to lower investment gains.
Operating income rose 9.2% YoY to $201,700,000.
Revenue grew to over $2.11 billion, a rise of 11.4% from Q1 2024.
Specialty Insurance achieved a 13% increase in earned premiums and produced a strong combined ratio of 89.8%.
Old Republic
Old Republic
Old Republic Revenue by Segment
Revenue by Segment
Specialty Insurance Revenue
CapyFin.comTitle Insurance Revenue
CapyFin.com Forward Guidance
Old Republic remains committed to long-term profitability and underwriting discipline, though macroeconomic and segment-specific challenges persist.
Positive Outlook
- Continued premium growth driven by rate increases and retention in commercial lines.
- Favorable prior year loss development in multiple Specialty lines.
- Strong investment yield performance on higher asset base.
- Title segment experienced 27% growth in commercial premiums.
- Book value per share increased 7.2% including dividends.
Challenges Ahead
- Overall net income declined due to lower investment gains.
- Corporate & Other segment saw a significant drop in investment income.
- Title Insurance segment remains slightly unprofitable on a combined ratio basis.
- Reduction in invested asset base from capital returns and RFIG Run-off sale.
- Pressure in some Specialty Insurance lines like public D&O and aviation.