Old Republic International Corporation reported a net income excluding investment gains, or operating income, of $209.2 million for the second quarter of 2025, a 3.3% increase from $202.4 million in Q2 2024. Diluted operating earnings per share rose by 9.2% to $0.83, up from $0.76 in the prior year quarter. GAAP net income for the quarter was $204.4 million, or $0.81 per diluted share.
Total operating revenues for the second quarter increased by 10.1% to $2.2158 billion, compared to $2.0122 billion in Q2 2024. Net premiums and fees earned grew by 11.0% to $1.9946 billion. The consolidated combined ratio was 93.6%, a slight increase from 93.5% in Q2 2024.
The Specialty Insurance segment delivered strong results, with pretax operating income increasing by 25.3% to $253.7 million. Net premiums earned in this segment grew by 14.6%, and its combined ratio improved to 90.7% from 92.4% in Q2 2024, indicating enhanced underwriting profitability.
Conversely, the Title Insurance segment's pretax operating income declined significantly by 47.2% to $24.2 million from $46.0 million in Q2 2024. Its combined ratio rose to 99.0% from 95.4%, primarily due to approximately $15 million in litigation settlement expenses and higher agent commissions.
For the first half of 2025, consolidated operating income increased by 6.1% to $410.9 million, with diluted operating EPS up 14.7% to $1.64. Specialty Insurance pretax operating income grew by 21.5% to $513.9 million, while Title Insurance pretax operating income decreased by 40.8% to $28.6 million.
Book value per share stood at $25.14 at June 30, 2025, representing a 10.1% increase from December 31, 2024. In the first six months of 2025, Old Republic returned $165.4 million to shareholders, comprising $140.2 million in dividends and $25.2 million in share repurchases.
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