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ORI NYSE Russell 1000 Earnings call

Old Republic International (ORI) · Q2 2026 results and valuation

Share price: $39.96 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 23 Apr 2026

Net income down 2.3% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

−2.3%

Net income vs Q1 2026

Outlook given

Net income 322.3M vs 330.0M

Revenue +4.4%

2 · How management spoke

Restrained

Less upbeat than 76% of company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Key theme

Pretax operating income rose year over year thanks to steady investment returns from a slightly larger base of invested assets.

Valuation

Is Old Republic International undervalued?

Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 4.2% growth a year (3-year revenue growth), the model's fair value is $59.76 a share — the stock trades 33% below it. Today's price assumes −1.4% growth a year.

Current price

$39.96

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

-1.4% for 10 yrs

Fair value / share

$59.76

Buy below

$44.82

Price vs fair value

Undervalued 33%

Price vs buy-below price

Undervalued 11%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    The combined ratio improved on better-than-expected title insurance results, though specialty insurance results weakened.

    Source quote
    “Overall in the quarter, the consolidated combined ratio benefited slightly from favorable Turning now to loss reserves. This was a result of favorable development from title insurance being partially offset by unfavorable development from specialty insurance.”
  2. Guidance

    Next quarter should bring a bargain purchase gain on the ECM acquisition, with ECM expected to add to earnings.

    Source quote
    “Finally, as a precursor to next quarter, we expect to report a bargain purchase gain on the ECM acquisition and for ECM's results to be accretive to earnings...”
  3. Figure

    Agency made up 78% of Old Republic International's revenue during the quarter.

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was restrained)
Answers to analysts Restrained (was cautious)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“As we move into the second half of 2026, we remain focused on improving operational efficiency and expanding our margins.”
“Net premiums written were 8.4% lower in the quarter while the loss ratio came in at 60.6 compared to 48.5 in the second quarter last year, with most of that...”
“And title's combined ratio continues to improve and that is in no small part because of Carolyn's leadership and driving operational efficiencies and cost savings.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 2.50B 2.40B +4.4% 2.21B +13.4%
Operating income 410.2M 413.4M −0.8% 260.1M +57.7%
Net income 322.3M 330.0M −2.3% 204.4M +57.7%
EPS 1.31 1.32 −0.8% 0.81 +61.7%
P/E today 8.3 9.0 9.8 −0.8 10.9 −1.9

Topics

Most discussed now

  • New Title's combined ratio continues to improve and that is in no small part because of Carolyn's leadership and driving operational...
  • New They are operating on main frame platforms that Old Republic International justs have to replace and modernize.
  • Starting with investments, Net investment income increased just over 6.0% in the quarter primarily as a result of a larger...
  • Premiums produced in Old Republic International's direct title operations were up 9% from second quarter of last year, and agency produced…
  • Commercial premiums increased this quarter and were 25% of Old Republic International's premiums earned compared to 23% in second quarter…

Faded since Q1 2026

  • Fading While Old Republic International's average rate on corporate bonds acquired during the quarter was 4.7% compared to the average yield…
  • Fading The start of the 2026 home buying season was marked by higher inventory levels, lower interest rates and moderating price...

Latest announcements

Official filings, newest first.

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