Well, good afternoon, everyone, and welcome again to Old Republic's fourth quarter and full-year 2025 earnings call. For the full-year, we produced $1 billion of consolidated pre-tax operating income, and our consolidated combined ratio was 94.7%. Some other information on 2025: our operating return on beginning equity was 14.1%, and growth in book value per share, including dividends, was 22%. And we think this reflects our strong operating earnings, our higher investment valuations, and our sound capital management strategy.
For the full-year, specialty produced $900 million of pre-tax operating income, another all-time high for us, and specialty's combined ratio was 93.2. In the fourth quarter, title grew premium and fees by 12.4% over the fourth quarter of 2024, and for the full-year, title grew premium and fees by 9.1%. For the full-year, title produced $140 million of pre-tax operating income, and title's combined ratio was 97.6. Our conservative reserving practices were slow to release prior-year reserves, but we react very quickly to increase reserves.
Our average reinvestment rate on corporate bonds acquired during the quarter was 4.6% compared to the average yield rolling off of about 4.2%. Now, for the full-year, the specialty insurance loss ratio had a benefit of 2.9 points from favorable development, and there were no large pockets of unfavorable development to report. This brings total capital return this year to just over $1 billion, and it leaves us with about $850 million remaining in our current repurchase program. The full-year loss ratio was 63.9%, including 2.9 points of favorable development.