Our annualized operating return on beginning equity stands at 12.1%, and for the first six months of the year, growth in book value per share, including dividends, stands at 7.2%. Specialty insurance grew net premiums earned by 2.3% over the second quarter of 2025 and produced $199 million of pre-tax operating income compared to $254 million. In title insurance, we grew premiums and fees by 10% over the second quarter of 2025 and produced $56 million of pre-tax operating income compared to $24 million. Our average rate on corporate bonds acquired during the quarter was 4.9% compared to the average yield rolling off of about 4.2%.
The total bond portfolio book yield ended the quarter at 4.8%, which was a slight increase from year-end. We ended the quarter with book value per share of $25.33, which inclusive of regular dividends, represented an increase of 7.2% since year-end. This increase resulted primarily from solid operating earnings and higher investment valuations. 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 and book value this year.
Title reported premium and fee revenue for the quarter of $773 million. After a slow seasonal start, residential transactions improved a bit this quarter, contributing to our revenue growth as well as strong commercial activity. Their marching orders are to build the platform, to build it right, and there's no incentive whatsoever in the first three years to put any premium on the books. I guess just pivoting to the title business, just watching with interest the growth in your commercial book.