Old Republic International Corporation is a Chicago-based specialty insurance holding company that operates primarily in the United States and Canada. Founded in 1923, the company provides a wide range of property, casualty, and title insurance products to commercial clients and individuals. It is distinctive for its decentralized structure of specialized underwriting businesses and its long-standing track record of consistent dividend payments.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Net Premiums Earned
7,788,700
7,026,400
6,445,900
7,342,100
Investment Income
708,700
673,100
578,300
459,500
Net Gains on Investments
179,700
69,900
(190,900)
(201,200)
Total Other Revenues
459,000
462,000
424,900
483,100
Total Revenues
9,136,300
8,231,500
7,258,300
8,083,700
Insurance Benefits & Claims
3,377,300
3,047,900
2,596,500
2,440,200
Policy Amortization Costs
2,408,000
—
—
—
Other Operating Expenses
6,671,200
4,113,700
3,914,100
4,785,900
Operating Profit
(3,320,200)
1,069,900
747,700
857,600
Income Before Provision for Income Taxes
1,184,000
1,069,700
747,400
857,400
Provision for Income Taxes
484,000
216,900
148,800
170,900
Consolidated Net Income
941,900
852,700
598,600
686,400
Net Income Attributable to Minority Interests and Other
6,500
—
—
—
Net Income Attributable to Common Shareholders
935,400
852,700
598,600
686,400
Basic EPS
3.82
3.30
2.12
2.28
Diluted EPS
3.72
3.24
2.10
2.26
Basic Weighted Average Shares Outstanding
245,121
258,032
282,733
301,677
Diluted Weighted Average Shares Outstanding
251,314
262,881
285,471
303,297
Shares Outstanding
243,604
248,817
278,392
296,932
FY 2025
FY 2024
FY 2023
FY 2022
Debt Securities
12,709,800
12,091,500
12,139,900
11,746,700
Equity and Preferred Securities
2,487,700
2,540,700
2,660,800
3,220,900
Other Investments
1,641,300
1,446,500
1,066,900
892,000
Total Investments
16,839,000
16,079,000
15,867,700
15,859,900
Cash and Cash Equivalents
263,200
201,900
202,800
81,000
Reinsurance Contract Assets
8,144,600
7,337,100
6,496,000
5,910,800
Deferred Acquisition Costs
636,200
531,300
417,800
382,500
Other Receivables
2,923,300
2,599,500
2,318,400
2,034,200
Other Assets
1,055,900
1,094,000
1,198,100
890,500
Total Assets
29,862,700
27,843,100
26,501,400
25,159,400
Unearned Premiums
3,982,500
3,505,400
3,042,700
2,787,800
Claims Reserves
14,953,500
13,901,700
12,688,500
12,403,700
Reinsurance Contract Liabilities
1,428,000
1,409,800
1,380,900
1,079,400
Accrued Expenses
601,800
547,500
532,900
514,800
Total Debt
1,589,900
1,588,700
1,591,200
1,597,000
Other Liabilities
1,378,000
1,270,700
854,000
603,200
Total Liabilities
23,934,200
22,224,100
20,090,700
18,986,200
Common Stock
246,300
248,800
278,300
296,900
Additional Paid-in Capital
23,300
—
678,700
1,141,800
Accumulated Other Comprehensive Income
129,000
(149,500)
(190,600)
(587,300)
Retained Earnings
5,515,200
5,519,700
5,644,300
5,321,800
Total Common Shareholders' Equity
5,914,000
5,618,900
6,410,700
6,173,200
Minority Interests and Other
14,400
—
—
—
Total Shareholders' Equity
5,928,400
5,618,900
6,410,700
6,173,200
Total Liabilities and Shareholders' Equity
29,862,700
27,843,100
26,501,400
25,159,400
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
941,900
852,700
598,600
686,400
Other Adjustments
(150,600)
(115,300)
327,200
203,100
Changes in Receivables
(278,600)
(270,100)
(274,400)
(158,600)
Changes in Reinsurance Contract Assets
12,600
140,600
23,800
147,200
Changes in Deferred Acquisition Costs
(104,900)
(113,400)
(35,200)
(32,000)
Changes in Unearned Premiums
260,600
363,400
194,000
157,600
Changes in Claims Reserves
438,100
354,900
93,400
221,500
Changes in Income Taxes Payable
45,100
20,800
(47,100)
(54,700)
Cash from Operating Activities
1,164,300
1,233,400
880,400
1,170,600
Purchases of Investments
(2,914,700)
(4,142,100)
(3,118,000)
(5,127,200)
Proceeds from Sale of Investments
2,938,900
4,393,300
3,505,700
5,020,200
Proceeds from Business Divestments
—
136,600
—
—
Other Investing Activities
(201,400)
(391,700)
(362,300)
(308,000)
Cash from Investing Activities
(177,200)
(3,900)
25,300
(415,000)
Issuance of Long-Term Debt
—
395,900
—
—
Repayments of Long-Term Debt
—
(400,000)
(5,300)
—
Net Issuance / (Repayments) of Long-Term Debt
—
(4,100)
(5,300)
—
Issuance of Common Shares
3,800
2,000
31,100
26,600
Repurchases of Common Shares
(123,800)
(942,200)
(535,300)
(281,200)
Net Issuance / (Repurchases) of Common Shares
(120,000)
(940,200)
(504,200)
(254,600)
Common Share Dividends Paid
(782,600)
(271,900)
(275,500)
(579,700)
Other Financing Activities
(23,100)
(10,700)
1,800
1,500
Cash from Financing Activities
(925,700)
(1,226,900)
(783,200)
(832,700)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash