OLD REPUBLIC INTERNATIONAL CORPORI
OLD REPUBLIC INTERNATIONAL CORP Segments Disclosure
Segment Information
The Company is engaged in the business of insurance underwriting and related services. It conducts its business through a number of operating companies, which utilize one or more insurance company subsidiaries to issue their policies, and is organized into two segments: Specialty Insurance and Title Insurance. The Company's reportable segments are strategic business units that offer different types of insurance that are managed separately because the nature of each varies from a customer, distribution, and economic perspective. The results of the RFIG Run-off business, previously a reportable segment, are deemed immaterial and reflected within Corporate & Other through the effective date of its sale of May 31, 2024, along with the results of a small life and accident insurance business.
The Company does not derive over 10% of its consolidated revenues from any one customer. Revenues and assets connected with foreign operations are not significant in relation to consolidated totals.
Specialty Insurance provides property and liability insurance primarily to commercial clients. Commercial auto is the largest type of coverage underwritten by Specialty Insurance, accounting for 42.1% of the segment's net premiums earned in 2025. The remaining premiums written by Specialty Insurance are derived largely from a wide variety of coverages, including workers' compensation, property, general liability, general aviation, directors' and officers' indemnity, fidelity and surety indemnities, and home and auto warranties. Upon closing, the Company plans to report its recently announced acquisition, Everett Cash Mutual Insurance Co. and affiliated companies, which remains subject to regulatory and policyholder approval, within the Specialty Insurance segment.
Title Insurance consists primarily of the issuance of policies to real estate purchasers and investors based upon searches of the public records which contain information concerning interests in real property. The policies insure against losses arising out of defects, liens, and encumbrances affecting the insured title and not excluded or excepted from the coverage of the policy.
The accounting policies of the Specialty Insurance and Title Insurance segments are the same as those described in the summary of significant accounting policies in Note 1. Inter-segment income and expense, if any, is eliminated. Income taxes are calculated on the basis of the taxable income of the individual entities within each segment.
Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of net investment gains (losses). Under GAAP, however, net income, inclusive of net investment gains (losses), is the measure of total profitability.
Although GAAP uses net income as the measure of total profitability, management uses net income excluding net investment gains (losses) (net operating income), a non-GAAP financial measure, in its evaluation of periodic and long-term results. In management's opinion, excluding investment gains (losses) from income provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations that are unrelated to the insurance operations. Net operating income, however, does not replace GAAP net income as a measure of total profitability. Furthermore, as described in more detail below, management considers the underwriting income component of segment operating income (alternatively measured via combined ratio results) to be the primary performance measure of the insurance operations within each segment.
The Company's chief operating decision maker (CODM) is its Chief Executive Officer. The CODM assesses performance for the Specialty Insurance and Title Insurance segments based primarily on underwriting results, as
measured by each segment's combined ratio. The combined ratio measures the Company's overall profitability from its underwriting activities and is derived by dividing loss and loss adjustment expenses, dividends to policyholders, and underwriting, acquisition, and other expenses by total premiums and fees earned in the tables that follow.
The combined ratio is utilized to perform benchmarking analysis with respect to the Company’s internally set objectives as well as its peer group and competitors. The CODM considers these analyses to determine whether to deploy more capital to fund growth within the segments, or conversely, deploy less capital to focus on underwriting profitability improvements. Furthermore, the combined ratio is a significant component in the establishment of management’s incentive compensation.
The contributions of Old Republic's reportable segments to consolidated totals are shown in the following tables.
| Year Ended December 31, 2025: | Specialty Insurance | Title Insurance | Corporate & Other (a) | Consolidation Elimination Adjustments (b) | Total | |||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Net premiums written | $ | 5,430.1 | $ | 2,594.4 | $ | 10.7 | $ | — | $ | 8,035.3 | ||||||||||||||||||||||
Net premiums earned | 5,184.8 | 2,594.4 | 9.4 | — | 7,788.7 | |||||||||||||||||||||||||||
Title, escrow, and other fees | — | 264.1 | — | — | 264.1 | |||||||||||||||||||||||||||
Total premiums and fees | 5,184.8 | 2,858.6 | 9.4 | — | 8,052.9 | |||||||||||||||||||||||||||
Other income | 194.4 | 0.6 | — | — | 194.9 | |||||||||||||||||||||||||||
Expenses (c): | ||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | 3,295.6 | 62.2 | 3.2 | — | 3,361.1 | |||||||||||||||||||||||||||
Dividends to policyholders | 16.2 | — | — | — | 16.2 | |||||||||||||||||||||||||||
Underwriting, acquisition, and other expenses: | ||||||||||||||||||||||||||||||||
Commissions | 622.2 | 1,784.8 | 0.8 | — | 2,408.0 | |||||||||||||||||||||||||||
Insurance taxes, licenses, and fees | 203.0 | 45.0 | 2.0 | — | 250.0 | |||||||||||||||||||||||||||
Subtotal | 825.2 | 1,829.9 | 2.9 | — | 2,658.0 | |||||||||||||||||||||||||||
General expenses | 889.4 | 897.1 | 59.8 | — | 1,846.4 | |||||||||||||||||||||||||||
Total underwriting, acquisition, and | ||||||||||||||||||||||||||||||||
other expenses | 1,714.7 | 2,727.0 | 62.7 | — | 4,504.5 | |||||||||||||||||||||||||||
Segment underwriting income (loss) | 352.6 | 69.9 | (56.5) | — | 365.9 | |||||||||||||||||||||||||||
Add: Net investment income | 611.7 | 69.6 | 91.5 | (64.1) | 708.7 | |||||||||||||||||||||||||||
Less: Interest and other charges | 64.3 | (0.3) | 70.5 | (64.1) | 70.3 | |||||||||||||||||||||||||||
Segment pretax operating income (loss) | 900.0 | 139.9 | (35.6) | — | 1,004.3 | |||||||||||||||||||||||||||
Income taxes (credits) on above | 183.3 | 29.1 | (7.2) | — | 205.2 | |||||||||||||||||||||||||||
Net income (loss) excluding investment gains | ||||||||||||||||||||||||||||||||
(losses) | $ | 716.6 | $ | 110.8 | $ | (28.3) | $ | — | 799.1 | |||||||||||||||||||||||
Consolidated pretax investment gains (losses): | ||||||||||||||||||||||||||||||||
Realized from actual transactions and | ||||||||||||||||||||||||||||||||
impairments | 202.0 | |||||||||||||||||||||||||||||||
Unrealized from changes in fair value of | ||||||||||||||||||||||||||||||||
equity securities | (22.3) | |||||||||||||||||||||||||||||||
Income taxes on above | 36.8 | |||||||||||||||||||||||||||||||
Net of tax investment gains | 142.8 | |||||||||||||||||||||||||||||||
Total net income | 941.9 | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling | ||||||||||||||||||||||||||||||||
interests | 6.5 | |||||||||||||||||||||||||||||||
Net income to shareholders | $ | 935.4 | ||||||||||||||||||||||||||||||
Segment and consolidated combined ratio | 93.2 | % | 97.6 | % | 94.7 | % | ||||||||||||||||||||||||||
__________
(a) Includes the RFIG Run-off business through the effective date of its sale of May 31, 2024, a small life and accident insurance business, the parent holding company, and several internal corporate services subsidiaries.
(b) Includes intercompany financing arrangements between Old Republic's parent holding company and the Specialty Insurance group for which interest charges were $64.1 for the year ended December 31, 2025.
(c) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. There are no other segment expenses that are part of reported segment profit or loss amounts that are not included in one of the above categories.
| Year Ended December 31, 2024: | Specialty Insurance | Title Insurance | Corporate & Other (a) | Consolidation Elimination Adjustments (b) | Total | |||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Net premiums written | $ | 5,030.5 | $ | 2,334.6 | $ | 15.9 | $ | — | $ | 7,381.0 | ||||||||||||||||||||||
Net premiums earned | 4,677.0 | 2,334.6 | 14.6 | — | 7,026.4 | |||||||||||||||||||||||||||
Title, escrow, and other fees | — | 284.4 | — | — | 284.4 | |||||||||||||||||||||||||||
Total premiums and fees | 4,677.0 | 2,619.1 | 14.6 | — | 7,310.8 | |||||||||||||||||||||||||||
Other income | 177.0 | 0.6 | — | — | 177.6 | |||||||||||||||||||||||||||
Expenses (c): | ||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | 2,975.6 | 46.1 | 2.6 | — | 3,024.4 | |||||||||||||||||||||||||||
Dividends to policyholders | 23.5 | — | — | — | 23.5 | |||||||||||||||||||||||||||
Underwriting, acquisition, and other expenses: | ||||||||||||||||||||||||||||||||
Commissions | 546.8 | 1,601.2 | 0.1 | — | 2,148.2 | |||||||||||||||||||||||||||
Insurance taxes, licenses, and fees | 172.7 | 37.5 | 1.7 | — | 212.0 | |||||||||||||||||||||||||||
Subtotal | 719.6 | 1,638.7 | 1.9 | — | 2,360.3 | |||||||||||||||||||||||||||
General expenses | 771.1 | 855.1 | 49.7 | — | 1,676.0 | |||||||||||||||||||||||||||
Total underwriting, acquisition, and | ||||||||||||||||||||||||||||||||
other expenses | 1,490.8 | 2,493.8 | 51.7 | — | 4,036.4 | |||||||||||||||||||||||||||
| Segment underwriting income (loss) | 364.0 | 79.7 | (39.8) | — | 404.0 | |||||||||||||||||||||||||||
Add: Net investment income | 546.5 | 63.2 | 127.0 | (63.7) | 673.1 | |||||||||||||||||||||||||||
Less: Interest and other charges | 62.3 | (1.1) | 79.8 | (63.7) | 77.3 | |||||||||||||||||||||||||||
Segment pretax operating income | 848.3 | 144.1 | 7.3 | — | 999.8 | |||||||||||||||||||||||||||
Income taxes (credits) on above | 173.4 | 30.3 | (1.0) | — | 202.7 | |||||||||||||||||||||||||||
Net income excluding investment gains (losses) | $ | 674.8 | $ | 113.7 | $ | 8.4 | $ | — | 797.0 | |||||||||||||||||||||||
Consolidated investment gains (losses): | ||||||||||||||||||||||||||||||||
Realized from actual transactions and | ||||||||||||||||||||||||||||||||
impairments | 88.8 | |||||||||||||||||||||||||||||||
Unrealized from changes in fair value of | ||||||||||||||||||||||||||||||||
equity securities | (18.9) | |||||||||||||||||||||||||||||||
Income taxes on above | 14.2 | |||||||||||||||||||||||||||||||
Net of tax investment gains | 55.7 | |||||||||||||||||||||||||||||||
Total net income | 852.7 | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling | ||||||||||||||||||||||||||||||||
interests | — | |||||||||||||||||||||||||||||||
Net income to shareholders | $ | 852.7 | ||||||||||||||||||||||||||||||
| Segment and consolidated combined ratio | 92.2 | % | 97.0 | % | 93.9 | % | ||||||||||||||||||||||||||
__________
(a) Includes the RFIG Run-off business through the effective date of its sale of May 31, 2024, a small life and accident insurance business, the parent holding company, and several internal corporate services subsidiaries.
(b) Includes intercompany financing arrangements between Old Republic's parent holding company and the Specialty Insurance group for which interest charges were $63.7 for the year ended December 31, 2024.
(c) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. There are no other segment expenses that are part of reported segment profit or loss amounts that are not included in one of the above categories.
| Year Ended December 31, 2023: | Specialty Insurance | Title Insurance | Corporate & Other (a) | Consolidation Elimination Adjustments (b) | Total | |||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Net premiums written | $ | 4,356.3 | $ | 2,300.9 | $ | 25.6 | $ | — | $ | 6,682.9 | ||||||||||||||||||||||
Net premiums earned | 4,119.2 | 2,300.9 | 25.6 | — | 6,445.9 | |||||||||||||||||||||||||||
Title, escrow, and other fees | — | 261.8 | — | — | 261.8 | |||||||||||||||||||||||||||
Total premiums and fees | 4,119.2 | 2,562.8 | 25.6 | — | 6,707.7 | |||||||||||||||||||||||||||
Other income | 162.2 | 0.7 | — | — | 163.1 | |||||||||||||||||||||||||||
Expenses (c): | ||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | 2,536.7 | 48.7 | (5.4) | — | 2,580.0 | |||||||||||||||||||||||||||
Dividends to policyholders | 16.5 | — | — | — | 16.5 | |||||||||||||||||||||||||||
Underwriting, acquisition, and other expenses: | ||||||||||||||||||||||||||||||||
Commissions | 465.3 | 1,608.1 | 0.1 | — | 2,073.6 | |||||||||||||||||||||||||||
Insurance taxes, licenses, and fees | 159.8 | 18.7 | 4.4 | — | 183.1 | |||||||||||||||||||||||||||
Subtotal | 625.2 | 1,626.8 | 4.6 | — | 2,256.7 | |||||||||||||||||||||||||||
General expenses | 697.0 | 812.4 | 77.4 | — | 1,586.9 | |||||||||||||||||||||||||||
Total underwriting, acquisition, and | ||||||||||||||||||||||||||||||||
other expenses | 1,322.2 | 2,439.3 | 82.0 | — | 3,843.6 | |||||||||||||||||||||||||||
Segment underwriting income (loss) | 406.0 | 75.4 | (50.9) | — | 430.6 | |||||||||||||||||||||||||||
Add: Net investment income | 462.7 | 57.0 | 135.0 | (76.5) | 578.3 | |||||||||||||||||||||||||||
Less: Interest and other charges | 80.9 | (1.0) | 67.2 | (76.5) | 70.5 | |||||||||||||||||||||||||||
Segment pretax operating income | 787.8 | 133.5 | 16.9 | — | 938.4 | |||||||||||||||||||||||||||
Income taxes on above | 158.3 | 27.7 | 2.7 | — | 188.8 | |||||||||||||||||||||||||||
Net income excluding investment gains (losses) | $ | 629.5 | $ | 105.8 | $ | 14.1 | $ | — | 749.5 | |||||||||||||||||||||||
Consolidated investment gains (losses): | ||||||||||||||||||||||||||||||||
Realized from actual transactions and | ||||||||||||||||||||||||||||||||
impairments | (67.0) | |||||||||||||||||||||||||||||||
Unrealized from changes in fair value of | ||||||||||||||||||||||||||||||||
equity securities | (123.9) | |||||||||||||||||||||||||||||||
Income tax credits on above | (40.0) | |||||||||||||||||||||||||||||||
Net of tax investment losses | (150.8) | |||||||||||||||||||||||||||||||
Total net income | 598.6 | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling | ||||||||||||||||||||||||||||||||
interests | — | |||||||||||||||||||||||||||||||
Net income to shareholders | $ | 598.6 | ||||||||||||||||||||||||||||||
| Segment and consolidated combined ratio | 90.2 | % | 97.1 | % | 92.6 | % | ||||||||||||||||||||||||||
__________
(a) Includes the RFIG Run-off business through the effective date of its sale of May 31, 2024, a small life and accident insurance business, the parent holding company, and several internal corporate services subsidiaries.
(b) Includes intercompany financing arrangements between Old Republic's parent holding company and the Specialty Insurance group for which interest charges were $76.5 for the year ended December 31, 2023.
(c) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. There are no other segment expenses that are part of reported segment profit or loss amounts that are not included in one of the above categories.
| December 31: | 2025 | 2024 | ||||||||||||||||||
| Consolidated Assets: | ||||||||||||||||||||
| Specialty Insurance | $ | 26,750.6 | $ | 24,563.2 | ||||||||||||||||
| Title Insurance | 1,937.7 | 1,915.8 | ||||||||||||||||||
Total assets of Company segments | 28,688.4 | 26,479.1 | ||||||||||||||||||
Corporate & Other (a) | 1,334.8 | 1,532.4 | ||||||||||||||||||
Consolidation elimination adjustments (b) | (160.5) | (168.4) | ||||||||||||||||||
| Consolidated assets | $ | 29,862.7 | $ | 27,843.1 | ||||||||||||||||
__________
(a) Includes a small life and accident insurance business, the parent holding company and several internal corporate services subsidiaries.
(b) Includes predominately intercompany debt and various reclassifications.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 28, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.