Information About Segments of Business

12 Months Ended

Dec. 31, 2025

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		%

__________

(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.


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		%

__________

(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.


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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

OLD REPUBLIC INTERNATIONAL CORP 10-K