Quarterly Earnings

Old Republic Reports Q4 and Full-year 2025 Financial Results;  Stewart Reports Q4 and Full-year 2025 Results

• ​Old Republic Reports Q4 and Full-year 2025 Financial Results
  Old Republic International reported its title segment generated $139.9 million in pretax income during 2025. This is down from $144.1 million in pretax income in 2024.
  
  During the fourth quarter of last year, the title segment reported $65.5 million in pretax income versus $55.4 million during the same period a year ago.
  
  According to the earnings report, title Insurance net premiums and fees earned increased 12.4% during Q4 and 9.1% for 2025. Both agency and directly produced premiums experienced double digit growth in both 2025 periods, driven by lower interest rates and strong commercial business production. 
  
  Old Republic reported commercial premiums represented 29% of net premiums earned compared to 23% in the fourth quarter of last year. Title, escrow and other fees were up slightly in the quarter, as the decrease in fees experienced throughout the year from the sale of certain technology platforms was offset by growth in escrow and closing service fees.
  
  The title Insurance loss ratios for both 2025 and the fourth quarter reflect lower levels of favorable prior year loss reserve development and relatively consistent current year losses. The fourth quarter and full year expense ratios benefited from continued expense management, partially offset by higher agent commissions consistent with the higher level of agency business compared to the direct operation.
  
  
• Stewart Reports Q4 and Full-year 2025 Results
  Stewart Information Services Corp. reported its title insurance segment generated $181.1 million in pretax income during 2025. This compared to $133.8 million in pretax income in 2024.
  
  During the fourth quarter, the title segment reported $58 million in pretax income. This is up from $45.2 million in pretax income during the same period in 2024.
  
  “We are very pleased with the progress we made in 2025, strengthening and growing the earnings power of all our businesses,” said Fred Eppinger, Stewart’s chief executive officer. “While commercial markets saw some awakening, in 2025, we remained in a multi-year slump for existing home sales, with two years in a row of the lowest existing home sales in 30 years.”
  
  During the fourth quarter of 2025, Stewart’s direct operations opened 73,527 orders and closed 58,556. This compared to 69,339 direct orders opened and 59,425 orders closed during fourth-quarter 2024.
  
  Stewart’s domestic commercial business increased 38% to $116 million during the fourth quarter of 2025 with growth in all asset classes led by data centers and energy.
  
  Stewart reported its average domestic commercial fee per file for the fourth quarter 2025 grew 39% to $27,300  compared to the prior year quarter, while average domestic residential fee per file improved 13% to $3,300 compared to the fourth quarter 2024.
  
  Stewart paid $82 million in title losses and related claims in 2025. This is up slightly from $80 million in title losses and related claims in 2024.
  
  ​For the fourth quarter, Stewart grew revenue 20% and adjusted net income by 52% compared to the fourth quarter of 2024. Eppinger said the growth is meaningful given the existing home sales grew in the quarter just under 1%.