Earnings call transcript: Old Republic misses Q3 2026 EPS forecast

Old Republic International reported third-quarter 2026 earnings of $0.73 per share, falling short of Wall Street's expectation of $0.80. Despite revenue growing to $2.5 billion, slightly above estimates, pre-tax operating income declined 8.5% year-over-year. The company's combined ratio worsened to 96.1% from 95.3%, indicating increased underwriting pressure.

Revenue and specialty insurance grew, but overall profitability softened. The stock remained stable in pre-market trading before slipping 0.56% to $39.91. Old Republic missed earnings expectations by $0.07 a share, or 8.75%. Revenue was up 0.8% year-over-year, and book value per share increased by 5.7% to $24.65. Management expects to stay within its long-term target range of 90%-95% combined ratio, but underwriting performance remains weaker across the portfolio.