# OLD REPUBLIC INTERNATIONAL CORP (ORI) Informational only - not investment advice. CIK: 0000074260 SIC: 6351 Surety Insurance SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6351 Surety Insurance](/industry/6351/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=74260 Filing source: https://www.sec.gov/Archives/edgar/data/74260/000007426026000008/ori-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0000074260-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000074260.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 9,136,300,000 USD | 2025 | verified | | Net income | 935,400,000 USD | 2025 | verified | | Assets | 29,862,700,000 USD | 2025 | verified | | Net margin | 10.24% | 2025 | computed | | Revenue YoY | +10.99% | 2025 | computed | | ROE | 15.82% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | ORI | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 10.2% | 47.0% | 29 | 8 | | ROA | 3.1% | 5.7% | 29 | 8 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6351 Surety Insurance, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 9136300000 | USD | 2025 | 2026-02-26 | | Net income | 935400000 | USD | 2025 | 2026-02-26 | | Assets | 29862700000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000074260.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2008 | 2009 | 2010 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | 5,900,500,000 | 6,263,100,000 | 6,258,800,000 | 7,460,500,000 | 7,166,000,000 | 9,341,600,000 | 8,083,700,000 | 7,258,300,000 | 8,231,500,000 | 9,136,300,000 | | Net income | | | | 466,900,000 | 560,500,000 | 370,500,000 | 1,056,400,000 | 558,600,000 | 1,534,300,000 | 686,400,000 | 598,600,000 | 852,700,000 | 935,400,000 | | Diluted EPS | | | | 1.62 | 1.92 | 1.24 | 3.51 | 1.87 | 5.05 | 2.26 | 2.10 | 3.24 | 3.72 | | Operating cash flow | | | | 637,300,000 | 452,800,000 | 760,500,000 | 936,200,000 | 1,185,000,000 | 1,311,700,000 | 1,170,600,000 | 880,400,000 | 1,233,400,000 | 1,164,300,000 | | Dividends paid | | | | 193,800,000 | 198,800,000 | 498,800,000 | 538,700,000 | 250,100,000 | 1,019,200,000 | 579,700,000 | 275,500,000 | 271,900,000 | 782,600,000 | | Share buybacks | 0.00 | 0.00 | 0.00 | | | | | 0.00 | 0.00 | 281,200,000 | 535,300,000 | 942,200,000 | 123,800,000 | | Assets | | | | 18,591,600,000 | 19,403,500,000 | 19,327,100,000 | 21,076,300,000 | 22,815,200,000 | 24,981,800,000 | 25,159,400,000 | 26,501,400,000 | 27,843,100,000 | 29,862,700,000 | | Liabilities | | | | 14,130,900,000 | 14,670,200,000 | 14,180,800,000 | 15,076,100,000 | 16,628,500,000 | 18,088,600,000 | 18,986,200,000 | 20,090,700,000 | 22,224,100,000 | 23,934,200,000 | | Stockholders' equity | | | | 4,460,600,000 | 4,733,300,000 | 5,146,200,000 | 6,000,100,000 | 6,186,600,000 | 6,893,200,000 | 6,173,200,000 | 6,410,700,000 | 5,618,900,000 | 5,914,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2008 | 2009 | 2010 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | 7.91% | 8.95% | 5.92% | 14.16% | 7.80% | 16.42% | 8.49% | 8.25% | 10.36% | 10.24% | | Return on equity | | | | 10.47% | 11.84% | 7.20% | 17.61% | 9.03% | 22.26% | 11.12% | 9.34% | 15.18% | 15.82% | | Return on assets | | | | 2.51% | 2.89% | 1.92% | 5.01% | 2.45% | 6.14% | 2.73% | 2.26% | 3.06% | 3.13% | | Liabilities / equity | | | | 3.17 | 3.10 | 2.76 | 2.51 | 2.69 | 2.62 | 3.08 | 3.13 | 3.96 | 4.05 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/ORI/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000074260.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -0.31 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.68 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.54 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,760,100,000 | 52,600,000 | 0.19 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,941,100,000 | 190,600,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 2,015,900,000 | 316,700,000 | 1.15 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,871,700,000 | 91,800,000 | 0.35 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 2,341,700,000 | 338,900,000 | 1.32 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 2,002,100,000 | 105,100,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 2,114,000,000 | 245,000,000 | 0.98 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 2,208,500,000 | 204,400,000 | 0.81 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 2,424,300,000 | 279,500,000 | 1.11 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 2,389,400,000 | 206,400,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 2,399,400,000 | 330,000,000 | 1.32 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 2,503,800,000 | 322,300,000 | 1.31 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from ORI's latest 10-K: [/company/ORI/business/](/company/ORI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from ORI's latest 10-K: [/company/ORI/risk-factors/](/company/ORI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/74260/000007426026000092/ori-20260630.htm Extracted from a later financial-section MD&A body after Item 2 boundaries were low-confidence. Confidence: high Filing date: 2026-07-31 Report date: 2026-06-30 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Six Months Ended June 30, 2026 and 2025 ($ in Millions, Except Per Share Data) OVERVIEW This management discussion and analysis of financial condition and results of operations pertains to the consolidated accounts of Old Republic International Corporation, its subsidiaries, and any variable interest entities that meet the requirements for consolidation (collectively, "Old Republic" or "the Company"). The Company 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. A small life and accident insurance business, accounting for 0.1% of consolidated operating revenues for the six months ended June 30, 2026 and 0.3% of consolidated assets as of that date, is included within the Corporate & Other caption of this report. The consolidated accounts are presented in conformity with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). As a publicly held company, Old Republic utilizes GAAP to comply with the financial reporting requirements of the Securities and Exchange Commission (SEC). The FASB and SEC periodically issue various releases, most of which require additional financial statement disclosures and provide related application guidance. Recent guidance issued by the FASB is summarized further in the Notes to Consolidated Financial Statements where applicable. As a state-regulated financial institution vested with the public interest, however, business of the Company's insurance subsidiaries is managed pursuant to the laws, regulations, and accounting practices of the various states in the U.S. and those of a small number of other jurisdictions outside the U.S. in which they operate. In comparison with GAAP, the statutory accounting practices generally reflect greater conservatism and comparability among insurers and are intended to address the primary financial security interests of policyholders and their beneficiaries. Additionally, these practices also affect a significant number of important factors such as product pricing, risk bearing capacity and capital adequacy, the determination of federal income taxes payable currently among Old Republic's tax-consolidated entities, and the upstreaming of dividends and payment of interest and principal on surplus notes by insurance subsidiaries to the parent holding company. The major differences between these statutory accounting practices and GAAP are summarized in Note 1 in the Notes to Consolidated Financial Statements included in Old Republic's 2025 Annual Report on Form 10-K. The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be. The Company also cannot know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts its business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support its long-term obligations to policyholders and their beneficiaries. To achieve these objectives, adherence to insurance risk management principles is stressed, and asset diversification and quality are emphasized. In addition, management engages in an ongoing assessment of operating risks that could adversely affect the Company's business and reputation. In addition to income arising from Old Republic's basic underwriting and related services functions, significant investment income is earned from invested funds generated by those functions and from capital required to support the risk of the underlying business. Investment management aims for stability of income from interest and dividends, protection of capital, and for sufficiency of liquidity to meet insurance underwriting and other obligations as they become payable in the future. Securities trading and the realization of capital gains are not primary objectives. The investment philosophy is therefore best characterized as emphasizing value, credit quality, and relatively long-term holding periods. The Company's ability to hold both fixed income and equity securities for long periods of time is enabled by the scheduling of maturities in contemplation of an appropriate matching of assets and liabilities, and by investments in dividend-paying, publicly traded, large capitalization, highly liquid equity securities. In light of the above factors, the Company is managed for the long run and with little regard to quarterly or even annual reporting periods. These time frames are too short. Management believes results are best evaluated by looking at underwriting and overall operating performance trends over 10-year intervals. These likely include one or two economic and/or underwriting cycles. This provides enough time for these cycles to run their course, for premium rate changes and subsequent underwriting results to be reflected in financial statements, and for reserved loss costs to be quantified with greater certainty. This management discussion and analysis should be read in conjunction with the consolidated financial statements and the accompanying footnotes. This section of this Form 10-Q generally includes a discussion primarily focused on quarter-to-quarter comparisons between 2026 and 2025. Detailed discussions of year-to-year comparisons between annual periods presented can be found in Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company's Annual Reports on Form 10-K. 22 OLD REPUBLIC INTERNATIONAL CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) EXECUTIVE SUMMARY Old Republic International Corporation reported the following results for the second quarter 2026: •Net income of $322.3, compared to $204.4 last year. •Net income excluding investment gains (net operating income) of $186.0, compared to $209.2 last year. •Net operating income per diluted share of $0.76, compared to $0.83 last year. •Consolidated net premiums and fees earned of nearly $2.1 billion, compared to nearly $2.0 billion last year. •Net investment income of $182.0, compared to $171.5 last year. •Consolidated combined ratio of 95.3%, compared to 93.6% last year. •Favorable loss reserve development of 0.1 points, compared to 2.1 points last year. •Book value per share of $25.33, inclusive of dividends declared, up 7.2% since year-end 2025. •Annualized operating return on equity of 12.1%. •Total capital returned to shareholders of $137.4. [[GREPCENT_TABLE]] [["OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS"],["","","Quarters Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","% Change","","2026","","2025","","% Change"],["Net income","","$","322.3","","","$","204.4","","","","","$","652.4","","","$","449.5"],["Net of tax investment gains (losses)","","136.2","","","(4.7)","","","","","295.7","","","38.5"],["Net income excluding investment gains (losses)","","$","186.0","","","$","209.2","","","(11.1)","%","","$","356.6","","","$","410.9","","","(13.2)","%"],["Combined ratio","","95.3","%","","93.6","%","","","","96.0","%","","93.7","%"],["PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS"],["","","Quarters Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","% Change","","2026","","2025","","% Change"],["Net income","","$","1.31","","","$","0.81","","","","","$","2.63","","","$","1.79"],["Net of tax investment gains (losses)","","0.55","","","(0.02)","","","","","1.19","","","0.15"],["Net income excluding investment gains (losses)","","$","0.76","","","$","0.83","","","(9.3)","%","","$","1.44","","","$","1.64","","","(12.3)","%"],["SHAREHOLDERS' EQUITY (BOOK VALUE)"],["","","","","June 30,","","Dec. 31,"],["","","","","2026","","2025","","% Change"],["Total","","","","$","6,072.8","","","$","5,914.0","","","2.7","%"],["Per common share","","","","$","25.33","","","$","24.21","","","4.6","%"]] [[/GREPCENT_TABLE]] 23 OLD REPUBLIC INTERNATIONAL CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Old Republic's business is managed for the long run. In this context, management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the Company's obligations. Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net income excluding net investment gains (losses) (net operating income), a non-GAAP financial measure, in its evaluation of periodic and long-term results. In management's opinion, excluding investment gains (losses) from income provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations that are unrelated to the insurance operations. Net operating income, however, does not replace GAAP net income as a measure of total profitability. [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/74260/000007426026000008/ori-20251231.htm Complete FY 2025 MD&A: /company/ORI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations ($ in Millions, Except Share Data) OVERVIEW This management discussion and analysis of financial condition and results of operations pertains to the consolidated accounts of Old Republic International Corporation, its subsidiaries, and any variable interest entities that meet the requirements for consolidation (collectively, "Old Republic", "ORI", or "the Company"). The Company 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 Republic Financial Indemnity Group (RFIG) Run-off business through the effective date of its sale of May 31, 2024 and a small life and accident insurance business, together accounting for 0.1% of consolidated operating revenues for the year ended December 31, 2025, and 0.3% of consolidated assets as of that date, are included within the Corporate & Other caption of this report. The consolidated accounts are presented in conformity with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). As a publicly held company, Old Republic utilizes GAAP to comply with the financial reporting requirements of the Securities and Exchange Commission (SEC). The FASB and the SEC periodically issue various releases, most of which require additional financial statement disclosures and provide related application guidance. Recent guidance issued by the FASB is summarized further in the Notes to Consolidated Financial Statements where applicable. As a state regulated financial institution vested with the public interest, however, business of the Company's insurance subsidiaries is managed pursuant to the laws, regulations, and accounting practices of the various states in the U.S. and those of a small number of other jurisdictions outside the U.S. in which they operate. In comparison with GAAP, the statutory accounting practices generally reflect greater conservatism and comparability among insurers and are intended to address the primary financial security interests of policyholders and their beneficiaries. Additionally, these practices also affect a significant number of important factors such as product pricing, risk bearing capacity and capital adequacy, the determination of federal income taxes payable currently among ORI's tax-consolidated entities, and the upstreaming of dividends and payment of interest and principal on surplus notes by insurance subsidiaries to the parent holding company. The major differences between these statutory accounting practices and GAAP are summarized in Note 1 in the Notes to Consolidated Financial Statements. The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be. The Company also cannot know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts its business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support its long-term obligations to policyholders and their beneficiaries. To achieve these objectives, adherence to insurance risk management principles is stressed, and asset diversification and quality are emphasized. In addition, management engages in an ongoing assessment of operating risks that could adversely affect the Company's business and reputation. In addition to income arising from Old Republic's basic underwriting and related services functions, significant investment income is earned from invested funds generated by those functions and from capital required to support the risk of the underlying business. Investment management aims for stability of income from interest and dividends, protection of capital, and for sufficiency of liquidity to meet insurance underwriting and other obligations as they become payable in the future. Securities trading and the realization of capital gains are not primary objectives. The investment philosophy is therefore best characterized as emphasizing value, credit quality, and relatively long-term holding periods. The Company's ability to hold both fixed income and equity securities for long periods of time is enabled by the scheduling of maturities in contemplation of an appropriate matching of assets and liabilities, and by investments in dividend-paying, publicly traded, large capitalization, highly liquid equity securities. In light of the above factors, the Company is managed for the long run and with little regard to quarterly or even annual reporting periods. These time frames are too short. Management believes results are best evaluated by looking at underwriting and overall operating performance trends over 10-year intervals. These likely include one or two economic and/or underwriting cycles. This provides enough time for these cycles to run their course, for premium rate changes and subsequent underwriting results to be reflected in financial statements, and for reserved loss costs to be quantified with greater certainty. This management discussion and analysis should be read in conjunction with the consolidated financial statements and the accompanying footnotes. This section of this Form 10-K generally includes data for 2025, 2024, and 2023 annual periods along with a discussion primarily focused on year-to-year comparisons between 2025 and 2024. Detailed discussions of year-to-year comparisons between 2024 and 2023 can be found in Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, incorporated herein by reference. 23 EXECUTIVE SUMMARY Old Republic reported the following consolidated results for the year ended December 31, 2025: •Net income of $935.4, compared to $852.7 last year. •Net income excluding investment gains (losses) (net operating income) of $792.5, compared to $797.0 last year. •Net operating income per diluted share of $3.15, compared to $3.03 last year. •Consolidated net premiums and fees earned of nearly $8.1 billion, an increase of 10.1% over last year. •Net investment income of $708.7, an increase of 5.3% over last year. •Consolidated combined ratio of 94.7%, compared to 93.9% last year. •Favorable loss reserve development of 2.4 points, compared to 2.2 points last year. •Book value per share of $24.21, inclusive of cash dividends declared, up 22.0% since year-end 2024. •Operating return on beginning of year equity of 14.1%. •Total capital returned to shareholders of $1,022. [[GREPCENT_TABLE]] [["OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS"],["Years Ended December 31:","","","2025","","2024","","2023"],["Net income","","","$","935.4","","","$","852.7","","","$","598.6"],["Net of tax investment gains (losses)","","","142.8","","","55.7","","","(150.8)"],["Net income excluding investment gains (losses)","","","$","792.5","","","$","797.0","","","$","749.5"],["Combined ratio","","","94.7","%","","93.9","%","","92.6","%"],["PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS"],["Years Ended December 31:","","","2025","","2024","","2023"],["Net income","","","$","3.72","","","$","3.24","","","$","2.10"],["Net of tax investment gains (losses)","","","0.57","","","0.21","","","(0.53)"],["Net income excluding investment gains (losses)","","","$","3.15","","","$","3.03","","","$","2.63"],["SHAREHOLDERS' EQUITY (BOOK VALUE)"],["December 31:","","","","","2025","","2024"],["Total","","","","","$","5,914.0","","","$","5,618.9"],["Per common share","","","","","$","24.21","","","$","22.84"]] [[/GREPCENT_TABLE]] 24 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 Company's obligations. Although Generally Accepted Accounting Principles (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. [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/ORI/mda/fy2025/ All MD&A years: /company/ORI/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/ORI/mda/fy2024/): filed 2025-02-27; accession 0000074260-25-000042 (https://www.sec.gov/Archives/edgar/data/74260/000007426025000042/ori-20241231.htm) - [FY 2023 MD&A](/company/ORI/mda/fy2023/): filed 2024-02-28; accession 0000074260-24-000021 (https://www.sec.gov/Archives/edgar/data/74260/000007426024000021/ori-20231231.htm) - [FY 2022 MD&A](/company/ORI/mda/fy2022/): filed 2023-02-24; accession 0000074260-23-000014 (https://www.sec.gov/Archives/edgar/data/74260/000007426023000014/ori-20221231.htm) - [FY 2021 MD&A](/company/ORI/mda/fy2021/): filed 2022-02-28; accession 0000074260-22-000012 (https://www.sec.gov/Archives/edgar/data/74260/000007426022000012/ori-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6351 Surety Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/ORI.md · JSON record: /company/ORI.json · verified financials: /company/ORI/financials.json / /company/ORI/financials.csv · machine TOC for the whole site: /llms.txt