OLD REPUBLIC INTERNATIONAL CORP
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
ORI$40.53+2.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Old Republic International Corporation and Subsidiaries | |||
|---|---|---|---|
| Consolidated Statements of Cash Flows | |||
| ($ in Millions) | |||
| Years Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Total net income | $941.9 | $852.7 | $598.6 |
| Adjustments to reconcile net income to | |||
| net cash provided by operating activities: | |||
| Deferred policy acquisition costs | (104.9) | (113.4) | (35.2) |
| Accounts and notes receivable | (278.6) | (270.1) | (274.4) |
| Loss and loss adjustment expense reserves | 438.1 | 354.9 | 93.4 |
| Unearned premiums and other policyholders' liabilities | 260.6 | 363.4 | 194.0 |
| Federal income taxes | 45.1 | 20.8 | (47.1) |
| Reinsurance balances and funds held | 12.6 | 140.6 | 23.8 |
| Realized investment (gains) losses from actual transactions | |||
| and impairments | (202.0) | (88.8) | 67.0 |
| Unrealized investment (gains) losses from changes in fair value | |||
| of equity securities | 22.3 | 18.9 | 123.9 |
| Other - net | 29.1 | (45.4) | 136.3 |
| Total | 1,164.3 | 1,233.4 | 880.4 |
| Cash flows from investing activities: | |||
| Maturities and calls on fixed income securities | 1,561.7 | 1,617.8 | 1,353.2 |
| Sales of: | |||
| Fixed income securities | 863.1 | 2,437.8 | 1,446.5 |
| Equity securities | 510.2 | 327.1 | 691.5 |
| Other investments | 3.9 | 10.6 | 14.5 |
| Purchases of: | |||
| Fixed income securities | (2,612.2) | (4,014.3) | (2,919.7) |
| Equity securities | (182.7) | (24.3) | (91.9) |
| Other investments | (119.8) | (103.5) | (106.4) |
| Proceeds from sale of subsidiary | — | 136.6 | — |
| Net increase in short-term investments | (203.7) | (390.5) | (362.6) |
| Other - net | 2.3 | (1.2) | 0.3 |
| Total | (177.2) | (3.9) | 25.3 |
| Cash flows from financing activities: | |||
| Issuance of debentures and notes | — | 395.9 | — |
| Issuance of common shares | 3.8 | 2.0 | 31.1 |
| Redemption of debentures and notes | — | (400.0) | (5.3) |
| Dividends on common shares | (782.6) | (271.9) | (275.5) |
| Repurchase of common stock | (123.8) | (942.2) | (535.3) |
| Other - net | (23.1) | (10.7) | 1.8 |
| Total | (925.7) | (1,226.9) | (783.2) |
| Increase (decrease) in cash including balances classified as | |||
| held-for-sale: | 61.3 | 2.4 | 122.5 |
| Decrease in cash balances classified as held-for-sale | — | (3.3) | (0.8) |
| Cash, beginning of year | 201.9 | 202.8 | 81.0 |
| Cash, end of year | $263.2 | $201.9 | $202.8 |
| Supplemental cash flow information: | |||
| Cash paid during the period for: Interest | $69.3 | $77.3 | $66.0 |
| Income taxes | $198.7 | $196.3 | $198.3 |
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