-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UpHFF1uridiENrmFaDoVkYUd8z6Ec0DRadtzj7EfJcKcKi/6nhpEcVieaYYNvwXD OuZ9EKHpkcxX8rv080jzrw== 0000073952-98-000009.txt : 19980515 0000073952-98-000009.hdr.sgml : 19980515 ACCESSION NUMBER: 0000073952-98-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: OHIO CASUALTY CORP CENTRAL INDEX KEY: 0000073952 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 310783294 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-05544 FILM NUMBER: 98619703 BUSINESS ADDRESS: STREET 1: 136 N THIRD ST CITY: HAMILTON STATE: OH ZIP: 45025 BUSINESS PHONE: 5138673000 MAIL ADDRESS: STREET 1: 136 N THIRD ST CITY: HAMILTON STATE: OH ZIP: 45025 10-Q 1 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [x] Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarter ended March 31, 1998 [ ] Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 0-5544 OHIO CASUALTY CORPORATION (Exact name of registrant as specified in its charter) OHIO (State or other jurisdiction of incorporation or organization) 31-0783294 (I.R.S. Employer Identification No.) 136 North Third Street, Hamilton, Ohio (Address of principal executive offices) 45025 (Zip Code) (513) 867-3000 (Registrant's telephone number) Securities registered pursuant to Section 12(g) of the Act: Common Shares, Par Value $.125 Each (Title of Class) Common Share Purchase Rights (Title of Class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The aggregate market value as of May 1, 1998 of the voting stock held by non-affiliates of the registrant was $1,488,060,224. On May 1, 1998 there were 33,600,463 shares outstanding. Page 1 of 10 2 PART I ITEM 1. FINANCIAL STATEMENTS OHIO CASUALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (In thousands) (Unaudited)
March 31, December 31, 1998 1997 Assets Investments: Fixed maturities: Available for sale, at fair value (cost: $2,086,769 and $2,112,291) $ 2,193,124 $ 2,226,030 Equity securities, at fair value (cost: $274,009 and $275,637) 975,146 859,475 Short-term investments, at cost 55,888 65,849 ------------ ------------ Total investments 3,224,158 3,151,354 Cash 72,561 54,206 Premiums and other receivables 205,438 193,615 Deferred policy acquisition costs 129,711 126,063 Property and equipment 52,373 50,699 Reinsurance recoverable 118,123 108,962 Other assets 102,276 93,883 ------------ ------------ Total assets $ 3,904,640 $ 3,778,782 ============ ============ Liabilities Insurance reserves: Unearned premiums $ 499,772 $ 495,076 Losses 1,177,094 1,176,614 Loss adjustment expenses 302,418 307,193 Future policy benefits 34,148 34,148 Note payable 40,000 40,000 California Proposition 103 reserve 67,804 66,908 Deferred income taxes 137,059 95,389 Other liabilities 244,750 248,625 ----------- ------------ Total liabilities 2,503,045 2,463,953 Shareholders' equity Common stock, $.125 par value Authorized: 150,000,000 shares Issued: 46,803,872 5,850 5,850 Additional paid-in capital 4,118 3,923 Accumulated other comprehensive income: Unrealized gain on investments, net of applicable income taxes 525,686 454,241 Retained earnings 1,174,705 1,158,308 Treasury stock, at cost: (Shares: 13,203,964; 13,182,240) (308,764) (307,493) ----------- ------------ Total shareholders' equity 1,401,595 1,314,829 ----------- ------------ Total liabilities and shareholders' equity $3,904,640 $3,778,782 =========== ============
Accompanying notes are integral part of these financial statements. For complete disclosures see Notes to Consolidated Financial Statements on pages 23-32 of the Corporation's 1997 Annual Report to Shareholders. 2 3 OHIO CASUALTY CORPORATION AND SUBSIDIARIES STATEMENT OF CONSOLIDATED INCOME (In thousands) (Unaudited)
Three Months Ended March 31, 1998 1997 Premiums and finance charges earned $ 309,627 $ 302,479 Investment income less expenses 44,633 43,717 Investment gains realized 4,082 13,340 ---------- ---------- Total income 358,342 359,536 Losses and benefits for policyholders 188,117 186,181 Loss adjustment expenses 26,380 30,255 General operating expenses 28,352 25,272 California Proposition 103 reserve 897 1,052 Amortization of deferred policy acquisition costs 73,731 75,701 ---------- ---------- Total expenses 317,477 318,461 Income before income taxes 40,865 41,075 Income taxes Current 7,457 11,668 Deferred 2,494 (1,850) ---------- ----------- Total income taxes 9,951 9,818 Income from continuing operations 30,914 31,257 Income from discontinued operations 280 1,458 ---------- ---------- Net income $ 31,194 $ 32,715 ========== ========== Other comprehensive income, net of tax: Net change in unrealized gains (losses), net of income tax expense/(benefit) of $38,470 and $(19,539), respectively 71,445 (36,543) Comprehensive income $102,639 $ (3,828) ========== =========== Average shares outstanding - basic 33,621 34,904 Average shares outstanding - diluted 33,663 34,920 ========== =========== Earnings per share (basic and diluted): Income from continuing operations, per share $ 0.92 $ 0.90 Income from discontinued operations, per share 0.01 0.04 ---------- ---------- Net income, per share $ 0.93 $ 0.94 Cash dividends, per share $ 0.44 $ 0.42 ========== ==========
Accompanying notes are integral part of these financial statements. For complete disclosures see Notes to Consolidated Financial Statements on pages 23-32 of the Corporation's 1997 Annual Report to Shareholders. 3 4 OHIO CASUALTY CORPORATION AND SUBSIDIARIES STATEMENT OF CONSOLIDATED SHAREHOLDERS' EQUITY (In thousands) (Unaudited)
Accumulated Additional other Total Common paid-in comprehensive Retained Treasury shareholders' Stock capital income earnings stock equity Balance January 1, 1997 $ 5,850 $ 3,603 $ 332,042 $ 1,076,545 $ (242,940) $ 1,175,100 Unrealized gain (loss) (56,083) (56,083) Deferred income tax benefit on net unrealized gain (loss) 19,539 19,539 Net issuance of treasury stock under stock option plan and by charitable donation (19,418 shares) 231 172 261 664 Repurchase of treasury stock (816,500 shares) (32,834) (32,834) Net income 32,715 32,715 Cash dividends paid ($.42 per share) (14,709) (14,709) - ------------------------------------------------------------------------------------------------------------ Balance, March 31, 1997 $ 5,850 $ 3,834 $ 295,498 $ 1,094,723 $ (275,513) $ 1,124,392 ============================================================================================================ Balance January 1, 1998 $ 5,850 $ 3,923 $ 454,241 $ 1,158,308 $ (307,493) $ 1,314,829 Unrealized gain (loss) 109,915 109,915 Deferred income tax benefit on net unrealized gain (loss) (38,470) (38,470) Net issuance of treasury stock under stock option plan and by charitable donation (8,276 shares) 195 193 388 Repurchase of treasury stock (30,000 shares) (1,464) (1,464) Net income 31,194 31,194 Cash dividends paid ($.44 per share) (14,797) (14,797) - ------------------------------------------------------------------------------------------------------------ Balance, March 31, 1998 $ 5,850 $ 4,118 $ 525,686 $ 1,174,705 $ (308,764) $ 1,401,595 ============================================================================================================
Accompanying notes are integral part of these financial statements. For complete disclosures see Notes to Consolidated Financial Statements on pages 23-32 of the Corporation's 1997 Annual Report to Shareholders. 4 5 OHIO CASUALTY CORPORATION AND SUBSIDIARIES STATEMENT OF CONSOLIDATED CASH FLOWS (In thousands) (Unaudited)
Three Months Ended March 31, 1998 1997 Cash flows from: Operations Net income $ 31,194 $ 32,715 Adjustments to reconcile net income to cash from operations: Changes in: Insurance reserves 401 (20,405) Income taxes 3,133 (5,071) Premiums and other receivables (11,822) (12,810) Deferred policy acquisition costs (3,648) 577 Reinsurance recoverable (9,160) (806) Other assets 13,674 2,416 Other liabilities (3,899) (15,305) Depreciation and amortization 3,463 6,610 Investment gains and losses (4,042) (14,063) California Proposition 103 896 1,052 --------- --------- Net cash generated (used) by operations 20,190 (25,090) Investments Purchase of investments: Fixed income securities - available for sale (45,155) (74,831) Equity securities (2,986) (8,116) Proceeds from sales: Fixed income securities - available for sale 10,426 90,906 Equity securities 6,678 41,065 Proceeds from maturities and calls: Fixed income securities - available for sale 39,640 11,863 Equity securities 0 4 Property and equipment Purchases (4,081) (3,831) Sales 164 224 -------- --------- Net cash from investments 4,686 57,284 Financing Proceeds from exercise of stock options 1 213 Purchase of treasury stock (1,686) (32,834) Dividends paid to shareholders (14,797) (14,709) -------- --------- Net cash used in financing activity (16,482) (47,330) Net change in cash and cash equivalents 8,394 (15,136) Cash and cash equivalents, beginning of period 120,055 61,624 --------- ---------- Cash and cash equivalents, end of period $ 128,449 $ 46,488 ========= ==========
Accompanying notes are integral part of these financial statements. For complete disclosures see Notes to Consolidated Financial Statements on pages 23-32 of the Corporation's 1997 Annual Report to Shareholders. 5 6 OHIO CASUALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE I - RECENTLY ISSUED ACCOUNTING STANDARDS During 1997, the Corporation adopted Statement of Financial Accounting Standard 128 "Earnings Per Share." Basic earnings per share is computed using weighted average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share except that the weighted average number of shares outstanding is increased to include the number of additional common shares that would have been issued if all dilutive outstanding stock options would have been exercised. All prior periods were recalculated under the new definition of basic and diluted earnings per share. Basic and diluted earnings per share are summarized as follows: 1998 1997 Income from continuing operations $30,914 $31,257 Average common shares outstanding - basic 33,621 34,904 Basic income from continuing operations per average share $ .92 $ .90 ======= ======= Average common shares outstanding 33,621 34,904 Effect of dilutive securities 42 16 ------- ------- Average common shares outstanding - diluted 33,663 34,920 Diluted income from continuing operations - per average share $ .92 $ .90 ======== ======== The Corporation adopted Statement of Financial Accounting Standard No. 130 - Reporting Comprehensive Income during the first quarter of 1998. Comprehensive income is defined as changes in equity of a business enterprise during a period from transactions and other events from non-owner sources. The Corporation has displayed comprehensive income on its Statement of Consolidated Income on page 3 of this Form 10-Q. The Corporation also adopted Statement of Position 98-1 "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use." This statement provides guidance on accounting for the costs of computer software developed or obtained for internal use and allows for certain costs associated with developing/obtaining software for internal use to be capitalized. Pursuant to this, the Corporation capitalized $1.1 million during the first quarter of 1998. Prior to this Statement of Position, this amount would have been expensed as incurred. NOTE II - FIRST QUARTER EVENTS During the first quarter of 1998, the Corporation was in violation of one of its loan covenants for its revolving line of credit. The covenant states that no more than 30% of the Corporation's investment portfolio at market value may be invested in equity securities. At March 31, 1998 the actual percentage of equity securities to consolidated investments was 30.2% at market value. This violation occurred solely because of appreciation in the Corporation's equity portfolio. The Corporation has not allocated any new funds to the equity portfolio in the last three years. The syndicate of banks under the credit agreement have all signed waivers of default for this occurrence. NOTE III - INTERIM ADJUSTMENTS It is believed that all material adjustments necessary to present a fair statement of the results of the interim period covered are reflected in this report. 6 7 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Property and casualty pre-tax underwriting losses for the quarter ended March 31, 1998 were $6.0 million, $.18 per share, compared with $14.4 million, $.41 per share for the same period in 1997. Gross premiums for the first three months of 1998 increased 1.4% for all lines of business. Commercial lines decreased 6.6% and personal lines increased 7.9% from the same period last year. Property and casualty net premiums increased 1.3% for the first quarter of 1998 from the same period a year ago. Premium writings continue to demonstrate the impact of our agency repositioning strategy. Premium from active agents increased 4.2% over the same period last year. New Jersey is our largest state with 16.2% of total premiums written during the year. Legislation passed in 1992 requires automobile insurers operating in the state to accept all risks that meet underwriting guidelines regardless of risk concentration. This leads to a greater risk concentration in the state than the Corporation would otherwise accept. New Jersey also requires assessments to be paid for the New Jersey Unsatisfied Claim and Judgment Fund (UCJF). The assessment for 1998 is approximately $3.2 million compared with $4.2 million in 1997. Recently, the New Jersey State Senate passed an auto insurance reform bill that mandates a 15% rate reduction for personal auto liability policies for drivers who agree not to sue for "pain and suffering" unless they suffer permanent injury in an accident. The bill is currently under review by the Assembly. The anticipated impact on the Corporation is a tradeoff of lower premium rates for personal auto policies but also lower losses on these policies. As of March 31, 1998 the Corporation had net premiums written of $12.6 million in personal auto liability or 25% of total premiums that the Corporation writes in New Jersey. The maximum impact of this reform bill on the Corporation would have been a decrease of $1.9 million for the quarter in premium if all policyholders made this election on their policies. The combined ratio for the first three months decreased 2.2 points to 103.4% from 105.6% from the same period last year. This reduction was due to fewer catastrophe losses during the first quarter of 1998. The three-month combined ratio for homeowners decreased 13.6 points to 105.9% from 119.5% in the same period last year. This decrease is due to the reduction in catastrophe losses in 1998 as well as fewer large claims occurring in 1998 compared with the same period of 1997. Personal automobile, the Corporation's largest line, recorded a 1998 three-month combined ratio of 101.4%, down 7.4 points from 108.8% in 1997. Workers' compensation combined ratio for the first three months of 1998 increased 49.2 points to 131.1% from 81.9% during the same period last year. The deterioration in workers' compensation results were due to reserve increases that resulted from additional development of certain pre-existing claims. The general liability combined ratio decreased 7.8 points to 91.0% from 98.8% during the first quarter 1998. This reduction is largely due to favorable loss development during the first quarter of 1998. The combined ratio for CMP, fire and inland marine increased to 103.4% from 101.3% during March 1998. The first quarter catastrophe losses were $3.0 million and accounted for 1.0 point on the combined ratio. This compares with $5.3 million and 1.8 points for the same period in 1997. For the quarter, property and casualty before tax investment income was $43.2 million, $1.29 per share, increasing slightly from $42.4 million, $1.21 per share, for the same period last year. The effective tax rate on investment income for the first quarter of 1998 was 24.4% compared with 24.3% for the comparable period in 1997. Net cash generated by operations was $20.2 million for the first three months of the year compared with net cash used of $25.1 million for the same period in 1997. Shareholder dividend payments were $14.8 million in the first three months of 1998 compared with $14.7 million for the same period of 1997. In 1995 the Corporation reinsured substantially all of its life insurance and related businesses to Great Southern Life Insurance Company. During the fourth quarter of 1997, Great Southern Life Insurance Company legally replaced Ohio Life as the primary insurer for approximately 76% of the life insurance policies subject to the 1995 agreement. As a result, 76% of the unamortized ceding commission was recognized during 1997. There remains approximately $2.1 million in unamortized ceding commission. This will continue to be amortized over the remaining life of the underlying policies. Investments in below 7 8 investment grade securities (Standard and Poor's rating below BBB-) and unrated securities are summarized as follows:
March 31, December 31, 1998 1997 Below investment grade securities: Carrying value $164.2 $141.4 Amortized cost 158.2 135.6 Unrated securities: Carrying value $272.0 $242.8 Amortized cost 255.5 228.6
Utilizing ratings provided by other agencies, such as the NAIC, categorizes additional unrated securities into below investment grade ratings. The following summarizes the additional unrated securities that are rated in the below investment grade category by other rating agencies: March 31, December 31, 1998 1997 Below investment grade securities at carrying value $164.2 $141.4 Other rating agencies categorizing unrated securities as below investment grade 8.0 8.1 ------ ------ Below investment grade securities at carrying value $172.2 $149.5
All of the Corporation's below investment grade securities are performing in accordance with contractual terms and are making principal and interest payments as required. The securities in the Corporation's below investment grade portfolio have been issued by 57 corporate borrowers in approximately 32 industries. In 1996 the Insurance Services Office (ISO) elected to become a public corporation. As such, each member of ISO was allocated an equity stake in the new entity. Effective January 1, 1997, ISO became a for-profit corporation and Ohio Casualty received 138,889 shares valued at $25 per share for a total value of $3.5 million. The receipt of these shares was recorded as miscellaneous income at March 31, 1997 and the value of the shares was added to our equity portfolio. The Corporation continues to have no exposure to futures, forwards, caps, floors, or similar derivative instruments as defined by Statement of Financial Accounting Standards No. 119. However, as noted in footnote number 14 on page 30 of the Annual Report to Shareholders, we have an interest rate swap with Chase Manhattan Bank covering one-half the outstanding balance of the revolving line of credit. This swap is not classified as an investment but rather as a hedge against a portion of the Corporation's variable rate loan. For further discussion of the Corporation's investments, see Item 1 of the Corporation's Form 10-K for the year ended December 31, 1997. In 1994, the National Association of Insurance Commissioners developed a risk- based capital model to establish standards which will compare insurance company statutory surplus to required minimum capital based on risks of operations and assist regulators in determining solvency requirements. The model is based on four risk factors in two categories: asset risk consisting of investment risk and credit risk; and underwriting risk composed of loss reserve and premiums written risks. Based on current calculations, all of the Ohio Casualty Group companies have at least twice the necessary capital to conform with the risk-based capital model. Proposition 103 was passed in the State of California in 1988 in an attempt to legislate premium rates for that state. Even after considering investment income, total returns in California have been less than what would be considered "fair" by any reasonable standard. The Corporation is currently involved in hearings 8 9 with the State of California. In mid 1997, the Administrative Law Judge presiding over the hearing requested a submission from the state showing revised rollback calculations. The California Department of Insurance filed two revised rollback calculations in December 1997. These alternatives, based on concession of certain issues, provide a range of rollback liabilities between $35.9 million plus interest and $39.9 million plus interest. In January 1998, the Judge indicated her intent to rule under the Department's regulations, without consideration of the Corporation's constitutional challenge, that the Corporation's liability should be $24.4 million plus interest. The Commissioner may accept or reject the Judge's ultimate decision in whole or in part and her determination will be subject to de novo review by the State Superior Court. After consultation with outside counsel, the Corporation has determined that $35.9 million plus interest is the more reasonable of the two Department calculations should the Department of Insurance prevail. As a result, the Corporation's reserve for this alleged liability is $67.8 million. An administrative hearing process is ongoing concerning the potential rollback liability. It is uncertain when this matter will ultimately be resolved. The Corporation will continue to challenge the validity of any rollback and plans to continue negotiations with Department officials. For further discussion of the Corporation's California withdrawal, see footnote 15 in the Corporation's Annual Report to Shareholders. During the first quarter, Ohio Casualty continued its share repurchase program. The total number of shares acquired during the quarter was 30,000, at an average price of $48.81 per share. The Company has remaining authorization to repurchase 1,996,812 additional shares. The Corporation continues to work on converting our computer systems to be year 2000 compliant. Currently over 70% of our systems have been modified for year 2000. A compliance testing phase was added during 1997 to our year 2000 criteria. This involves individual system compliance testing and integrated system compliance testing. The first step verifies that the systems are compliant when they run independently. The second step verifies compliance when they are integrated with all other systems with which they interface. With this addition to our criteria we are over 50% completed with the entire year 2000 compliance process. To date, the Corporation has spent approximately $.9 million and expects to spend an additional $1.2 million to complete our efforts. The Corporation continues to contact vendors who provide products and/or services requesting verification that they either are or will be year 2000 compliant. Over 50% have responded and second requests and follow-ups are being sent during 1998 to verify compliance for those that have not responded or indicated they would be compliant at a future date. For a discussion of the Corporation's extent of liability for coverage of year 2000 issues under property, general liability and directors and officers liability policies, see pages 13 and 14 of the Corporations 1997 Form 10K. During the first quarter of 1998, the Corporation was in violation of one of its loan covenants for its revolving line of credit. The covenant states that no more than 30% of the Corporation's investment portfolio at market value may be invested in equity securities. At March 31, 1998 the actual percentage of equity securities to consolidated investments was 30.2% at market value. This violation occurred solely because of appreciation in the Corporation's equity portfolio. The Corporation has not allocated any new funds to the equity portfolio in the last three years. The syndicate of banks under the credit agreement have all signed waivers of default for this occurrence. From time to time, the Company may publish forward looking statements relating to such matters as anticipated financial performance, business prospects and plans, regulatory developments and similar matters. The statements contained in this Management's Discussion and Analysis of Financial Condition and Results of Operations that are not historical information, are forward looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under The Securities Act of 1933 and The Securities Exchange Act of 1934 for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward- looking statements. The risks and uncertainties that may affect the operations, performance, development and results of the Company's business include the following: changes in property and casualty reserves; catastrophe losses; premium and investment growth; product pricing environment; availability of credit; changes in government regulation; performance of financial markets; fluctuations in interest rates; availability and pricing of reinsurance; litigation and administrative proceedings and general economic and market conditions. 9 10 PART II Item 1. Legal Proceedings - None Item 2. Changes in Securities - None Item 3. Defaults Upon Senior Securities - None Item 4. Submission of Matters to a Vote of Security Holders - At the annual meeting on April 15, 1998, shareholders voted on board of director seats for three year terms. Those elected were: Wayne Embry: For 29,692,812; against 93,820, abstentions 50,540 Stephen Marcum: For 29,287,581; against 65,917; abstentions 483,674 Stanley Pontius: For 29,717,084; against 69,548; abstentions 50,540 Bill Woodall: For 29,720,386; against 68,081; abstentions 48,705 Those directors whose term of office continued after the meeting were: Arthur J. Bennert, Catherine A. Dolan, Jack E. Brown, Jeffery D. Lowe, Vaden Fitton, Lauren N. Patch, Joseph L. Marcum and Howard L. Sloneker III. In addition, shareholders voted to ratify Coopers and Lybrand L.L.P. as independent accountants. Those votes were as follows: For 29,649,681; against 60,749; abstentions 126,742 Item 5. Other Information - None Item 6. Exhibits and reports on Form 8-K - The Corporation filed a Form 8K on February 19, 1998 to file an amended and restated Rights Agreement. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. OHIO CASUALTY CORPORATION ------------------------- (Registrant) May 14, 1998 /s/ Barry S. Porter ------------------------- Barry S. Porter, CFO/Treasurer (on behalf of Registrant and as Principal Accounting Officer) 10 EX-27 2 ARTICLE 7 FDS FOR 10-Q
7 3-MOS DEC-31-1998 MAR-31-1998 2249011991 2249011991 2249011991 975146156 0 22208949 3246367096 72560511 118122781 129711446 3904640225 1479512173 499772427 0 34148430 40000000 0 0 5850484 1395744623 3904640225 309626574 44633716 4081539 0 214497790 73730845 29248228 40864967 9950725 30914242 279854 0 0 31194096 0.93 0.93 1421704211 168280867 1243884306 66018459 158864210 1412165173 (18955694)
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