10-K/A 1 f10ka2.txt 2004 ORIL FINANCIAL STATEMENT SCHEDULES As in effect 3/1/61 FORM 10-K/A2 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 AMENDMENT TO APPLICATION OR REPORT Filed Pursuant to Sections 12, 13, or 15 (d) of THE SECURITIES EXCHANGE ACT OF 1934 OLD REPUBLIC INTERNATIONAL CORPORATION ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) AMENDMENT NO. 2 --- The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its ANNUAL REPORT FOR 2004 ------------------------- on Form 10-K as set forth in the pages attached hereto: (List all such --------- items, financial statements, exhibits or other portions amended) SEE INDEX Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. OLD REPUBLIC INTERNATIONAL CORPORATION -------------------------------------- (Registrant) Date: April 14, 2005 By: /s/ Karl W. Mueller -------------- ----------------------------------- (Signature) Karl W. Mueller Senior Vice President and Chief Financial Officer Total Pages: 13 ---- INDEX FINANCIAL STATEMENT SCHEDULES ----------------------------- Report of Independent Registered Public Accounting Firm OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES Schedule I - Summary of Investments - Other than Investments in Related Parties as of December 31, 2004 Schedule II - Condensed Financial Information of Registrant as of December 31, 2004 and 2003 and for the years ended December 31, 2004, 2003, and 2002 Schedule III - Supplementary Insurance Information for the years ended December 31, 2004, 2003 and 2002 Schedule IV - Reinsurance for the years ended December 31, 2004, 2003 and 2002 Schedule V - Valuation and Qualifying Accounts for the years ended December 31, 2004, 2003 and 2002 Schedule VI - Supplemental Information Concerning Property - Casualty Insurance Operations for the years ended December 31, 2004, 2003 and 2002 Schedules other than those listed are omitted for the reason that they are not required, are not applicable or that equivalent information has been included in the financial statements, notes thereto, or elsewhere herein. EXHIBITS -------- (23) Consent of Independent Registered Public Accounting Firm (28) Consolidated Schedule P. (*) * Not covered by the Report of Independent Registered Public Accounting Firm. -2- REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON ---------------------------------------------------------- FINANCIAL STATEMENT SCHEDULES ----------------------------- To the Board of Directors and Shareholders of Old Republic International Corporation Chicago, Illinois Our audits of the consolidated financial statements, of management's assessment of the effectiveness of internal control over financial reporting and of the effectiveness of internal control over financial reporting referred to in our report dated March 30, 2005 appearing in the 2004 Annual Report to Shareholders of Old Republic International Corporation (which report, consolidated financial statements and assessment are incorporated by reference in this Annual Report on Form 10-K/A) also included an audit of the financial statement schedules listed in the accompanying index of this Form 10-K/A. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. /s/ PricewaterhouseCoopers Chicago, Illinois March 30, 2005 -3- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES As of December 31, 2004 ($ in Thousands) ---------------------------------------------------------------------------------------------------------------------------- Column A Column B Column C Column D -------------------- ------------------ ------------------ ------------------ Amount at Fair which shown Type of investment Cost (1) Value in balance sheet ------------------ ------------------ ------------------ ------------------ Available for sale: Fixed maturity securities: United States Government and government agencies and authorities $ 998,811 $ 1,022,892 $ 1,022,892 States, municipalities and political subdivisions 1,538,615 1,574,084 1,574,084 Foreign government 108,979 112,413 112,413 Public utilities 850,221 876,485 876,485 Corporate, industrial and all other 2,776,631 2,870,097 2,870,097 ------------------ ------------------ ------------------ 6,273,257 $ 6,455,973 6,455,973 ------------------ ================== ------------------ Equity securities: Non-redeemable preferred stocks 1,301 $ 1,302 1,302 Common stocks: Public utilities 19,249 20,302 20,302 Banks, trusts and insurance companies 28,948 31,506 31,506 Industrial, miscellaneous and all other 347,342 405,946 405,946 ------------------ ------------------ ------------------ 396,840 $ 459,056 459,056 ------------------ ================== ------------------ Short-term investments 388,698 388,698 Miscellaneous investments 54,440 54,440 ------------------ ------------------ Total 7,113,235 7,358,169 ------------------ ------------------ Held to maturity: Other investments 13,453 13,453 ------------------ ------------------ Total 13,453 13,453 ------------------ ------------------ Total Investments $ 7,126,688 $ 7,371,623 ================== ==================
Note: (1) Represents original cost of equity securities, and as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premium or accrual of discount. -4- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY) ($ in Thousands) ------------------------------------------------------------------------------------------------------------------------------ December 31, ---------------------------------------- 2004 2003 ----------------- ----------------- Assets: Bonds and notes $ 11,633 $ 11,668 Cash 2,356 1,126 Short-term investments 7,202 12,847 Investments in, and indebtedness of related parties: Subsidiaries and affiliates, at equity 3,759,060 3,551,300 Indebtedness of affiliates 227,470 109,485 Other assets 30,330 25,591 ----------------- ----------------- Total Assets $ 4,038,054 $ 3,712,019 ================= ================= Liabilities, Preferred Stock and Common Shareholders' Equity: Liabilities: Accounts payable and accrued expenses $ 38,248 $ 24,175 Debt and debt equivalents 114,984 114,978 Indebtedness to affiliates and subsidiaries 19,147 19,194 Commitments and contingent liabilities --- --- ----------------- ----------------- Total Liabilities 172,381 158,348 ----------------- ----------------- Convertible preferred stock --- --- ----------------- ----------------- Common Shareholders' Equity: Common stock 185,429 184,471 Additional paid-in capital 270,484 245,500 Retained earnings 3,240,182 2,896,863 Accumulated other comprehensive income 179,577 236,835 Treasury stock (at cost) (10,000) (10,000) ----------------- ----------------- Total Common Shareholders' Equity 3,865,673 3,553,671 ----------------- ----------------- Total Liabilities, Preferred Stock and and Common Shareholders' Equity $ 4,038,054 $ 3,712,019 ================= =================
-5- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF INCOME OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY) ($ in Thousands) ----------------------------------------------------------------------------------------------------------------------------- Years Ended December 31, ----------------------------------------------------------- 2004 2003 2002 ---------------- --------------- --------------- Revenues: Investment income from subsidiaries $ 5,833 $ 6,336 $ 4,595 Real estate and other income 4,000 3,561 3,673 Realized investment gains (losses) --- 1,378 (1,289) Other investment income 582 576 1,237 ---------------- --------------- --------------- Total Revenues 10,416 11,852 8,217 ---------------- --------------- --------------- Expenses: Interest -- subsidiaries 352 318 527 Interest -- other 8,155 8,155 8,155 Real estate and other expenses 2,872 2,360 2,936 General expenses, taxes and fees 11,622 9,045 5,339 ---------------- --------------- --------------- Total Expenses 23,002 19,881 16,959 ---------------- --------------- --------------- Revenues, net of expenses (12,586) (8,028) (8,742) Federal income tax credits (4,473) (171) (1,798) ---------------- --------------- --------------- Loss before equity in earnings of subsidiaries (8,113) (7,856) (6,944) Equity in Earnings of Subsidiaries: Dividends received 186,380 174,615 139,170 Earnings in excess of dividends 256,743 293,043 260,753 ---------------- --------------- --------------- Net Income $ 435,010 $ 459,801 $ 392,979 ================ =============== ===============
-6- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY) ($ in Thousands) ----------------------------------------------------------------------------------------------------------------------------- Years Ended December 31, ----------------------------------------------------------- 2004 2003 2002 --------------- --------------- ---------------- Cash flows from operating activities: Net income $ 435,010 $ 459,801 $ 392,979 Adjustments to reconcile net income to net cash provided by operating activities: Accounts receivable (1,350) 136 (293) Income taxes - net 9,992 (1,912) (10,461) Excess of equity in net income of subsidiaries over dividends received (256,743) (293,043) (260,753) Realized investment (gains) losses --- (1,378) 1,289 Accounts payable, accrued expenses and other 1,443 1,990 5,267 --------------- --------------- ---------------- Total 188,352 165,594 128,027 --------------- --------------- ---------------- Cash flows from investing activities: Sales of equity securities --- --- 3,092 Sales of other investments 10 10 9 Sales of fixed assets for company use --- --- --- Purchases of fixed maturity securities --- --- (33,316) Purchases of equity securities --- --- (39,035) Purchases of fixed assets for company use (503) (889) (832) Investments in, and indebtedness of related parties - net --- --- (5,275) --------------- --------------- ---------------- Total (492) (879) (75,357) --------------- --------------- ---------------- Cash flows from financing activities: Repayment of notes receivable from related parties --- 28,599 17,400 Repayment of notes and loans to related parties (67) (1,019) (14,735) Issuance of notes receivable to related parties (115,116) --- --- Issuance of preferred and common stock 14,600 9,741 22,005 Dividends on common shares (91,690) (201,973) (75,759) Dividends on preferred shares --- (1) (2) Purchase of treasury stock --- --- (6) --------------- ---------------- ---------------- Total (192,275) (164,654) (51,096) --------------- --------------- ---------------- Increase (decrease) in cash and short-term investments (4,415) 59 1,573 Cash and short-term investments, beginning of year 13,973 13,913 12,340 --------------- --------------- ---------------- Cash and short-term investments, end of year $ 9,558 $ 13,973 $ 13,913 =============== =============== ================
-7- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION For the years ended December 31, 2004, 2003 and 2002 ($ in Thousands) ------------------------------------------------------------------------------------------------------------------------- Column A Column B Column C Column D Column E Column F Column G ---------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ Deferred Losses, Other Policy Claims and Policyholders' Net Acquisition Settlement Unearned Benefits and Premium Investment Segment Costs Expenses Premiums Funds Revenue Income ---------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ Year Ended December 31, 2004: ---------------------------------- Insurance Underwriting: General Insurance Group $129,368 $2,269,763 $743,343 $75,076 $1,623,030 $183,495 Mortgage Insurance Group 55,130 200,070 42,517 --- 403,207 67,764 Title Insurance Group --- 277,086 --- 1,903 714,016 25,578 Corporate & Other (1) 47,846 16,979 --- 62,656 64,612 14,036 Reinsurance Recoverable (2) --- 1,639,627 117,278 36,349 --- --- ------------ ------------ ------------ ------------ ------------ ------------ Consolidated $232,345 $4,403,527 $903,140 $175,985 $2,804,866 $290,875 ============ ============ ============ ============ ============ ============ Year Ended December 31, 2003: ---------------------------------- Insurance Underwriting: General Insurance Group $107,998 $2,047,828 $663,779 $68,723 $1,379,565 $175,008 Mortgage Insurance Group 63,710 180,610 47,482 --- 400,927 65,703 Title Insurance Group --- 259,092 --- 2,389 749,987 23,599 Corporate & Other (1) 50,211 12,611 --- 59,486 51,623 14,923 Reinsurance Recoverable (2) --- 1,522,568 103,559 41,707 --- --- ------------ ------------ ------------ ------------ ------------ ------------ Consolidated $221,920 $4,022,712 $814,822 $172,306 $2,582,103 $279,234 ============ ============ ============ ============ ============ ============ Year Ended December 31, 2002: ---------------------------------- Insurance Underwriting: General Insurance Group $90,092 $1,881,111 $580,571 $59,697 $1,184,132 $172,577 Mortgage Insurance Group 63,440 185,410 42,373 --- 376,281 65,866 Title Insurance Group --- 225,659 --- 1,272 524,875 22,535 Corporate & Other (1) 44,294 13,915 --- 61,708 50,133 11,717 Reinsurance Recoverable (2) --- 1,370,766 86,442 43,118 --- --- ------------ ------------ ------------ ------------ ------------ ------------ Consolidated $197,827 $3,676,863 $709,387 $165,797 $2,135,423 $272,697 ============ ============ ============ ============ ============ ============
Note:(1) Represents amounts for Old Republic's holding company parent, minor internal service subisidiares and a small life & health insurance operation. (2) Statement of Financial Accounting Standards (FAS) No. 113 "Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts" eliminates the reporting of assets and liabilities relating to reinsured contracts net of reinsurance ceded balances. Accordingly, reinsured losses and unearned premiums are to be reported as assets. Assets and liabilities were, as a result, increased by corresponding amounts of approximately $1.7 billion at December 31, 2004, $1.6 billion at December 31, 2003 and $1.5 billion at December 31, 2002. FAS No. 113 does not have any effect on the Company's results of operations. -8- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION For the years ended December 31, 2004, 2003 and 2002 ($ in Thousands) ----------------------------------------------------------------------------------------------- Column A Column H Column I Column J Column K ---------------------------------- ------------ ------------ ------------ ------------ Benefits, Amortization Claims, of Deferred Losses and Policy Other Settlement Acquisition Operating Premiums Segment Expenses Costs Expenses Written ---------------------------------- ------------ ------------ ------------ ------------ Year Ended December 31, 2004: ---------------------------------- Insurance Underwriting: General Insurance Group $1,069,599 $290,888 $129,047 $1,701,149 Mortgage Insurance Group 143,187 47,883 74,253 398,242 Title Insurance Group 59,752 --- 929,514 714,016 Corporate & Other (1) 35,431 21,747 39,423 66,961 Reinsurance Recoverable (2) --- --- --- --- ------------ ------------ ------------ ------------ Consolidated $1,307,969 $360,519 $1,172,239 $2,880,370 ============ ============ ============ ============ Year Ended December 31, 2003: ---------------------------------- Insurance Underwriting: General Insurance Group $932,945 $251,874 $129,026 $1,460,323 Mortgage Insurance Group 90,902 51,042 80,303 406,037 Title Insurance Group 63,801 --- 934,579 749,987 Corporate & Other (1) 25,178 12,360 34,014 49,275 Reinsurance Recoverable (2) --- --- --- --- ------------ ------------ ------------ ------------ Consolidated $1,112,828 $315,277 $1,177,923 $2,665,623 ============ ============ ============ ============ Year Ended December 31, 2002: ---------------------------------- Insurance Underwriting: General Insurance Group $852,106 $219,957 $122,538 $1,268,748 Mortgage Insurance Group 52,934 49,126 97,309 380,430 Title Insurance Group 40,765 --- 698,190 524,875 Corporate & Other (1) 29,089 10,025 23,727 48,303 Reinsurance Recoverable (2) --- --- --- --- ------------ ------------ ------------ ------------ Consolidated $974,895 $279,108 $941,765 $2,222,359 ============ ============ ============ ============
Note:(1) Represents amounts for Old Republic's holding company parent, minor internal service subisidiares and a small life & health insurance operation. (2) Statement of Financial Accounting Standards (FAS) No. 113 "Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts" eliminates the reporting of assets and liabilities relating to reinsured contracts net of reinsurance ceded balances. Accordingly, reinsured losses and unearned premiums are to be reported as assets. Assets and liabilities were, as a result, increased by corresponding amounts of approximately $1.7 billion at December 31, 2004, $1.6 billion at December 31, 2003 and $1.5 billion at December 31, 2002. FAS No. 113 does not have any effect on the Company's results of operations. -8- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE IV - REINSURANCE For the years ended December 31, 2004, 2003 and 2002 ($ in Thousands) ------------------------------------------------------------------------------------------------------------------------------------ Column A Column B Column C Column D Column E Column F ------------------------------------ ---------------- ---------------- ----------------- ----------------- ---------------- Percentage Ceded Assumed of amount Gross to other from other Net assumed amount companies companies amount to net ---------------- ---------------- ----------------- ----------------- ---------------- Year Ended December 31, 2004: ------------------------------------ Life insurance in force $ 15,624,497 $ 8,189,223 $ --- $ 7,435,274 --- % ================ ================ ================= ================= ================ Premium Revenues: General Insurance $ 2,140,930 $ 548,128 $ 30,227 $ 1,623,030 1.9 % Mortgage Insurance 483,619 81,456 1,044 403,207 0.3 Title Insurance 711,735 (64) 2,216 714,016 0.3 Life and Health Insurance: Life insurance 39,286 19,453 --- 19,833 --- Accident and health insurance 57,929 13,223 74 44,779 0.2 ---------------- ---------------- ----------------- ----------------- ---------------- Total Life & Health Insurance 97,215 32,677 74 64,612 0.1 ---------------- ---------------- ----------------- ---------------- ---------------- Consolidating adjustments --- (74) (74) --- --- ---------------- ---------------- ----------------- ---------------- ---------------- Consolidated $ 3,433,501 $ 662,123 $ 33,488 $ 2,804,866 1.2 % ================ ================ ================= ================= ================ Year Ended December 31, 2003: ------------------------------------ Life insurance in force $ 14,502,127 $ 7,070,922 $ --- $ 7,431,205 --- % ================ ================ ================= ================= ================ Premium Revenues: General Insurance $ 1,837,689 $ 491,522 $ 33,397 $ 1,379,565 2.4 % Mortgage Insurance 467,349 67,705 1,283 400,927 0.3 Title Insurance 748,287 96 1,796 749,987 0.2 Life and Health Insurance: Life insurance 34,265 12,833 --- 21,431 --- Accident and health insurance 55,199 25,081 73 30,191 0.2 ---------------- ---------------- ----------------- ----------------- ---------------- Total Life & Health Insurance 89,464 37,914 73 51,623 0.1 ---------------- --------------- ----------------- ---------------- ---------------- Consolidating adjustments --- (73) (73) --- --- ---------------- --------------- ---------------- ---------------- ---------------- Consolidated $ 3,142,790 $ 597,164 $ 36,476 $ 2,582,103 1.4 % ================ ================ ================= ================= ================ Year Ended December 31, 2002: ------------------------------------ Life insurance in force $ 11,437,301 $ 4,053,693 $ --- $ 7,383,608 --- % ================ ================ ================= ================= ================ Premium Revenues: General Insurance $ 1,550,929 $ 389,238 $ 22,440 $ 1,184,132 1.9 % Mortgage Insurance 432,483 57,333 1,131 376,281 0.3 Title Insurance 523,353 (50) 1,471 524,875 0.3 Life and Health Insurance: Life insurance 32,540 8,227 --- 24,312 --- Accident and health insurance 47,334 22,061 548 25,821 2.1 ---------------- ---------------- ----------------- ----------------- ---------------- Total Life & Health Insurance 79,875 30,289 548 50,133 1.1 ---------------- ---------------- ----------------- ---------------- ---------------- Consolidating adjustments --- (548) (548) --- --- ---------------- ---------------- ----------------- ---------------- ---------------- Consolidated $ 2,586,642 $ 476,262 $ 25,044 $ 2,135,423 1.2 % ================ ================ ================= ================= ================
-9- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2004, 2003 and 2002 ($ in Thousands) ------------------------------------------------------------------------------------------------------------------------------------ Column A Column B Column C Column D Column E -------------------------------------------- ---------------- --------------------------------- ---------------- --------------- Charged Balance Charged to to Other Balance Beginning of Costs Accounts - Deductions - at End of Description Period Expenses Describe Describe Period ------------------------------------------- ---------------- ---------------- --------------- ---------------- --------------- Year Ended December 31, 2004: Deducted from Asset Accounts: Reserve for unrecoverable reinsurance $ 27,300 $ 18,352 $ --- $ --- $ 45,652 =============== ================ =============== ================ =============== Year Ended December 31, 2003: Included in Claim Liability Accounts: Reserve for unrecoverable reinsurance $ 10,550 $ 16,750 $ --- $ --- $ 27,300 =============== ================ =============== ================ =============== Year Ended December 31, 2002: Included in Claim Liability Accounts: Reserve for unrecoverable reinsurance $ 10,300 $ 250 $ --- $ --- $ 10,550 =============== ================ =============== ================ ===============
-10- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS For the years ended December 31, 2004, 2003 and 2002 ($ in Thousands) --------------------------------------------------------------------------------------------------------------------- Column A Column B Column C Column D Column E Column F Column G -------------------------------- ----------- ------------ ----------- ------------ ------------ ----------- Reserves for Deferred Unpaid Claims Discount, Policy and Claim If Any, Net Acquisition Adjustment Deducted in Unearned Earned Investment Affiliation With Registrant Costs Expenses Column C Premiums Premiums Income -------------------------------- ----------- ------------ ----------- ------------ ------------ ----------- Year Ended December 31, 2004: -------------------------------- (a)Consolidated property-casualty entities (1) $129,368 $2,269,763 $139,362 $743,343 $1,623,030 $183,495 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ----------- ------------ ----------- ------------ ------------ ----------- $129,368 $2,269,763 $139,362 $743,343 $1,623,030 $183,495 =========== ============ =========== ============ ============ =========== Year Ended December 31, 2003: -------------------------------- (a)Consolidated property-casualty entities (1) $107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ----------- ------------ ----------- ------------ ------------ ----------- $107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008 =========== ============ =========== ============ ============ =========== Year Ended December 31, 2002: -------------------------------- (a)Consolidated property-casualty entities (1) $90,092 $1,881,111 $145,737 $580,571 $1,184,132 $172,577 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ----------- ------------ ----------- ------------ ------------ ----------- $90,092 $1,881,111 $145,737 $580,571 $1,184,132 $172,577 =========== ============ =========== ============ ============ ===========
Note: (1) See note (2) to Schedule III. (2) These amounts are immaterial and have, therefore, been omitted from this schedule. -11- OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS For the years ended December 31, 2004, 2003 and 2002 ($ in Thousands) --------------------------------------------------------------------------------------------------------- Column A Column H Column I Column J Column K -------------------------------- ------------------------- ------------ ----------- ------------ Claims and Claim Adjustment Expenses Amortization Paid Incurred Related to of Deferred Claims ------------------------- Policy and Claim Current Prior Acquisition Adjustment Premiums Affiliation With Registrant Year Years Costs Expenses Written -------------------------------- ------------ ----------- ------------ ----------- ------------ Year Ended December 31, 2004: -------------------------------- (a)Consolidated property-casualty entities (1) $1,122,998 ($55,695) $290,888 $845,368 $1,701,149 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ------------ ----------- ------------ ----------- ------------ $1,122,998 ($55,695) $290,888 $845,368 $1,701,149 ============ =========== ============ =========== ============ Year Ended December 31, 2003: -------------------------------- (a)Consolidated property-casualty entities (1) $943,610 ($25,804) $251,874 $751,090 $1,460,323 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ------------ ----------- ------------ ----------- ------------ $943,610 ($25,804) $251,874 $751,090 $1,460,323 ============ =========== ============ =========== ============ Year Ended December 31, 2002: -------------------------------- (a)Consolidated property-casualty entities (1) $859,634 ($7,101) $219,957 $727,018 $1,268,748 (b)Unconsolidated property-casualty subsidiaries (2) (c)Proportionate share of registrant and its subsidiaries' 50%-or-less owned property-casualty equity investees (2) ------------ ----------- ------------ ----------- ------------ $859,634 ($7,101) $219,957 $727,018 $1,268,748 ============ =========== ============ =========== ============
Note: (1) See note (2) to Schedule III. (2) These amounts are immaterial and have, therefore, been omitted from this schedule. -11-