Delaware
|
001-10607
|
36-2678171
|
||
(State or other jurisdiction
|
(Commission
|
(I.R.S. Employer
|
||
of incorporation)
|
File Number)
|
Identification No.)
|
OLD REPUBLIC INTERNATIONAL CORPORATION
|
||
Registrant
|
||
Date: July 29, 2011
|
By: /s/ Karl W. Mueller
|
|
Karl W. Mueller
|
||
Senior Vice President,
|
||
Chief Financial Officer, and
|
||
Chief Accounting Officer
|
NEWS RELEASE
|
|||
![]() |
|||
For Further Information:
|
|||
AT OLD REPUBLIC:
|
AT FINANCIAL RELATIONS BOARD:
|
||
A.C. Zucaro
|
Leslie Loyet
|
||
Chairman & CEO
|
Analysts/Investors
|
||
(312) 346-8100
|
(312) 981-8543
|
||
lloyet@mww.com
|
|||
|
|
||
FOR IMMEDIATE RELEASE
|
NYSE: ORI
|
||
THURSDAY, JULY 28, 2011
|
|||
OLD REPUBLIC REPORTS SECOND QUARTER AND FIRST HALF 2011 FINANCIAL RESULTS
|
|||
Financial Highlights
|
||||||||||||||||||||
(Unaudited; All amounts in this report are in millions except per share data and percentages)
|
||||||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|||||||||||||||
Operating Revenues
|
$
|
1,097.9
|
$
|
935.3
|
17.4
|
%
|
$
|
2,221.0
|
$
|
1,864.9
|
19.1
|
%
|
||||||||
Net Operating Income (Loss)
|
(64.3)
|
10.0
|
N/M
|
(81.5)
|
33.2
|
-345.5
|
||||||||||||||
Net Income (Loss)
|
$
|
(66.3)
|
$
|
57.4
|
-215.4
|
%
|
$
|
(79.2)
|
$
|
82.5
|
-196.0
|
%
|
||||||||
Diluted Earnings Per Share:
|
||||||||||||||||||||
Net Operating Income (Loss)
|
$
|
(0.25)
|
$
|
0.05
|
N/M
|
$
|
(0.32)
|
$
|
0.16
|
-300.0
|
%
|
|||||||||
Net Income (Loss)
|
$
|
(0.26)
|
$
|
0.23
|
-213.0
|
%
|
$
|
(0.31)
|
$
|
0.35
|
-188.6
|
%
|
||||||||
Cash Dividends Per Share
|
$
|
0.1750
|
$
|
0.1725
|
1.4
|
%
|
$
|
0.3500
|
$
|
0.3450
|
1.4
|
%
|
||||||||
Ending Book Value Per Share
|
$
|
15.56
|
$
|
16.84
|
-7.6
|
%
|
||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Operating revenues:
|
|||||||||||||||||
General insurance
|
$
|
612.6
|
$
|
468.3
|
30.8
|
%
|
$
|
1,238.1
|
$
|
947.5
|
30.7
|
%
|
|||||
Mortgage guaranty
|
128.3
|
152.1
|
-15.7
|
259.5
|
312.6
|
-17.0
|
|||||||||||
Title insurance
|
334.6
|
293.5
|
14.0
|
674.6
|
555.6
|
21.4
|
|||||||||||
Corporate and other
|
22.3
|
21.3
|
4.9
|
48.6
|
49.1
|
-1.0
|
|||||||||||
Total
|
$
|
1,097.9
|
$
|
935.3
|
17.4
|
%
|
$
|
2,221.0
|
$
|
1,864.9
|
19.1
|
%
|
|||||
Pretax operating income (loss):
|
|||||||||||||||||
General insurance
|
$
|
71.0
|
$
|
29.3
|
142.0
|
%
|
$
|
139.5
|
$
|
98.6
|
41.5
|
%
|
|||||
Mortgage guaranty
|
(175.8)
|
(22.1)
|
N/M
|
(277.0)
|
(56.3)
|
-392.0
|
|||||||||||
Title insurance
|
5.5
|
4.0
|
38.6
|
8.1
|
(4.6)
|
276.6
|
|||||||||||
Corporate and other
|
(6.1)
|
(3.2)
|
-90.3
|
(7.5)
|
(1.4)
|
-432.6
|
|||||||||||
Sub-total
|
(105.4)
|
7.9
|
N/M
|
(136.8)
|
36.2
|
-477.2
|
|||||||||||
Realized investment gains (losses):
|
|||||||||||||||||
From sales
|
5.0
|
72.8
|
11.5
|
75.8
|
|||||||||||||
From impairments
|
(8.0)
|
-
|
(8.0)
|
-
|
|||||||||||||
Net realized investment gains (losses)
|
(2.9)
|
72.8
|
-104.1
|
3.5
|
75.8
|
-95.4
|
|||||||||||
Consolidated pretax income (loss)
|
(108.3)
|
80.8
|
-234.1
|
(133.3)
|
112.1
|
-218.9
|
|||||||||||
Income taxes (credits)
|
(42.0)
|
23.3
|
-280.0
|
(54.0)
|
29.5
|
-282.7
|
|||||||||||
Net income (loss)
|
$
|
(66.3)
|
$
|
57.4
|
-215.4
|
%
|
$
|
(79.2)
|
$
|
82.5
|
-196.0
|
%
|
Consolidated underwriting ratio:
|
|||||||||||||||||
Benefits and claim ratio
|
70.3
|
%
|
60.4
|
%
|
67.0
|
%
|
60.0
|
%
|
|||||||||
Expense ratio
|
48.1
|
48.8
|
47.6
|
48.1
|
|||||||||||||
Composite ratio
|
118.4
|
%
|
109.2
|
%
|
114.6
|
%
|
108.1
|
%
|
Diluted earnings per share:
|
|||||||||||||||||
Net operating income (loss)
|
$
|
(0.25)
|
$
|
0.05
|
$
|
(0.32)
|
$
|
0.16
|
|||||||||
Net realized investment gains (losses)
|
(0.01)
|
0.18
|
0.01
|
0.19
|
|||||||||||||
Net income (loss)
|
$
|
(0.26)
|
$
|
0.23
|
$
|
(0.31)
|
$
|
0.35
|
|||||||||
Cash dividends paid per share
|
$
|
0.1750
|
$
|
0.1725
|
1.4
|
%
|
$
|
0.3500
|
$
|
0.3450
|
1.4
|
%
|
|||||
Components of diluted
|
|||||||||||||||||
earnings per share:
|
|||||||||||||||||
Net operating income (loss):
|
|||||||||||||||||
General insurance
|
$
|
0.19
|
$
|
0.09
|
$
|
0.38
|
$
|
0.27
|
|||||||||
Mortgage guaranty
|
(0.45)
|
(0.05)
|
(0.70)
|
(0.13)
|
|||||||||||||
Title insurance
|
0.02
|
0.01
|
0.02
|
(0.01)
|
|||||||||||||
Corporate and other
|
(0.01)
|
-
|
(0.02)
|
0.03
|
|||||||||||||
Subtotal
|
(0.25)
|
0.05
|
(0.32)
|
0.16
|
|||||||||||||
Net realized investment gains (losses)
|
(0.01)
|
0.18
|
0.01
|
0.19
|
|||||||||||||
Net income (loss)
|
$
|
(0.26)
|
$
|
0.23
|
$
|
(0.31)
|
$
|
0.35
|
|||||||||
Quarters Ended
|
Six Months Ended
|
||||||||||
June 30,
|
June 30,
|
||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||
Realized gains (losses) from sales of
|
|||||||||||
previously impaired securities:
|
|||||||||||
Actual tax basis (loss) on sales
|
$
|
-
|
$
|
(44.0)
|
$
|
-
|
$
|
(44.0)
|
|||
Accounting adjustment for impairment
|
|||||||||||
charges taken in prior periods
|
-
|
71.9
|
.4
|
71.9
|
|||||||
Net amount included herein
|
-
|
27.9
|
.4
|
27.9
|
|||||||
Net realized gains from sales of all other securities
|
5.0
|
44.9
|
11.1
|
47.9
|
|||||||
Net gain (loss) from actual sales
|
5.0
|
72.8
|
11.5
|
75.8
|
|||||||
Net realized losses from impairments
|
(8.0)
|
-
|
(8.0)
|
-
|
|||||||
Net realized investment gains (losses) reported herein
|
$
|
(2.9)
|
$
|
72.8
|
$
|
3.5
|
$
|
75.8
|
General Insurance Group
|
|||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Net premiums earned
|
$
|
519.0
|
$
|
401.0
|
29.4
|
%
|
$
|
1,051.4
|
$
|
812.8
|
29.4
|
%
|
|||||
Net investment income
|
68.2
|
64.7
|
5.5
|
134.6
|
129.3
|
4.1
|
|||||||||||
Benefits and claims costs
|
368.3
|
318.4
|
15.7
|
758.0
|
609.2
|
24.4
|
|||||||||||
Pretax operating income (loss)
|
$
|
71.0
|
$
|
29.3
|
142.0
|
%
|
$
|
139.5
|
$
|
98.6
|
41.5
|
%
|
Claim ratio
|
71.0
|
%
|
79.4
|
%
|
72.1
|
%
|
74.9
|
%
|
|||||||
Expense ratio
|
26.9
|
27.8
|
25.8
|
27.3
|
|||||||||||
Composite ratio
|
97.9
|
%
|
107.2
|
%
|
97.9
|
%
|
102.2
|
%
|
Mortgage Guaranty Group
|
|||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Net premiums earned
|
$
|
111.7
|
$
|
129.1
|
-13.5
|
%
|
$
|
225.7
|
$
|
265.4
|
-15.0
|
%
|
|||||
Net investment income
|
16.0
|
21.9
|
-26.9
|
32.7
|
45.1
|
-27.5
|
|||||||||||
Claims costs
|
283.7
|
153.6
|
84.6
|
496.5
|
327.0
|
51.8
|
|||||||||||
Pretax operating income (loss)
|
$
|
(175.8)
|
$
|
(22.1)
|
N/M
|
$
|
(277.0)
|
$
|
(56.3)
|
-392.0
|
%
|
Claim ratio
|
253.9
|
%
|
119.0
|
%
|
220.0
|
%
|
123.2
|
%
|
|||||||
Expense ratio
|
16.0
|
13.8
|
15.5
|
13.6
|
|||||||||||
Composite ratio
|
269.9
|
%
|
132.8
|
%
|
235.5
|
%
|
136.8
|
%
|
Mortgage Guaranty Group
|
||||||||||||
Quarters Ended
|
Six Months Ended
|
|||||||||||
June 30,
|
June 30,
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Components of incurred claim ratio as a
|
||||||||||||
percent of earned premiums:
|
||||||||||||
Paid claims:
|
||||||||||||
Excluding captive and pool transactions
|
255.1
|
%
|
139.5
|
%
|
254.0
|
%
|
126.7
|
%
|
||||
Captive and pool transactions
|
-2.3
|
94.6
|
-1.2
|
108.6
|
||||||||
Paid claim ratio
|
252.8
|
234.1
|
252.8
|
235.3
|
||||||||
Claim reserve provisions:
|
||||||||||||
Excluding captive and pool transactions
|
0.7
|
1.9
|
-33.2
|
22.0
|
||||||||
Captive and pool transactions
|
0.4
|
-117.0
|
0.4
|
-134.1
|
||||||||
Claim reserve provision ratio
|
1.1
|
-115.1
|
-32.8
|
-112.1
|
||||||||
Incurred claim ratio:
|
As reported
|
253.9
|
%
|
119.0
|
%
|
220.0
|
%
|
123.2
|
%
|
|||
Excluding captive
|
||||||||||||
and pool transactions
|
255.8
|
%
|
141.4
|
%
|
220.8
|
%
|
148.7
|
%
|
Title Insurance Group
|
|||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Net premiums and fees earned
|
$
|
327.1
|
$
|
286.6
|
14.2
|
%
|
$
|
659.9
|
$
|
541.8
|
21.8
|
%
|
|||||
Net investment income
|
6.9
|
6.6
|
4.3
|
13.6
|
13.2
|
2.4
|
|||||||||||
Claims costs
|
25.1
|
22.0
|
14.0
|
51.1
|
40.8
|
25.2
|
|||||||||||
Pretax operating income (loss)
|
$
|
5.5
|
$
|
4.0
|
38.6
|
%
|
$
|
8.1
|
$
|
(4.6)
|
276.6
|
%
|
Claim ratio
|
7.7
|
%
|
7.7
|
%
|
7.8
|
%
|
7.5
|
%
|
|||||||
Expense ratio
|
92.3
|
93.5
|
92.7
|
95.9
|
|||||||||||
Composite ratio
|
100.0
|
%
|
101.2
|
%
|
100.5
|
%
|
103.4
|
%
|
Corporate and Other Operations
|
|||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Life & health premiums earned
|
$
|
19.8
|
$
|
18.7
|
5.9
|
%
|
$
|
43.6
|
$
|
43.8
|
-0.3
|
%
|
|||||
Net investment income
|
1.9
|
1.7
|
9.8
|
3.6
|
3.5
|
3.3
|
|||||||||||
Other income
|
0.6
|
0.8
|
-26.6
|
1.2
|
1.7
|
-27.6
|
|||||||||||
Benefits and claims costs
|
10.6
|
10.1
|
4.4
|
22.2
|
21.3
|
4.2
|
|||||||||||
Insurance expenses
|
10.9
|
10.6
|
2.4
|
23.5
|
23.1
|
1.9
|
|||||||||||
Corporate and other expenses-net
|
6.9
|
3.7
|
87.1
|
10.2
|
6.0
|
70.3
|
|||||||||||
Pretax operating income (loss)
|
$
|
(6.1)
|
$
|
(3.2)
|
-90.3
|
%
|
$
|
(7.5)
|
$
|
(1.4)
|
-432.6
|
%
|
% Change
|
|||||||||||||||||
June
|
December
|
June
|
June '11
|
June 11'
|
|||||||||||||
2011
|
2010
|
2010
|
Dec '10
|
June 10'
|
|||||||||||||
Cash and invested assets:
|
Fair value basis
|
$
|
10,670.4
|
$
|
10,490.7
|
$
|
9,757.4
|
1.7
|
%
|
9.4
|
%
|
||||||
Original cost basis
|
$
|
10,187.9
|
$
|
10,015.1
|
$
|
9,311.8
|
1.7
|
%
|
9.4
|
%
|
|||||||
Shareholders’ equity:
|
Total
|
$
|
3,972.4
|
$
|
4,121.4
|
$
|
3,983.8
|
-3.6
|
%
|
-0.3
|
%
|
||||||
Per common share
|
$
|
15.56
|
$
|
16.16
|
$
|
16.84
|
-3.7
|
%
|
-7.6
|
%
|
|||||||
Composition of shareholders’ equity per share:
|
|||||||||||||||||
Equity before items below
|
$
|
13.71
|
$
|
14.36
|
$
|
14.99
|
-4.5
|
%
|
-8.5
|
%
|
|||||||
Unrealized investment gains (losses) and other
|
|||||||||||||||||
accumulated comprehensive income (loss)
|
1.85
|
1.80
|
1.85
|
||||||||||||||
Total
|
$
|
15.56
|
$
|
16.16
|
$
|
16.84
|
-3.7
|
%
|
-7.6
|
%
|
|||||||
Passive Mortgage Guaranty Investments
|
||||||||||
As of and for the Periods Shown:
|
||||||||||
June 30,
|
December 31,
|
|||||||||
2011
|
2010
|
2009
|
||||||||
Total value of the two MI investments:
|
Original cost
|
$
|
313.2
|
$
|
313.2
|
$
|
416.4
|
|||
Impaired cost
|
67.5
|
75.6
|
106.8
|
|||||||
Fair value
|
90.1
|
167.9
|
130.7
|
|||||||
Underlying equity(*)
|
$
|
117.9
|
$
|
136.2
|
$
|
274.6
|
||||
Pretax other-than-temporary impairments
|
||||||||||
recorded in income statement of the period
|
$
|
(8.0)
|
$
|
-
|
$
|
-
|
||||
Pretax unrealized investment gains (losses)
|
||||||||||
recorded directly in shareholders’ equity account:
|
||||||||||
For the period
|
$
|
(69.7)
|
$
|
68.4
|
$
|
48.0
|
||||
Cumulatively
|
$
|
22.6
|
$
|
92.3
|
$
|
23.9
|
||||
(*) Underlying equity based on latest reports (which may lag by one quarter) issued by investees.
|
Shareholders’ Equity Per Share
|
|||||||||
Quarter Ended
|
Six Months Ended
|
||||||||
June 30,
|
June 30,
|
||||||||
2011
|
2011
|
2010
|
|||||||
Beginning balance
|
$
|
15.87
|
$
|
16.16
|
$
|
16.49
|
|||
Changes in shareholders’ equity:
|
|||||||||
Net operating income (loss)
|
(0.25)
|
(0.32)
|
0.14
|
||||||
Net realized investment gains (losses):
|
|||||||||
From sales
|
0.01
|
0.03
|
0.21
|
||||||
From impairments
|
(0.02)
|
(0.02)
|
-
|
||||||
Subtotal
|
(0.01)
|
0.01
|
0.21
|
||||||
Net unrealized investment gains (losses)
|
0.13
|
0.04
|
0.34
|
||||||
Total realized and unrealized investment gains (losses)
|
0.12
|
0.05
|
0.55
|
||||||
Cash dividends
|
(0.17)
|
(0.35)
|
(0.34)
|
||||||
Stock issuance, foreign exchange, and other transactions
|
(0.01)
|
0.02
|
-
|
||||||
Net change
|
(0.31)
|
(0.60)
|
0.35
|
||||||
Ending balance
|
$
|
15.56
|
$
|
15.56
|
$
|
16.84
|
·
|
Summary Financial Statements and Common Stock Statistics
|
·
|
Segmented Operating Summary
|
·
|
Safe Harbor Statement
|
Old Republic International Corporation
|
||||||||||
Summary Financial Statements and Common Stock Statistics (Unaudited)
|
||||||||||
June 30,
|
December 31,
|
June 30,
|
||||||||
SUMMARY BALANCE SHEETS:
|
2011
|
2010
|
2010
|
|||||||
Assets:
|
||||||||||
Cash and fixed maturity securities
|
$
|
9,899.1
|
$
|
9,663.6
|
$
|
9,069.6
|
||||
Equity securities
|
622.2
|
672.4
|
551.6
|
|||||||
Other invested assets
|
149.0
|
154.7
|
136.1
|
|||||||
Cash and invested assets
|
10,670.4
|
10,490.7
|
9,757.4
|
|||||||
Accounts and premiums receivable
|
1,055.5
|
1,022.9
|
801.2
|
|||||||
Federal income tax recoverable:
|
Current
|
31.7
|
44.6
|
11.9
|
||||||
Deferred
|
97.5
|
45.3
|
-
|
|||||||
Reinsurance balances recoverable
|
3,230.9
|
3,262.5
|
2,593.5
|
|||||||
Prepaid federal income taxes
|
63.5
|
102.9
|
105.3
|
|||||||
Sundry assets
|
937.1
|
913.4
|
700.0
|
|||||||
Total
|
$
|
16,086.9
|
$
|
15,882.7
|
$
|
13,969.6
|
||||
Liabilities and Shareholders’ Equity:
|
||||||||||
Policy liabilities
|
$
|
1,453.1
|
$
|
1,424.9
|
$
|
1,229.9
|
||||
Benefit and claim reserves
|
8,680.7
|
8,814.6
|
7,587.7
|
|||||||
Federal income tax payable: Deferred
|
-
|
-
|
110.6
|
|||||||
Debt
|
923.1
|
475.0
|
346.8
|
|||||||
Sundry liabilities
|
1,057.6
|
1,046.7
|
710.6
|
|||||||
Shareholders’ equity
|
3,972.4
|
4,121.4
|
3,983.8
|
|||||||
Total
|
$
|
16,086.9
|
$
|
15,882.7
|
$
|
13,969.6
|
||||
Quarters Ended
|
Six Months Ended
|
Fiscal Twelve Months Ended
|
||||||||||||||||||
SUMMARY INCOME STATEMENTS:
|
June 30,
|
June 30,
|
June 30,
|
|||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||
Net premiums and fees earned
|
$
|
977.7
|
$
|
835.4
|
$
|
1,980.8
|
$
|
1,663.9
|
$
|
3,890.3
|
$
|
3,463.6
|
||||||||
Net investment income
|
93.1
|
95.0
|
184.6
|
191.3
|
372.3
|
387.6
|
||||||||||||||
Other income
|
27.0
|
4.8
|
55.5
|
9.6
|
86.9
|
20.1
|
||||||||||||||
Net realized investment gains (losses)
|
(2.9)
|
72.8
|
3.5
|
75.8
|
36.8
|
81.8
|
||||||||||||||
Total revenues
|
1,094.9
|
1,008.1
|
2,224.5
|
1,940.7
|
4,386.5
|
3,953.2
|
||||||||||||||
Benefits and claims
|
687.7
|
504.3
|
1,328.0
|
998.4
|
2,594.9
|
2,305.7
|
||||||||||||||
Sales and other expenses
|
515.5
|
423.0
|
1,029.8
|
830.1
|
2,009.3
|
1,630.5
|
||||||||||||||
Total expenses
|
1,203.3
|
927.3
|
2,357.8
|
1,828.6
|
4,604.2
|
3,936.2
|
||||||||||||||
Pretax income (loss)
|
(108.3)
|
80.8
|
(133.3)
|
112.1
|
(217.7)
|
16.9
|
||||||||||||||
Income taxes (credits)
|
(42.0)
|
23.3
|
(54.0)
|
29.5
|
(86.1)
|
(36.1)
|
||||||||||||||
Net income (loss)
|
$
|
(66.3)
|
$
|
57.4
|
$
|
(79.2)
|
$
|
82.5
|
$
|
(131.5)
|
$
|
53.1
|
||||||||
COMMON STOCK STATISTICS:
|
||||||||||||||||||||
Net income (loss):
|
Basic
|
$
|
(.26)
|
$
|
.24
|
$
|
(.31)
|
$
|
.35
|
$
|
(.53)
|
$
|
.23
|
|||||||
Diluted
|
$
|
(.26)
|
$
|
.23
|
$
|
(.31)
|
$
|
.35
|
$
|
(.53)
|
$
|
.22
|
||||||||
Components of earnings per share:
|
||||||||||||||||||||
Basic, net operating income (loss)
|
$
|
(.25)
|
$
|
.04
|
$
|
(.32)
|
$
|
.14
|
$
|
(.62)
|
$
|
(.08)
|
||||||||
Realized investment gains (losses)
|
(.01)
|
.20
|
.01
|
.21
|
.09
|
.31
|
||||||||||||||
Basic net income (loss)
|
$
|
(.26)
|
$
|
.24
|
$
|
(.31)
|
$
|
.35
|
$
|
(.53)
|
$
|
.23
|
||||||||
Diluted, net operating income (loss)
|
$
|
(.25)
|
$
|
.05
|
$
|
(.32)
|
$
|
.16
|
$
|
(.62)
|
$
|
(.07)
|
||||||||
Realized investment gains (losses)
|
(.01)
|
.18
|
.01
|
.19
|
.09
|
.29
|
||||||||||||||
Diluted net income (loss)
|
$
|
(.26)
|
$
|
.23
|
$
|
(.31)
|
$
|
.35
|
$
|
(.53)
|
$
|
.22
|
||||||||
Cash dividends on common stock
|
$
|
.1750
|
$
|
.1725
|
$
|
.3500
|
$
|
.3450
|
$
|
.6950
|
$
|
.6850
|
||||||||
Book value per share
|
$
|
15.56
|
$
|
16.84
|
||||||||||||||||
Common shares outstanding:
|
||||||||||||||||||||
Average basic
|
254,972,652
|
236,552,439
|
254,873,612
|
236,478,265
|
250,237,869
|
236,327,619
|
||||||||||||||
Average diluted
|
254,972,652
|
264,227,861
|
254,873,612
|
264,081,560
|
250,237,869
|
236,439,308
|
||||||||||||||
Actual, end of period
|
255,369,362
|
236,626,501
|
||||||||||||||||||
SUMMARY STATEMENTS OF COMPREHENSIVE INCOME (LOSS):
|
||||||||||||||||||||
Net income (loss) as reported
|
$
|
(66.3)
|
$
|
57.4
|
$
|
(79.2)
|
$
|
82.5
|
$
|
(131.5)
|
$
|
53.1
|
||||||||
Post-tax net unrealized gains (losses)
|
32.2
|
(29.9)
|
9.2
|
81.5
|
29.4
|
312.8
|
||||||||||||||
Other adjustments
|
(1.8)
|
(1.8)
|
3.7
|
1.2
|
5.9
|
11.7
|
||||||||||||||
Net adjustments
|
30.4
|
(31.8)
|
13.0
|
82.8
|
35.4
|
324.5
|
||||||||||||||
Comprehensive income (loss)
|
$
|
(35.8)
|
$
|
25.6
|
$
|
(66.2)
|
$
|
165.3
|
$
|
(96.1)
|
$
|
377.6
|
||||||||
Old Republic International Corporation
|
||||||||||||||||||||||||||
Segmented Operating Summary (Unaudited)
|
||||||||||||||||||||||||||
Net
|
Pretax
|
Composite
|
||||||||||||||||||||||||
Premiums
|
Net
|
Sales &
|
Operating
|
Under-
|
||||||||||||||||||||||
& Fees
|
Investment
|
Other
|
Operating
|
Benefits
|
Other
|
Total
|
Income
|
writing
|
||||||||||||||||||
Earned
|
Income
|
Income
|
Revenues
|
& Claims
|
Expenses
|
Expenses
|
(Loss)
|
Ratios
|
||||||||||||||||||
Quarter Ended June 30, 2011
|
||||||||||||||||||||||||||
General
|
$
|
519.0
|
$
|
68.2
|
$
|
25.2
|
$
|
612.6
|
$
|
368.3
|
$
|
173.2
|
$
|
541.5
|
$
|
71.0
|
97.9
|
%
|
||||||||
Mortgage
|
111.7
|
16.0
|
.5
|
128.3
|
283.7
|
20.4
|
304.1
|
(175.8)
|
269.9
|
|||||||||||||||||
Title
|
327.1
|
6.9
|
.6
|
334.6
|
25.1
|
303.9
|
329.1
|
5.5
|
100.0
|
|||||||||||||||||
Other
|
19.8
|
1.9
|
.6
|
22.3
|
10.6
|
17.9
|
28.5
|
(6.1)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
977.7
|
$
|
93.1
|
$
|
27.0
|
$
|
1,097.9
|
$
|
687.7
|
$
|
515.5
|
$
|
1,203.3
|
$
|
(105.4)
|
118.4
|
%
|
||||||||
Quarter Ended June 30, 2010
|
||||||||||||||||||||||||||
General
|
$
|
401.0
|
$
|
64.7
|
$
|
2.6
|
$
|
468.3
|
$
|
318.4
|
$
|
120.5
|
$
|
438.9
|
$
|
29.3
|
107.2
|
%
|
||||||||
Mortgage
|
129.1
|
21.9
|
1.0
|
152.1
|
153.6
|
20.6
|
174.3
|
(22.1)
|
132.8
|
|||||||||||||||||
Title
|
286.6
|
6.6
|
.2
|
293.5
|
22.0
|
267.4
|
289.5
|
4.0
|
101.2
|
|||||||||||||||||
Other
|
18.7
|
1.7
|
.8
|
21.3
|
10.1
|
14.3
|
24.5
|
(3.2)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
835.4
|
$
|
95.0
|
$
|
4.8
|
$
|
935.3
|
$
|
504.3
|
$
|
423.0
|
$
|
927.3
|
$
|
7.9
|
109.2
|
%
|
||||||||
Six Months Ended June 30, 2011
|
||||||||||||||||||||||||||
General
|
$
|
1,051.4
|
$
|
134.6
|
$
|
52.1
|
$
|
1,238.1
|
$
|
758.0
|
$
|
340.5
|
$
|
1,098.6
|
$
|
139.5
|
97.9
|
%
|
||||||||
Mortgage
|
225.7
|
32.7
|
1.1
|
259.5
|
496.5
|
40.0
|
536.5
|
(277.0)
|
235.5
|
|||||||||||||||||
Title
|
659.9
|
13.6
|
1.1
|
674.6
|
51.1
|
615.3
|
666.4
|
8.1
|
100.5
|
|||||||||||||||||
Other
|
43.6
|
3.6
|
1.2
|
48.6
|
22.2
|
33.8
|
56.1
|
(7.5)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
1,980.8
|
$
|
184.6
|
$
|
55.5
|
$
|
2,221.0
|
$
|
1,328.0
|
$
|
1,029.8
|
$
|
2,357.8
|
$
|
(136.8)
|
114.6
|
%
|
||||||||
Six Months Ended June 30, 2010
|
||||||||||||||||||||||||||
General
|
$
|
812.8
|
$
|
129.3
|
$
|
5.3
|
$
|
947.5
|
$
|
609.2
|
$
|
239.6
|
$
|
848.8
|
$
|
98.6
|
102.2
|
%
|
||||||||
Mortgage
|
265.4
|
45.1
|
2.1
|
312.6
|
327.0
|
41.9
|
368.9
|
(56.3)
|
136.8
|
|||||||||||||||||
Title
|
541.8
|
13.2
|
.4
|
555.6
|
40.8
|
519.4
|
560.2
|
(4.6)
|
103.4
|
|||||||||||||||||
Other
|
43.8
|
3.5
|
1.7
|
49.1
|
21.3
|
29.1
|
50.5
|
(1.4)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
1,663.9
|
$
|
191.3
|
$
|
9.6
|
$
|
1,864.9
|
$
|
998.4
|
$
|
830.1
|
$
|
1,828.6
|
$
|
36.2
|
108.1
|
%
|
||||||||
Fiscal Twelve Months Ended June 30, 2011
|
||||||||||||||||||||||||||
General
|
$
|
2,020.7
|
$
|
265.4
|
$
|
79.4
|
$
|
2,365.6
|
$
|
1,510.7
|
$
|
641.2
|
$
|
2,151.9
|
$
|
213.7
|
100.8
|
%
|
||||||||
Mortgage
|
459.1
|
72.5
|
3.5
|
535.3
|
935.7
|
81.2
|
1,016.9
|
(481.5)
|
219.2
|
|||||||||||||||||
Title
|
1,329.1
|
26.9
|
1.8
|
1,357.8
|
107.1
|
1,228.4
|
1,335.6
|
22.2
|
99.8
|
|||||||||||||||||
Other
|
81.2
|
7.4
|
2.0
|
90.7
|
41.2
|
58.5
|
99.8
|
(8.9)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
3,890.3
|
$
|
372.3
|
$
|
86.9
|
$
|
4,349.6
|
$
|
2,594.9
|
$
|
2,009.3
|
$
|
4,604.2
|
$
|
(254.5)
|
114.5
|
%
|
||||||||
Fiscal Twelve Months Ended June 30, 2010
|
||||||||||||||||||||||||||
General
|
$
|
1,697.3
|
$
|
261.3
|
$
|
10.7
|
$
|
1,969.3
|
$
|
1,292.8
|
$
|
482.4
|
$
|
1,775.2
|
$
|
194.1
|
102.5
|
%
|
||||||||
Mortgage
|
623.0
|
92.4
|
5.4
|
720.9
|
890.8
|
90.2
|
981.0
|
(260.1)
|
155.5
|
|||||||||||||||||
Title
|
1,063.0
|
26.5
|
.8
|
1,090.4
|
84.7
|
1,004.6
|
1,089.3
|
1.0
|
101.9
|
|||||||||||||||||
Other
|
80.2
|
7.2
|
3.1
|
90.7
|
37.3
|
53.2
|
90.5
|
.1
|
-
|
|||||||||||||||||
Consolidated
|
$
|
3,463.6
|
$
|
387.6
|
$
|
20.1
|
$
|
3,871.4
|
$
|
2,305.7
|
$
|
1,630.5
|
$
|
3,936.2
|
$
|
(64.8)
|
111.8
|
%
|
||||||||
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