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: October 28, 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
|
Scott Eckstein
|
||
Chairman & CEO
|
Analysts/Investors
|
||
(312) 346-8100
|
(212) 827-3766
|
||
seckstein@mww.com
|
|||
|
|
||
FOR IMMEDIATE RELEASE
|
NYSE: ORI
|
||
THURSDAY, OCTOBER 27, 2011
|
|||
OLD REPUBLIC REPORTS FINANCIAL RESULTS FOR THE FIRST NINE MONTHS OF 2011
|
|||
Financial Highlights
|
||||||||||||||||||||
(Unaudited; All amounts in this report are in millions except per share data and percentages)
|
||||||||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|||||||||||||||
Operating Revenues
|
$
|
1,129.0
|
$
|
982.6
|
14.9
|
%
|
$
|
3,350.1
|
$
|
2,847.6
|
17.6
|
%
|
||||||||
Net Operating Income (Loss)
|
(109.3)
|
(41.4)
|
-163.5
|
(190.8)
|
(8.2)
|
N/M
|
||||||||||||||
Net Income (Loss)
|
$
|
(116.5)
|
$
|
(38.9)
|
-198.9
|
%
|
$
|
(195.7)
|
$
|
43.5
|
N/M
|
%
|
||||||||
Diluted Earnings Per Share:
|
||||||||||||||||||||
Net Operating Income (Loss)
|
$
|
(0.43)
|
$
|
(0.17)
|
-152.9
|
%
|
$
|
(0.75)
|
$
|
(0.04)
|
N/M
|
%
|
||||||||
Net Income (Loss)
|
$
|
(0.46)
|
$
|
(0.16)
|
-187.5
|
%
|
$
|
(0.77)
|
$
|
0.18
|
N/M
|
%
|
||||||||
Cash Dividends Per Share
|
$
|
0.1750
|
$
|
0.1725
|
1.4
|
%
|
$
|
0.5250
|
$
|
0.5175
|
1.4
|
%
|
||||||||
Ending Book Value Per Share
|
$
|
14.98
|
$
|
17.05
|
-12.1
|
%
|
||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Operating revenues:
|
|||||||||||||||||
General insurance
|
$
|
647.0
|
$
|
501.1
|
29.1
|
%
|
$
|
1,885.2
|
$
|
1,448.7
|
30.1
|
%
|
|||||
Mortgage guaranty
|
125.9
|
142.4
|
-11.6
|
385.4
|
455.1
|
-15.3
|
|||||||||||
Title insurance
|
337.7
|
318.7
|
5.9
|
1,012.3
|
874.3
|
15.8
|
|||||||||||
Corporate and other
|
18.4
|
20.2
|
-9.2
|
67.0
|
69.4
|
-3.4
|
|||||||||||
Total
|
$
|
1,129.0
|
$
|
982.6
|
14.9
|
%
|
$
|
3,350.1
|
$
|
2,847.6
|
17.6
|
%
|
|||||
Pretax operating income (loss):
|
|||||||||||||||||
General insurance
|
$
|
64.7
|
$
|
25.8
|
149.9
|
%
|
$
|
204.2
|
$
|
124.5
|
64.1
|
%
|
|||||
Mortgage guaranty
|
(237.8)
|
(94.0)
|
-152.9
|
(514.9)
|
(150.3)
|
-242.4
|
|||||||||||
Title insurance
|
9.6
|
5.7
|
67.6
|
17.8
|
1.1
|
N/M
|
|||||||||||
Corporate and other
|
(3.6)
|
(2.2)
|
-64.3
|
(11.1)
|
(3.6)
|
-207.6
|
|||||||||||
Sub-total
|
(167.1)
|
(64.6)
|
-158.6
|
(303.9)
|
(28.3)
|
N/M
|
|||||||||||
Realized investment gains (losses):
|
|||||||||||||||||
From sales
|
26.5
|
5.1
|
38.1
|
80.9
|
|||||||||||||
From impairments
|
(42.1)
|
(1.2)
|
(50.2)
|
(1.2)
|
|||||||||||||
Net realized investment gains (losses)
|
(15.5)
|
3.8
|
N/M
|
(12.0)
|
79.7
|
-115.1
|
|||||||||||
Consolidated pretax income (loss)
|
(182.7)
|
(60.7)
|
-200.7
|
(316.0)
|
51.3
|
N/M
|
|||||||||||
Income taxes (credits)
|
(66.1)
|
(21.7)
|
-203.8
|
(120.2)
|
7.8
|
N/M
|
|||||||||||
Net income (loss)
|
$
|
(116.5)
|
$
|
(38.9)
|
-198.9
|
%
|
$
|
(195.7)
|
$
|
43.5
|
N/M
|
%
|
Consolidated underwriting ratio:
|
|||||||||||||||||
Benefits and claim ratio
|
72.8
|
%
|
68.3
|
%
|
69.0
|
%
|
62.9
|
%
|
|||||||||
Expense ratio
|
50.1
|
48.3
|
48.4
|
48.2
|
|||||||||||||
Composite ratio
|
122.9
|
%
|
116.6
|
%
|
117.4
|
%
|
111.1
|
%
|
Diluted earnings per share:
|
|||||||||||||||||
Net operating income (loss)
|
$
|
(0.43)
|
$
|
(0.17)
|
$
|
(0.75)
|
$
|
(0.04)
|
|||||||||
Net realized investment gains (losses)
|
(0.03)
|
0.01
|
(0.02)
|
0.22
|
|||||||||||||
Net income (loss)
|
$
|
(0.46)
|
$
|
(0.16)
|
$
|
(0.77)
|
$
|
0.18
|
|||||||||
Cash dividends paid per share
|
$
|
0.1750
|
$
|
0.1725
|
1.4
|
%
|
$
|
0.5250
|
$
|
0.5175
|
1.4
|
%
|
|||||
Components of diluted
|
|||||||||||||||||
earnings per share:
|
|||||||||||||||||
Net operating income (loss):
|
|||||||||||||||||
General insurance
|
$
|
0.18
|
$
|
0.07
|
$
|
0.56
|
$
|
0.37
|
|||||||||
Mortgage guaranty
|
(0.62)
|
(0.26)
|
(1.32)
|
(0.40)
|
|||||||||||||
Title insurance
|
0.02
|
0.02
|
0.05
|
-
|
|||||||||||||
Corporate and other
|
(0.01)
|
-
|
(0.04)
|
(0.01)
|
|||||||||||||
Subtotal
|
(0.43)
|
(0.17)
|
(0.75)
|
(0.04)
|
|||||||||||||
Net realized investment gains (losses)
|
(0.03)
|
0.01
|
(0.02)
|
0.22
|
|||||||||||||
Net income (loss)
|
$
|
(0.46)
|
$
|
(0.16)
|
$
|
(0.77)
|
$
|
0.18
|
|||||||||
Quarters Ended
|
Nine Months Ended
|
||||||||||
September 30,
|
September 30,
|
||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||
Realized gains (losses) from sales of
|
|||||||||||
previously impaired securities:
|
|||||||||||
Actual tax basis (loss) on sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(44.0)
|
|||
Accounting adjustment for impairment
|
|||||||||||
charges taken in prior periods
|
-
|
-
|
.4
|
71.9
|
|||||||
Net amount included herein
|
-
|
-
|
.4
|
27.9
|
|||||||
Net realized gains from sales of all other securities
|
26.5
|
5.1
|
37.7
|
53.0
|
|||||||
Net gain (loss) from actual sales
|
26.5
|
5.1
|
38.1
|
80.9
|
|||||||
Net realized losses from impairments
|
(42.1)
|
(1.2)
|
(50.2)
|
(1.2)
|
|||||||
Net realized investment gains (losses) reported herein
|
$
|
(15.5)
|
$
|
3.8
|
$
|
(12.0)
|
$
|
79.7
|
General Insurance Group
|
|||||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Net premiums earned
|
$
|
550.0
|
$
|
435.0
|
26.4
|
%
|
$
|
1,601.4
|
$
|
1,247.9
|
28.3
|
%
|
|||||
Net investment income
|
67.5
|
63.6
|
6.2
|
202.2
|
192.9
|
4.8
|
|||||||||||
Benefits and claim costs
|
401.8
|
353.0
|
13.8
|
1,159.9
|
962.3
|
20.5
|
|||||||||||
Pretax operating income (loss)
|
$
|
64.7
|
$
|
25.8
|
149.9
|
%
|
$
|
204.2
|
$
|
124.5
|
64.1
|
%
|
Claim ratio
|
73.1
|
%
|
81.2
|
%
|
72.4
|
%
|
77.1
|
%
|
|||||||
Expense ratio
|
25.9
|
26.1
|
25.9
|
26.9
|
|||||||||||
Composite ratio
|
99.0
|
%
|
107.3
|
%
|
98.3
|
%
|
104.0
|
%
|
Mortgage Guaranty Group
|
|||||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Net premiums earned
|
$
|
110.4
|
$
|
120.3
|
-8.2
|
%
|
$
|
336.1
|
$
|
385.7
|
-12.9
|
%
|
|||||
Net investment income
|
15.0
|
20.7
|
-27.8
|
47.7
|
65.8
|
-27.6
|
|||||||||||
Claim costs
|
298.2
|
215.5
|
38.4
|
794.7
|
542.5
|
46.5
|
|||||||||||
Pretax operating income (loss)
|
$
|
(237.8)
|
$
|
(94.0)
|
-152.9
|
%
|
$
|
(514.9)
|
$
|
(150.3)
|
-242.4
|
%
|
Claim ratio
|
270.0
|
%
|
179.1
|
%
|
236.4
|
%
|
140.6
|
%
|
|||||||
Expense ratio
|
47.3
|
14.8
|
26.0
|
14.0
|
|||||||||||
Composite ratio
|
317.3
|
%
|
193.9
|
%
|
262.4
|
%
|
154.6
|
%
|
Mortgage Guaranty Group
|
||||||||||||
Quarters Ended
|
Nine Months Ended
|
|||||||||||
September 30,
|
September 30,
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Components of incurred claim ratio as a
|
||||||||||||
percent of earned premiums:
|
||||||||||||
Paid claims:
|
||||||||||||
Excluding captive and pool transactions
|
252.4
|
%
|
247.6
|
%
|
253.5
|
%
|
164.9
|
%
|
||||
Captive and pool transactions
|
-
|
-102.4
|
-0.9
|
42.3
|
||||||||
Paid claim ratio
|
252.4
|
145.2
|
252.6
|
207.2
|
||||||||
Claim reserve provisions:
|
||||||||||||
Excluding captive and pool transactions
|
17.6
|
-64.5
|
-16.5
|
-5.3
|
||||||||
Captive and pool transactions
|
-
|
98.4
|
0.3
|
-61.3
|
||||||||
Claim reserve provision ratio
|
17.6
|
33.9
|
-16.2
|
-66.6
|
||||||||
Incurred claim ratio:
|
As reported
|
270.0
|
%
|
179.1
|
%
|
236.4
|
%
|
140.6
|
%
|
|||
Excluding captive
|
||||||||||||
and pool transactions
|
270.0
|
%
|
183.1
|
%
|
237.0
|
%
|
159.6
|
%
|
Title Insurance Group
|
|||||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Net premiums and fees earned
|
$
|
330.4
|
$
|
311.8
|
6.0
|
%
|
$
|
990.3
|
$
|
853.6
|
16.0
|
%
|
|||||
Net investment income
|
6.7
|
6.5
|
3.3
|
20.3
|
19.8
|
2.7
|
|||||||||||
Claim costs
|
25.6
|
26.0
|
-1.5
|
76.7
|
66.8
|
14.8
|
%
|
||||||||||
Pretax operating income (loss)
|
$
|
9.6
|
$
|
5.7
|
67.6
|
%
|
$
|
17.8
|
$
|
1.1
|
N/M
|
Claim ratio
|
7.8
|
%
|
8.3
|
%
|
7.8
|
%
|
7.8
|
%
|
|||||||
Expense ratio
|
91.0
|
91.9
|
92.1
|
94.4
|
|||||||||||
Composite ratio
|
98.8
|
%
|
100.2
|
%
|
99.9
|
%
|
102.2
|
%
|
Corporate and Other Operations
|
|||||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Life & health premiums earned
|
$
|
16.2
|
$
|
18.1
|
-10.2
|
%
|
$
|
59.9
|
$
|
61.9
|
-3.2
|
%
|
|||||
Net investment income
|
1.4
|
1.7
|
-14.9
|
5.1
|
5.3
|
-2.7
|
|||||||||||
Other income
|
.6
|
.3
|
72.9
|
1.8
|
2.0
|
-10.3
|
|||||||||||
Benefits and claim costs
|
7.6
|
10.2
|
-25.2
|
29.9
|
31.6
|
-5.3
|
|||||||||||
Insurance expenses
|
8.7
|
10.1
|
-13.7
|
32.3
|
33.2
|
-2.8
|
|||||||||||
Corporate and other expenses-net
|
5.6
|
2.0
|
171.7
|
15.8
|
8.1
|
96.1
|
|||||||||||
Pretax operating income (loss)
|
$
|
(3.6)
|
$
|
(2.2)
|
-64.3
|
%
|
$
|
(11.1)
|
$
|
(3.6)
|
-207.6
|
%
|
End of
|
% Change
|
||||||||||||||||
September
|
December
|
September
|
Sept '11
|
Sept 11'
|
|||||||||||||
2011
|
2010
|
2010
|
Dec '10
|
Sept 10'
|
|||||||||||||
Cash and invested assets:
|
Fair value basis
|
$
|
10,642.8
|
$
|
10,490.7
|
$
|
9,944.5
|
1.4
|
%
|
7.0
|
%
|
||||||
Original cost basis
|
$
|
10,156.5
|
$
|
10,015.1
|
$
|
9,302.7
|
1.4
|
%
|
9.2
|
%
|
|||||||
Shareholders’ equity:
|
Total
|
$
|
3,827.9
|
$
|
4,121.4
|
$
|
4,037.7
|
-7.1
|
%
|
-5.2
|
%
|
||||||
Per common share
|
$
|
14.98
|
$
|
16.16
|
$
|
17.05
|
-7.3
|
%
|
-12.1
|
%
|
|||||||
Composition of shareholders’ equity per share:
|
|||||||||||||||||
Equity before items below
|
$
|
13.07
|
$
|
14.36
|
$
|
14.65
|
-9.0
|
%
|
-10.8
|
%
|
|||||||
Unrealized investment gains (losses) and other
|
|||||||||||||||||
accumulated comprehensive income (loss)
|
1.91
|
1.80
|
2.40
|
||||||||||||||
Total
|
$
|
14.98
|
$
|
16.16
|
$
|
17.05
|
-7.3
|
%
|
-12.1
|
%
|
|||||||
Shareholders’ Equity Per Share
|
|||||||||
Quarter Ended
|
Nine Months Ended
|
||||||||
September 30,
|
September 30,
|
||||||||
2011
|
2011
|
2010
|
|||||||
Beginning balance
|
$
|
15.56
|
$
|
16.16
|
$
|
16.49
|
|||
Changes in shareholders’ equity:
|
|||||||||
Net operating income (loss)
|
(0.43)
|
(0.75)
|
(0.04)
|
||||||
Net realized investment gains (losses):
|
|||||||||
From sales
|
0.08
|
0.11
|
0.22
|
||||||
From impairments
|
(0.11)
|
(0.13)
|
-
|
||||||
Subtotal
|
(0.03)
|
(0.02)
|
0.22
|
||||||
Net unrealized investment gains (losses)
|
0.12
|
0.15
|
0.89
|
||||||
Total realized and unrealized investment gains (losses)
|
0.09
|
0.13
|
1.11
|
||||||
Cash dividends
|
(0.17)
|
(0.52)
|
(0.52)
|
||||||
Stock issuance, foreign exchange, and other transactions
|
(0.07)
|
(0.04)
|
0.01
|
||||||
Net change
|
(0.58)
|
(1.18)
|
0.56
|
||||||
Ending balance
|
$
|
14.98
|
$
|
14.98
|
$
|
17.05
|
·
|
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)
|
|||||||||||
September 30,
|
December 31,
|
September 30,
|
|||||||||
SUMMARY BALANCE SHEETS:
|
2011
|
2010
|
2010
|
||||||||
Assets:
|
|||||||||||
Cash and fixed maturity securities
|
$
|
9,996.1
|
$
|
9,663.6
|
$
|
9,190.9
|
|||||
Equity securities
|
495.2
|
672.4
|
619.5
|
||||||||
Other invested assets
|
151.4
|
154.7
|
134.1
|
||||||||
Cash and invested assets
|
10,642.8
|
10,490.7
|
9,944.5
|
||||||||
Accounts and premiums receivable
|
1,081.7
|
1,022.9
|
778.3
|
||||||||
Federal income tax recoverable:
|
Current
|
56.9
|
44.6
|
7.8
|
|||||||
Deferred
|
119.6
|
45.3
|
-
|
||||||||
Reinsurance balances recoverable
|
3,197.0
|
3,262.5
|
2,467.8
|
||||||||
Prepaid federal income taxes
|
1.0
|
102.9
|
102.9
|
||||||||
Sundry assets
|
899.8
|
913.4
|
693.2
|
||||||||
Total
|
$
|
15,999.1
|
$
|
15,882.7
|
$
|
13,994.8
|
|||||
Liabilities and Shareholders’ Equity:
|
|||||||||||
Policy liabilities
|
$
|
1,512.6
|
$
|
1,424.9
|
$
|
1,241.6
|
|||||
Benefit and claim reserves
|
8,668.0
|
8,814.6
|
7,465.8
|
||||||||
Federal income tax payable:
|
Deferred
|
-
|
-
|
155.2
|
|||||||
Debt
|
912.8
|
475.0
|
346.4
|
||||||||
Sundry liabilities
|
1,077.5
|
1,046.7
|
747.8
|
||||||||
Shareholders’ equity
|
3,827.9
|
4,121.4
|
4,037.7
|
||||||||
Total
|
$
|
15,999.1
|
$
|
15,882.7
|
$
|
13,994.8
|
|||||
Quarters Ended
|
Nine Months Ended
|
Fiscal Twelve Months Ended
|
||||||||||||||||||
SUMMARY INCOME STATEMENTS:
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||
Net premiums and fees earned
|
$
|
1,007.2
|
$
|
885.4
|
$
|
2,988.0
|
$
|
2,549.3
|
$
|
4,012.1
|
$
|
3,410.3
|
||||||||
Net investment income
|
90.8
|
92.6
|
275.5
|
284.0
|
370.5
|
383.5
|
||||||||||||||
Other income
|
31.0
|
4.5
|
86.6
|
14.2
|
113.3
|
19.0
|
||||||||||||||
Net realized investment gains (losses)
|
(15.5)
|
3.8
|
(12.0)
|
79.7
|
17.3
|
86.6
|
||||||||||||||
Total revenues
|
1,113.5
|
986.5
|
3,338.0
|
2,927.3
|
4,513.4
|
3,899.5
|
||||||||||||||
Benefits and claims
|
733.3
|
604.9
|
2,061.3
|
1,603.3
|
2,723.3
|
2,239.4
|
||||||||||||||
Sales and other expenses
|
562.8
|
442.4
|
1,592.7
|
1,272.5
|
2,129.8
|
1,674.7
|
||||||||||||||
Total expenses
|
1,296.2
|
1,047.3
|
3,654.0
|
2,875.9
|
4,853.1
|
3,914.2
|
||||||||||||||
Pretax income (loss)
|
(182.7)
|
(60.7)
|
(316.0)
|
51.3
|
(339.7)
|
(14.6)
|
||||||||||||||
Income taxes (credits)
|
(66.1)
|
(21.7)
|
(120.2)
|
7.8
|
(130.5)
|
(21.3)
|
||||||||||||||
Net income (loss)
|
$
|
(116.5)
|
$
|
(38.9)
|
$
|
(195.7)
|
$
|
43.5
|
$
|
(209.1)
|
$
|
6.7
|
||||||||
COMMON STOCK STATISTICS:
|
||||||||||||||||||||
Net income (loss):
|
Basic
|
$
|
(.46)
|
(.16)
|
$
|
(.77)
|
$
|
.18
|
$
|
(.82)
|
$
|
.03
|
||||||||
Diluted
|
$
|
(.46)
|
(.16)
|
$
|
(.77)
|
$
|
.18
|
$
|
(.82)
|
$
|
.03
|
|||||||||
Components of earnings per share:
|
||||||||||||||||||||
Basic, net operating income (loss)
|
$
|
(.43)
|
$
|
(.17)
|
$
|
(.75)
|
$
|
(.04)
|
$
|
(.88)
|
$
|
(.21)
|
||||||||
Realized investment gains (losses)
|
(.03)
|
.01
|
(.02)
|
.22
|
.06
|
.24
|
||||||||||||||
Basic net income (loss)
|
$
|
(.46)
|
$
|
(.16)
|
$
|
(.77)
|
$
|
.18
|
$
|
(.82)
|
$
|
.03
|
||||||||
Diluted, net operating income (loss)
|
$
|
(.43)
|
$
|
(.17)
|
$
|
(.75)
|
$
|
(.04)
|
$
|
(.88)
|
$
|
(.21)
|
||||||||
Realized investment gains (losses)
|
(.03)
|
.01
|
(.02)
|
.22
|
.06
|
.24
|
||||||||||||||
Diluted net income (loss)
|
$
|
(.46)
|
$
|
(.16)
|
$
|
(.77)
|
$
|
.18
|
$
|
(.82)
|
$
|
.03
|
||||||||
Cash dividends on common stock
|
$
|
.1750
|
$
|
.1725
|
$
|
.5250
|
$
|
.5175
|
$
|
.6975
|
$
|
.6875
|
||||||||
Book value per share
|
$
|
14.98
|
$
|
17.05
|
||||||||||||||||
Common shares outstanding:
|
||||||||||||||||||||
Average basic
|
255,137,235
|
236,697,304
|
254,961,965
|
236,552,548
|
254,877,233
|
236,477,019
|
||||||||||||||
Average diluted
|
255,137,235
|
236,697,304
|
254,961,965
|
236,708,140
|
254,877,233
|
236,608,442
|
||||||||||||||
Actual, end of period
|
255,525,554
|
236,773,292
|
||||||||||||||||||
SUMMARY STATEMENTS OF COMPREHENSIVE INCOME (LOSS):
|
||||||||||||||||||||
Net income (loss) as reported
|
$
|
(116.5)
|
$
|
(38.9)
|
$
|
(195.7)
|
$
|
43.5
|
$
|
(209.1)
|
$
|
6.7
|
||||||||
Post-tax net unrealized gains (losses)
|
30.0
|
128.4
|
39.2
|
210.0
|
(68.9)
|
218.3
|
||||||||||||||
Other adjustments
|
(15.2)
|
2.7
|
(11.4)
|
4.0
|
(11.9)
|
6.0
|
||||||||||||||
Net adjustments
|
14.8
|
131.2
|
27.8
|
214.0
|
(80.9)
|
224.4
|
||||||||||||||
Comprehensive income (loss)
|
$
|
(101.7)
|
$
|
92.2
|
$
|
(167.9)
|
$
|
257.5
|
$
|
(290.1)
|
$
|
231.1
|
||||||||
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 September 30, 2011
|
||||||||||||||||||||||||||
General
|
$
|
550.0
|
$
|
67.5
|
$
|
29.4
|
$
|
647.0
|
$
|
401.8
|
$
|
180.4
|
$
|
582.3
|
$
|
64.7
|
99.0
|
%
|
||||||||
Mortgage
|
110.4
|
15.0
|
.4
|
125.9
|
298.2
|
65.5
|
363.7
|
(237.8)
|
317.3
|
|||||||||||||||||
Title
|
330.4
|
6.7
|
.5
|
337.7
|
25.6
|
302.4
|
328.0
|
9.6
|
98.8
|
|||||||||||||||||
Other
|
16.2
|
1.4
|
.6
|
18.4
|
7.6
|
14.3
|
22.0
|
(3.6)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
1,007.2
|
$
|
90.8
|
$
|
31.0
|
$
|
1,129.0
|
$
|
733.3
|
$
|
562.8
|
$
|
1,296.2
|
$
|
(167.1)
|
122.9
|
%
|
||||||||
Quarter Ended September 30, 2010
|
||||||||||||||||||||||||||
General
|
$
|
435.0
|
$
|
63.6
|
$
|
2.5
|
$
|
501.1
|
$
|
353.0
|
$
|
122.2
|
$
|
475.2
|
$
|
25.8
|
107.3
|
%
|
||||||||
Mortgage
|
120.3
|
20.7
|
1.3
|
142.4
|
215.5
|
20.9
|
236.5
|
(94.0)
|
193.9
|
|||||||||||||||||
Title
|
311.8
|
6.5
|
.3
|
318.7
|
26.0
|
286.9
|
313.0
|
5.7
|
100.2
|
|||||||||||||||||
Other
|
18.1
|
1.7
|
.3
|
20.2
|
10.2
|
12.2
|
22.4
|
(2.2)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
885.4
|
$
|
92.6
|
$
|
4.5
|
$
|
982.6
|
$
|
604.9
|
$
|
442.4
|
$
|
1,047.3
|
$
|
(64.6)
|
116.6
|
%
|
||||||||
Nine Months Ended September 30, 2011
|
||||||||||||||||||||||||||
General
|
$
|
1,601.4
|
$
|
202.2
|
$
|
81.5
|
$
|
1,885.2
|
$
|
1,159.9
|
$
|
521.0
|
$
|
1,680.9
|
$
|
204.2
|
98.3
|
%
|
||||||||
Mortgage
|
336.1
|
47.7
|
1.5
|
385.4
|
794.7
|
105.6
|
900.3
|
(514.9)
|
262.4
|
|||||||||||||||||
Title
|
990.3
|
20.3
|
1.6
|
1,012.3
|
76.7
|
917.7
|
994.5
|
17.8
|
99.9
|
|||||||||||||||||
Other
|
59.9
|
5.1
|
1.8
|
67.0
|
29.9
|
48.2
|
78.1
|
(11.1)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
2,988.0
|
$
|
275.5
|
$
|
86.6
|
$
|
3,350.1
|
$
|
2,061.3
|
$
|
1,592.7
|
$
|
3,654.0
|
$
|
(303.9)
|
117.4
|
%
|
||||||||
Nine Months Ended September 30, 2010
|
||||||||||||||||||||||||||
General
|
$
|
1,247.9
|
$
|
192.9
|
$
|
7.8
|
$
|
1,448.7
|
$
|
962.3
|
$
|
361.8
|
$
|
1,324.1
|
$
|
124.5
|
104.0
|
%
|
||||||||
Mortgage
|
385.7
|
65.8
|
3.4
|
455.1
|
542.5
|
62.9
|
605.4
|
(150.3)
|
154.6
|
|||||||||||||||||
Title
|
853.6
|
19.8
|
.8
|
874.3
|
66.8
|
806.4
|
873.2
|
1.1
|
102.2
|
|||||||||||||||||
Other
|
61.9
|
5.3
|
2.0
|
69.4
|
31.6
|
41.4
|
73.0
|
(3.6)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
2,549.3
|
$
|
284.0
|
$
|
14.2
|
$
|
2,847.6
|
$
|
1,603.3
|
$
|
1,272.5
|
$
|
2,875.9
|
$
|
(28.3)
|
111.1
|
%
|
||||||||
Fiscal Twelve Months Ended September 30, 2011
|
||||||||||||||||||||||||||
General
|
$
|
2,135.7
|
$
|
269.4
|
$
|
106.3
|
$
|
2,511.5
|
$
|
1,559.4
|
$
|
699.5
|
$
|
2,258.9
|
$
|
252.5
|
98.9
|
%
|
||||||||
Mortgage
|
449.2
|
66.8
|
2.6
|
518.8
|
1,018.3
|
125.7
|
1,144.1
|
(625.3)
|
250.1
|
|||||||||||||||||
Title
|
1,347.7
|
27.1
|
1.9
|
1,376.8
|
106.7
|
1,243.9
|
1,350.6
|
26.1
|
99.3
|
|||||||||||||||||
Other
|
79.4
|
7.1
|
2.3
|
88.9
|
38.7
|
60.6
|
99.3
|
(10.4)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
4,012.1
|
$
|
370.5
|
$
|
113.3
|
$
|
4,496.0
|
$
|
2,723.3
|
$
|
2,129.8
|
$
|
4,853.1
|
$
|
(357.0)
|
116.1
|
%
|
||||||||
Fiscal Twelve Months Ended September 30, 2010
|
||||||||||||||||||||||||||
General
|
$
|
1,685.6
|
$
|
260.1
|
$
|
10.4
|
$
|
1,956.1
|
$
|
1,299.6
|
$
|
480.1
|
$
|
1,779.8
|
$
|
176.3
|
103.5
|
%
|
||||||||
Mortgage
|
521.8
|
89.3
|
4.9
|
616.1
|
808.9
|
83.5
|
892.5
|
(276.3)
|
168.7
|
|||||||||||||||||
Title
|
1,121.5
|
26.7
|
1.1
|
1,149.4
|
89.8
|
1,056.9
|
1,146.7
|
2.6
|
102.0
|
|||||||||||||||||
Other
|
81.3
|
7.2
|
2.5
|
91.1
|
40.9
|
54.1
|
95.0
|
(3.8)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
3,410.3
|
$
|
383.5
|
$
|
19.0
|
$
|
3,812.9
|
$
|
2,239.4
|
$
|
1,674.7
|
$
|
3,914.2
|
$
|
(101.2)
|
113.0
|
%
|
||||||||
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