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: April 30, 2012
|
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, APRIL 26, 2012
|
||
OLD REPUBLIC REPORTS FIRST QUARTER 2012 FINANCIAL RESULTS
|
||
Financial Highlights
|
|||||||||||||
(Unaudited; All amounts in this report are in millions except per share data and percentages)
|
|||||||||||||
Quarters Ended March 31,
|
|||||||||||||
2012
|
2011
|
Change
|
|||||||||||
Operating Revenues
|
$
|
1,155.1
|
$
|
1,123.0
|
2.9
|
%
|
|||||||
Net Operating Income (Loss)
|
(1.4))
|
(17.1)
|
91.8
|
||||||||||
Net Income (Loss)
|
$
|
.4
|
$
|
(12.9)
|
103.7
|
%
|
|||||||
Diluted Earnings Per Share:
|
|||||||||||||
Net Operating Income (Loss)
|
$
|
(0.01))
|
$
|
(0.07))
|
85.7
|
%
|
|||||||
Net Income (Loss)
|
$
|
-
|
$
|
(0.05))
|
100.0
|
%
|
|||||||
Cash Dividends Per Share
|
$
|
0.1775
|
$
|
0.1750
|
1.4
|
%
|
|||||||
Ending Book Value Per Share
|
$
|
14.74
|
$
|
15.87
|
-7.1
|
%
|
|||||||
Quarters Ended March 31,
|
|||||||||||
2012
|
2011
|
||||||||||
Operating revenues:
|
|||||||||||
General insurance
|
$
|
657.9
|
$
|
625.5
|
|||||||
Mortgage guaranty
|
120.2
|
131.2
|
|||||||||
Title insurance
|
362.2
|
339.9
|
|||||||||
Corporate and other
|
14.6
|
26.2
|
|||||||||
Total
|
$
|
1,155.1
|
$
|
1,123.0
|
|||||||
Pretax operating income (loss):
|
|||||||||||
General insurance
|
$
|
71.0
|
$
|
68.5
|
|||||||
Mortgage guaranty
|
(81.8)
|
(101.1)
|
|||||||||
Title insurance
|
9.4
|
2.6
|
|||||||||
Corporate and other
|
(4.2)
|
(1.3)
|
|||||||||
Sub-total
|
(5.6)
|
(31.4)
|
|||||||||
Realized investment gains (losses):
|
|||||||||||
From sales
|
2.9
|
6.4
|
|||||||||
From impairments
|
-
|
-
|
|||||||||
Net realized investment gains (losses)
|
2.9
|
6.4
|
|||||||||
Consolidated pretax income (loss)
|
(2.6)
|
(24.9)
|
|||||||||
Income taxes (credits)
|
(3.1)
|
(11.9)
|
|||||||||
Net income (loss)
|
$
|
0.4
|
$
|
(12.9)
|
Consolidated underwriting ratio:
|
|||||||||||
Benefits and claim ratio
|
59.4
|
%
|
63.8
|
%
|
|||||||
Expense ratio
|
47.6
|
47.0
|
|||||||||
Composite ratio
|
107.0
|
%
|
110.8
|
%
|
Diluted earnings per share:
|
|||||||||||
Net operating income (loss)
|
$
|
(0.01)
|
$
|
(0.07)
|
|||||||
Net realized investment gains (losses)
|
0.01
|
0.02
|
|||||||||
Net income (loss)
|
$
|
-
|
$
|
(0.05)
|
|||||||
Cash dividends paid per share
|
$
|
0.1775
|
$
|
0.1750
|
|||||||
Components of diluted
|
|||||||||||
earnings per share:
|
|||||||||||
Net operating income (loss):
|
|||||||||||
General insurance
|
$
|
0.19
|
$
|
0.19
|
|||||||
Mortgage guaranty
|
(0.21)
|
(0.26)
|
|||||||||
Title insurance
|
0.02
|
0.01
|
|||||||||
Corporate and other
|
(0.01)
|
(0.01)
|
|||||||||
Subtotal
|
(0.01)
|
(0.07)
|
|||||||||
Net realized investment gains (losses)
|
0.01
|
0.02
|
|||||||||
Net income (loss)
|
$
|
-
|
$
|
(0.05)
|
|||||||
Quarters Ended
|
|||||||||||
March 31,
|
|||||||||||
2012
|
2011
|
||||||||||
Realized gains (losses) from sales of
|
|||||||||||
previously impaired securities:
|
|||||||||||
Actual tax basis (loss) on sales
|
$
|
-
|
$
|
-
|
|||||||
Accounting adjustment for impairment
|
|||||||||||
charges taken in prior periods
|
-
|
0.4
|
|||||||||
Net amount included herein
|
-
|
0.4
|
|||||||||
Net realized gains from sales of all other securities
|
2.9
|
6.0
|
|||||||||
Net gain (loss) from actual sales
|
2.9
|
6.4
|
|||||||||
Net realized losses from impairments
|
-
|
-
|
|||||||||
Net realized investment gains (losses) reported herein
|
$
|
2.9
|
$
|
6.4
|
General Insurance Group
|
|||||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||||
2012
|
2011
|
Change
|
|||||||||||||||
Net premiums earned
|
$
|
561.0
|
$
|
532.3
|
5.4
|
%
|
|||||||||||
Net investment income
|
66.6
|
66.4
|
0.4
|
||||||||||||||
Benefits and claim costs
|
400.2
|
389.7
|
2.7
|
||||||||||||||
Pretax operating income (loss)
|
$
|
71.0
|
$
|
68.5
|
3.6
|
%
|
Claim ratio
|
71.3
|
%
|
73.2
|
%
|
|||||||||||
Expense ratio
|
26.1
|
24.9
|
|||||||||||||
Composite ratio
|
97.4
|
%
|
98.1
|
%
|
Year Ended
|
|||||||||
Quarters Ended March 31,
|
December 31,
|
||||||||
2012
|
2011
|
2011
|
|||||||
Net premiums earned:
|
|||||||||
As reported
|
$
|
561.0
|
$
|
532.3
|
$
|
2,167.7
|
|||
Excluding CCI premiums
|
$
|
548.9
|
$
|
511.4
|
$
|
2,109.4
|
|||
Composite underwriting ratio:
|
|||||||||
As reported
|
97.4%
|
98.1%
|
96.9%
|
||||||
Excluding CCI results and the DAC adjustment(*)
|
93.8%
|
94.0%
|
94.4%
|
|
(*)
|
The DAC adjustment is expected to affect general insurance operations in varying degrees for each quarterly period of 2012 as premiums are earned.
|
Mortgage Guaranty Group
|
|||||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||||
2012
|
2011
|
Change
|
|||||||||||||||
Net premiums earned
|
$
|
103.2
|
$
|
113.9
|
-9.4
|
%
|
|||||||||||
Net investment income
|
10.3
|
16.6
|
-37.9
|
||||||||||||||
Claim costs
|
179.3
|
212.7
|
-15.7
|
||||||||||||||
Pretax operating income (loss)
|
$
|
(81.8)
|
$
|
(101.1)
|
19.1
|
%
|
Claim ratio
|
173.6
|
%
|
186.7
|
%
|
|||||||||||
Expense ratio
|
13.6
|
15.1
|
|||||||||||||
Composite ratio
|
187.2
|
%
|
201.8
|
%
|
Mortgage Guaranty Group
|
||||||||||||
Quarters Ended
|
||||||||||||
March 31,
|
||||||||||||
2012
|
2011
|
|||||||||||
Components of incurred claim ratio as a
|
||||||||||||
percent of earned premiums:
|
||||||||||||
Paid claims:
|
||||||||||||
Excluding captive and pool transactions
|
222.5
|
%
|
253.0
|
%
|
||||||||
Captive and pool transactions
|
-
|
-0.3
|
||||||||||
Paid claim ratio
|
222.5
|
252.7
|
||||||||||
Claim reserve provisions:
|
||||||||||||
Excluding captive and pool transactions
|
-48.9
|
-66.1
|
||||||||||
Captive and pool transactions
|
-
|
0.1
|
||||||||||
Claim reserve provision ratio
|
-48.9
|
-66.0
|
||||||||||
Incurred claim ratio: as reported
|
|
173.6
|
%
|
186.7
|
%
|
Title Insurance Group
|
|||||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||||
2012
|
2011
|
Change
|
|||||||||||||||
Net premiums and fees earned
|
$
|
355.0
|
$
|
332.8
|
6.7
|
%
|
|||||||||||
Net investment income
|
6.7
|
6.6
|
1.7
|
||||||||||||||
Claim costs
|
25.6
|
26.0
|
-1.3
|
||||||||||||||
Pretax operating income (loss)
|
$
|
9.4
|
$
|
2.6
|
260.0
|
%
|
Claim ratio
|
7.2
|
%
|
7.8
|
%
|
|||||||||||
Expense ratio
|
91.5
|
93.0
|
|||||||||||||
Composite ratio
|
98.7
|
%
|
100.8
|
%
|
Corporate and Other Operations
|
|||||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||||
2012
|
2011
|
Change
|
|||||||||||||||
Life & health premiums earned
|
$
|
18.2
|
$
|
23.8
|
-23.5
|
%
|
|||||||||||
Net investment income
|
2.0
|
1.7
|
17.2
|
||||||||||||||
Other income
|
(5.7)
|
0.6
|
N/M
|
||||||||||||||
Benefits and claim costs
|
11.3
|
11.6
|
-3.3
|
||||||||||||||
Insurance expenses
|
8.0
|
12.6
|
-36.2
|
||||||||||||||
Corporate and other expenses-net
|
(0.4)
|
3.2
|
-115.0
|
||||||||||||||
Pretax operating income (loss)
|
$
|
(4.2)
|
$
|
(1.3)
|
-206.9
|
%
|
% Change
|
|||||||||||||||||
March 31,
|
Dec. 31,
|
March 31,
|
March '12/
|
March '12/
|
|||||||||||||
2012
|
2011
|
2011
|
Dec '11
|
March '11
|
|||||||||||||
Cash and invested assets:
|
Fair value basis
|
$
|
10,739.0
|
$
|
10,685.2
|
$
|
10,891.4
|
0.5
|
%
|
-1.4
|
%
|
||||||
Original cost basis
|
$
|
10,078.1
|
$
|
10,081.8
|
$
|
10,450.3
|
-
|
%
|
-3.6
|
%
|
|||||||
Shareholders' equity:
|
Total
|
$
|
3,773.3
|
$
|
3,772.5
|
$
|
4,050.1
|
-
|
%
|
-6.8
|
%
|
||||||
Per common share
|
$
|
14.74
|
$
|
14.76
|
$
|
15.87
|
-0.1
|
%
|
-7.1
|
%
|
|||||||
Composition of shareholders' equity per share:
|
|||||||||||||||||
Equity before items below
|
$
|
12.95
|
$
|
13.13
|
$
|
14.14
|
-1.4
|
%
|
-8.4
|
%
|
|||||||
Unrealized investment gains (losses) and other
|
|||||||||||||||||
accumulated comprehensive income (loss)
|
1.79
|
1.63
|
1.73
|
||||||||||||||
Total
|
$
|
14.74
|
$
|
14.76
|
$
|
15.87
|
-0.1
|
%
|
-7.1
|
%
|
Shareholders' Equity Per Share
|
|||||||||
Quarters Ended March 31,
|
|||||||||
2012
|
2011
|
||||||||
Beginning balance
|
$
|
14.76
|
$
|
16.16
|
|||||
Changes in shareholders' equity:
|
|||||||||
Net operating income (loss)
|
(0.01)
|
(0.07)
|
|||||||
Net realized investment gains (losses):
|
|||||||||
From sales
|
0.01
|
0.02
|
|||||||
From impairments
|
-
|
-
|
|||||||
Subtotal
|
0.01
|
0.02
|
|||||||
Net unrealized investment gains (losses)
|
0.15
|
(0.09)
|
|||||||
Total realized and unrealized investment gains (losses)
|
0.16
|
(0.07)
|
|||||||
Cash dividends
|
(0.18)
|
(0.17)
|
|||||||
Stock issuance, foreign exchange, and other transactions
|
0.01
|
0.02
|
|||||||
Net change
|
(0.02)
|
(0.29)
|
|||||||
Ending balance
|
$
|
14.74
|
$
|
15.87
|
·
|
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)
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
|||||||||
SUMMARY BALANCE SHEETS:
|
2012
|
2011
|
2011
|
||||||||
Assets:
|
|||||||||||
Cash and fixed maturity securities
|
$
|
9,957.8
|
$
|
9,962.5
|
$
|
10,072.1
|
|||||
Equity securities
|
642.9
|
580.8
|
666.8
|
||||||||
Other invested assets
|
138.2
|
141.7
|
152.4
|
||||||||
Cash and invested assets
|
10,739.0
|
10,685.2
|
10,891.4
|
||||||||
Accounts and premiums receivable
|
1,105.3
|
1,039.0
|
1,051.6
|
||||||||
Federal income tax recoverable:
|
Current
|
77.5
|
73.5
|
40.5
|
|||||||
Deferred
|
99.8
|
116.7
|
74.8
|
||||||||
Reinsurance balances recoverable
|
3,254.0
|
3,243.9
|
3,246.6
|
||||||||
Prepaid federal income taxes
|
1.0
|
1.0
|
63.5
|
||||||||
Sundry assets
|
888.0
|
890.9
|
934.9
|
||||||||
Total
|
$
|
16,164.8
|
$
|
16,050.4
|
$
|
16,303.6
|
|||||
Liabilities and Shareholders' Equity:
|
|||||||||||
Policy liabilities
|
$
|
1,617.2
|
$
|
1,461.9
|
$
|
1,462.4
|
|||||
Benefit and claim reserves
|
8,725.1
|
8,786.6
|
8,722.0
|
||||||||
Debt
|
910.1
|
912.8
|
1,021.5
|
||||||||
Sundry liabilities
|
1,138.9
|
1,116.3
|
1,047.4
|
||||||||
Shareholders' equity
|
3,773.3
|
3,772.5
|
4,050.1
|
||||||||
Total
|
$
|
16,164.8
|
$
|
16,050.4
|
$
|
16,303.6
|
|||||
Quarters Ended
|
Fiscal Twelve Months Ended
|
|||||||||||||
SUMMARY INCOME STATEMENTS:
|
March 31,
|
March 31,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||
Net premiums and fees earned
|
$
|
1,037.5
|
$
|
1,003.0
|
$
|
4,084.6
|
$
|
3,748.0
|
||||||
Net investment income
|
85.8
|
91.5
|
359.0
|
374.2
|
||||||||||
Other income
|
31.6
|
28.5
|
118.3
|
64.6
|
||||||||||
Net realized investment gains (losses)
|
2.9
|
6.4
|
112.0
|
112.6
|
||||||||||
Total revenues
|
1,158.0
|
1,129.5
|
4,674.0
|
4,299.7
|
||||||||||
Benefits and claims
|
616.5
|
640.2
|
2,722.5
|
2,411.4
|
||||||||||
Sales and other expenses
|
544.2
|
514.2
|
2,165.9
|
1,916.8
|
||||||||||
Total expenses
|
1,160.7
|
1,154.4
|
4,888.4
|
4,328.2
|
||||||||||
Pretax income (loss)
|
(2.6)
|
(24.9)
|
(214.4)
|
(28.5)
|
||||||||||
Income taxes (credits)
|
(3.1)
|
(11.9)
|
(87.3)
|
(20.7)
|
||||||||||
Net income (loss)
|
$
|
.4
|
$
|
(12.9)
|
$
|
(127.0)
|
$
|
(7.8)
|
||||||
COMMON STOCK STATISTICS:
|
||||||||||||||
Net income (loss):
|
Basic
|
$
|
-
|
$
|
(.05)
|
$
|
(.49)
|
$
|
(.03)
|
|||||
Diluted
|
$
|
-
|
$
|
(.05)
|
$
|
(.49)
|
$
|
(.03)
|
||||||
Components of earnings per share:
|
||||||||||||||
Basic, net operating income (loss)
|
$
|
(.01)
|
$
|
(.07)
|
$
|
(.79)
|
$
|
(.33)
|
||||||
Realized investment gains (losses)
|
.01
|
.02
|
.30
|
.30
|
||||||||||
Basic net income (loss)
|
$
|
-
|
$
|
(.05)
|
$
|
(.49)
|
$
|
(.03)
|
||||||
Diluted, net operating income (loss)
|
$
|
(.01)
|
$
|
(.07)
|
$
|
(.79)
|
$
|
(.33)
|
||||||
Realized investment gains (losses)
|
.01
|
.02
|
.30
|
.30
|
||||||||||
Diluted net income (loss)
|
$
|
-
|
$
|
(.05)
|
$
|
(.49)
|
$
|
(.03)
|
||||||
Cash dividends on common stock
|
$
|
.1775
|
$
|
.1750
|
$
|
.7025
|
$
|
.6925
|
||||||
Book value per share
|
$
|
14.74
|
$
|
15.87
|
||||||||||
Common shares outstanding:
|
||||||||||||||
Average basic
|
255,473,634
|
254,769,513
|
255,224,798
|
245,649,706
|
||||||||||
Average diluted
|
255,779,449
|
254,769,513
|
255,224,798
|
245,649,706
|
||||||||||
Actual, end of period
|
255,942,646
|
255,223,642
|
||||||||||||
SUMMARY STATEMENTS OF COMPREHENSIVE INCOME (LOSS):
|
||||||||||||||
Net income (loss) as reported
|
$
|
.4
|
$
|
(12.9)
|
$
|
(127.0)
|
$
|
(7.8)
|
||||||
Post-tax net unrealized gains (losses)
|
37.4
|
(22.9)
|
67.9
|
(32.7)
|
||||||||||
Other adjustments
|
5.1
|
5.5
|
(51.0)
|
5.9
|
||||||||||
Net adjustments
|
42.6
|
(17.3)
|
16.9
|
(26.8)
|
||||||||||
Comprehensive income (loss)
|
$
|
43.1
|
$
|
(30.3)
|
$
|
(110.1)
|
$
|
(34.6)
|
||||||
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 March 31, 2012
|
||||||||||||||||||||||||||
General
|
$
|
561.0
|
$
|
66.6
|
$
|
30.1
|
$
|
657.9
|
$
|
400.2
|
$
|
186.6
|
$
|
586.8
|
$
|
71.0
|
97.4
|
%
|
||||||||
Mortgage
|
103.2
|
10.3
|
6.6
|
120.2
|
179.3
|
22.7
|
202.0
|
(81.8)
|
187.2
|
|||||||||||||||||
Title
|
355.0
|
6.7
|
.4
|
362.2
|
25.6
|
327.1
|
352.8
|
9.4
|
98.7
|
|||||||||||||||||
Other
|
18.2
|
2.0
|
(5.7)
|
14.6
|
11.3
|
7.5
|
18.8
|
(4.2)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
1,037.5
|
$
|
85.8
|
$
|
31.6
|
$
|
1,155.1
|
$
|
616.5
|
$
|
544.2
|
$
|
1,160.7
|
$
|
(5.6)
|
107.0
|
%
|
||||||||
Quarter Ended March 31, 2011
|
||||||||||||||||||||||||||
General
|
$
|
532.3
|
$
|
66.4
|
$
|
26.8
|
$
|
625.5
|
$
|
389.7
|
$
|
167.2
|
$
|
557.0
|
$
|
68.5
|
98.1
|
%
|
||||||||
Mortgage
|
113.9
|
16.6
|
.5
|
131.2
|
212.7
|
19.6
|
232.4
|
(101.1)
|
201.8
|
|||||||||||||||||
Title
|
332.8
|
6.6
|
.4
|
339.9
|
26.0
|
311.3
|
337.3
|
2.6
|
100.8
|
|||||||||||||||||
Other
|
23.8
|
1.7
|
.6
|
26.2
|
11.6
|
15.9
|
27.6
|
(1.3)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
1,003.0
|
$
|
91.5
|
$
|
28.5
|
$
|
1,123.0
|
$
|
640.2
|
$
|
514.2
|
$
|
1,154.4
|
$
|
(31.4)
|
110.8
|
%
|
||||||||
Fiscal Twelve Months Ended March 31, 2012
|
||||||||||||||||||||||||||
General
|
$
|
2,196.4
|
$
|
270.8
|
$
|
112.1
|
$
|
2,579.4
|
$
|
1,555.3
|
$
|
717.2
|
$
|
2,272.5
|
$
|
306.8
|
96.8
|
%
|
||||||||
Mortgage
|
434.2
|
52.9
|
8.0
|
495.2
|
1,023.7
|
130.3
|
1,154.0
|
(658.8)
|
259.5
|
|||||||||||||||||
Title
|
1,384.6
|
27.4
|
1.9
|
1,414.1
|
105.3
|
1,265.6
|
1,371.0
|
43.0
|
98.4
|
|||||||||||||||||
Other
|
69.3
|
7.7
|
(3.8)
|
73.2
|
38.1
|
52.6
|
90.7
|
(17.5)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
4,084.6
|
$
|
359.0
|
$
|
118.3
|
$
|
4,561.9
|
$
|
2,722.5
|
$
|
2,165.9
|
$
|
4,888.4
|
$
|
(326.5)
|
114.8
|
%
|
||||||||
Fiscal Twelve Months Ended March 31, 2011
|
||||||||||||||||||||||||||
General
|
$
|
1,902.7
|
$
|
261.9
|
$
|
56.7
|
$
|
2,221.3
|
$
|
1,460.8
|
$
|
588.5
|
$
|
2,049.3
|
$
|
172.0
|
102.9
|
%
|
||||||||
Mortgage
|
476.5
|
78.5
|
4.1
|
559.1
|
805.6
|
81.4
|
887.0
|
(327.8)
|
183.9
|
|||||||||||||||||
Title
|
1,288.6
|
26.6
|
1.5
|
1,316.7
|
104.1
|
1,191.9
|
1,296.0
|
20.7
|
100.0
|
|||||||||||||||||
Other
|
80.1
|
7.2
|
2.3
|
89.7
|
40.8
|
54.9
|
95.8
|
(6.0)
|
-
|
|||||||||||||||||
Consolidated
|
$
|
3,748.0
|
$
|
374.2
|
$
|
64.6
|
$
|
4,187.0
|
$
|
2,411.4
|
$
|
1,916.8
|
$
|
4,328.2
|
$
|
(141.2)
|
112.2
|
%
|
||||||||
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