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 27, 2012
|
By: /s/ Karl W. Mueller
|
|
Karl W. Mueller
|
||
Senior Vice President,
|
||
Chief Financial Officer, and
|
||
Chief Accounting Officer
|
NEWS RELEASE
|
|
Further Information Contacts:
|
|
AT OLD REPUBLIC:
|
AT FINANCIAL RELATIONS BOARD:
|
A. C. Zucaro: Chairman & CEO
|
Analysts/Investors: Scott Eckstein
|
(312) 346-8100
|
(212) 827-3766
|
OLD REPUBLIC REPORTS SECOND QUARTER AND FIRST HALF 2012 FINANCIAL RESULTS
|
|
Financial Highlights (*)
|
|||||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||||
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
||||||||||||||
Operating Revenues:
|
|||||||||||||||||||
Excluding run-off business
|
$
|
1,084.4
|
$
|
961.0
|
12.8
|
%
|
$
|
2,113.4
|
$
|
1,932.0
|
9.4
|
%
|
|||||||
RFIG run-off business
|
117.5
|
136.8
|
-14.1
|
243.5
|
289.0
|
-15.7
|
|||||||||||||
Total
|
$
|
1,201.9
|
$
|
1,097.9
|
9.5
|
%
|
$
|
2,357.0
|
$
|
2,221.0
|
6.1
|
%
|
|||||||
Net Operating Income (Loss):
|
|||||||||||||||||||
Excluding run-off business
|
$
|
55.7
|
$
|
56.8
|
-1.9
|
%
|
$
|
113.7
|
$
|
118.4
|
-4.0
|
%
|
|||||||
RFIG run-off business
|
(104.1)
|
(121.2)
|
14.1
|
(163.5)
|
(199.9)
|
18.2
|
|||||||||||||
Total
|
$
|
(48.3)
|
$
|
(64.3)
|
24.8
|
%
|
$
|
(49.7)
|
$
|
(81.5)
|
38.9
|
%
|
|||||||
Net Income (Loss):
|
|||||||||||||||||||
Excluding run-off business
|
$
|
61.4
|
$
|
53.8
|
14.1
|
%
|
$
|
121.3
|
$
|
118.6
|
2.3
|
%
|
|||||||
RFIG run-off business
|
(95.5)
|
(120.2)
|
20.5
|
(154.8)
|
(197.9)
|
21.8
|
|||||||||||||
Total
|
$
|
(34.0)
|
$
|
(66.3)
|
48.6
|
%
|
$
|
(33.5)
|
$
|
(79.2)
|
57.6
|
%
|
|||||||
Diluted Earnings Per Share:
|
|||||||||||||||||||
Net Operating Income (Loss)
|
|||||||||||||||||||
Excluding run-off business
|
$
|
0.22
|
$
|
0.23
|
-4.3
|
%
|
$
|
0.44
|
$
|
0.46
|
-4.3
|
%
|
|||||||
RFIG run-off business
|
(0.41)
|
(0.48)
|
14.6
|
(0.63)
|
(0.78)
|
19.2
|
|||||||||||||
Total
|
$
|
(0.19)
|
$
|
(0.25)
|
24.0
|
%
|
$
|
(0.19)
|
$
|
(0.32)
|
40.6
|
%
|
|||||||
Net Income (Loss)
|
|||||||||||||||||||
Excluding run-off business
|
$
|
0.24
|
$
|
0.21
|
14.3
|
%
|
$
|
0.47
|
$
|
0.47
|
-
|
%
|
|||||||
RFIG run-off business
|
(0.37)
|
(0.47)
|
21.3
|
(0.60)
|
(0.78)
|
23.1
|
|||||||||||||
Total
|
$
|
(0.13)
|
$
|
(0.26)
|
50.0
|
%
|
$
|
(0.13)
|
$
|
(0.31)
|
58.1
|
%
|
|||||||
Cash Dividends Per Share
|
$
|
0.1775
|
$
|
0.1750
|
1.4
|
%
|
$
|
0.3550
|
$
|
0.3500
|
1.4
|
%
|
|||||||
Ending Book Value Per Share
|
$
|
14.50
|
$
|
15.56
|
-6.8
|
%
|
|||||||||||||
(*) Unaudited; All amounts in this report are in millions except per share data and percentages.
|
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Operating revenues:
|
|||||||||||
General insurance
|
$
|
657.8
|
$
|
604.0
|
$
|
1,303.7
|
$
|
1,208.7
|
|||
Title insurance
|
411.1
|
334.6
|
773.4
|
674.6
|
|||||||
Corporate and other
|
15.4
|
22.3
|
36.3
|
48.6
|
|||||||
Subtotal
|
1,084.4
|
961.0
|
2,113.4
|
1,932.0
|
|||||||
RFIG run-off business
|
117.5
|
136.8
|
243.5
|
289.0
|
|||||||
Total
|
$
|
1,201.9
|
$
|
1,097.9
|
$
|
2,357.0
|
$
|
2,221.0
|
|||
Pretax operating income (loss):
|
|||||||||||
General insurance
|
$
|
59.6
|
$
|
82.0
|
$
|
140.1
|
$
|
170.9
|
|||
Title insurance
|
22.5
|
5.5
|
31.9
|
8.1
|
|||||||
Corporate and other
|
(2.2)
|
(6.1)
|
(6.5)
|
(7.5)
|
|||||||
Subtotal
|
79.8
|
81.5
|
165.5
|
171.6
|
|||||||
RFIG run-off business
|
(160.2)
|
(186.9)
|
(251.5)
|
(308.4)
|
|||||||
Total
|
(80.3)
|
(105.4)
|
(85.9)
|
(136.8)
|
|||||||
Realized investment gains (losses):
|
|||||||||||
From sales
|
22.0
|
5.0
|
24.9
|
11.5
|
|||||||
From impairments
|
-
|
(8.0)
|
-
|
(8.0)
|
|||||||
Net realized investment gains (losses)
|
22.0
|
(2.9)
|
24.9
|
3.5
|
|||||||
Consolidated pretax income (loss)
|
(58.3)
|
(108.3)
|
(60.9)
|
(133.3)
|
|||||||
Income taxes (credits)
|
(24.2)
|
(42.0)
|
(27.3)
|
(54.0)
|
|||||||
Net income (loss)
|
$
|
(34.0)
|
$
|
(66.3)
|
$
|
(33.5)
|
$
|
(79.2)
|
Consolidated underwriting ratio:
|
|||||||||||
Including RFIG run-off business:
|
|||||||||||
Benefits and claim ratio
|
65.8
|
%
|
70.7
|
%
|
62.7
|
%
|
67.4
|
%
|
|||
Expense ratio
|
48.1
|
47.7
|
47.8
|
47.2
|
|||||||
Composite ratio
|
113.9
|
%
|
118.4
|
%
|
110.5
|
%
|
114.6
|
%
|
|||
Excluding RFIG run-off business:
|
|||||||||||
Benefits and claim ratio
|
45.9
|
%
|
45.4
|
%
|
45.6
|
%
|
45.2
|
%
|
|||
Expense ratio
|
52.5
|
52.2
|
52.2
|
52.0
|
|||||||
Composite ratio
|
98.4
|
%
|
97.6
|
%
|
97.8
|
%
|
97.2
|
%
|
Diluted earnings per share:
|
|||||||||||
Net operating income (loss)
|
$
|
(0.19)
|
$
|
(0.25)
|
$
|
(0.19)
|
$
|
(0.32)
|
|||
Net realized investment gains (losses)
|
0.06
|
(0.01)
|
0.06
|
0.01
|
|||||||
Net income (loss)
|
$
|
(0.13)
|
$
|
(0.26)
|
$
|
(0.13)
|
$
|
(0.31)
|
|||
Cash dividends paid per share
|
$
|
0.1775
|
$
|
0.1750
|
$
|
0.3550
|
$
|
0.3500
|
Components of diluted
|
|||||||||||
earnings per share:
|
|||||||||||
Net operating income (loss):
|
|||||||||||
General insurance
|
$
|
0.17
|
$
|
0.22
|
$
|
0.38
|
$
|
0.46
|
|||
Title insurance
|
0.06
|
0.02
|
0.08
|
0.02
|
|||||||
Corporate and other
|
(0.01)
|
(0.01)
|
(0.02)
|
(0.02)
|
|||||||
Subtotal
|
0.22
|
0.23
|
0.44
|
0.46
|
|||||||
RFIG run-off business
|
(0.41)
|
(0.48)
|
(0.63)
|
(0.78)
|
|||||||
Total
|
(0.19)
|
(0.25)
|
(0.19)
|
(0.32)
|
|||||||
Net realized investment gains (losses)
|
0.06
|
(0.01)
|
0.06
|
0.01
|
|||||||
Net income (loss)
|
$
|
(0.13)
|
$
|
(0.26)
|
$
|
(0.13)
|
$
|
(0.31)
|
Quarters Ended
|
Six Months Ended
|
||||||||||
June 30,
|
June 30,
|
||||||||||
2012
|
2011
|
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
|
-
|
-
|
-
|
.4
|
|||||||
Net amount included herein
|
-
|
-
|
-
|
.4
|
|||||||
Net realized gains from sales of all other securities
|
22.0
|
5.0
|
24.9
|
11.1
|
|||||||
Net gain (loss) from actual sales
|
22.0
|
5.0
|
24.9
|
11.5
|
|||||||
Net realized losses from impairments
|
-
|
(8.0)
|
-
|
(8.0)
|
|||||||
Net realized investment gains (losses) reported herein
|
$
|
22.0
|
$
|
(2.9)
|
$
|
24.9
|
$
|
3.5
|
General Insurance Group
|
|||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
||||||||||||
A. Prior to reclassification/
Including CCI run-off business:
|
|||||||||||||||||
Net premiums earned
|
$
|
575.6
|
$
|
519.0
|
10.9
|
%
|
$
|
1,136.7
|
$
|
1,051.4
|
8.1
|
%
|
|||||
Net investment income
|
66.7
|
68.2
|
-2.2
|
133.3
|
134.6
|
-.9
|
|||||||||||
Benefits and claim costs
|
471.5
|
372.1
|
26.7
|
871.7
|
764.7
|
14.0
|
|||||||||||
Pretax operating income (loss)
|
$
|
9.7
|
$
|
71.0
|
-86.3
|
%
|
$
|
80.8
|
$
|
139.5
|
-42.1
|
%
|
Claim ratio
|
81.9
|
%
|
71.7
|
%
|
76.7
|
%
|
72.7
|
%
|
|||||||
Expense ratio
|
26.5
|
26.2
|
26.3
|
25.2
|
|||||||||||
Composite ratio
|
108.4
|
%
|
97.9
|
%
|
103.0
|
%
|
97.9
|
%
|
B. All CCI run-off
business reclassification(*):
|
|||||||||||||||||
Net premiums earned
|
$
|
11.5
|
$
|
8.5
|
35.3
|
%
|
$
|
23.6
|
$
|
29.4
|
-19.7
|
%
|
|||||
Net investment income
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Benefits and claim costs
|
60.4
|
18.3
|
230.1
|
80.7
|
58.4
|
38.2
|
|||||||||||
Pretax operating income (loss)
|
$
|
(49.8)
|
$
|
(11.0)
|
-352.7
|
%
|
$
|
(59.3)
|
$
|
(31.3)
|
-89.5
|
%
|
Claim ratio
|
524.6
|
%
|
215.1
|
%
|
341.9
|
%
|
198.8
|
%
|
|||||||
Expense ratio
|
8.3
|
14.7
|
9.5
|
7.9
|
|||||||||||
Composite ratio
|
532.9
|
%
|
229.8
|
%
|
351.4
|
%
|
206.7
|
%
|
C. After reclassification/
Total Excluding all
|
|||||||||||||||||
CCI run-off business:
|
|||||||||||||||||
Net premiums earned
|
$
|
564.1
|
$
|
510.5
|
10.5
|
%
|
$
|
1,113.1
|
$
|
1,022.0
|
8.9
|
%
|
|||||
Net investment income
|
66.6
|
68.2
|
-2.3
|
133.3
|
134.6
|
-.9
|
|||||||||||
Benefits and claim costs
|
411.0
|
353.7
|
16.2
|
791.0
|
706.3
|
12.0
|
|||||||||||
Pretax operating income (loss)
|
$
|
59.6
|
$
|
82.0
|
-27.3
|
%
|
$
|
140.1
|
$
|
170.9
|
-18.0
|
%
|
Claim ratio
|
72.9
|
%
|
69.3
|
%
|
71.1
|
%
|
69.1
|
%
|
|||||||
Expense ratio
|
26.9
|
26.3
|
26.7
|
25.7
|
|||||||||||
Composite ratio
|
99.8
|
%
|
95.6
|
%
|
97.8
|
%
|
94.8
|
%
|
Title Insurance Group
|
|||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
||||||||||||
Net premiums and fees earned
|
$
|
403.4
|
$
|
327.1
|
23.3
|
%
|
$
|
758.4
|
$
|
659.9
|
14.9
|
%
|
|||||
Net investment income
|
6.8
|
6.9
|
-.9
|
13.6
|
13.6
|
.4
|
|||||||||||
Claim costs
|
29.4
|
25.1
|
17.3
|
55.1
|
51.1
|
7.9
|
|||||||||||
Pretax operating income (loss)
|
$
|
22.5
|
$
|
5.5
|
303.8
|
%
|
$
|
31.9
|
$
|
8.1
|
289.8
|
%
|
Claim ratio
|
7.3
|
%
|
7.7
|
%
|
7.3
|
%
|
7.8
|
%
|
|||||||
Expense ratio
|
88.3
|
92.3
|
89.8
|
92.7
|
|||||||||||
Composite ratio
|
95.6
|
%
|
100.0
|
%
|
97.1
|
%
|
100.5
|
%
|
RFIG Run-off Business
|
|||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
||||||||||||
A. Prior to reclassification/
|
|||||||||||||||||
Excluding CCI run-off business:
|
|||||||||||||||||
Net premiums earned
|
$
|
96.3
|
$
|
111.7
|
-13.8
|
%
|
$
|
199.6
|
$
|
225.7
|
-11.6
|
%
|
|||||
Net investment income
|
9.6
|
16.0
|
-40.0
|
19.9
|
32.7
|
-39.1
|
|||||||||||
Claim costs
|
205.8
|
283.7
|
-27.5
|
385.2
|
496.5
|
-22.4
|
|||||||||||
Pretax operating income (loss)
|
$
|
(110.3)
|
$
|
(175.8)
|
37.3
|
%
|
$
|
(192.1)
|
$
|
(277.0)
|
30.6
|
%
|
Claim ratio
|
213.7
|
%
|
253.9
|
%
|
193.0
|
%
|
220.0
|
%
|
|||||||
Expense ratio
|
8.5
|
16.0
|
11.2
|
15.5
|
|||||||||||
Composite ratio
|
222.2
|
%
|
269.9
|
%
|
204.2
|
%
|
235.5
|
%
|
B. CCI run-off business
reclassification(*):
|
|||||||||||||||||
Net premiums earned
|
$
|
11.5
|
$
|
8.5
|
35.3
|
%
|
$
|
23.6
|
$
|
29.4
|
-19.7
|
%
|
|||||
Net investment income
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Claim costs
|
60.4
|
18.3
|
230.1
|
80.7
|
58.4
|
38.2
|
|||||||||||
Pretax operating income (loss)
|
$
|
(49.8)
|
$
|
(11.0)
|
-352.7
|
%
|
$
|
(59.3)
|
$
|
(31.3)
|
-89.5
|
%
|
Claim ratio
|
524.6
|
%
|
215.1
|
%
|
341.9
|
%
|
198.8
|
%
|
|||||||
Expense ratio
|
8.3
|
14.7
|
9.5
|
7.9
|
|||||||||||
Composite ratio
|
532.9
|
%
|
229.8
|
%
|
351.4
|
%
|
206.7
|
%
|
C. After reclassification/Total
|
|||||||||||||||||
RFIG run-off MI and CCI business:
|
|||||||||||||||||
Net premiums earned
|
$
|
107.8
|
$
|
120.2
|
-10.3
|
%
|
$
|
223.2
|
$
|
255.1
|
-12.5
|
%
|
|||||
Net investment income
|
9.6
|
16.0
|
-40.0
|
19.9
|
32.7
|
-39.1
|
|||||||||||
Claim costs
|
266.3
|
302.1
|
-11.9
|
465.9
|
554.9
|
-16.0
|
|||||||||||
Pretax operating income (loss)
|
$
|
(160.2)
|
$
|
(186.9)
|
14.3
|
%
|
$
|
(251.5)
|
$
|
(308.4)
|
18.5
|
%
|
Claim ratio
|
246.9
|
%
|
251.2
|
%
|
208.7
|
%
|
217.5
|
%
|
|||||||
Expense ratio
|
8.5
|
15.9
|
11.0
|
14.7
|
|||||||||||
Composite ratio
|
255.4
|
%
|
267.1
|
%
|
219.7
|
%
|
232.2
|
%
|
Corporate and Other Operations
|
|||||||||||||||||
Quarters Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
||||||||||||
Life & health premiums earned
|
$
|
13.0
|
$
|
19.8
|
-34.0
|
%
|
$
|
31.3
|
$
|
43.6
|
-28.3
|
%
|
|||||
Net investment income
|
1.8
|
1.9
|
-3.2
|
3.9
|
3.6
|
6.6
|
|||||||||||
Other income
|
0.4
|
0.6
|
-23.4
|
1.0
|
1.2
|
-14.7
|
|||||||||||
Benefits and claim costs
|
9.7
|
10.6
|
-8.3
|
21.0
|
22.2
|
-5.7
|
|||||||||||
Insurance expenses
|
6.2
|
10.9
|
-42.7
|
14.3
|
23.5
|
-39.2
|
|||||||||||
Corporate and other expenses-net
|
1.7
|
6.9
|
-75.3
|
7.5
|
10.2
|
-26.9
|
|||||||||||
Pretax operating income (loss)
|
$
|
(2.2)
|
$
|
(6.1)
|
62.8
|
%
|
$
|
(6.5)
|
$
|
(7.5)
|
13.1
|
%
|
Cash, Invested Assets, and Shareholders' Equity
|
|||||||||||||||||
% Change
|
|||||||||||||||||
June 30,
|
Dec. 31,
|
June 30,
|
June '12/
|
June '12/
|
|||||||||||||
2012
|
2011
|
2011
|
Dec '11
|
June '11
|
|||||||||||||
Cash and invested assets:
|
Fair value basis
|
$
|
10,464.2
|
$
|
10,685.2
|
$
|
10,670.4
|
-2.1
|
%
|
-1.9
|
%
|
||||||
Original cost basis
|
$
|
9,774.6
|
$
|
10,081.8
|
$
|
10,187.9
|
-3.0
|
%
|
-4.1
|
%
|
|||||||
Shareholders' equity:
|
Total
|
$
|
3,712.3
|
$
|
3,772.5
|
$
|
3,972.4
|
-1.6
|
%
|
-6.5
|
%
|
||||||
Per common share
|
$
|
14.50
|
$
|
14.76
|
$
|
15.56
|
-1.8
|
%
|
-6.8
|
%
|
|||||||
Composition of shareholders' equity per share:
|
|||||||||||||||||
Equity before items below
|
$
|
12.64
|
$
|
13.13
|
$
|
13.71
|
-3.7
|
%
|
-7.8
|
%
|
|||||||
Unrealized investment gains (losses) and other
|
|||||||||||||||||
accumulated comprehensive income (loss)
|
1.86
|
1.63
|
1.85
|
||||||||||||||
Total
|
$
|
14.50
|
$
|
14.76
|
$
|
15.56
|
-1.8
|
%
|
-6.8
|
%
|
|||||||
Segmented composition of
shareholders' equity per share:
|
|||||||||||||||||
Excluding run-off segment
|
$
|
14.12
|
$
|
14.01
|
$
|
13.82
|
.8
|
%
|
2.2
|
%
|
|||||||
RFIG run-off segment
|
0.38
|
0.75
|
1.74
|
||||||||||||||
Total
|
$
|
14.50
|
$
|
14.76
|
$
|
15.56
|
-1.8
|
%
|
-6.8
|
%
|
Shareholders' Equity Per Share
|
|||||||||
Quarter Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||
2012
|
2012
|
2011
|
|||||||
Beginning balance
|
$
|
14.74
|
$
|
14.76
|
$
|
16.16
|
|||
Changes in shareholders' equity:
|
|||||||||
Net operating income (loss)
|
(0.19)
|
(0.19)
|
(0.32)
|
||||||
Net realized investment gains (losses):
|
|||||||||
From sales
|
0.06
|
0.06
|
0.03
|
||||||
From impairments
|
-
|
-
|
(0.02)
|
||||||
Subtotal
|
0.06
|
0.06
|
0.01
|
||||||
Net unrealized investment gains (losses)
|
0.07
|
0.22
|
0.04
|
||||||
Total realized and unrealized investment gains (losses)
|
0.13
|
0.28
|
0.05
|
||||||
Cash dividends
|
(0.18)
|
(0.36)
|
(0.35)
|
||||||
Stock issuance, foreign exchange, and other transactions
|
-
|
0.01
|
0.02
|
||||||
Net change
|
(0.24)
|
(0.26)
|
(0.60)
|
||||||
Ending balance
|
$
|
14.50
|
$
|
14.50
|
$
|
15.56
|
·
|
Summary Financial Statements and Common Stock Statistics
|
·
|
Safe Harbor Statement
|
Old Republic International Corporation
|
||||||||||
Summary Financial Statements and Common Stock Statistics (Unaudited)
|
||||||||||
June 30,
|
December 31,
|
June 30,
|
||||||||
SUMMARY BALANCE SHEETS:
|
2012
|
2011
|
2011
|
|||||||
Assets:
|
||||||||||
Cash and fixed maturity securities
|
$
|
9,705.0
|
$
|
9,962.5
|
$
|
9,899.1
|
||||
Equity securities
|
627.7
|
580.8
|
622.2
|
|||||||
Other invested assets
|
131.4
|
141.7
|
149.0
|
|||||||
Cash and invested assets
|
10,464.2
|
10,685.2
|
10,670.4
|
|||||||
Accounts and premiums receivable
|
1,113.7
|
1,039.0
|
1,055.5
|
|||||||
Federal income tax recoverable:
|
Current
|
80.4
|
73.5
|
31.7
|
||||||
Deferred
|
109.8
|
116.7
|
97.5
|
|||||||
Reinsurance balances recoverable
|
3,234.5
|
3,243.9
|
3,230.9
|
|||||||
Prepaid federal income taxes
|
1.0
|
1.0
|
63.5
|
|||||||
Sundry assets
|
871.3
|
890.9
|
937.1
|
|||||||
Total
|
$
|
15,875.2
|
$
|
16,050.4
|
$
|
16,086.9
|
||||
Liabilities and Shareholders' Equity:
|
||||||||||
Policy liabilities
|
$
|
1,533.6
|
$
|
1,461.9
|
$
|
1,453.1
|
||||
Benefit and claim reserves
|
8,966.1
|
8,786.6
|
8,680.7
|
|||||||
Debt
|
573.8
|
912.8
|
923.1
|
|||||||
Sundry liabilities
|
1,089.2
|
1,116.3
|
1,057.6
|
|||||||
Shareholders' equity
|
3,712.3
|
3,772.5
|
3,972.4
|
|||||||
Total
|
$
|
15,875.2
|
$
|
16,050.4
|
$
|
16,086.9
|
||||
Quarters Ended
|
Six Months Ended
|
Fiscal Twelve Months Ended
|
||||||||||||||||||
SUMMARY INCOME STATEMENTS:
|
June 30,
|
June 30,
|
June 30,
|
|||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
Net premiums and fees earned
|
$
|
1,088.5
|
$
|
977.7
|
$
|
2,126.1
|
$
|
1,980.8
|
$
|
4,195.4
|
$
|
3,890.3
|
||||||||
Net investment income
|
85.0
|
93.1
|
170.9
|
184.6
|
350.8
|
372.3
|
||||||||||||||
Other income
|
28.3
|
27.0
|
59.9
|
55.5
|
119.6
|
86.9
|
||||||||||||||
Net realized investment gains (losses)
|
22.0
|
(2.9)
|
24.9
|
3.5
|
137.0
|
36.8
|
||||||||||||||
Total revenues
|
1,223.9
|
1,094.9
|
2,382.0
|
2,224.5
|
4,803.0
|
4,386.5
|
||||||||||||||
Benefits and claims
|
716.3
|
691.5
|
1,332.8
|
1,334.7
|
2,762.5
|
2,608.2
|
||||||||||||||
Sales and other expenses
|
565.9
|
511.8
|
1,110.1
|
1,023.1
|
2,204.8
|
1,996.0
|
||||||||||||||
Total expenses
|
1,282.2
|
1,203.3
|
2,443.0
|
2,357.8
|
4,967.4
|
4,604.2
|
||||||||||||||
Pretax income (loss)
|
(58.3)
|
(108.3)
|
(60.9)
|
(133.3)
|
(164.3)
|
(217.7)
|
||||||||||||||
Income taxes (credits)
|
(24.2)
|
(42.0)
|
(27.3)
|
(54.0)
|
(69.5)
|
(86.1)
|
||||||||||||||
Net income (loss)
|
$
|
(34.0)
|
$
|
(66.3)
|
$
|
(33.5)
|
$
|
(79.2)
|
$
|
(94.8)
|
$
|
(131.5)
|
||||||||
COMMON STOCK STATISTICS:
|
||||||||||||||||||||
Net income (loss):
|
Basic
|
$
|
(.13)
|
$
|
(.26)
|
$
|
(.13)
|
$
|
(.31)
|
$
|
(.37)
|
$
|
(.53)
|
|||||||
Diluted
|
$
|
(.13)
|
$
|
(.26)
|
$
|
(.13)
|
$
|
(.31)
|
$
|
(.37)
|
$
|
(.53)
|
||||||||
Components of earnings per share:
|
||||||||||||||||||||
Basic, net operating income (loss)
|
$
|
(.19)
|
$
|
(.25)
|
$
|
(.19)
|
$
|
(.32)
|
$
|
(.73)
|
$
|
(.62)
|
||||||||
Realized investment gains (losses)
|
.06
|
(.01)
|
.06
|
.01
|
.36
|
.09
|
||||||||||||||
Basic net income (loss)
|
$
|
(.13)
|
$
|
(.26)
|
$
|
(.13)
|
$
|
(.31)
|
$
|
(.37)
|
$
|
(.53)
|
||||||||
Diluted, net operating income (loss)
|
$
|
(.19)
|
$
|
(.25)
|
$
|
(.19)
|
$
|
(.32)
|
$
|
(.73)
|
$
|
(.62)
|
||||||||
Realized investment gains (losses)
|
.06
|
(.01)
|
.06
|
.01
|
.36
|
.09
|
||||||||||||||
Diluted net income (loss)
|
$
|
(.13)
|
$
|
(.26)
|
$
|
(.13)
|
$
|
(.31)
|
$
|
(.37)
|
$
|
(.53)
|
||||||||
Cash dividends on common stock
|
$
|
.1775
|
$
|
.1750
|
$
|
.3550
|
$
|
.3500
|
$
|
.7050
|
$
|
.6950
|
||||||||
Book value per share
|
$
|
14.50
|
$
|
15.56
|
||||||||||||||||
Common shares outstanding:
|
||||||||||||||||||||
Average basic
|
255,747,273
|
254,972,652
|
255,609,699
|
254,873,612
|
255,414,620
|
250,237,869
|
||||||||||||||
Average diluted
|
255,747,273
|
254,972,652
|
255,609,699
|
254,873,612
|
255,414,620
|
250,237,869
|
||||||||||||||
Actual, end of period
|
256,068,352
|
255,369,362
|
||||||||||||||||||
SUMMARY STATEMENTS OF COMPREHENSIVE INCOME (LOSS):
|
||||||||||||||||||||
Net income (loss) as reported
|
$
|
(34.0)
|
$
|
(66.3)
|
$
|
(33.5)
|
$
|
(79.2)
|
$
|
(94.8)
|
$
|
(131.5)
|
||||||||
Post-tax net unrealized gains (losses)
|
18.6
|
32.2
|
56.1
|
9.2
|
54.4
|
29.4
|
||||||||||||||
Other adjustments
|
(1.9)
|
(1.8)
|
3.2
|
3.7
|
(51.1)
|
5.9
|
||||||||||||||
Net adjustments
|
16.7
|
30.4
|
59.4
|
13.0
|
3.3
|
35.4
|
||||||||||||||
Comprehensive income (loss)
|
$
|
(17.2)
|
$
|
(35.8)
|
$
|
25.8
|
$
|
(66.2)
|
$
|
(91.5)
|
$
|
(96.1)
|
||||||||
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