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 25, 2013
|
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 FINANCIAL RESULTS FOR THE FIRST QUARTER 2013
|
|
Financial Highlights (*)
|
|||||||||||
Quarters Ended March 31,
|
|||||||||||
2013
|
2012
|
Change
|
|||||||||
Operating Revenues:
|
|||||||||||
Excluding run-off business
|
$
|
1,168.4
|
$
|
1,029.0
|
13.5
|
%
|
|||||
RFIG run-off business
|
96.9
|
126.0
|
-23.1
|
||||||||
Total
|
$
|
1,265.4
|
$
|
1,155.1
|
9.5
|
%
|
|||||
Net Operating Income (Loss):
|
|||||||||||
Excluding run-off business
|
$
|
66.4
|
$
|
57.9
|
14.7
|
%
|
|||||
RFIG run-off business
|
(13.1)
|
(59.3)
|
77.8
|
||||||||
Total
|
$
|
53.2
|
$
|
(1.4)
|
N/M
|
%
|
|||||
Net Income (Loss):
|
|||||||||||
Excluding run-off business
|
$
|
69.1
|
$
|
59.8
|
15.6
|
%
|
|||||
RFIG run-off business
|
(12.9)
|
(59.3)
|
78.3
|
||||||||
Total
|
$
|
56.2
|
$
|
0.4
|
N/M
|
%
|
|||||
Diluted Earnings Per Share:
|
|||||||||||
Net Operating Income (Loss)
|
|||||||||||
Excluding run-off business
|
$
|
0.24
|
$
|
0.22
|
9.1
|
%
|
|||||
RFIG run-off business
|
(0.04)
|
(0.23)
|
82.6
|
||||||||
Total
|
$
|
0.20
|
$
|
(0.01)
|
N/M
|
%
|
|||||
Net Income (Loss)
|
|||||||||||
Excluding run-off business
|
$
|
0.25
|
$
|
0.23
|
8.7
|
%
|
|||||
RFIG run-off business
|
(0.04)
|
(0.23)
|
82.6
|
||||||||
Total
|
$
|
0.21
|
$
|
-
|
N/M
|
%
|
|||||
Cash Dividends Per Share
|
$
|
0.1800
|
$
|
0.1775
|
1.4
|
%
|
|||||
Ending Book Value Per Share
|
$
|
14.31
|
$
|
14.74
|
-2.9
|
%
|
|||||
(*) Unaudited; All amounts in this report are in millions except per share data and percentages.
N/M = Not meaningful
|
Quarters Ended March 31,
|
|||||||||||
2013
|
2012
|
||||||||||
Operating revenues:
|
|||||||||||
General insurance
|
$
|
681.8
|
$
|
645.8
|
|||||||
Title insurance
|
467.7
|
362.2
|
|||||||||
Corporate and other
|
18.8
|
20.9
|
|||||||||
Subtotal
|
1,168.4
|
1,029.0
|
|||||||||
RFIG run-off business
|
96.9
|
126.0
|
|||||||||
Total
|
$
|
1,265.4
|
$
|
1,155.1
|
|||||||
Pretax operating income (loss):
|
|||||||||||
General insurance
|
$
|
76.0
|
$
|
80.5
|
|||||||
Title insurance
|
21.5
|
9.4
|
|||||||||
Corporate and other
|
2.6
|
(4.2)
|
|||||||||
Subtotal
|
100.2
|
85.6
|
|||||||||
RFIG run-off business
|
(20.2)
|
(91.2)
|
|||||||||
Total
|
79.9
|
(5.6)
|
|||||||||
Realized investment gains (losses):
|
|||||||||||
From sales
|
4.5
|
2.9
|
|||||||||
From impairments
|
-
|
-
|
|||||||||
Net realized investment gains (losses)
|
4.5
|
2.9
|
|||||||||
Consolidated pretax income (loss)
|
84.5
|
(2.6)
|
|||||||||
Income taxes (credits)
|
28.3
|
(3.1)
|
|||||||||
Net income (loss)
|
$
|
56.2
|
$
|
0.4
|
Consolidated underwriting ratio:
|
|||||||||||
Including RFIG run-off business:
|
|||||||||||
Benefits and claim ratio
|
50.1
|
%
|
59.4
|
%
|
|||||||
Expense ratio
|
49.1
|
47.6
|
|||||||||
Composite ratio
|
99.2
|
%
|
107.0
|
%
|
|||||||
Excluding RFIG run-off business:
|
|||||||||||
Benefits and claim ratio
|
43.9
|
%
|
45.2
|
%
|
|||||||
Expense ratio
|
52.6
|
51.9
|
|||||||||
Composite ratio
|
96.5
|
%
|
97.1
|
%
|
Diluted earnings per share:
|
|||||||||||
Net operating income (loss)
|
$
|
0.20
|
$
|
(0.01)
|
|||||||
Net realized investment gains (losses)
|
0.01
|
0.01
|
|||||||||
Net income (loss)
|
$
|
0.21
|
$
|
-
|
|||||||
Cash dividends paid per share
|
$
|
0.1800
|
$
|
0.1775
|
Components of diluted
|
|||||||||||
earnings per share:
|
|||||||||||
Net operating income (loss):
|
|||||||||||
General insurance
|
$
|
0.17
|
$
|
0.21
|
|||||||
Title insurance
|
0.05
|
0.02
|
|||||||||
Corporate and other
|
0.02
|
(0.01)
|
|||||||||
Subtotal
|
0.24
|
0.22
|
|||||||||
RFIG run-off business
|
(0.04)
|
(0.23)
|
|||||||||
Total
|
0.20
|
(0.01)
|
|||||||||
Net realized investment gains (losses)
|
0.01
|
0.01
|
|||||||||
Net income (loss)
|
$
|
0.21
|
$
|
-
|
Quarters Ended
|
|||||||||||
March 31,
|
|||||||||||
2013
|
2012
|
||||||||||
Realized gains (losses) from sales of
|
|||||||||||
previously impaired securities:
|
|||||||||||
Actual tax basis (loss) on sales
|
$
|
-
|
$
|
-
|
|||||||
Accounting adjustment for impairment
|
|||||||||||
charges taken in prior periods
|
-
|
-
|
|||||||||
Net amount included herein
|
-
|
-
|
|||||||||
Net realized gains from sales of all other securities
|
4.5
|
2.9
|
|||||||||
Net gain (loss) from actual sales
|
4.5
|
2.9
|
|||||||||
Net realized losses from impairments
|
-
|
-
|
|||||||||
Net realized investment gains (losses) reported herein
|
$
|
4.5
|
$
|
2.9
|
General Insurance Group
|
|||||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||||
2013
|
2012
|
Change
|
|||||||||||||||
A. Prior to reclassification/ Including CCI run-off business:
|
|||||||||||||||||
Net premiums earned
|
$
|
608.0
|
$
|
561.0
|
8.4
|
%
|
|||||||||||
Net investment income
|
62.3
|
66.6
|
-6.5
|
||||||||||||||
Benefits and claim costs
|
446.5
|
400.2
|
11.6
|
||||||||||||||
Pretax operating income (loss)
|
$
|
68.9
|
$
|
71.0
|
-3.0
|
%
|
Claim ratio
|
73.4
|
%
|
71.3
|
%
|
|||||||||||
Expense ratio
|
24.2
|
26.1
|
|||||||||||||
Composite ratio
|
97.6
|
%
|
97.4
|
%
|
B. All CCI run-off business reclassification(*):
|
|||||||||||||||||
Net premiums earned
|
$
|
7.8
|
$
|
12.0
|
-35.1
|
%
|
|||||||||||
Net investment income
|
-
|
-
|
-
|
||||||||||||||
Benefits and claim costs
|
15.1
|
20.2
|
-25.4
|
||||||||||||||
Pretax operating income (loss)
|
$
|
(7.1)
|
$
|
(9.4)
|
24.0
|
%
|
Claim ratio
|
192.6
|
%
|
167.6
|
%
|
|||||||||||
Expense ratio
|
-0.1
|
10.5
|
|||||||||||||
Composite ratio
|
192.5
|
%
|
178.1
|
%
|
C. After reclassification/Total Excluding all CCI run-off business:
|
|||||||||||||||||
Net premiums earned
|
$
|
600.2
|
$
|
548.9
|
9.3
|
%
|
|||||||||||
Net investment income
|
62.2
|
66.6
|
-6.6
|
||||||||||||||
Benefits and claim costs
|
431.4
|
379.9
|
13.6
|
||||||||||||||
Pretax operating income (loss)
|
$
|
76.0
|
$
|
80.5
|
-5.5
|
%
|
Claim ratio
|
71.9
|
%
|
69.2
|
%
|
|||||||||||
Expense ratio
|
24.5
|
26.5
|
|||||||||||||
Composite ratio
|
96.4
|
%
|
95.7
|
%
|
Title Insurance Group
|
|||||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||||
2013
|
2012
|
Change
|
|||||||||||||||
Net premiums and fees earned
|
$
|
460.5
|
$
|
355.0
|
29.7
|
%
|
|||||||||||
Net investment income
|
6.5
|
6.7
|
-3.9
|
||||||||||||||
Claim costs
|
31.5
|
25.6
|
22.9
|
||||||||||||||
Pretax operating income (loss)
|
$
|
21.5
|
$
|
9.4
|
128.4
|
%
|
Claim ratio
|
6.9
|
%
|
7.2
|
%
|
|||||||||||
Expense ratio
|
89.5
|
91.5
|
|||||||||||||
Composite ratio
|
96.4
|
%
|
98.7
|
%
|
RFIG Run-off Business
|
|||||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||||
2013
|
2012
|
Change
|
|||||||||||||||
A. Prior to reclassification/ Excluding CCI run-off business:
|
|||||||||||||||||
Net premiums earned
|
$
|
79.9
|
$
|
103.2
|
-22.6
|
%
|
|||||||||||
Net investment income
|
9.0
|
10.3
|
-11.9
|
||||||||||||||
Claim costs
|
95.7
|
179.3
|
-46.6
|
||||||||||||||
Pretax operating income (loss)
|
$
|
(13.0)
|
$
|
(81.8)
|
84.1
|
%
|
Claim ratio
|
119.8
|
%
|
173.6
|
%
|
|||||||||||
Expense ratio
|
7.9
|
13.6
|
|||||||||||||
Composite ratio
|
127.7
|
%
|
187.2
|
%
|
B. CCI run-off business reclassification(*):
|
|||||||||||||||||
Net premiums earned
|
$
|
7.8
|
$
|
12.0
|
-35.1
|
%
|
|||||||||||
Net investment income
|
-
|
-
|
-
|
||||||||||||||
Claim costs
|
15.1
|
20.2
|
-25.4
|
||||||||||||||
Pretax operating income (loss)
|
$
|
(7.1)
|
$
|
(9.4)
|
24.0
|
%
|
Claim ratio
|
192.6
|
%
|
167.6
|
%
|
|||||||||||
Expense ratio
|
-0.1
|
10.5
|
|||||||||||||
Composite ratio
|
192.5
|
%
|
178.1
|
%
|
C. After reclassification/Total RFIG run-off MI and CCI business:
|
|||||||||||||||||
Net premiums earned
|
$
|
87.7
|
$
|
115.3
|
-23.9
|
%
|
|||||||||||
Net investment income
|
9.1
|
10.3
|
-11.2
|
||||||||||||||
Claim costs
|
110.8
|
199.5
|
-44.4
|
||||||||||||||
Pretax operating income (loss)
|
$
|
(20.2)
|
$
|
(91.2)
|
77.8
|
%
|
Claim ratio
|
126.4
|
%
|
173.0
|
%
|
|||||||||||
Expense ratio
|
7.1
|
13.3
|
|||||||||||||
Composite ratio
|
133.5
|
%
|
186.3
|
%
|
Corporate and Other Operations
|
|||||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||||
2013
|
2012
|
Change
|
|||||||||||||||
Life & accident premiums earned
|
$
|
17.1
|
$
|
18.2
|
-6.3
|
%
|
|||||||||||
Net investment income
|
1.4
|
2.0
|
-32.7
|
||||||||||||||
Other income
|
.3
|
.5
|
-46.4
|
||||||||||||||
Benefits and claim costs
|
9.7
|
11.3
|
-14.0
|
||||||||||||||
Insurance expenses
|
7.6
|
8.0
|
-5.5
|
||||||||||||||
Corporate, interest, and other expenses-net
|
(1.1)
|
5.7
|
-119.7
|
||||||||||||||
Pretax operating income (loss)
|
$
|
2.6
|
$
|
(4.2)
|
161.6
|
%
|
Cash, Invested Assets, and Shareholders' Equity
|
||||||||||||||||||
% Change
|
||||||||||||||||||
March 31,
|
Dec. 31,
|
March 31,
|
March '13/
|
March '13/
|
||||||||||||||
2013
|
2012
|
2012
|
Dec '12
|
March '12
|
||||||||||||||
Cash and invested assets:
|
Fair value basis
|
$
|
10,986.5
|
$
|
10,800.6
|
$
|
10,739.0
|
1.7
|
%
|
2.3
|
%
|
|||||||
Original cost basis
|
$
|
10,152.7
|
$
|
10,071.4
|
$
|
10,078.1
|
.8
|
%
|
.7
|
%
|
||||||||
Shareholders' equity:
|
Total
|
$
|
3,673.3
|
$
|
3,596.2
|
$
|
3,773.3
|
2.1
|
%
|
-2.6
|
%
|
|||||||
Per common share
|
$
|
14.31
|
$
|
14.03
|
$
|
14.74
|
2.0
|
%
|
-2.9
|
%
|
||||||||
Composition of shareholders' equity per share:
|
||||||||||||||||||
Equity before items below
|
$
|
12.18
|
$
|
12.15
|
$
|
12.95
|
.2
|
%
|
-5.9
|
%
|
||||||||
Unrealized investment gains (losses) and other
|
||||||||||||||||||
accumulated comprehensive income (loss)
|
2.13
|
1.88
|
1.79
|
13.3
|
19.0
|
|||||||||||||
Total
|
$
|
14.31
|
$
|
14.03
|
$
|
14.74
|
2.0
|
%
|
-2.9
|
%
|
||||||||
Segmented composition of
shareholders' equity per share:
|
||||||||||||||||||
Excluding run-off segment
|
$
|
14.58
|
$
|
14.25
|
$
|
14.11
|
2.3
|
%
|
3.3
|
%
|
||||||||
RFIG run-off segment
|
(0.27)
|
(0.22)
|
0.63
|
|||||||||||||||
Total
|
$
|
14.31
|
$
|
14.03
|
$
|
14.74
|
2.0
|
%
|
-2.9
|
%
|
Shareholders' Equity Per Share
|
|||||||||
Quarters Ended March 31,
|
|||||||||
2013
|
2012
|
||||||||
Beginning balance
|
$
|
14.03
|
$
|
14.76
|
|||||
Changes in shareholders' equity:
|
|||||||||
Net operating income (loss)
|
0.21
|
(0.01)
|
|||||||
Net realized investment gains (losses):
|
|||||||||
From sales
|
0.01
|
0.01
|
|||||||
From impairments
|
-
|
-
|
|||||||
Subtotal
|
0.01
|
0.01
|
|||||||
Net unrealized investment gains (losses)
|
0.26
|
0.15
|
|||||||
Total realized and unrealized investment gains (losses)
|
0.27
|
0.16
|
|||||||
Cash dividends
|
(0.18)
|
(0.18)
|
|||||||
Stock issuance, foreign exchange, and other transactions
|
(0.02)
|
0.01
|
|||||||
Net change
|
0.28
|
(0.02)
|
|||||||
Ending balance
|
$
|
14.31
|
$
|
14.74
|
·
|
Log on to the Company's website at www.oldrepublic.com 15 minutes before the call to download the necessary software, or, alternatively
|
·
|
the call can also be accessed by phone at 888-427-9376.
|
·
|
Summary Financial Statements and Common Stock Statistics
|
·
|
Safe Harbor Statement
|
Old Republic International Corporation
|
||||||||||
Summary Financial Statements and Common Stock Statistics (Unaudited)
|
||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||
SUMMARY BALANCE SHEETS:
|
2013
|
2012
|
2012
|
|||||||
Assets:
|
||||||||||
Cash and fixed maturity securities
|
$
|
9,994.8
|
$
|
9,932.4
|
$
|
9,957.8
|
||||
Equity securities
|
873.2
|
739.7
|
642.9
|
|||||||
Other invested assets
|
118.4
|
128.4
|
138.2
|
|||||||
Cash and invested assets
|
10,986.5
|
10,800.6
|
10,739.0
|
|||||||
Accounts and premiums receivable
|
1,183.9
|
1,134.7
|
1,105.3
|
|||||||
Federal income tax recoverable:
|
Current
|
54.6
|
71.9
|
77.5
|
||||||
Deferred
|
78.5
|
148.1
|
99.8
|
|||||||
Reinsurance balances recoverable
|
3,273.1
|
3,237.1
|
3,254.0
|
|||||||
Sundry assets
|
833.9
|
834.1
|
889.0
|
|||||||
Total
|
$
|
16,410.7
|
$
|
16,226.8
|
$
|
16,164.8
|
||||
Liabilities and Shareholders' Equity:
|
||||||||||
Policy liabilities
|
$
|
1,628.7
|
$
|
1,566.3
|
$
|
1,524.4
|
||||
Benefit and claim reserves
|
9,353.4
|
9,303.3
|
8,817.9
|
|||||||
Debt
|
570.0
|
572.9
|
910.1
|
|||||||
Sundry liabilities
|
1,185.0
|
1,188.0
|
1,138.9
|
|||||||
Shareholders' equity
|
3,673.3
|
3,596.2
|
3,773.3
|
|||||||
Total
|
$
|
16,410.7
|
$
|
16,226.8
|
$
|
16,164.8
|
||||
Quarters Ended
|
Fiscal Twelve Months Ended
|
|||||||||||||
SUMMARY INCOME STATEMENTS:
|
March 31,
|
March 31,
|
||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||
Net premiums and fees earned
|
$
|
1,165.6
|
$
|
1,037.5
|
$
|
4,599.1
|
$
|
4,084.6
|
||||||
Net investment income
|
79.3
|
85.8
|
330.0
|
359.0
|
||||||||||
Other income
|
20.4
|
31.6
|
103.3
|
118.3
|
||||||||||
Net realized investment gains (losses)
|
4.5
|
2.9
|
49.5
|
112.0
|
||||||||||
Total revenues
|
1,269.9
|
1,158.0
|
5,082.0
|
4,674.0
|
||||||||||
Benefits and claims
|
583.6
|
616.5
|
2,732.5
|
2,737.7
|
||||||||||
Sales and general expenses
|
595.9
|
529.2
|
2,363.8
|
2,082.9
|
||||||||||
Interest and other charges
|
5.8
|
14.9
|
27.0
|
67.7
|
||||||||||
Total expenses
|
1,185.4
|
1,160.7
|
5,123.4
|
4,888.4
|
||||||||||
Pretax income (loss)
|
84.5
|
(2.6)
|
(41.3)
|
(214.4)
|
||||||||||
Income taxes (credits)
|
28.3
|
(3.1)
|
(28.4)
|
(87.3)
|
||||||||||
Net income (loss)
|
$
|
56.2
|
$
|
.4
|
$
|
(12.9)
|
$
|
(127.0)
|
||||||
COMMON STOCK STATISTICS:
|
||||||||||||||
Net income (loss):
|
Basic
|
$
|
0.22
|
$
|
-
|
$
|
(0.05)
|
$
|
(.49)
|
|||||
Diluted
|
$
|
0.21
|
$
|
-
|
$
|
(0.05)
|
$
|
(.49)
|
||||||
Components of earnings per share:
|
||||||||||||||
Basic, net operating income (loss)
|
$
|
0.21
|
$
|
(.01)
|
$
|
(0.18)
|
$
|
(.79)
|
||||||
Realized investment gains (losses)
|
0.01
|
.01
|
0.13
|
.30
|
||||||||||
Basic net income (loss)
|
$
|
0.22
|
$
|
-
|
$
|
(0.05)
|
$
|
(.49)
|
||||||
Diluted, net operating income (loss)
|
$
|
0.20
|
$
|
(.01)
|
$
|
(0.18)
|
$
|
(.79)
|
||||||
Realized investment gains (losses)
|
0.01
|
.01
|
0.13
|
.30
|
||||||||||
Diluted net income (loss)
|
$
|
0.21
|
$
|
-
|
$
|
(0.05)
|
$
|
(.49)
|
||||||
Cash dividends on common stock
|
$
|
.1800
|
$
|
.1775
|
$
|
.7125
|
$
|
.7025
|
||||||
Book value per share
|
$
|
14.31
|
$
|
14.74
|
||||||||||
Common shares outstanding:
|
||||||||||||||
Average basic
|
256,279,364
|
255,473,634
|
256,036,031
|
255,224,798
|
||||||||||
Average diluted
|
292,081,785
|
255,779,449
|
256,036,031
|
255,224,798
|
||||||||||
Actual, end of period
|
256,619,874
|
255,942,646
|
||||||||||||
SUMMARY STATEMENTS OF COMPREHENSIVE INCOME (LOSS):
|
||||||||||||||
Net income (loss) as reported
|
$
|
56.2
|
$
|
.4
|
$
|
(12.9)
|
$
|
(127.0)
|
||||||
Post-tax net unrealized gains (losses)
|
67.9
|
37.4
|
104.3
|
67.9
|
||||||||||
Other adjustments
|
(1.2)
|
5.1
|
(14.6)
|
(51.0)
|
||||||||||
Net adjustments
|
66.6
|
42.6
|
89.6
|
16.9
|
||||||||||
Comprehensive income (loss)
|
$
|
122.8
|
$
|
43.1
|
$
|
76.6
|
$
|
(110.1)
|
||||||
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