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: January 24, 2014
|
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 RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2013
|
|
|
Financial Highlights (*)
|
|||||||||||||||||||
Quarters Ended December 31,
|
Years Ended December 31,
|
|||||||||||||||||||
2013
|
2012
|
Change
|
2013
|
2012
|
Change
|
|||||||||||||||
Operating Revenues:
|
||||||||||||||||||||
Excluding run-off business
|
$
|
1,248.0
|
$
|
1,181.6
|
5.6
|
%
|
$
|
4,941.1
|
$
|
4,474.9
|
10.4
|
%
|
||||||||
RFIG run-off business
|
82.0
|
97.4
|
-15.7
|
353.4
|
447.3
|
-21.0
|
||||||||||||||
Total
|
$
|
1,330.1
|
$
|
1,279.0
|
4.0
|
%
|
$
|
5,294.5
|
$
|
4,922.2
|
7.6
|
%
|
||||||||
Net Operating Income (Loss):
|
||||||||||||||||||||
Excluding run-off business
|
$
|
69.2
|
$
|
57.6
|
20.1
|
%
|
$
|
280.1
|
$
|
231.0
|
21.3
|
%
|
||||||||
RFIG run-off business
|
24.5
|
(80.6)
|
130.4
|
71.4
|
(330.8)
|
121.6
|
||||||||||||||
Total
|
93.7
|
(23.0)
|
N/M
|
351.6
|
(99.7)
|
N/M
|
||||||||||||||
Realized Investment
|
||||||||||||||||||||
Gains (Losses), net of tax
|
0.9
|
2.7
|
-63.9
|
%
|
96.2
|
31.1
|
209.6
|
%
|
||||||||||||
Net Income (Loss)
|
$
|
94.7
|
$
|
(20.2)
|
N/M
|
$
|
447.8
|
$
|
(68.6)
|
N/M
|
||||||||||
Components of Net Income (Loss):
|
||||||||||||||||||||
Excluding run-off business
|
$
|
70.1
|
$
|
60.1
|
16.6
|
%
|
$
|
381.0
|
$
|
253.1
|
50.5
|
%
|
||||||||
RFIG run-off business
|
24.6
|
(80.4)
|
130.6
|
%
|
66.8
|
(321.8)
|
120.8
|
%
|
||||||||||||
Total
|
$
|
94.7
|
$
|
(20.2)
|
N/M
|
$
|
447.8
|
$
|
(68.6)
|
N/M
|
||||||||||
Diluted Earnings Per Share:
|
||||||||||||||||||||
Net Operating Income (Loss)
|
||||||||||||||||||||
Excluding run-off business
|
$
|
0.25
|
$
|
0.23
|
8.7
|
%
|
$
|
1.01
|
$
|
0.90
|
12.2
|
%
|
||||||||
RFIG run-off business
|
0.08
|
(0.32)
|
125.0
|
%
|
0.24
|
(1.29)
|
118.6
|
%
|
||||||||||||
Total
|
0.33
|
(0.09)
|
N/M
|
1.25
|
(0.39)
|
N/M
|
||||||||||||||
Realized Investment
|
||||||||||||||||||||
Gains (Losses), net of tax
|
-
|
0.01
|
N/M
|
0.32
|
0.12
|
166.7
|
%
|
|||||||||||||
Net Income (Loss)
|
$
|
0.33
|
$
|
(0.08)
|
N/M
|
$
|
1.57
|
$
|
(0.27)
|
N/M
|
||||||||||
Components of Net Income (Loss):
|
||||||||||||||||||||
Excluding run-off business
|
$
|
0.25
|
$
|
0.23
|
8.7
|
%
|
$
|
1.35
|
$
|
0.99
|
36.4
|
%
|
||||||||
RFIG run-off business
|
0.08
|
(0.31)
|
125.8
|
0.22
|
(1.26)
|
117.5
|
||||||||||||||
Total
|
$
|
0.33
|
$
|
(0.08)
|
N/M
|
$
|
1.57
|
$
|
(0.27)
|
N/M
|
||||||||||
Cash Dividends Per Share
|
$
|
0.1800
|
$
|
0.1775
|
1.4
|
%
|
$
|
0.7200
|
$
|
0.7100
|
1.4
|
%
|
||||||||
Ending Book Value Per Share
|
$
|
14.64
|
$
|
14.03
|
4.3
|
%
|
||||||||||||||
(*) Unaudited; All amounts in this report are in millions except per share data and percentages.
N/M = Not meaningful
|
Quarters Ended December 31,
|
Years Ended December 31,
|
||||||||||
2013
|
2012
|
2013
|
2012
|
||||||||
Operating revenues:
|
|||||||||||
General insurance
|
$
|
740.9
|
$
|
686.8
|
$
|
2,849.9
|
$
|
2,699.4
|
|||
Title insurance
|
490.7
|
478.6
|
2,025.6
|
1,707.1
|
|||||||
Corporate and other
|
16.3
|
16.0
|
65.6
|
68.3
|
|||||||
Subtotal
|
1,248.0
|
1,181.6
|
4,941.1
|
4,474.9
|
|||||||
RFIG run-off business
|
82.0
|
97.4
|
353.4
|
447.3
|
|||||||
Total
|
$
|
1,330.1
|
$
|
1,279.0
|
$
|
5,294.5
|
$
|
4,922.2
|
|||
Pretax operating income (loss):
|
|||||||||||
General insurance
|
$
|
78.8
|
$
|
60.5
|
$
|
288.3
|
$
|
261.0
|
|||
Title insurance
|
25.7
|
20.2
|
124.3
|
73.8
|
|||||||
Corporate and other
|
(1.5)
|
2.6
|
2.1
|
(2.7)
|
|||||||
Subtotal
|
102.9
|
83.3
|
414.7
|
332.1
|
|||||||
RFIG run-off business
|
37.8
|
(124.0)
|
110.0
|
(508.6)
|
|||||||
Total
|
140.7
|
(40.7)
|
524.8
|
(176.4)
|
|||||||
Realized investment gains (losses):
|
|||||||||||
From sales
|
1.5
|
4.4
|
148.1
|
48.1
|
|||||||
From impairments
|
-
|
(0.2)
|
-
|
(0.2)
|
|||||||
Net realized investment gains (losses)
|
1.5
|
4.2
|
148.1
|
47.8
|
|||||||
Consolidated pretax income (loss)
|
142.2
|
(36.4)
|
672.9
|
(128.5)
|
|||||||
Income taxes (credits)
|
47.5
|
(16.2)
|
225.0
|
(59.8)
|
|||||||
Net income (loss)
|
$
|
94.7
|
$
|
(20.2)
|
$
|
447.8
|
$
|
(68.6)
|
|||
Consolidated underwriting ratio:
|
|||||||||||
Including RFIG run-off business:
|
|||||||||||
Benefits and claim ratio
|
45.8%
|
59.2%
|
45.8%
|
61.9%
|
|||||||
Expense ratio
|
48.7
|
50.8
|
49.2
|
48.5
|
|||||||
Composite ratio
|
94.5%
|
110.0%
|
95.0%
|
110.4%
|
|||||||
Excluding RFIG run-off business:
|
|||||||||||
Benefits and claim ratio
|
45.4%
|
44.5%
|
44.2%
|
45.7%
|
|||||||
Expense ratio
|
51.3
|
54.1
|
52.1
|
52.4
|
|||||||
Composite ratio
|
96.7%
|
98.6%
|
96.3%
|
98.1%
|
|||||||
Components of diluted
|
|||||||||||
earnings per share:
|
|||||||||||
Net operating income (loss):
|
|||||||||||
General insurance
|
$
|
0.18
|
$
|
0.17
|
$
|
0.67
|
$
|
0.72
|
|||
Title insurance
|
0.06
|
0.05
|
0.28
|
0.18
|
|||||||
Corporate and other
|
0.01
|
0.01
|
0.06
|
-
|
|||||||
Subtotal
|
0.25
|
0.23
|
1.01
|
0.90
|
|||||||
RFIG run-off business
|
0.08
|
(0.32)
|
0.24
|
(1.29)
|
|||||||
Total
|
0.33
|
(0.09)
|
1.25
|
(0.39)
|
|||||||
Net realized investment gains (losses)
|
-
|
0.01
|
0.32
|
0.12
|
|||||||
Net income (loss)
|
$
|
0.33
|
$
|
(0.08)
|
$
|
1.57
|
$
|
(0.27)
|
|||
Cash dividends paid per share
|
$
|
0.1800
|
$
|
0.1775
|
$
|
0.7200
|
$
|
0.7100
|
Quarters Ended
|
Years Ended
|
||||||||||
December 31,
|
December 31,
|
||||||||||
2013
|
2012
|
2013
|
2012
|
||||||||
Realized Investment Gains (Losses):
|
|||||||||||
Actual net gain from sales
|
$
|
1.5
|
$
|
4.4
|
$
|
16.7
|
$
|
40.5
|
|||
Accounting adjustment of gain for impairment
|
|||||||||||
charges taken in prior periods
|
-
|
-
|
131.3
|
7.5
|
|||||||
Net gain from actual sales
|
1.5
|
4.4
|
148.1
|
48.1
|
|||||||
Net realized losses from impairments
|
-
|
(0.2)
|
-
|
(0.2)
|
|||||||
Net pretax realized investment gains (losses) reported herein
|
$
|
1.5
|
$
|
4.2
|
$
|
148.1
|
$
|
47.8
|
General Insurance Group
|
|||||||||||||||
Quarters Ended December 31,
|
Years Ended December 31,
|
||||||||||||||
2013
|
2012
|
Change
|
2013
|
2012
|
Change
|
||||||||||
A. Prior to reclassification/
Including CCI run-off business:
|
|||||||||||||||
Net premiums earned
|
$
|
661.4
|
$
|
604.9
|
9.3%
|
$
|
2,543.5
|
$
|
2,366.9
|
7.5%
|
|||||
Net investment income
|
64.4
|
66.4
|
-3.1
|
250.0
|
265.0
|
-5.7
|
|||||||||
Benefits and claim costs
|
493.9
|
454.7
|
8.6
|
1,894.0
|
1,808.9
|
4.7
|
|||||||||
Pretax operating income (loss)
|
$
|
73.5
|
$
|
51.8
|
41.8%
|
$
|
272.0
|
$
|
186.0
|
46.2
|
|||||
Claim ratio
|
74.7%
|
75.2%
|
74.5%
|
76.4%
|
|||||||||||
Expense ratio
|
22.8
|
26.0
|
23.5
|
25.5
|
|||||||||||
Composite ratio
|
97.5%
|
101.2%
|
98.0%
|
101.9%
|
|||||||||||
B. All CCI run-off
business reclassification(*):
|
|||||||||||||||
Net premiums earned
|
$
|
7.2
|
$
|
9.4
|
-23.9%
|
$
|
29.8
|
$
|
42.4
|
-29.9%
|
|||||
Net investment income
|
0.1
|
-
|
N/M
|
0.4
|
0.1
|
N/M
|
|||||||||
Benefits and claim costs
|
11.9
|
16.3
|
-26.6
|
44.5
|
112.8
|
-60.6
|
|||||||||
Pretax operating income (loss)
|
$
|
(5.3)
|
$
|
(8.6)
|
38.8%
|
$
|
(16.2)
|
$
|
(74.9)
|
78.3%
|
|||||
Claim ratio
|
166.4%
|
172.5%
|
149.4%
|
265.7%
|
|||||||||||
Expense ratio
|
9.2
|
19.6
|
6.6
|
11.0
|
|||||||||||
Composite ratio
|
175.6%
|
192.1%
|
156.0%
|
276.7%
|
|||||||||||
C. After reclassification/
Total Excluding all
CCI run-off business:
|
|||||||||||||||
Net premiums earned
|
$
|
654.2
|
$
|
595.4
|
9.9%
|
$
|
2,513.7
|
$
|
2,324.4
|
8.1%
|
|||||
Net investment income
|
64.2
|
66.4
|
-3.2
|
249.6
|
264.9
|
-5.8
|
|||||||||
Benefits and claim costs
|
481.9
|
438.4
|
9.9
|
1,849.4
|
1,696.0
|
9.0
|
|||||||||
Pretax operating income (loss)
|
$
|
78.8
|
$
|
60.5
|
30.3%
|
$
|
288.3
|
$
|
261.0
|
10.5%
|
|||||
Claim ratio
|
73.7%
|
73.6%
|
73.6%
|
73.0%
|
|||||||||||
Expense ratio
|
23.0
|
26.1
|
23.7
|
25.7
|
|||||||||||
Composite ratio
|
96.7%
|
99.7%
|
97.3%
|
98.7%
|
|||||||||||
Title Insurance Group
|
|||||||||||||||
Quarters Ended December 31,
|
Years Ended December 31,
|
||||||||||||||
2013
|
2012
|
Change
|
2013
|
2012
|
Change
|
||||||||||
Net premiums and fees earned
|
$
|
482.9
|
$
|
471.1
|
2.5%
|
$
|
1,996.1
|
$
|
1,677.4
|
19.0%
|
|||||
Net investment income
|
7.1
|
6.9
|
2.7
|
26.6
|
27.3
|
-2.6
|
|||||||||
Claim costs
|
29.4
|
32.9
|
-10.5
|
134.0
|
120.8
|
10.9
|
|||||||||
Pretax operating income (loss)
|
$
|
25.7
|
$
|
20.2
|
27.2%
|
$
|
124.3
|
$
|
73.8
|
68.2%
|
|||||
Claim ratio
|
6.1%
|
7.0%
|
6.7%
|
7.2%
|
|||||||||||
Expense ratio
|
89.7
|
89.8
|
88.0
|
89.6
|
|||||||||||
Composite ratio
|
95.8%
|
96.8%
|
94.7%
|
96.8%
|
RFIG Run-off Business
|
|||||||||||||||
Quarters Ended December 31,
|
Years Ended December 31,
|
||||||||||||||
2013
|
2012
|
Change
|
2013
|
2012
|
Change
|
||||||||||
A. Prior to reclassification/
Excluding CCI run-off business:
|
|||||||||||||||
Net premiums earned
|
$
|
66.1
|
$
|
79.7
|
-17.1%
|
$
|
286.7
|
$
|
368.0
|
-22.1%
|
|||||
Net investment income
|
8.6
|
8.0
|
6.6
|
36.4
|
36.2
|
0.7
|
|||||||||
Claim costs
|
25.9
|
195.7
|
-86.7
|
173.2
|
797.5
|
-78.3
|
|||||||||
Pretax operating income (loss)
|
$
|
43.1
|
$
|
(115.4)
|
137.3%
|
$
|
126.3
|
$
|
(433.6)
|
129.1%
|
|||||
Claim ratio
|
39.3%
|
245.3%
|
60.4%
|
216.7%
|
|||||||||||
Expense ratio
|
8.5
|
9.4
|
8.2
|
10.4
|
|||||||||||
Composite ratio
|
47.8%
|
254.7%
|
68.6%
|
227.1%
|
|||||||||||
B. CCI run-off business
reclassification(*):
|
|||||||||||||||
Net premiums earned
|
$
|
7.2
|
$
|
9.4
|
-23.9%
|
$
|
29.8
|
$
|
42.4
|
-29.9%
|
|||||
Net investment income
|
0.1
|
-
|
N/M
|
0.4
|
0.1
|
N/M
|
|||||||||
Benefits and claim costs
|
11.9
|
16.3
|
-26.6
|
44.5
|
112.8
|
-60.6
|
|||||||||
Pretax operating income (loss)
|
$
|
(5.3)
|
$
|
(8.6)
|
38.8%
|
$
|
(16.2)
|
$
|
(74.9)
|
78.3%
|
|||||
Claim ratio
|
166.4%
|
172.5%
|
149.4%
|
265.7%
|
|||||||||||
Expense ratio
|
9.2
|
19.6
|
6.6
|
11.0
|
|||||||||||
Composite ratio
|
175.6%
|
192.1%
|
156.0%
|
276.7%
|
|||||||||||
C. After reclassification/Total
RFIG run-off MI and CCI
business:
|
|||||||||||||||
Net premiums earned
|
$
|
73.3
|
$
|
89.2
|
-17.9%
|
$
|
316.5
|
$
|
410.5
|
-22.9%
|
|||||
Net investment income
|
8.7
|
8.1
|
7.5
|
36.8
|
36.3
|
1.5
|
|||||||||
Benefits and claim costs
|
37.9
|
212.0
|
-82.1
|
217.7
|
910.4
|
-76.1
|
|||||||||
Pretax operating income (loss)
|
$
|
37.8
|
$
|
(124.0)
|
130.5%
|
$
|
110.0
|
$
|
(508.6)
|
121.6%
|
|||||
Claim ratio
|
51.8%
|
237.5%
|
68.8%
|
221.8%
|
|||||||||||
Expense ratio
|
8.6
|
10.5
|
8.1
|
10.4
|
|||||||||||
Composite ratio
|
60.4%
|
248.0%
|
76.9%
|
232.2%
|
|||||||||||
Corporate and Other Operations
|
|||||||||||||||
Quarters Ended December 31,
|
Years Ended December 31,
|
||||||||||||||
2013
|
2012
|
Change
|
2013
|
2012
|
Change
|
||||||||||
Life & accident premiums earned
|
$
|
14.8
|
$
|
13.5
|
9.6%
|
$
|
59.3
|
$
|
58.6
|
1.2%
|
|||||
Net investment income
|
1.3
|
2.1
|
-34.9
|
5.6
|
7.9
|
-29.5
|
|||||||||
Other income
|
-
|
0.3
|
-81.5
|
0.6
|
1.8
|
-62.1
|
|||||||||
Benefits and claim costs
|
11.6
|
9.0
|
29.1
|
37.3
|
38.3
|
-2.4
|
|||||||||
Insurance expenses
|
7.1
|
6.6
|
7.5
|
28.4
|
26.8
|
6.0
|
|||||||||
Corporate, interest, and
other expenses-net
|
(0.8)
|
(2.2)
|
60.7
|
(2.3)
|
6.0
|
-139.0
|
|||||||||
Pretax operating income (loss)
|
$
|
(1.5)
|
$
|
2.6
|
-159.6%
|
$
|
2.1
|
$
|
(2.7)
|
175.8%
|
Cash, Invested Assets, and Shareholders' Equity
|
||||||||||||
December 31,
|
||||||||||||
2013
|
2012
|
Change
|
||||||||||
Cash and invested assets:
|
Fair value basis
|
$
|
11,109.1
|
$
|
10,800.6
|
2.9
|
%
|
|||||
Original cost basis
|
$
|
10,503.7
|
$
|
10,071.4
|
4.3
|
%
|
||||||
Shareholders' equity:
|
Total
|
$
|
3,775.0
|
$
|
3,596.2
|
5.0
|
%
|
|||||
Per common share
|
$
|
14.64
|
$
|
14.03
|
4.3
|
%
|
||||||
Composition of shareholders' equity per share:
|
||||||||||||
Equity before items below
|
$
|
13.17
|
$
|
12.15
|
8.4
|
%
|
||||||
Unrealized investment gains (losses) and other
|
||||||||||||
accumulated comprehensive income (loss)
|
1.47
|
1.88
|
||||||||||
Total
|
$
|
14.64
|
$
|
14.03
|
4.3
|
%
|
||||||
Segmented composition of
shareholders' equity per share:
|
||||||||||||
Excluding run-off segment
|
$
|
14.69
|
$
|
14.25
|
||||||||
RFIG run-off segment
|
(0.05)
|
(0.22)
|
||||||||||
Total
|
$
|
14.64
|
$
|
14.03
|
Shareholders' Equity Per Share
|
|||||||||
December 31,
|
|||||||||
2013
|
2012
|
2011
|
|||||||
Beginning balance
|
$
|
14.03
|
$
|
14.76
|
$
|
16.16
|
|||
Changes in shareholders' equity:
|
|||||||||
Net operating income (loss)
|
1.37
|
(.39)
|
(.86)
|
||||||
Net realized investment gains (losses):
|
|||||||||
From sales
|
.37
|
.12
|
.44
|
||||||
From impairments
|
-
|
-
|
(.13)
|
||||||
Subtotal
|
.37
|
.12
|
.31
|
||||||
Net unrealized investment gains (losses)
|
(.64)
|
.29
|
.03
|
||||||
Total realized and unrealized investment gains (losses)
|
(.27)
|
.41
|
.34
|
||||||
Cash dividends
|
(.72)
|
(.71)
|
(.70)
|
||||||
Stock issuance, foreign exchange, and other transactions
|
.23
|
(.04)
|
(.18)
|
||||||
Net change
|
.61
|
(.73)
|
(1.40)
|
||||||
Ending balance
|
$
|
14.64
|
$
|
14.03
|
$
|
14.76
|
●
|
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 888-364-3109.
|
●
|
Summary Financial Statements and Common Stock Statistics
|
●
|
Safe Harbor Statement
|
Old Republic International Corporation
|
|||||||
Summary Financial Statements and Common Stock Statistics (Unaudited)
|
|||||||
December 31,
|
|||||||
SUMMARY BALANCE SHEETS:
|
2013
|
2012
|
|||||
Assets:
|
|||||||
Cash and fixed maturity securities
|
$
|
9,990.6
|
$
|
9,932.4
|
|||
Equity securities
|
1,004.2
|
739.7
|
|||||
Other invested assets
|
114.3
|
128.4
|
|||||
Cash and invested assets
|
11,109.1
|
10,800.6
|
|||||
Accounts and premiums receivable
|
1,190.5
|
1,134.7
|
|||||
Federal income tax recoverable:
|
Current
|
114.7
|
71.9
|
||||
Deferred
|
48.4
|
148.1
|
|||||
Reinsurance balances recoverable
|
3,215.7
|
3,237.1
|
|||||
Sundry assets
|
855.7
|
834.1
|
|||||
Total
|
$
|
16,534.4
|
$
|
16,226.8
|
|||
Liabilities and Shareholders' Equity:
|
|||||||
Policy liabilities
|
$
|
1,695.7
|
$
|
1,566.3
|
|||
Benefit and claim reserves
|
9,433.5
|
9,303.3
|
|||||
Debt
|
569.2
|
572.9
|
|||||
Sundry liabilities
|
1,060.8
|
1,188.0
|
|||||
Shareholders' equity
|
3,775.0
|
3,596.2
|
|||||
Total
|
$
|
16,534.4
|
$
|
16,226.8
|
|||
Quarters Ended
|
Years Ended
|
|||||||||||||
SUMMARY INCOME STATEMENTS:
|
December 31,
|
December 31,
|
||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||
Net premiums and fees earned
|
$
|
1,225.4
|
$
|
1,169.5
|
$
|
4,885.6
|
$
|
4,471.0
|
||||||
Net investment income
|
81.5
|
83.6
|
318.7
|
336.5
|
||||||||||
Other income
|
23.1
|
25.8
|
90.1
|
114.5
|
||||||||||
Net realized investment gains (losses)
|
1.5
|
4.2
|
148.1
|
47.8
|
||||||||||
Total revenues
|
1,331.6
|
1,283.2
|
5,442.7
|
4,970.1
|
||||||||||
Benefits and claims
|
561.1
|
692.4
|
2,238.3
|
2,765.3
|
||||||||||
Sales and general expenses
|
623.4
|
621.5
|
2,509.7
|
2,297.1
|
||||||||||
Interest and other costs
|
4.8
|
5.7
|
21.6
|
36.2
|
||||||||||
Total expenses
|
1,189.3
|
1,319.7
|
4,769.7
|
5,098.7
|
||||||||||
Pretax income (loss)
|
142.2
|
(36.4)
|
672.9
|
(128.5)
|
||||||||||
Income taxes (credits)
|
47.5
|
(16.2)
|
225.0
|
(59.8)
|
||||||||||
Net income (loss)
|
$
|
94.7
|
$
|
(20.2)
|
$
|
447.8
|
$
|
(68.6)
|
||||||
COMMON STOCK STATISTICS:
|
||||||||||||||
Net income (loss):
|
Basic
|
$
|
.37
|
$
|
(.08)
|
$
|
1.74
|
$
|
(.27)
|
|||||
Diluted
|
$
|
.33
|
$
|
(.08)
|
$
|
1.57
|
$
|
(.27)
|
||||||
Components of earnings per share:
|
||||||||||||||
Basic, net operating income (loss)
|
$
|
.37
|
$
|
(.09)
|
$
|
1.37
|
$
|
(.39)
|
||||||
Realized investment gains (losses)
|
-
|
.01
|
.37
|
.12
|
||||||||||
Basic net income (loss)
|
$
|
.37
|
$
|
(.08)
|
$
|
1.74
|
$
|
(.27)
|
||||||
Diluted, net operating income (loss)
|
$
|
.33
|
$
|
(.09)
|
$
|
1.25
|
$
|
(.39)
|
||||||
Realized investment gains (losses)
|
-
|
.01
|
.32
|
.12
|
||||||||||
Diluted net income (loss)
|
$
|
.33
|
$
|
(.08)
|
$
|
1.57
|
$
|
(.27)
|
||||||
Cash dividends on common stock
|
$
|
.1800
|
$
|
.1775
|
$
|
.7200
|
$
|
.7100
|
||||||
Book value per share
|
$
|
14.64
|
$
|
14.03
|
||||||||||
Common shares outstanding:
|
||||||||||||||
Average basic
|
257,706,005
|
256,086,431
|
257,443,999
|
255,812,888
|
||||||||||
Average diluted
|
294,396,055
|
256,086,431
|
293,684,035
|
255,812,888
|
||||||||||
Actual, end of period
|
257,937,126
|
256,392,462
|
||||||||||||
SUMMARY STATEMENTS OF COMPREHENSIVE INCOME (LOSS):
|
||||||||||||||
Net income (loss) as reported
|
$
|
94.7
|
$
|
(20.2)
|
$
|
447.8
|
$
|
(68.6)
|
||||||
Post-tax net unrealized gains (losses)
|
(8.6)
|
(10.8)
|
(166.2)
|
73.8
|
||||||||||
Other adjustments
|
10.2
|
(19.1)
|
62.7
|
(8.2)
|
||||||||||
Net adjustments
|
1.6
|
(29.9)
|
(103.5)
|
65.6
|
||||||||||
Comprehensive income (loss)
|
$
|
96.4
|
$
|
(50.2)
|
$
|
344.3
|
$
|
(3.0)
|
||||||
6/ MV>[7[\!^T11YD3C>HR5W+N`W#/S?^R#XEU#X9_M&_&?X'ZQ:ZV%FOY_'NAWF MLL6DDL[MHO/B5O,D#K'-(%\Q7(=_/)VL&4:?[#VOZ9X2Z;^UG\+-6M#?6_B9UT 0Z9>SH[QF*TO7A$%TY>)U587 >_M]7_B[Q3^QMXHO_`(67:ZL=1LXY)I-+5+O[=I,RXG,)`(96B?=N7G9N M*GD5V?P2\2_#_P`4?LR?#.VM[[2G\-:OHUAH]A:-?*RR2K;@?9$8L&::/RG! 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