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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Old Republic International Corp | NYSE:ORI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.46 | 1.54% | 30.32 | 30.50 | 29.89 | 29.89 | 2,084,565 | 21:34:31 |
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 24, 2015
|
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 FIRST QUARTER 2015
|
|
Financial Highlights (a)
|
|||||||||||||
Quarters Ended March 31,
|
|||||||||||||
2015
|
2014
|
||||||||||||
Operating revenues:
|
|||||||||||||
General insurance
|
$
|
803.0
|
$
|
745.3
|
|||||||||
Title insurance
|
436.6
|
401.8
|
|||||||||||
Corporate and other
|
7.1
|
(b)
|
18.2
|
||||||||||
Subtotal
|
1,246.8
|
1,165.3
|
|||||||||||
RFIG run-off business
|
64.4
|
73.9
|
|||||||||||
Total
|
$
|
1,311.3
|
$
|
1,239.3
|
|||||||||
Pretax operating income (loss):
|
|||||||||||||
General insurance
|
$
|
82.0
|
$
|
81.8
|
|||||||||
Title insurance
|
15.9
|
4.7
|
|||||||||||
Corporate and other
|
1.6
|
(0.5)
|
|||||||||||
Subtotal
|
99.6
|
86.1
|
|||||||||||
RFIG run-off business
|
35.2
|
19.5
|
|||||||||||
Total
|
134.8
|
105.7
|
|||||||||||
Realized investment gains (losses):
|
|||||||||||||
From sales
|
18.8
|
191.2
|
|||||||||||
From impairments
|
-
|
-
|
|||||||||||
Net realized investment gains (losses)
|
18.8
|
191.2
|
|||||||||||
Consolidated pretax income (loss)
|
153.7
|
296.9
|
|||||||||||
Income taxes (credits)
|
50.3
|
102.5
|
|||||||||||
Net income (loss)
|
$
|
103.4
|
$
|
194.4
|
|||||||||
Components of diluted earnings per share:
|
|||||||||||||
Net operating income (loss):
|
|||||||||||||
General insurance
|
$
|
0.19
|
$
|
0.19
|
|||||||||
Title insurance
|
0.03
|
0.01
|
|||||||||||
Corporate and other
|
0.02
|
0.01
|
|||||||||||
Subtotal
|
0.24
|
0.21
|
|||||||||||
RFIG run-off business
|
0.08
|
0.04
|
|||||||||||
Total
|
0.32
|
0.25
|
|||||||||||
Net realized investment gains (losses)
|
0.04
|
0.42
|
|||||||||||
Net income (loss)
|
$
|
0.36
|
$
|
0.67
|
|||||||||
Cash dividends paid per share
|
$
|
0.1850
|
$
|
0.1825
|
|||||||||
Ending book value per share
|
$
|
15.48
|
$
|
14.97
|
|||||||||
(a)Unaudited; All amounts in this report are in millions except per share data and percentages.
(b)Reflects the transfer of accident insurance business from a life and accident subsidiary to a general insurance affiliate resulting in a $10.4 reduction in premiums during the first quarter of 2015.
|
General Insurance Group
|
|||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||
2015
|
2014
|
Change
|
|||||||||||||
Net premiums earned
|
$
|
703.3
|
$
|
656.4
|
7.1%
|
||||||||||
Net investment income
|
73.7
|
65.9
|
11.8
|
||||||||||||
Benefits and claim costs
|
518.8
|
477.4
|
8.7
|
||||||||||||
Pretax operating income (loss)(*)
|
$
|
82.0
|
$
|
81.8
|
0.2%
|
||||||||||
Claim ratio
|
73.8%
|
72.7%
|
|||||||||||||
Expense ratio
|
23.5
|
23.5
|
|||||||||||||
Composite underwriting ratio
|
97.3%
|
96.2%
|
|||||||||||||
Title Insurance Group
|
|||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||
2015
|
2014
|
Change
|
|||||||||||||
Net premiums and fees earned
|
$
|
428.3
|
$
|
393.8
|
8.7%
|
||||||||||
Net investment income
|
7.9
|
7.1
|
12.0
|
||||||||||||
Claim costs
|
23.8
|
23.8
|
0.1
|
||||||||||||
Pretax operating income (loss)
|
$
|
15.9
|
$
|
4.7
|
233.5%
|
||||||||||
Claim ratio
|
5.6%
|
6.1%
|
|||||||||||||
Expense ratio
|
92.1
|
94.0
|
|||||||||||||
Composite underwriting ratio
|
97.7%
|
100.1%
|
RFIG Run-off Business
|
|||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||
2015
|
2014
|
Change
|
|||||||||||||
A. MI:
|
|||||||||||||||
Net premiums earned
|
$
|
52.6
|
$
|
58.8
|
-10.5%
|
||||||||||
Net investment income
|
6.1
|
8.1
|
-24.7
|
||||||||||||
Claim costs
|
13.5
|
22.9
|
-40.8
|
||||||||||||
Pretax operating income (loss)
|
$
|
40.0
|
$
|
36.8
|
8.7%
|
||||||||||
Claim ratio
|
25.8%
|
39.0%
|
|||||||||||||
Expense ratio
|
9.8
|
12.2
|
|||||||||||||
Composite underwriting ratio
|
35.6%
|
51.2%
|
|||||||||||||
B. CCI(*):
|
|||||||||||||||
Net premiums earned
|
$
|
5.4
|
$
|
6.8
|
-19.8%
|
||||||||||
Net investment income
|
0.1
|
0.1
|
44.5
|
||||||||||||
Benefits and claim costs
|
9.9
|
23.4
|
-57.5
|
||||||||||||
Pretax operating income (loss)
|
$
|
(4.7)
|
$
|
(17.2)
|
72.2%
|
||||||||||
Claim ratio
|
181.7%
|
343.0%
|
|||||||||||||
Expense ratio
|
9.3
|
10.8
|
|||||||||||||
Composite underwriting ratio
|
191.0%
|
353.8%
|
|||||||||||||
C. Total MI and CCI business run-off:
|
|||||||||||||||
Net premiums earned
|
$
|
58.1
|
$
|
65.6
|
-11.5%
|
||||||||||
Net investment income
|
6.3
|
8.3
|
-23.5
|
||||||||||||
Benefits and claim costs
|
23.5
|
46.4
|
-49.3
|
||||||||||||
Pretax operating income (loss)
|
$
|
35.2
|
$
|
19.5
|
79.9%
|
||||||||||
Claim ratio
|
40.5%
|
70.7%
|
|||||||||||||
Expense ratio
|
9.7
|
12.1
|
|||||||||||||
Composite underwriting ratio
|
50.2%
|
82.8%
|
|||||||||||||
Corporate and Other Operations
|
|||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||
2015
|
2014
|
Change
|
|||||||||||||
Life & accident premiums earned
|
$
|
4.6
|
$
|
16.7
|
-72.2%
|
||||||||||
Net investment income
|
3.3
|
1.3
|
143.4
|
||||||||||||
Other income
|
(0.8)
|
-
|
N/M
|
||||||||||||
Benefits and claim costs
|
3.8
|
12.3
|
-68.5
|
||||||||||||
Insurance expenses
|
2.2
|
7.6
|
-71.3
|
||||||||||||
Corporate, interest, and other expenses-net
|
(0.5)
|
(1.2)
|
56.2%
|
||||||||||||
Pretax operating income (loss)
|
$
|
1.6
|
$
|
(0.5)
|
N/M
|
ORI Consolidated
|
|||||||||||||||
Quarters Ended March 31,
|
|||||||||||||||
2015
|
2014
|
Change
|
|||||||||||||
Net premiums and fees earned
|
$
|
1,194.4
|
$
|
1,132.7
|
5.4%
|
||||||||||
Net investment income
|
91.4
|
82.8
|
10.4
|
||||||||||||
Other income
|
25.4
|
23.8
|
6.8
|
||||||||||||
Operating revenues
|
1,311.3
|
1,239.3
|
5.8
|
||||||||||||
Benefits and claims
|
570.1
|
560.0
|
1.8
|
||||||||||||
Sales and general expenses
|
595.7
|
567.8
|
4.9
|
||||||||||||
Interest and other costs
|
10.5
|
5.7
|
84.0
|
||||||||||||
Total operating expenses
|
1,176.4
|
1,133.6
|
3.8
|
||||||||||||
Pretax operating income (loss)
|
134.8
|
105.7
|
27.6
|
||||||||||||
Income taxes (credits)
|
43.6
|
35.5
|
22.8
|
||||||||||||
Net operating income (loss)
|
91.1
|
70.1
|
30.0
|
||||||||||||
Realized investment gains (losses)
|
18.8
|
191.2
|
-90.1
|
||||||||||||
Income taxes (credits) on realized investment gains (losses)
|
6.6
|
66.9
|
|||||||||||||
Net realized investment gains (losses)
|
12.2
|
124.3
|
-90.1
|
||||||||||||
Net income (loss)
|
$
|
103.4
|
$
|
194.4
|
-46.8
|
||||||||||
Consolidated operating cash flow
|
$
|
190.8
|
$
|
135.4
|
40.8%
|
Claim ratio
|
47.7%
|
49.4%
|
|||||||||||||
Expense ratio
|
47.5
|
47.7
|
|||||||||||||
Composite underwriting ratio
|
95.2%
|
97.1%
|
Cash, Invested Assets, and Shareholders' Equity
|
||||||||||||||||||
% Change
|
||||||||||||||||||
March 31,
|
Dec. 31,
|
March 31,
|
March '15/
|
March '15/
|
||||||||||||||
2015
|
2014
|
2014
|
Dec. '14
|
March '14
|
||||||||||||||
Cash and invested assets:
|
Fair value basis
|
$
|
11,489.9
|
$
|
11,291.6
|
$
|
11,286.3
|
1.8
|
%
|
1.8
|
%
|
|||||||
Original cost basis
|
$
|
10,861.2
|
$
|
10,717.9
|
$
|
10,765.8
|
1.3
|
%
|
0.9
|
%
|
||||||||
Shareholders' equity:
|
Total
|
$
|
4,014.2
|
$
|
3,924.0
|
$
|
3,865.8
|
2.3
|
%
|
3.8
|
%
|
|||||||
Per common share
|
$
|
15.48
|
$
|
15.15
|
$
|
14.97
|
2.2
|
%
|
3.4
|
%
|
||||||||
Composition of shareholders' equity per share:
|
||||||||||||||||||
Equity before items below
|
$
|
14.24
|
$
|
14.02
|
$
|
13.74
|
1.6
|
%
|
3.6
|
%
|
||||||||
Unrealized investment gains (losses) and other
|
||||||||||||||||||
accumulated comprehensive income (loss)
|
1.24
|
1.13
|
1.23
|
|||||||||||||||
Total
|
$
|
15.48
|
$
|
15.15
|
$
|
14.97
|
2.2
|
%
|
3.4
|
%
|
||||||||
Segmented composition of
shareholders' equity per share:
|
||||||||||||||||||
Excluding run-off segment
|
$
|
14.56
|
$
|
14.35
|
$
|
14.89
|
1.5
|
%
|
-2.2
|
%
|
||||||||
RFIG run-off segment
|
0.92
|
0.80
|
0.08
|
|||||||||||||||
Total
|
$
|
15.48
|
$
|
15.15
|
$
|
14.97
|
2.2
|
%
|
3.4
|
%
|
Shareholders' Equity Per Share
|
|||||||||
Quarters Ended March 31,
|
|||||||||
2015
|
2014
|
||||||||
Beginning balance
|
$
|
15.15
|
$
|
14.64
|
|||||
Changes in shareholders' equity:
|
|||||||||
Net operating income (loss)
|
0.35
|
0.27
|
|||||||
Net realized investment gains (losses):
|
|||||||||
From sales
|
0.05
|
0.48
|
|||||||
From impairments
|
-
|
-
|
|||||||
Subtotal
|
0.05
|
0.48
|
|||||||
Net unrealized investment gains (losses)
|
0.14
|
(0.21)
|
|||||||
Total realized and unrealized investment gains (losses)
|
0.19
|
0.27
|
|||||||
Cash dividends
|
(0.19)
|
(0.18)
|
|||||||
Stock issuance, foreign exchange, and other transactions
|
(0.02)
|
(0.03)
|
|||||||
Net change
|
0.33
|
0.33
|
|||||||
Ending balance
|
$
|
15.48
|
$
|
14.97
|
Capitalization
|
|||||||||
March 31,
|
December 31,
|
March 31,
|
|||||||
2015
|
2014
|
2014
|
|||||||
Debt:
|
|||||||||
3.75% Convertible Senior Notes due 2018
|
$
|
550.0
|
$
|
550.0
|
$
|
550.0
|
|||
4.875% Senior Notes due 2024
|
400.0
|
400.0
|
-
|
||||||
ESSOP debt with an average yield of approximately 3.7%
|
11.7
|
15.0
|
15.0
|
||||||
Other miscellaneous debt
|
-
|
-
|
1.2
|
||||||
Total debt
|
961.7
|
965.0
|
566.2
|
||||||
Common shareholders' equity
|
4,014.2
|
3,924.0
|
3,865.8
|
||||||
Total capitalization
|
$
|
4,975.9
|
$
|
4,889.1
|
$
|
4,432.0
|
|||
Capitalization ratios:
|
|||||||||
Debt
|
19.3%
|
19.7%
|
12.8%
|
||||||
Common shareholders' equity
|
80.7
|
80.3
|
87.2
|
||||||
Total
|
100.0%
|
100.0%
|
100.0%
|
·
|
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 888-572-7034.
|
·
|
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:
|
2015
|
2014
|
2014
|
|||||||
Assets:
|
||||||||||
Cash and fixed maturity securities
|
$
|
9,310.8
|
$
|
9,163.4
|
$
|
9,976.4
|
||||
Equity securities
|
2,057.5
|
2,011.7
|
1,190.0
|
|||||||
Other invested assets
|
121.5
|
116.4
|
119.8
|
|||||||
Cash and invested assets
|
11,489.9
|
11,291.6
|
11,286.3
|
|||||||
Accounts and premiums receivable
|
1,335.7
|
1,287.6
|
1,288.0
|
|||||||
Federal income tax recoverable:
|
Current
|
-
|
29.2
|
9.2
|
||||||
Deferred
|
16.8
|
37.0
|
78.3
|
|||||||
Prepaid federal income taxes
|
53.5
|
45.7
|
20.1
|
|||||||
Reinsurance balances recoverable
|
3,430.1
|
3,422.5
|
3,270.3
|
|||||||
Sundry assets
|
875.1
|
874.2
|
858.5
|
|||||||
Total
|
$
|
17,201.3
|
$
|
16,988.1
|
$
|
16,811.0
|
||||
Liabilities and Shareholders' Equity:
|
||||||||||
Policy liabilities
|
$
|
1,877.3
|
$
|
1,832.7
|
$
|
1,782.8
|
||||
Benefit and claim reserves
|
9,132.8
|
9,122.0
|
9,498.0
|
|||||||
Federal income tax payable: Current
|
18.7
|
-
|
-
|
|||||||
Debt
|
961.7
|
965.0
|
566.2
|
|||||||
Sundry liabilities
|
1,196.4
|
1,144.2
|
1,098.1
|
|||||||
Shareholders' equity
|
4,014.2
|
3,924.0
|
3,865.8
|
|||||||
Total
|
$
|
17,201.3
|
$
|
16,988.1
|
$
|
16,811.0
|
||||
Quarters Ended
|
Fiscal Twelve Months Ended
|
||||||||||||
SUMMARY INCOME STATEMENTS:
|
March 31,
|
March 31,
|
|||||||||||
2015
|
2014
|
2015
|
2014
|
||||||||||
Net premiums and fees earned
|
$
|
1,194.4
|
$
|
1,132.7
|
$
|
4,872.8
|
$
|
4,852.7
|
|||||
Net investment income
|
91.4
|
82.8
|
354.1
|
322.2
|
|||||||||
Other income
|
25.4
|
23.8
|
103.2
|
93.5
|
|||||||||
Net realized investment gains (losses)
|
18.8
|
191.2
|
99.9
|
334.8
|
|||||||||
Total revenues
|
1,330.2
|
1,430.6
|
5,430.2
|
5,603.3
|
|||||||||
Benefits and claims
|
570.1
|
560.0
|
2,524.6
|
2,214.7
|
|||||||||
Sales and general expenses
|
595.7
|
567.8
|
2,408.9
|
2,481.6
|
|||||||||
Interest and other costs
|
10.5
|
5.7
|
30.4
|
21.5
|
|||||||||
Total expenses
|
1,176.4
|
1,133.6
|
4,964.0
|
4,717.9
|
|||||||||
Pretax income (loss)
|
153.7
|
296.9
|
466.2
|
885.3
|
|||||||||
Income taxes (credits)
|
50.3
|
102.5
|
147.4
|
299.3
|
|||||||||
Net income (loss)
|
$
|
103.4
|
$
|
194.4
|
$
|
318.7
|
$
|
586.0
|
|||||
COMMON STOCK STATISTICS:
|
|||||||||||||
Net income (loss):
|
Basic
|
$
|
0.40
|
$
|
0.75
|
$
|
1.23
|
$
|
2.27
|
||||
Diluted
|
$
|
0.36
|
$
|
0.67
|
$
|
1.13
|
$
|
2.04
|
|||||
Components of earnings per share:
|
|||||||||||||
Basic, net operating income (loss)
|
$
|
0.35
|
$
|
0.27
|
$
|
0.98
|
$
|
1.43
|
|||||
Realized investment gains (losses)
|
0.05
|
0.48
|
0.25
|
0.84
|
|||||||||
Basic net income (loss)
|
$
|
0.40
|
$
|
0.75
|
$
|
1.23
|
$
|
2.27
|
|||||
Diluted, net operating income (loss)
|
$
|
0.32
|
$
|
0.25
|
$
|
0.91
|
$
|
1.30
|
|||||
Realized investment gains (losses)
|
0.04
|
0.42
|
0.22
|
0.74
|
|||||||||
Diluted net income (loss)
|
$
|
0.36
|
$
|
0.67
|
$
|
1.13
|
$
|
2.04
|
|||||
Cash dividends on common stock
|
$
|
.1850
|
$
|
.1825
|
$
|
.7325
|
$
|
.7225
|
|||||
Book value per share
|
$
|
15.48
|
$
|
14.97
|
|||||||||
Common shares outstanding:
|
|||||||||||||
Average basic
|
259,118,634
|
257,933,928
|
258,868,456
|
257,690,189
|
|||||||||
Average diluted
|
295,547,223
|
294,513,903
|
295,352,039
|
294,150,269
|
|||||||||
Actual, end of period
|
259,381,563
|
258,168,607
|
|||||||||||
SUMMARY STATEMENTS OF COMPREHENSIVE INCOME (LOSS):
|
|||||||||||||
Net income (loss) as reported
|
$
|
103.4
|
$
|
194.4
|
$
|
318.7
|
$
|
586.0
|
|||||
Post-tax net unrealized gains (losses)
|
35.9
|
(55.1)
|
70.5
|
(289.2)
|
|||||||||
Other adjustments
|
(7.4)
|
(3.5)
|
(69.2)
|
60.4
|
|||||||||
Net adjustments
|
28.4
|
(58.7)
|
1.3
|
(228.8)
|
|||||||||
Comprehensive income (loss)
|
$
|
131.8
|
$
|
135.7
|
$
|
320.0
|
$
|
357.2
|
|||||
1 Year Old Republic Chart |
1 Month Old Republic Chart |
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