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Last10K.com | 10-K Annual Report Mon Mar 02 2015
Exhibit 99.1
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NEWS RELEASE
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Further Information Contacts:
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AT OLD REPUBLIC:
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AT FINANCIAL RELATIONS BOARD:
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A. C. Zucaro: Chairman & CEO
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Analysts/Investors: Scott Eckstein
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(312) 346-8100
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(212) 827-3766
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OLD REPUBLIC REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2014
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CHICAGO – January 22, 2015 – Old Republic International Corporation (NYSE: ORI), today reported financial results for the fourth quarter and full-year 2014. Pretax operating income for both periods reflected much lower year-over-year general insurance earnings, and a continuation of profitability in the run-off mortgage guaranty (“MI”) line. Losses in the consumer credit indemnity (“CCI”) portion of this run-off business, however, offset much of the MI profitability. Title insurance operating income in 2014's fourth quarter gained significantly compared to results for the same period of 2013, while performance for the full year was eroded to some degree by transitory weaknesses in housing-related markets. Full-year consolidated net income encompassed all of these factors as well as relatively high levels of capital gains garnered from sales of investment securities. The following table shows Old Republic’s segmented and consolidated results and related data.
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Financial Highlights (*)
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Quarters Ended December 31,
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Years Ended December 31,
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2014
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2013
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2014
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2013
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Operating revenues:
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General insurance
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$
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798.1
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$
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740.9
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$
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3,113.5
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$
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2,849.9
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|||||
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Title insurance
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481.8
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490.7
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1,791.6
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2,025.6
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Corporate and other
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19.0
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16.3
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70.0
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65.6
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Subtotal
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1,299.0
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1,248.0
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4,975.3
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4,941.1
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RFIG run-off business
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66.4
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82.0
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282.9
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353.4
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Total
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$
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1,365.5
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$
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1,330.1
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$
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5,258.3
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$
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5,294.5
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|||||
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Pretax operating income (loss):
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General insurance
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$
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18.8
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$
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78.8
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$
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221.3
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$
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288.3
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Title insurance
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40.5
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25.7
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99.5
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124.3
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Corporate and other
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7.7
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(1.5)
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5.7
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2.1
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Subtotal
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67.1
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102.9
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326.7
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414.7
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RFIG run-off business
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14.6
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37.8
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10.3
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110.0
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Total
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81.8
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140.7
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337.1
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524.8
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Realized investment gains (losses):
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From sales and fair value adjustments
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9.5
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1.5
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272.3
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148.1
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From impairments
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-
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-
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-
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-
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Net realized investment
gains (losses)
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9.5
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1.5
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272.3
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148.1
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Consolidated pretax income (loss)
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91.4
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142.2
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609.4
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672.9
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Income taxes (credits)
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28.0
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47.5
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199.7
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225.0
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Net income (loss)
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$
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63.3
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$
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94.7
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$
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409.7
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$
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447.8
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Components of diluted earnings per share:
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Net operating income (loss):
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General insurance
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$
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0.06
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$
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0.18
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$
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0.52
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$
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0.67
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Title insurance
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0.09
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0.06
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0.22
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0.28
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Corporate and other
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0.03
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0.01
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0.08
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0.06
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Subtotal
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0.18
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0.25
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0.82
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1.01
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RFIG run-off business
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0.03
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0.08
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0.02
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0.24
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Total
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0.21
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0.33
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0.84
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1.25
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Net realized investment gains (losses)
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0.02
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-
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0.60
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0.32
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Net income (loss)
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$
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0.23
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$
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0.33
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$
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1.44
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$
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1.57
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Cash dividends paid per share
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$
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0.1825
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$
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0.1800
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$
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0.7300
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$
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0.7200
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Ending book value per share
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$
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15.15
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$
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14.64
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(*) Unaudited; All amounts in this report are in millions except per share data and percentages.
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The following information was filed by Old Republic International Corp (ORI) on Friday, January 23, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Old Republic International Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Old Republic International Corp.
Assess how Old Republic International Corp's management team is paid from their Annual Proxy
Old Republic International Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2015 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
SEC Filing Tools
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Document And Entity Information
Schedule I - Summary Of Investments - Other Than Investments In Related Parties
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (details)
Schedule Ii - Condensed Financial Information Of Registrant
Schedule Ii - Condensed Financial Information Of Registrant Balance Sheets (details)
Schedule Ii - Condensed Financial Information Of Registrant Debt (details)
Schedule Ii - Condensed Financial Information Of Registrant Statements Of Cash Flows (details)
Schedule Ii - Condensed Financial Information Of Registrant Statements Of Income (details)
Schedule Iii - Supplementary Insurance Information
Schedule Iii - Supplementary Insurance Information (details)
Schedule Iv - Reinsurance
Schedule Iv - Reinsurance (details)
Schedule V - Valuation And Qualifying Accounts
Schedule V - Valuation And Qualifying Accounts (details)
Schedule Vi - Supplemental Information Concerning Property-casualty Insurance Operations
Schedule Vi - Supplemental Information Concerning Property-casualty Insurance Operations (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income Statement
Consolidated Statements Of Income
Consolidated Statements Of Preferred Stock And Common Shareholders' Equity
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (details)
Commitments And Contingent Liabilities (tables)
Commitments And Contingent Liabilities Reinsurance And Retention Limits (details)
Commitments And Contingent Liabilities Textuals (details)
Consolidated Quarterly Results - Unaudited
Consolidated Quarterly Results - Unaudited (details)
Consolidated Quarterly Results - Unaudited (tables)
Debt
Debt (details)
Debt (tables)
Debt Debt Financial Liabilities Disclosed, But Not Carried, At Fair Value (details)
Information About Segments Of Business
Information About Segments Of Business (details)
Information About Segments Of Business (tables)
Information About Segments Of Business Reconciliation Of Assets From Segment To Consolidated (details)
Information About Segments Of Business Textuals (details)
Shareholders' Equity
Shareholders' Equity Cash Dividend Restrictions (details)
Shareholders' Equity Common Stock (details)
Shareholders' Equity Preferred Stock (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies Accounting Principles (details)
Summary Of Significant Accounting Policies Deferred Policy Acquisition Costs (details)
Summary Of Significant Accounting Policies Earnings Per Share (details)
Summary Of Significant Accounting Policies Employee Benefit Plans (details)
Summary Of Significant Accounting Policies Escrow Funds (details)
Summary Of Significant Accounting Policies Goodwill And Intangible Assets (details)
Summary Of Significant Accounting Policies Income Taxes (details)
Summary Of Significant Accounting Policies Investments (details)
Summary Of Significant Accounting Policies Losses, Claims And Settlement Expenses - Consolidated (details)
Summary Of Significant Accounting Policies Losses, Claims And Settlement Expenses - General (details)
Summary Of Significant Accounting Policies Losses, Claims And Settlement Expenses - Rfig Run-off (details)
Summary Of Significant Accounting Policies Property And Equipment (details)
Summary Of Significant Accounting Policies Regulatory Matters (details)
Summary Of Significant Accounting Policies Revenue Recognition (details)
Summary Of Significant Accounting Policies Stock Based Compensation (details)
Summary Of Significant Accounting Policies Unearned Premiums (details)
Transactions With Affiliates
Transactions With Affiliates (details)
Transactions With Affiliates (tables)
Material Contracts, Statements, Certifications & more
Old Republic International Corp provided additional information to their SEC Filing as exhibits
Ticker: ORI
CIK: 74260
Form Type: 10-K Annual Report
Accession Number: 0000074260-15-000015
Submitted to the SEC: Mon Mar 02 2015 10:50:52 AM EST
Accepted by the SEC: Mon Mar 02 2015
Period: Wednesday, December 31, 2014
Industry: Surety Insurance
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