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Old Republic International Corp (ORI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Old Republic International Corp

HISTORY TOOLS
CIK: 882829 Ticker: ORI

NEWS RELEASE
 
orilogo.jpg
Further Information Contacts:
AT OLD REPUBLIC:
 
 
AT FINANCIAL RELATIONS BOARD:
A. C. Zucaro: Chairman & CEO
 
 
Analysts/Investors: Marilynn Meek
(312) 346-8100
 
 
(212) 827-3773
OLD REPUBLIC REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2018
 
 
 
 
 
 
 
 
CHICAGO – January 24, 2019 –
Old Republic International Corporation (NYSE: ORI) today reported the following consolidated results (a):

 
Quarters Ended December 31,
 
Years Ended December 31,
 
2018
 
2017
 
2018
 
2017
Pretax income (loss)
$
(137.5
)
 
$
354.7

 
$
438.1

 
$
725.4

Pretax investment gains (losses) included in pretax income (loss)
(308.2
)
 
154.0

 
(235.6
)
 
211.6

Pretax income (loss) excluding investment gains (losses)
$
170.6

 
$
200.6

 
$
673.7

 
$
513.8

 
 
 
 
 
 
 
 
Net income (loss)
$
(106.5
)
 
$
299.6

 
$
370.5

 
$
560.5

Net of tax investment gains (losses) included in net income (loss)
(243.3
)
 
205.1

 
(185.9
)
 
242.4

Net income (loss) excluding investment gains (losses)
$
136.8

 
$
94.5

 
$
556.4

 
$
318.0

As noted on pages 2 and 3, performance comparisons among the periods reported upon are affected by two significant events in 2018, and by special operating charges and deferred tax adjustments in 2017. The components of consolidated net income (loss) shown in the above table are also reflected on a per share basis in the Financial Highlights below.
 
FINANCIAL HIGHLIGHTS (a)
 
 
 
Quarters Ended December 31,
 
Years Ended December 31,
 
 
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
 
SUMMARY INCOME STATEMENTS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums and fees earned
$
1,448.4

 
$
1,442.4

 
0.4
 %
 
$
5,703.9

 
$
5,539.7

 
3.0
 %
 
 
Net investment income
110.3

 
103.7

 
6.3

 
431.8

 
409.4

 
5.5

 
 
Other income
30.4

 
25.9

 
17.2

 
121.6

 
102.2

 
18.9

 
 
Total operating revenues
1,589.1

 
1,572.1

 
1.1

 
6,257.4

 
6,051.5

 
3.4

 
 
Investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized from actual transactions
3.3

 
154.0

 
 
 
58.2

 
211.6

 
 
 
 
Unrealized from changes in fair value of equity securities
(311.6
)
 
—

 
 
 
(293.8
)
 
—

 
 
 
 
Total investment gains (losses)
(308.2
)
 
154.0

 
 
 
(235.6
)
 
211.6

 
 
 
 
Total revenues
1,280.9

 
1,726.2

 
 
 
6,021.8

 
6,263.1

 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Claim costs
639.9

 
534.1

 
19.8

 
2,460.7

 
2,478.8

 
-0.7

 
 
Sales and general expenses
770.6

 
822.6

 
-6.3

 
3,080.6

 
2,995.7

 
2.8

 
 
Interest and other charges
7.8

 
14.7

 
-46.5

 
42.2

 
63.0

 
-33.0

 
 
Total operating expenses
1,418.0

 
1,371.5

 
3.4
 %
 
5,583.7

 
5,537.7

 
0.8
 %
 
 
Pretax income (loss)
(137.5
)
 
354.7

 
 
 
438.1

 
725.4

 
 
 
 
Income taxes (credits)
(31.0
)
 
55.0

 
 
 
67.5

 
164.8

 
 
 
 
Net income (loss)
$
(106.5
)
 
$
299.6

 
 
 
$
370.5

 
$
560.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMMON STOCK STATISTICS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per share: Basic
$
(0.36
)
 
$
1.13

 
 
 
$
1.26

 
$
2.14

 
 
 
 
                                                 Diluted
$
(0.36
)
 
$
1.01

 
 
 
$
1.24

 
$
1.92

 
 
 
 
Components of net income (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) excluding investment gains (losses)
$
0.45

 
$
0.36

 
 
 
$
1.89

 
$
1.21

 
 
 
 
Net investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized from actual transactions
0.01

 
0.77

 
 
 
0.16

 
0.93

 
 
 
 
Unrealized from changes in fair value of equity securities
(0.82
)
 
—

 
 
 
(0.79
)
 
—

 
 
 
 
Basic net income (loss)
$
(0.36
)
 
$
1.13

 
 
 
$
1.26

 
$
2.14

 
 
 
 
Diluted net income (loss) excluding investment gains (losses)
$
0.45

 
$
0.33

 
 
 
$
1.86

 
$
1.11

 
 
 
 
Net investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized from actual transactions
0.01

 
0.68

 
 
 
0.15

 
0.81

 
 
 
 
Unrealized from changes in fair value of equity securities
(0.82
)
 
—

 
 
 
(0.77
)
 
—

 
 
 
 
Diluted net income (loss)
$
(0.36
)
 
$
1.01

 
 
 
$
1.24

 
$
1.92

 
 
 
 
Cash dividends on common stock
$
0.1950

 
$
1.1900

 
 
 
$
0.7800

 
$
1.7600

 
 
 
 
Book value per share
 
 
 
 
 
 
$
17.23

 
$
17.72

 
-2.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common shares outstanding: Average basic
299,080,914

 
264,041,834

 
13.3
 %
 
294,248,871

 
262,114,533

 
12.3
 %
 
 
Average diluted
299,080,914

 
300,846,014

 
-0.6
 %
 
301,016,076

 
299,387,373

 
0.5
 %
 
 
Actual, end of period
 
 
 
 
 
 
302,714,502

 
269,238,727

 
12.4
 %
 
 
__________________
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) All amounts in this report are stated in millions except common stock data and percentages.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The following information was filed by Old Republic International Corp (ORI) on Friday, January 25, 2019 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.

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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 (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 - Consolidated - Historical Average Annual Payout Of Incurred Claims (Details)
Summary Of Significant Accounting Policies Losses, Claims And Settlement Expenses - Consolidated - Incurred And Paid Loss Development Tables (Details)
Summary Of Significant Accounting Policies Losses, Claims And Settlement Expenses - Consolidated - Reconciliation Of Claims Development To Liability (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)
Ticker: ORI
CIK: 74260
Form Type: 10-K Annual Report
Accession Number: 0000074260-19-000016
Submitted to the SEC: Thu Feb 28 2019 5:24:36 PM EST
Accepted by the SEC: Thu Feb 28 2019
Period: Monday, December 31, 2018
Industry: Surety Insurance

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