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Old Republic International Corp (ORI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Old Republic International Corp

HISTORY TOOLS
CIK: 882829 Ticker: ORI
NEWS RELEASE
orilogoa06.jpg
Further Information Contacts:
AT OLD REPUBLIC:
AT FINANCIAL RELATIONS BOARD:
Craig R. Smiddy: President and CEO
Analysts/Investors: Marilynn Meek
 
 
(312) 346-8100
(212) 827-3773
 
 
OLD REPUBLIC REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2019
CHICAGO – January 23, 2020 –
Old Republic International Corporation (NYSE: ORI) today reported the following consolidated results (a):
 
 
Quarters Ended December 31,
 
Years Ended December 31,
 
 
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Pretax income (loss)
 
$
346.0

 
$
(137.5
)
 
351.6
%
 
$
1,322.4

 
$
438.1

 
201.8
 %
Pretax investment gains (losses) included in pretax income (loss)
 
167.4

 
(308.2
)
 
154.3

 
636.1

 
(235.6
)
 
N/M

Pretax income (loss) excluding investment gains (losses)
 
$
178.5

 
$
170.6

 
4.6
%
 
$
686.2

 
$
673.7

 
1.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
275.8

 
$
(106.5
)
 
N/M

 
$
1,056.4

 
$
370.5

 
185.1
 %
Net of tax investment gains (losses) included in net income (loss)
 
132.2

 
(243.3
)
 
154.4
%
 
502.2

 
(185.9
)
 
N/M

Net income (loss) excluding investment gains (losses)
 
$
143.5

 
$
136.8

 
4.9
%
 
$
554.2

 
$
556.4

 
-0.4
 %

Consolidated pretax and net income, exclusive of all investment gains or (losses), for the fourth quarter and year ended December 31, 2019 were slightly higher to basically flat vis-a-vis 2018. Consolidated results were driven by greater profitability in the Title Insurance segment. Total and per share net income continued to be significantly impacted by the required inclusion since January 1, 2018 of changes in the fair value of equity securities pursuant to Generally Accepted Accounting Principles ("GAAP"). Please see the information below and on pages 2 and 3.
 
FINANCIAL HIGHLIGHTS (a)
 
 
 
Quarters Ended December 31,
 
Years Ended December 31,
 
 
SUMMARY INCOME STATEMENTS:
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
 
 
Revenues: 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums and fees earned
$
1,613.8

 
$
1,448.4

 
11.4
%
 
$
5,994.2

 
$
5,703.9

 
5.1
 %
 
 
Net investment income
112.8

 
110.3

 
2.3

 
450.7

 
431.8

 
4.4

 
 
Other income
35.1

 
30.4

 
15.5

 
132.6

 
121.6

 
9.0

 
 
Total operating revenues
1,761.8

 
1,589.1

 
10.9

 
6,577.6

 
6,257.4

 
5.1

 
 
Investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized from actual transactions
7.3

 
3.3

 
 
 
38.6

 
58.2

 
 
 
 
Realized from impairments
—

 
—

 
 
 
(2.0
)
 
—

 
 
 
 
Unrealized from changes in fair value of equity securities
160.1

 
(311.6
)
 
 
 
599.5

 
(293.8
)
 
 
 
 
Total investment gains (losses)
167.4

 
(308.2
)
 
 
 
636.1

 
(235.6
)
 
 
 
 
Total revenues
1,929.3

 
1,280.9

 
 
 
7,213.7

 
6,021.8

 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Claim costs
667.5

 
639.9

 
4.3

 
2,572.7

 
2,460.7

 
4.5

 
 
Sales and general expenses
906.5

 
770.6

 
17.6

 
3,278.5

 
3,080.6

 
6.4

 
 
Interest and other charges
9.2

 
7.8

 
16.8

 
40.0

 
42.2

 
-5.2

 
 
Total operating expenses
1,583.2

 
1,418.0

 
11.6
%
 
5,891.3

 
5,583.7

 
5.5
 %
 
 
Pretax income (loss)
346.0

 
(137.5
)
 
 
 
1,322.4

 
438.1

 
 
 
 
Income taxes (credits)
70.2

 
(31.0
)
 
 
 
265.9

 
67.5

 
 
 
 
Net income (loss)
$
275.8

 
$
(106.5
)
 
 
 
$
1,056.4

 
$
370.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMMON STOCK STATISTICS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per share: Basic
$
0.92

 
$
(0.36
)
 
 
 
$
3.52

 
$
1.26

 
 
 
 
                                                 Diluted
$
0.91

 
$
(0.36
)
 
 
 
$
3.51

 
$
1.24

 
 
 
 
Components of net income (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) excluding investment gains (losses)
$
0.48

 
$
0.45

 
6.7
%
 
$
1.85

 
$
1.89

 
-2.1
 %
 
 
Net investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized from actual transactions and impairments
0.02

 
0.01

 
 
 
0.10

 
0.16

 
 
 
 
Unrealized from changes in fair value of equity securities
0.42

 
(0.82
)
 
 
 
1.57

 
(0.79
)
 
 
 
 
Basic net income (loss)
$
0.92

 
$
(0.36
)
 
 
 
$
3.52

 
$
1.26

 
 
 
 
Diluted net income (loss) excluding investment gains (losses)
$
0.47

 
$
0.45

 
4.4
%
 
$
1.84

 
$
1.86

 
-1.1
 %
 
 
Net investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized from actual transactions and impairments
0.02

 
0.01

 
 
 
0.10

 
0.15

 
 
 
 
Unrealized from changes in fair value of equity securities
0.42

 
(0.82
)
 
 
 
1.57

 
(0.77
)
 
 
 
 
Diluted net income (loss)
$
0.91

 
$
(0.36
)
 
 
 
$
3.51

 
$
1.24

 
 
 
 
Cash dividends on common stock (b)
$
0.200

 
$
0.195

 
 
 
$
1.800

 
$
0.780

 
 
 
 
Book value per share
 
 
 
 
 
 
$
19.98

 
$
17.23

 
16.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) All amounts in this report are stated in millions except common stock data and percentages. / (b) 2019 includes a special $1.00 dividend.
 
 
 
 
 
 
 
 
 
 

The following information was filed by Old Republic International Corp (ORI) on Thursday, January 23, 2020 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

Cover Page
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: 0000074260-20-000024
Submitted to the SEC: Fri Feb 28 2020 4:13:29 PM EST
Accepted by the SEC: Fri Feb 28 2020
Period: Tuesday, December 31, 2019
Industry: Surety Insurance

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