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: October 23, 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: Marilynn Meek
|
(312) 346-8100
|
(212) 827-3773
|
OLD REPUBLIC REPORTS RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2015
|
|
Financial Highlights (a)
|
|||||||||||||
Quarters Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||
2015
|
2014
|
2015
|
2014
|
||||||||||
Operating revenues:
|
|||||||||||||
General insurance
|
$
|
855.4
|
$
|
803.2
|
$
|
2,468.5
|
$
|
2,315.4
|
|||||
Title insurance
|
575.9
|
478.7
|
1,523.7
|
1,309.8
|
|||||||||
Corporate and other
|
10.5
|
(b)
|
16.0
|
27.1
|
(b)
|
51.0
|
|||||||
Subtotal
|
1,442.0
|
1,298.0
|
4,019.5
|
3,676.2
|
|||||||||
RFIG run-off business
|
62.2
|
71.4
|
189.4
|
216.5
|
|||||||||
Total
|
$
|
1,504.2
|
$
|
1,369.4
|
$
|
4,208.9
|
$
|
3,892.7
|
|||||
Pretax operating income (loss):
|
|||||||||||||
General insurance
|
$
|
97.0
|
$
|
60.8
|
$
|
264.1
|
$
|
202.4
|
|||||
Title insurance
|
55.0
|
28.2
|
118.7
|
59.0
|
|||||||||
Corporate and other
|
3.7
|
0.3
|
7.9
|
(1.9)
|
|||||||||
Subtotal
|
155.8
|
89.4
|
390.8
|
259.5
|
|||||||||
RFIG run-off business
|
(12.5)
|
10.4
|
22.4
|
(4.2)
|
|||||||||
Total
|
143.3
|
99.8
|
413.3
|
255.2
|
|||||||||
Realized investment gains (losses):
|
|||||||||||||
From sales
|
41.4
|
21.5
|
77.0
|
262.8
|
|||||||||
From impairments
|
-
|
-
|
-
|
-
|
|||||||||
Net realized investment gains (losses)
|
41.4
|
21.5
|
77.0
|
262.8
|
|||||||||
Consolidated pretax income (loss)
|
184.7
|
121.4
|
490.3
|
518.0
|
|||||||||
Income taxes (credits)
|
58.8
|
35.5
|
158.8
|
171.6
|
|||||||||
Net income (loss)
|
$
|
125.9
|
$
|
85.8
|
$
|
331.4
|
$
|
346.4
|
|||||
Components of diluted earnings per share:
|
|||||||||||||
Net operating income (loss):
|
|||||||||||||
General insurance
|
$
|
0.23
|
$
|
0.14
|
$
|
0.61
|
$
|
0.46
|
|||||
Title insurance
|
0.12
|
0.06
|
0.26
|
0.13
|
|||||||||
Corporate and other
|
0.03
|
0.03
|
0.07
|
0.05
|
|||||||||
Subtotal
|
0.38
|
0.23
|
0.94
|
0.64
|
|||||||||
RFIG run-off business
|
(0.03)
|
0.02
|
0.05
|
(0.01)
|
|||||||||
Total
|
0.35
|
0.25
|
0.99
|
0.63
|
|||||||||
Net realized investment gains (losses)
|
0.09
|
0.05
|
0.17
|
0.58
|
|||||||||
Net income (loss)
|
$
|
0.44
|
$
|
0.30
|
$
|
1.16
|
$
|
1.21
|
|||||
Cash dividends paid per share
|
$
|
0.1850
|
$
|
0.1825
|
$
|
0.5550
|
$
|
0.5475
|
|||||
Ending book value per share
|
$
|
14.95
|
$
|
15.16
|
|||||||||
(a)Unaudited; All amounts in this report are stated 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 $5.5 and $24.5 reduction in premiums during the third quarter and first nine months of 2015, respectively.
|
General Insurance Results – The table below shows the major elements driving operating performance for the periods reported upon.
|
General Insurance Group
|
|||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
2015
|
2014
|
Change
|
2015
|
2014
|
Change
|
||||||||||
Net premiums earned
|
$
|
744.5
|
$
|
706.5
|
5.4%
|
$
|
2,157.2
|
$
|
2,034.8
|
6.0%
|
|||||
Net investment income
|
83.1
|
70.7
|
17.5
|
231.6
|
206.5
|
12.2
|
|||||||||
Other income
|
27.8
|
26.0
|
6.9
|
79.7
|
74.0
|
7.6
|
|||||||||
Operating revenues
|
855.4
|
803.2
|
6.5
|
2,468.5
|
2,315.4
|
6.6
|
|||||||||
Benefits and claim costs
|
549.4
|
552.5
|
-0.6
|
1,588.5
|
1,548.9
|
2.6
|
|||||||||
Sales and general expenses
|
197.1
|
181.5
|
8.6
|
581.5
|
538.3
|
8.0
|
|||||||||
Interest and other costs
|
11.8
|
8.3
|
41.4
|
34.3
|
25.7
|
33.5
|
|||||||||
Total operating expenses
|
758.4
|
742.4
|
2.1
|
2,204.3
|
2,112.9
|
4.3
|
|||||||||
Pretax operating income (loss)(*)
|
$
|
97.0
|
$
|
60.8
|
59.5%
|
$
|
264.1
|
$
|
202.4
|
30.5%
|
|||||
Claim ratio
|
73.8%
|
78.2%
|
73.6%
|
76.1%
|
|||||||||||
Expense ratio
|
22.7
|
22.0
|
23.3
|
22.8
|
|||||||||||
Composite underwriting ratio
|
96.5%
|
100.2%
|
96.9%
|
98.9%
|
|||||||||||
Title Insurance Results – Earnings trends in this year’s third quarter and year-to-date periods continued in a highly positive vein as the table below shows.
|
Title Insurance Group
|
||||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2015
|
2014
|
Change
|
2015
|
2014
|
Change
|
|||||||||||
Net premiums and fees earned
|
$
|
566.7
|
$
|
470.4
|
20.5%
|
$
|
1,497.8
|
$
|
1,285.3
|
16.5%
|
||||||
Net investment income
|
8.9
|
7.5
|
18.2
|
24.8
|
22.1
|
12.4
|
||||||||||
Other income
|
0.2
|
0.7
|
-67.3
|
1.0
|
2.2
|
-54.5
|
||||||||||
Operating revenues
|
575.9
|
478.7
|
20.3
|
1,523.7
|
1,309.8
|
16.3
|
||||||||||
Claim costs
|
31.9
|
28.6
|
11.6
|
80.9
|
77.9
|
3.9
|
||||||||||
Sales and general expenses
|
487.3
|
420.1
|
16.0
|
1,318.4
|
1,166.9
|
13.0
|
||||||||||
Interest and other costs
|
1.6
|
1.7
|
-5.6
|
5.6
|
5.9
|
-4.5
|
||||||||||
Total operating expenses
|
520.9
|
450.5
|
15.6
|
1,405.0
|
1,250.8
|
12.3
|
||||||||||
Pretax operating income (loss)
|
$
|
55.0
|
$
|
28.2
|
95.2%
|
$
|
118.7
|
$
|
59.0
|
101.2%
|
||||||
Claim ratio
|
5.6%
|
6.1%
|
5.4%
|
6.1%
|
||||||||||||
Expense ratio
|
85.9
|
89.2
|
88.0
|
90.6
|
||||||||||||
Composite underwriting ratio
|
91.5%
|
95.3%
|
93.4%
|
96.7%
|
RFIG Run-off Business Results – The following table shows RFIG’s comparative results for its mortgage guaranty (“MI”) and consumer credit indemnity (“CCI”) run-off coverages.
|
RFIG Run-off Business
|
|||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
2015
|
2014
|
Change
|
2015
|
2014
|
Change
|
||||||||||
A. MI:
|
|||||||||||||||
Net premiums earned
|
$
|
49.4
|
$
|
57.6
|
-14.1%
|
$
|
152.2
|
$
|
173.4
|
-12.2%
|
|||||
Net investment income
|
6.2
|
6.4
|
-3.3
|
18.4
|
20.6
|
-10.8
|
|||||||||
Claim costs
|
50.6
|
36.7
|
37.7
|
94.7
|
80.0
|
18.3
|
|||||||||
Pretax operating income (loss)
|
$
|
0.3
|
$
|
22.6
|
-98.3%
|
$
|
61.2
|
$
|
96.6
|
-36.6%
|
|||||
Claim ratio
|
102.3%
|
63.9%
|
62.2%
|
46.2%
|
|||||||||||
Expense ratio
|
9.4
|
7.9
|
9.6
|
10.0
|
|||||||||||
Composite underwriting ratio
|
111.7%
|
71.8%
|
71.8%
|
56.2%
|
|||||||||||
B. CCI(*):
|
|||||||||||||||
Net premiums earned
|
$
|
6.3
|
$
|
7.2
|
-12.4%
|
$
|
18.0
|
$
|
21.9
|
-17.9%
|
|||||
Net investment income
|
0.2
|
0.1
|
55.3
|
0.6
|
0.4
|
52.1
|
|||||||||
Benefits and claim costs
|
18.9
|
19.1
|
-1.0
|
55.8
|
121.5
|
-54.1
|
|||||||||
Pretax operating income (loss)
|
$
|
(12.9)
|
$
|
(12.2)
|
-5.6%
|
$
|
(38.7)
|
$
|
(100.9)
|
61.6%
|
|||||
Claim ratio
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||||||||
Expense ratio
|
8.5%
|
6.7%
|
9.0%
|
8.3%
|
|||||||||||
Composite underwriting ratio
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||||||||
C. Total MI and CCI run-off business:
|
|||||||||||||||
Net premiums earned
|
$
|
55.8
|
$
|
64.8
|
-13.9%
|
$
|
170.3
|
$
|
195.4
|
-12.8%
|
|||||
Net investment income
|
6.4
|
6.5
|
-2.1
|
19.0
|
21.1
|
-9.6
|
|||||||||
Benefits and claim costs
|
69.6
|
55.9
|
24.4
|
150.6
|
201.6
|
-25.3%
|
|||||||||
Pretax operating income (loss)
|
$
|
(12.5)
|
$
|
10.4
|
-220.7%
|
$
|
22.4
|
$
|
(4.2)
|
N/M
|
|||||
Claim ratio
|
124.7%
|
86.3%
|
88.4%
|
103.2%
|
|||||||||||
Expense ratio
|
9.3
|
7.8
|
9.6
|
9.8
|
|||||||||||
Composite underwriting ratio
|
134.0%
|
94.1%
|
98.0%
|
113.0%
|
|||||||||||
Corporate and Other Operations
|
||||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2015
|
2014
|
Change
|
2015
|
2014
|
Change
|
|||||||||||
Net premiums earned
|
$
|
5.0
|
$
|
14.7
|
-65.9%
|
$
|
14.7
|
$
|
46.3
|
-68.2%
|
||||||
Net investment income
|
5.7
|
1.2
|
N/M
|
13.3
|
4.5
|
191.0
|
||||||||||
Other income
|
(0.2)
|
-
|
N/M
|
(0.8)
|
-
|
N/M
|
||||||||||
Operating revenues
|
10.5
|
16.0
|
-33.9
|
27.1
|
51.0
|
-46.8
|
||||||||||
Benefits and claims
|
5.7
|
9.3
|
-38.3
|
14.9
|
33.2
|
-55.0
|
||||||||||
Insurance expenses
|
1.2
|
6.3
|
-79.5
|
4.6
|
20.4
|
-77.5
|
||||||||||
Corporate, interest and other expenses - net
|
(0.2)
|
-
|
N/M
|
(0.3)
|
(0.7)
|
54.7
|
||||||||||
Total operating expenses
|
6.8
|
15.6
|
-56.4%
|
19.2
|
52.9
|
-63.7%
|
||||||||||
Pretax operating income (loss)
|
$
|
3.7
|
$
|
0.3
|
N/M
|
$
|
7.9
|
$
|
(1.9)
|
N/M
|
ORI Consolidated
|
|||||||||||||||
Quarters Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
2015
|
2014
|
Change
|
2015
|
2014
|
Change
|
||||||||||
Net premiums and fees earned
|
$
|
1,372.1
|
$
|
1,256.6
|
9.2%
|
$
|
3,840.1
|
$
|
3,561.9
|
7.8%
|
|||||
Net investment income
|
104.2
|
86.1
|
21.1
|
288.9
|
254.3
|
13.6
|
|||||||||
Other income
|
27.8
|
26.7
|
4.0
|
79.8
|
76.4
|
4.5
|
|||||||||
Operating revenues
|
1,504.2
|
1,369.4
|
9.8
|
4,208.9
|
3,892.7
|
8.1
|
|||||||||
Benefits and claims
|
656.7
|
646.5
|
1.6
|
1,835.0
|
1,861.7
|
-1.4
|
|||||||||
Sales and general expenses
|
693.9
|
617.9
|
12.3
|
1,929.5
|
1,759.3
|
9.7
|
|||||||||
Interest and other costs
|
10.2
|
5.1
|
97.3
|
31.0
|
16.4
|
88.4
|
|||||||||
Total operating expenses
|
1,360.9
|
1,269.6
|
7.2
|
3,795.5
|
3,637.5
|
4.3
|
|||||||||
Pretax operating income (loss)
|
143.3
|
99.8
|
43.6
|
413.3
|
255.2
|
61.9
|
|||||||||
Income taxes (credits)
|
44.2
|
27.9
|
58.3
|
131.9
|
79.6
|
65.6
|
|||||||||
Net operating income (loss)
|
99.0
|
71.8
|
37.8
|
281.4
|
175.5
|
60.3
|
|||||||||
Realized investment gains (losses)
|
41.4
|
21.5
|
92.3
|
77.0
|
262.8
|
-70.7
|
|||||||||
Income taxes (credits) on realized investment gains (losses)
|
14.5
|
7.5
|
26.9
|
91.9
|
|||||||||||
Net realized investment gains (losses)
|
26.9
|
14.0
|
92.3
|
50.0
|
170.8
|
-70.7
|
|||||||||
Net income (loss)
|
$
|
125.9
|
$
|
85.8
|
46.7%
|
$
|
331.4
|
$
|
346.4
|
-4.3%
|
|||||
Consolidated operating cash flow
|
$
|
262.7
|
$
|
(542.4)
|
148.4%
|
$
|
566.5
|
$
|
(370.0)
|
N/M
|
Claim ratio
|
47.9%
|
51.4%
|
47.8%
|
52.3%
|
|||||||||||
Expense ratio
|
48.3
|
46.7
|
47.9
|
46.8
|
|||||||||||
Composite underwriting ratio
|
96.2%
|
98.1%
|
95.7%
|
99.1%
|
Cash, Invested Assets, and Shareholders' Equity
|
|||||||||||||||||
% Change
|
|||||||||||||||||
Sept. 30,
|
Dec. 31,
|
Sept. 30,
|
Sept. '15/
|
Sept. '15/
|
|||||||||||||
2015
|
2014
|
2014
|
Dec. '14
|
Sept. '14
|
|||||||||||||
Cash and invested assets:
|
Fair value basis(1)
|
$
|
11,388.6
|
$
|
11,291.6
|
$
|
11,104.5
|
0.9
|
%
|
2.6
|
%
|
||||||
Cost basis
|
$
|
11,157.1
|
$
|
10,717.9
|
$
|
10,593.2
|
4.1
|
%
|
5.3
|
%
|
|||||||
Shareholders' equity:
|
Total
|
$
|
3,853.8
|
$
|
3,924.0
|
$
|
3,922.9
|
-1.8
|
%
|
-1.8
|
%
|
||||||
Per common share
|
$
|
14.95
|
$
|
15.15
|
$
|
15.16
|
-1.3
|
%
|
-1.4
|
%
|
|||||||
Composition of shareholders' equity per share:
|
|||||||||||||||||
Equity before items below
|
$
|
14.73
|
$
|
14.02
|
$
|
13.96
|
5.1
|
%
|
5.5
|
%
|
|||||||
Unrealized investment gains (losses) and other
|
|||||||||||||||||
accumulated comprehensive income (loss)
|
0.22
|
1.13
|
1.20
|
||||||||||||||
Total
|
$
|
14.95
|
$
|
15.15
|
$
|
15.16
|
-1.3
|
%
|
-1.4
|
%
|
|||||||
Segmented composition of
shareholders' equity per share:
|
|||||||||||||||||
Excluding run-off segment
|
$
|
14.04
|
$
|
14.35
|
$
|
14.43
|
-2.2
|
%
|
-2.7
|
%
|
|||||||
RFIG run-off segment
|
0.91
|
0.80
|
0.73
|
||||||||||||||
Total
|
$
|
14.95
|
$
|
15.15
|
$
|
15.16
|
-1.3
|
%
|
-1.4
|
%
|
Shareholders' Equity Per Share
|
|||||||||
Quarter Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||
2015
|
2015
|
2014
|
|||||||
Beginning balance
|
$
|
15.16
|
$
|
15.15
|
$
|
14.64
|
|||
Changes in shareholders' equity:
|
|||||||||
Net operating income (loss)
|
0.38
|
1.09
|
0.68
|
||||||
Net realized investment gains (losses):
|
|||||||||
From sales
|
0.10
|
0.19
|
0.66
|
||||||
From impairments
|
-
|
-
|
-
|
||||||
Subtotal
|
0.10
|
0.19
|
0.66
|
||||||
Net unrealized investment gains (losses)
|
(0.48)
|
(0.86)
|
(0.23)
|
||||||
Total realized and unrealized investment gains (losses)
|
(0.38)
|
(0.67)
|
0.43
|
||||||
Cash dividends
|
(0.18)
|
(0.56)
|
(0.55)
|
||||||
Stock issuance, foreign exchange, and other transactions
|
(0.03)
|
(0.06)
|
(0.04)
|
||||||
Net change
|
(0.21)
|
(0.20)
|
0.52
|
||||||
Ending balance
|
$
|
14.95
|
$
|
14.95
|
$
|
15.16
|
Capitalization
|
|||||||||
September 30,
|
December 31,
|
September 30,
|
|||||||
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
|
400.0
|
||||||
ESSOP debt with an average yield
of approximately 3.7%
|
11.7
|
15.0
|
15.0
|
||||||
Total debt
|
961.7
|
965.0
|
965.0
|
||||||
Common shareholders' equity
|
3,853.8
|
3,924.0
|
3,922.9
|
||||||
Total capitalization
|
$
|
4,815.5
|
$
|
4,889.1
|
$
|
4,888.0
|
|||
Capitalization ratios:
|
|||||||||
Debt
|
20.0%
|
19.7%
|
19.7%
|
||||||
Common shareholders' equity
|
80.0
|
80.3
|
80.3
|
||||||
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 888-523-1228.
|
·
|
Summary Financial Statements and Common Stock Statistics
|
·
|
Safe Harbor Statement
|
Old Republic International Corporation
|
|||||||||
Summary Financial Statements and Common Stock Statistics (Unaudited)
|
|||||||||
September 30,
|
December 31,
|
September 30,
|
|||||||
SUMMARY BALANCE SHEETS:
|
2015
|
2014
|
2014
|
||||||
Assets:
|
|||||||||
Cash and fixed maturity securities
|
$
|
9,289.7
|
$
|
9,163.4
|
$
|
9,517.8
|
|||
Equity securities
|
1,976.2
|
2,011.7
|
1,465.6
|
||||||
Other invested assets
|
122.6
|
116.4
|
121.0
|
||||||
Cash and invested assets
|
11,388.6
|
11,291.6
|
11,104.5
|
||||||
Accounts and premiums receivable
|
1,433.4
|
1,287.6
|
1,389.9
|
||||||
Federal income tax recoverable:
|
Current
|
-
|
29.2
|
32.1
|
|||||
Deferred
|
159.0
|
37.0
|
50.7
|
||||||
Prepaid federal income taxes
|
63.3
|
45.7
|
38.7
|
||||||
Reinsurance balances recoverable
|
3,387.0
|
3,422.5
|
3,486.2
|
||||||
Sundry assets
|
896.3
|
874.2
|
884.4
|
||||||
Total
|
$
|
17,327.8
|
$
|
16,988.1
|
$
|
16,986.8
|
|||
Liabilities and Shareholders' Equity:
|
|||||||||
Policy liabilities
|
$
|
2,085.3
|
$
|
1,832.7
|
$
|
1,942.8
|
|||
Benefit and claim reserves
|
9,159.2
|
9,122.0
|
9,034.9
|
||||||
Federal income tax payable: Current
|
7.2
|
-
|
-
|
||||||
Debt
|
961.7
|
965.0
|
965.0
|
||||||
Sundry liabilities
|
1,260.5
|
1,144.2
|
1,121.0
|
||||||
Shareholders' equity
|
3,853.8
|
3,924.0
|
3,922.9
|
||||||
Total
|
$
|
17,327.8
|
$
|
16,988.1
|
$
|
16,986.8
|
|||
Quarters Ended
|
Nine Months Ended
|
Fiscal Twelve Months Ended
|
|||||||||||||||||
SUMMARY INCOME STATEMENTS:
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||
Net premiums and fees earned
|
$
|
1,372.1
|
$
|
1,256.6
|
$
|
3,840.1
|
$
|
3,561.9
|
$
|
5,089.3
|
$
|
4,787.4
|
|||||||
Net investment income
|
104.2
|
86.1
|
288.9
|
254.3
|
380.0
|
335.9
|
|||||||||||||
Other income
|
27.8
|
26.7
|
79.8
|
76.4
|
105.0
|
99.5
|
|||||||||||||
Net realized investment gains (losses)
|
41.4
|
21.5
|
77.0
|
262.8
|
86.6
|
264.3
|
|||||||||||||
Total revenues
|
1,545.7
|
1,391.0
|
4,285.9
|
4,155.6
|
5,661.0
|
5,487.2
|
|||||||||||||
Benefits and claims
|
656.7
|
646.5
|
1,835.0
|
1,861.7
|
2,487.8
|
2,422.8
|
|||||||||||||
Sales and general expenses
|
693.9
|
617.9
|
1,929.5
|
1,759.3
|
2,551.1
|
2,382.7
|
|||||||||||||
Interest and other costs
|
10.2
|
5.1
|
31.0
|
16.4
|
40.2
|
21.2
|
|||||||||||||
Total expenses
|
1,360.9
|
1,269.6
|
3,795.5
|
3,637.5
|
5,079.2
|
4,826.9
|
|||||||||||||
Pretax income (loss)
|
184.7
|
121.4
|
490.3
|
518.0
|
581.8
|
660.3
|
|||||||||||||
Income taxes (credits)
|
58.8
|
35.5
|
158.8
|
171.6
|
186.9
|
219.1
|
|||||||||||||
Net income (loss)
|
$
|
125.9
|
$
|
85.8
|
$
|
331.4
|
$
|
346.4
|
$
|
394.8
|
$
|
441.1
|
|||||||
COMMON STOCK STATISTICS:
|
|||||||||||||||||||
Net income (loss):
|
Basic
|
$
|
0.48
|
$
|
0.33
|
$
|
1.28
|
$
|
1.34
|
$
|
1.52
|
$
|
1.71
|
||||||
Diluted
|
$
|
0.44
|
$
|
0.30
|
$
|
1.16
|
$
|
1.21
|
$
|
1.38
|
$
|
1.55
|
|||||||
Components of earnings per share:
|
|||||||||||||||||||
Basic, net operating income (loss)
|
$
|
0.38
|
$
|
0.28
|
$
|
1.09
|
$
|
0.68
|
$
|
1.31
|
$
|
1.04
|
|||||||
Realized investment gains (losses)
|
0.10
|
0.05
|
0.19
|
0.66
|
0.21
|
0.67
|
|||||||||||||
Basic net income (loss)
|
$
|
0.48
|
$
|
0.33
|
$
|
1.28
|
$
|
1.34
|
$
|
1.52
|
$
|
1.71
|
|||||||
Diluted, net operating income (loss)
|
$
|
0.35
|
$
|
0.25
|
$
|
0.99
|
$
|
0.63
|
$
|
1.19
|
$
|
0.97
|
|||||||
Realized investment gains (losses)
|
0.09
|
0.05
|
0.17
|
0.58
|
0.19
|
0.58
|
|||||||||||||
Diluted net income (loss)
|
$
|
0.44
|
$
|
0.30
|
$
|
1.16
|
$
|
1.21
|
$
|
1.38
|
$
|
1.55
|
|||||||
Cash dividends on common stock
|
$
|
0.1850
|
$
|
0.1825
|
$
|
0.5550
|
$
|
0.5475
|
$
|
0.7375
|
$
|
0.7275
|
|||||||
Book value per share
|
$
|
14.95
|
$
|
15.16
|
|||||||||||||||
Common shares outstanding:
|
|||||||||||||||||||
Average basic
|
259,266,696
|
258,607,162
|
259,411,347
|
258,423,448
|
259,363,903
|
258,334,968
|
|||||||||||||
Average diluted
|
295,868,117
|
295,049,613
|
295,930,527
|
294,989,032
|
295,837,982
|
294,944,712
|
|||||||||||||
Actual, end of period
|
257,772,009
|
258,806,951
|
|||||||||||||||||
SUMMARY STATEMENTS OF COMPREHENSIVE INCOME (LOSS):
|
|||||||||||||||||||
Net income (loss) as reported
|
$
|
125.9
|
$
|
85.8
|
$
|
331.4
|
$
|
346.4
|
$
|
394.8
|
$
|
441.1
|
|||||||
Post-tax net unrealized gains (losses)
|
(123.7)
|
(67.1)
|
(222.5)
|
(60.3)
|
(182.6)
|
(68.9)
|
|||||||||||||
Other adjustments
|
(8.3)
|
(5.4)
|
(14.0)
|
(7.1)
|
(72.2)
|
3.1
|
|||||||||||||
Net adjustments
|
(132.1)
|
(72.5)
|
(236.5)
|
(67.4)
|
(254.9)
|
(65.8)
|
|||||||||||||
Comprehensive income (loss)
|
$
|
(6.1)
|
$
|
13.3
|
$
|
94.9
|
$
|
278.9
|
$
|
139.8
|
$
|
375.3
|
|||||||