Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2020

Balance Sheets [Abstract]

Condensed Financial Information of Registrant

OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Millions)
	December 31,
	2020		2019
Assets:
Bonds and notes	$	10.5	$	10.5
Short-term investments	32.7		17.1
Cash	1.9		1.9
Investments in, and indebtedness of related parties	7,668.0		7,131.8
Other assets	113.9		93.2
Total Assets	$	7,827.1	$	7,254.7
Liabilities and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses	$	530.3	$	154.1
Debt and debt equivalents	964.2		969.6
Indebtedness to affiliates and subsidiaries	145.7		130.8
Commitments and contingent liabilities
Total Liabilities	1,640.4		1,254.5
Common Shareholders' Equity:
Common stock	304.1		303.6
Additional paid-in capital	1,306.9		1,297.5
Retained earnings	4,394.8		4,386.0
Accumulated other comprehensive income (loss)	284.0		77.7
Unallocated ESSOP shares (at cost)	(103.2)		(64.8)
Total Common Shareholders' Equity	6,186.6		6,000.1
Total Liabilities and Common Shareholders' Equity	$	7,827.1	$	7,254.7

OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Millions)
	Years Ended December 31,
	2020		2019		2018
Revenues:
Investment income from subsidiaries	$	89.5	$	105.1	$	101.7
Real estate and other income	4.6		5.0		5.0
Other investment income	.4		.9		2.0
Realized investment gains (losses)	—		(.2)		—
Total revenues	94.7		110.9		108.9
Expenses:
Interest - subsidiaries	3.8		3.1		2.1
Interest - other	42.3		42.9		47.0
Real estate and other expenses	4.8		4.7		4.6
General expenses, taxes and fees	14.6		13.4		15.3
Total expenses	65.7		64.3		69.1
Revenues, net of expenses	29.0		46.6		39.7
Federal income taxes (credits)	5.0		8.8		1.5
Income (loss) before equity in earnings (losses) of subsidiaries	23.9		37.7		38.2
Equity in Earnings (Losses) of Subsidiaries:
Dividends received	472.4		411.8		412.3
Earnings (losses) in excess of dividends	62.3		606.9		(80.0)
Net Income (Loss)	$	558.6	$	1,056.4	$	370.5

OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Millions)
	Years Ended December 31,
	2020		2019		2018
Cash flows from operating activities:
Net income (loss)	$	558.6	$	1,056.4	$	370.5
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Accounts receivable	.3		(.7)		.2
Income taxes - net	4.4		.4		(23.4)
Excess of equity in net (income) loss
of subsidiaries over cash dividends received	(62.3)		(620.0)		80.0
Realized investment (gains) losses	—		.2		—
Accounts payable, accrued expenses and other	4.6		(1.0)		2.2
Total	505.7		435.3		429.6
Cash flows from investing activities:
Sale of fixed assets for company use	—		.4		—
Purchase of fixed assets for company use	(3.2)		—		—
Net repayment (issuance) of notes to related parties	(275.0)		102.5		(114.2)
Net decrease (increase) in short-term investments	(15.6)		(10.8)		266.6
Investment in, and indebtedness of related parties-net	37.7		10.9		(104.0)
Total	(256.1)		103.0		48.3
Cash flows from financing activities:
Net receipt (repayment) of notes and loans from related parties	48.4		(10.3)		50.7
Issuance of common shares	6.7		13.8		13.1
Redemption of debentures and notes	(6.5)		(6.5)		(4.7)
Purchase of unallocated ESSOP shares	(50.0)		—		(50.0)
Dividends on common shares	(250.1)		(538.7)		(498.8)
Other - net	1.8		.2		(3.1)
Total	(249.6)		(541.5)		(492.8)
Increase (decrease) in cash	—		(3.1)		(14.9)
Cash, beginning of year	1.9		5.0		20.0
Cash, end of year	$	1.9	$	1.9	$	5.0

OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

NOTES TO CONDENSED FINANCIAL STATEMENTS

($ in Millions)

Note 1 - Summary of Significant Accounting Policies

Old Republic International Corporation's ("the Company" or "Old Republic") condensed financial statements are presented in accordance with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP") and should be read in conjunction with the consolidated financial statements and notes thereto of Old Republic International Corporation and Subsidiaries included in its Annual Report on Form 10-K.

Note 2 - Investments in Consolidated Subsidiaries

Old Republic International Corporation's investments in consolidated subsidiaries are reflected in the condensed financial statements in accordance with the equity method of accounting. Undistributed earnings in excess of dividends received are recorded as separate line items in the condensed statements of income.

Note 3 - Debt

On August 26, 2016, the Company completed a public offering of $550.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 3.875% per year and mature on August 26, 2026.

On September 23, 2014, the Company completed a public offering of $400.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 4.875% per year and mature on October 1, 2024.