CHICAGO, July 28, 2016 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) today reported moderately
improved results for the first six months of this year. Pretax
operating earnings rose 5.1 percent and 3.8 percent in the second
quarter and first half of 2016, respectively. For each of these
periods, earnings were most positively affected by greater profits
in the run-off RFIG segment as litigation cost provisions were
relatively less burdensome. In combination, Old Republic's core
General and Title insurance groups produced moderately lower
year-over-year earnings in the second quarter of 2016, while first
half results were essentially unchanged. As the table immediately
below indicates, realized net investment gains enhanced pretax and
net income to different degrees in each of the periods reported
upon.
|
Financial
Highlights (a)
|
|
|
|
Quarters
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General
insurance
|
$
|
845.8
|
|
$
|
810.1
|
|
$
|
1,670.5
|
|
$
|
1,613.1
|
|
|
Title
insurance
|
|
533.8
|
|
|
511.1
|
|
|
1,017.5
|
|
|
947.8
|
|
|
Corporate and
other
|
|
7.2
|
|
|
9.4
|
|
|
14.5
|
|
|
16.5
|
|
|
Subtotal
|
|
1,386.9
|
|
|
1,330.6
|
|
|
2,702.6
|
|
|
2,577.5
|
|
|
RFIG run-off
business
|
|
48.5
|
|
|
62.6
|
|
|
102.3
|
|
|
127.1
|
|
|
Total
|
$
|
1,435.5
|
|
$
|
1,393.3
|
|
$
|
2,804.9
|
|
$
|
2,704.6
|
|
|
Pretax operating
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General
insurance
|
$
|
80.0
|
|
$
|
85.1
|
|
$
|
167.1
|
|
$
|
167.1
|
|
|
Title
insurance
|
|
44.6
|
|
|
47.7
|
|
|
66.0
|
|
|
63.6
|
|
|
Corporate and
other
|
|
3.0
|
|
|
2.5
|
|
|
4.9
|
|
|
4.1
|
|
|
Subtotal
|
|
127.7
|
|
|
135.3
|
|
|
238.2
|
|
|
234.9
|
|
|
RFIG run-off
business
|
|
14.3
|
|
|
(0.1)
|
|
|
42.0
|
|
|
35.0
|
|
|
Total
|
|
142.1
|
|
|
135.1
|
|
|
280.3
|
|
|
270.0
|
|
|
Realized
investment gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From sales
|
|
6.6
|
|
|
16.6
|
|
|
50.8
|
|
|
35.5
|
|
|
From
impairments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Net realized
investment gains (losses)
|
|
6.6
|
|
|
16.6
|
|
|
50.8
|
|
|
35.5
|
|
|
Consolidated
pretax income (loss)
|
|
148.8
|
|
|
151.8
|
|
|
331.1
|
|
|
305.6
|
|
|
Income taxes
(credits)
|
|
47.7
|
|
|
49.7
|
|
|
107.1
|
|
|
100.0
|
|
|
Net income
(loss)
|
$
|
101.0
|
|
$
|
102.0
|
|
$
|
224.0
|
|
$
|
205.5
|
|
|
Components of
diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General
insurance
|
$
|
0.19
|
|
$
|
0.19
|
|
$
|
0.39
|
|
$
|
0.38
|
|
|
Title
insurance
|
|
0.10
|
|
|
0.11
|
|
|
0.15
|
|
|
0.14
|
|
|
Corporate and
other
|
|
0.02
|
|
|
0.02
|
|
|
0.04
|
|
|
0.04
|
|
|
Subtotal
|
|
0.31
|
|
|
0.32
|
|
|
0.58
|
|
|
0.56
|
|
|
RFIG run-off
business
|
|
0.03
|
|
|
-
|
|
|
0.09
|
|
|
0.08
|
|
|
Total
|
|
0.34
|
|
|
0.32
|
|
|
0.67
|
|
|
0.64
|
|
|
Net realized
investment gains (losses)
|
|
0.01
|
|
|
0.04
|
|
|
0.11
|
|
|
0.08
|
|
|
Net income
(loss)
|
$
|
0.35
|
|
$
|
0.36
|
|
$
|
0.78
|
|
$
|
0.72
|
|
|
Cash dividends
paid per share
|
$
|
0.1875
|
|
$
|
0.1850
|
|
$
|
0.3750
|
|
$
|
0.3700
|
|
|
Ending book value
per share
|
|
|
|
|
|
|
$
|
16.89
|
|
$
|
15.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Unaudited; All amounts in this report are stated in millions except
per share data and percentages.
|
|
The preceding table shows both operating and net income to
highlight the effects of realized investment gain or loss
recognition on period-to-period earnings comparisons. Management
uses operating income, a non-GAAP financial measure, to evaluate
and better explain operating performance, believing that this
measure enhances an understanding of Old Republic's core business
results. Operating income, however, does not replace net income
determined in accordance with GAAP as a measure of total
profitability.
The timing of realized investment gain or loss recognition can
be highly discretionary due to such factors as individual
securities sales, recording of estimated losses from write-downs of
impaired securities, tax-planning considerations, and changes in
investment management judgments relative to the direction of
securities markets or the future prospects of individual investees
or industry sectors. Since 2013, asset management operations have
in part been oriented toward an enhancement of income from interest
and dividends. To a large extent, this strategy has led to sales of
non-income producing or low-yielding securities. Proceeds from
these sales have largely been reinvested in higher yielding common
shares of American companies with distinguished long-term records
of earnings and dividend growth.
General Insurance
Results – The table below shows the major elements affecting
this segment's performance for each of the periods reported
upon.
|
|
|
|
General Insurance
Group
|
|
Quarters Ended June
30,
|
|
Six Months Ended June
30,
|
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
Net premiums
earned
|
$
|
741.8
|
|
$
|
709.3
|
|
4.6%
|
|
$
|
1,460.8
|
|
$
|
1,412.7
|
|
3.4%
|
Net investment
income
|
|
77.7
|
|
|
74.7
|
|
4.0
|
|
|
156.3
|
|
|
148.5
|
|
5.3
|
Other
income
|
|
26.2
|
|
|
25.9
|
|
1.0
|
|
|
53.3
|
|
|
51.8
|
|
2.9
|
Operating
revenues
|
|
845.8
|
|
|
810.1
|
|
4.4
|
|
|
1,670.5
|
|
|
1,613.1
|
|
3.6
|
Benefits and claim
costs
|
|
532.3
|
|
|
520.2
|
|
2.3
|
|
|
1,057.2
|
|
|
1,039.1
|
|
1.7
|
Sales and general
expenses
|
|
218.9
|
|
|
193.4
|
|
13.2
|
|
|
417.9
|
|
|
384.3
|
|
8.7
|
Interest and other
costs
|
|
14.5
|
|
|
11.3
|
|
28.6
|
|
|
28.1
|
|
|
22.4
|
|
25.4
|
Total operating
expenses
|
|
765.8
|
|
|
724.9
|
|
5.6
|
|
|
1,503.3
|
|
|
1,445.9
|
|
4.0
|
Pretax operating
income (loss)(*)
|
$
|
80.0
|
|
$
|
85.1
|
|
-5.9%
|
|
$
|
167.1
|
|
$
|
167.1
|
|
- %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit and claim
ratio
|
|
71.8%
|
|
|
73.3%
|
|
|
|
|
72.4%
|
|
|
73.6%
|
|
|
Expense
ratio
|
|
26.0
|
|
|
23.6
|
|
|
|
|
25.0
|
|
|
23.5
|
|
|
Composite underwriting
ratio
|
|
97.8%
|
|
|
96.9%
|
|
|
|
|
97.4%
|
|
|
97.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) In connection with the run-off mortgage guaranty ("MI")
and consumer credit indemnity ("CCI") combination, $15.2 and $21.2 of
pretax operating losses for the second quarter and first half of
2016, and $20.5 and $24.9 of pretax operating losses for the second
quarter and first half of 2015, respectively, are retained by
certain general insurance companies pursuant to various quota share
and stop loss reinsurance agreements. All of these amounts,
however, have been reclassified such that 100% of the CCI run-off
business is reported in the RFIG run-off segment.
General Insurance pretax operating earnings were partially
constrained by lower underwriting profitability in this year's
second quarter. For the first half of the year, however, the
segment's operating earnings benefitted from moderately higher net
investment income joined to relatively stable underwriting
profitability.
Low single digit earned premium growth prevailed for the latest
quarter and year-to-date periods. Premium trends for both 2016
periods were most positively affected by gains in commercial
automobile (trucking), in certain other coverages such as home and
auto warranty, and by the emerging premium production of a new
underwriting facility established in early 2015. Growth was
somewhat hindered in the 2016 interim periods due to declining
volume in a large account construction book of business, operating
in a very competitive environment.
General Insurance benefit and claim cost ratios were relatively
flat for the respective quarterly and first half periods of 2016
and 2015. In addition to estimates of current year costs, 2016
ratios are inclusive of (0.7) and (0.2) percentage point reductions
emanating from favorable developments of prior years' reserves in
the second quarter and first half of 2016, respectively. By
contrast, the corresponding ratios for 2015 are inclusive of 0.9
and 1.0 percentage point additions stemming from unfavorable
developments of previously established reserves, respectively.
Relatively higher expense ratios in 2016's periods stemmed
principally from higher costs incurred in a start-up business and
increased litigation cost provisions by comparison to the same
periods in 2015.
Quarterly or year-to-date fluctuations in the reported benefits
and claims ratio trends are not particularly meaningful in
evaluating Old Republic's liability insurance-oriented mix of
business. Management currently anticipates, however, that recent
years' uptrends in these ratios should abate and revert gradually
to currently targeted annual averages in the high 60%s to low
70%s.
Title Insurance
Results – Year-over-year earnings edged down in this year's
second quarter while first half results continued along the
positive path set in recent years.
|
|
|
Title Insurance
Group
|
|
Quarters Ended June
30,
|
|
Six Months Ended June
30,
|
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
Net premiums and fees
earned
|
$
|
524.5
|
|
$
|
502.7
|
|
4.3%
|
|
$
|
998.7
|
|
$
|
931.0
|
|
7.3%
|
Net investment
income
|
|
8.9
|
|
|
7.9
|
|
12.5
|
|
|
18.0
|
|
|
15.9
|
|
13.3
|
Other
income
|
|
0.3
|
|
|
0.4
|
|
-6.2
|
|
|
0.7
|
|
|
0.8
|
|
-10.2
|
Operating
revenues
|
|
533.8
|
|
|
511.1
|
|
4.5
|
|
|
1,017.5
|
|
|
947.8
|
|
7.4
|
Claim
costs
|
|
26.8
|
|
|
25.1
|
|
6.9
|
|
|
51.2
|
|
|
48.9
|
|
4.7
|
Sales and general
expenses
|
|
460.4
|
|
|
436.4
|
|
5.5
|
|
|
896.1
|
|
|
831.1
|
|
7.8
|
Interest and other
costs
|
|
1.9
|
|
|
1.8
|
|
1.9
|
|
|
4.0
|
|
|
4.0
|
|
-0.7
|
Total operating
expenses
|
|
489.2
|
|
|
463.4
|
|
5.6
|
|
|
951.4
|
|
|
884.1
|
|
7.6
|
Pretax operating
income (loss)
|
$
|
44.6
|
|
$
|
47.7
|
|
-6.4%
|
|
$
|
66.0
|
|
$
|
63.6
|
|
3.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Claim
ratio
|
|
5.1%
|
|
|
5.0%
|
|
|
|
|
5.1%
|
|
|
5.3%
|
|
|
Expense
ratio
|
|
87.7
|
|
|
86.7
|
|
|
|
|
89.7
|
|
|
89.2
|
|
|
Composite underwriting
ratio
|
|
92.8%
|
|
|
91.7%
|
|
|
|
|
94.8%
|
|
|
94.5%
|
|
|
The continuation of a favorable mortgage rate environment and
improving housing and commercial property markets led to higher
revenues from title premiums and fees in this year's second quarter
and first six months. The improvements were achieved in spite of
adverse effects that recently implemented mortgage disclosure rules
are having on the consummation of real estate transactions.
As the above table shows, 2016 underwriting margins were
compressed to a relatively small degree. Claims ratios were
essentially unchanged, but expense ratios climbed slightly as
operating costs rose at a faster pace than title premiums and fees
revenues. While a smaller component of title profitability, net
investment income rose in both periods as it benefitted from
moderately higher yields on a larger bond and common stock
investment portfolio.
RFIG Run-off
Business Results – The table below shows the operating
components of this run-off book of business and their contributions
to combined results.
|
|
|
RFIG Run-off
Business
|
|
Quarters Ended June
30,
|
|
Six Months Ended June
30,
|
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
A.
MI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums
earned
|
$
|
38.7
|
|
$
|
50.1
|
|
-22.7%
|
|
$
|
83.1
|
|
$
|
102.7
|
|
-19.1%
|
Net investment
income
|
|
5.5
|
|
|
6.0
|
|
-9.3
|
|
|
11.2
|
|
|
12.2
|
|
-8.4
|
Claim
costs
|
|
9.3
|
|
|
30.5
|
|
-69.5
|
|
|
19.9
|
|
|
44.1
|
|
-54.7
|
Pretax operating
income (loss)
|
$
|
29.9
|
|
$
|
20.8
|
|
43.6%
|
|
$
|
64.0
|
|
$
|
60.9
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Claim
ratio
|
|
24.0%
|
|
|
60.9%
|
|
|
|
|
24.0%
|
|
|
42.9%
|
|
|
Expense
ratio
|
|
13.0
|
|
|
9.6
|
|
|
|
|
12.4
|
|
|
9.7
|
|
|
Composite underwriting
ratio
|
|
37.0%
|
|
|
70.5%
|
|
|
|
|
36.4%
|
|
|
52.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B.
CCI(*):
|
|
|
|
|
|
|
|
|
Net premiums
earned
|
$
|
4.0
|
|
$
|
6.2
|
|
-35.5%
|
|
$
|
7.4
|
|
$
|
11.6
|
|
-36.3%
|
Net investment
income
|
|
0.2
|
|
|
0.2
|
|
28.6
|
|
|
0.5
|
|
|
0.4
|
|
29.6
|
Benefits and claim
costs
|
|
19.3
|
|
|
26.8
|
|
-28.0
|
|
|
28.8
|
|
|
36.8
|
|
-21.7
|
Pretax operating
income (loss)
|
$
|
(15.6)
|
|
$
|
(21.0)
|
|
25.8%
|
|
$
|
(21.9)
|
|
$
|
(25.8)
|
|
15.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Claim
ratio
|
|
484.0%
|
|
|
433.2%
|
|
|
|
|
387.5%
|
|
|
315.1%
|
|
|
Expense
ratio
|
|
12.9
|
|
|
9.4
|
|
|
|
|
14.8
|
|
|
9.3
|
|
|
Composite underwriting
ratio
|
|
496.9%
|
|
|
442.6%
|
|
|
|
|
402.3%
|
|
|
324.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C. Total MI and
CCI run-off business:
|
|
|
|
|
|
|
|
|
Net premiums
earned
|
$
|
42.7
|
|
$
|
56.3
|
|
-24.1%
|
|
$
|
90.5
|
|
$
|
114.4
|
|
-20.9%
|
Net investment
income
|
|
5.7
|
|
|
6.3
|
|
-8.0
|
|
|
11.7
|
|
|
12.6
|
|
-7.2
|
Benefits and claim
costs
|
|
28.6
|
|
|
57.4
|
|
-50.1%
|
|
|
48.8
|
|
|
80.9
|
|
-39.7
|
Pretax operating
income (loss)
|
$
|
14.3
|
|
$
|
(0.1)
|
|
N/M
|
|
$
|
42.0
|
|
$
|
35.0
|
|
20.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Claim
ratio
|
|
67.1%
|
|
|
101.9%
|
|
|
|
|
53.9%
|
|
|
70.8%
|
|
|
Expense
ratio
|
|
13.0
|
|
|
9.6
|
|
|
|
|
12.6
|
|
|
9.7
|
|
|
Composite underwriting
ratio
|
|
80.1%
|
|
|
111.5%
|
|
|
|
|
66.5%
|
|
|
80.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) In connection with the run-off mortgage guaranty ("MI")
and consumer credit indemnity ("CCI") combination, $15.2 and $21.2 of
pretax operating losses for the second quarter and first half of
2016, and $20.5 and $24.9 of pretax operating losses for the second
quarter and first half of 2015, respectively, are retained by
certain general insurance companies pursuant to various quota share
and stop loss reinsurance agreements. All of these amounts,
however, have been reclassified such that 100% of the CCI run-off
business is reported in the RFIG run-off segment.
Consistent with a run-off operating mode, further declines in
earned premiums were posted by the MI and CCI lines. Investment
income for MI was also lower as reduced premium volume and ongoing
claim payments created downward pressure on the invested asset
base.
Year-over-year comparisons of the MI claim ratio were positive.
The lower ratios for both 2016 periods were attributable to
continued declines in reported delinquencies and higher rates at
which reported defaults are cured or otherwise resolved without
payment. Moreover, 2016 MI claims costs were less affected by
litigation costs that impacted adversely last year's claim ratio.
Additionally, favorable developments of previously established
claim reserves lowered claim ratios by 41.9 and 40.5 percentage
points in the second quarter and first half of 2016, respectively.
For 2015, the reductions amounted to 80.6 percentage points for
both periods.
Year-to-year comparisons of the much smaller CCI run-off line
reflected similarly negative trends in earned premiums, but much
greater volatility in claims costs and the resultant claim ratios.
The latter were particularly impacted by changes in estimates of
ongoing litigation costs.
Corporate and
Other Operations – The combination of a small life and
accident insurance business and the net costs associated with
operations of the parent holding company and its internal services
subsidiaries usually produce highly variable results. Earnings
variations posted by these relatively minor elements of Old
Republic's business stem from volatility inherent to the small
scale of life and accident insurance operations, and net interest
costs pertaining to external and intra-system financing
arrangements. The interplay of these various operating elements is
summarized in the following table:
|
|
|
Corporate and
Other Operations
|
|
Quarters Ended June
30,
|
|
Six Months Ended June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net premiums
earned
|
$
|
4.7
|
|
$
|
5.0
|
|
$
|
9.5
|
|
$
|
9.7
|
Net investment
income
|
|
2.4
|
|
|
4.1
|
|
|
5.1
|
|
|
7.5
|
Other
income
|
|
-
|
|
|
0.1
|
|
|
(0.1)
|
|
|
(0.6)
|
Operating
revenues
|
|
7.2
|
|
|
9.4
|
|
|
14.5
|
|
|
16.5
|
Benefits and claim
costs
|
|
4.9
|
|
|
5.3
|
|
|
9.5
|
|
|
9.2
|
Insurance
expenses
|
|
2.1
|
|
|
1.1
|
|
|
4.3
|
|
|
3.3
|
Corporate, interest
and other expenses - net
|
|
(2.9)
|
|
|
0.4
|
|
|
(4.3)
|
|
|
(0.1)
|
Total operating
expenses
|
|
4.1
|
|
|
6.8
|
|
|
9.5
|
|
|
12.4
|
Pretax operating
income (loss)
|
$
|
3.0
|
|
$
|
2.5
|
|
$
|
4.9
|
|
$
|
4.1
|
|
Consolidated
Results – The consolidated changes and occurrences in Old
Republic's segmented business for the most recent interim periods
are shown in the following table:
|
|
|
ORI
Consolidated
|
|
Quarters Ended June
30,
|
|
Six Months Ended June
30,
|
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
Net premiums and fees
earned
|
$
|
1,313.9
|
|
$
|
1,273.5
|
|
3.2%
|
|
$
|
2,559.6
|
|
$
|
2,467.9
|
|
3.7%
|
Net investment
income
|
|
94.9
|
|
|
93.1
|
|
1.9
|
|
|
191.2
|
|
|
184.6
|
|
3.6
|
Other
income
|
|
26.6
|
|
|
26.5
|
|
0.2
|
|
|
53.9
|
|
|
52.0
|
|
3.7
|
Operating
revenues
|
|
1,435.5
|
|
|
1,393.3
|
|
3.0
|
|
|
2,804.9
|
|
|
2,704.6
|
|
3.7
|
Benefits and claim
costs
|
|
592.8
|
|
|
608.1
|
|
-2.5
|
|
|
1,166.9
|
|
|
1,178.3
|
|
-1.0
|
Sales and general
expenses
|
|
689.9
|
|
|
639.7
|
|
7.8
|
|
|
1,336.3
|
|
|
1,235.5
|
|
8.2
|
Interest and other
costs
|
|
10.6
|
|
|
10.2
|
|
4.0
|
|
|
21.3
|
|
|
20.7
|
|
3.0
|
Total operating
expenses
|
|
1,293.4
|
|
|
1,258.1
|
|
2.8
|
|
|
2,524.6
|
|
|
2,434.6
|
|
3.7
|
Pretax operating
income (loss)
|
|
142.1
|
|
|
135.1
|
|
5.1
|
|
|
280.3
|
|
|
270.0
|
|
3.8
|
Income taxes
(credits)
|
|
45.3
|
|
|
43.9
|
|
3.3
|
|
|
89.3
|
|
|
87.6
|
|
1.9
|
Net operating income
(loss)
|
|
96.7
|
|
|
91.2
|
|
6.0
|
|
|
190.9
|
|
|
182.4
|
|
4.7
|
Realized investment
gains (losses)
|
|
6.6
|
|
|
16.6
|
|
-59.9
|
|
|
50.8
|
|
|
35.5
|
|
43.0
|
Income taxes
(credits) on realized investment gains (losses)
|
|
2.3
|
|
|
5.8
|
|
-59.9
|
|
|
17.8
|
|
|
12.4
|
|
42.9
|
Net realized
investment gains (losses)
|
|
4.3
|
|
|
10.8
|
|
-59.9
|
|
|
33.0
|
|
|
23.1
|
|
43.0
|
Net income
(loss)
|
$
|
101.0
|
|
$
|
102.0
|
|
-1.0%
|
|
$
|
224.0
|
|
$
|
205.5
|
|
9.0%
|
Claim
ratio
|
|
45.1%
|
|
|
47.8%
|
|
|
|
|
45.6%
|
|
|
47.7%
|
|
|
Expense
ratio
|
|
50.3
|
|
|
47.9
|
|
|
|
|
49.8
|
|
|
47.7
|
|
|
Composite underwriting
ratio
|
|
95.4%
|
|
|
95.7%
|
|
|
|
|
95.4%
|
|
|
95.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
operating cash flow
|
|
|
|
|
|
|
|
|
$
|
163.8
|
|
$
|
303.7
|
|
-46.1%
|
Consolidated operating cash flow was additive to investable
funds in the amount of $163.8 and
$303.7 for the first six months of
2016 and 2015, respectively. Excluding the MI and CCI operating
cash flows, these amounts would be $218.7 and $387.7,
respectively.
The sum total of Old Republic's segmented results is represented
by the following major components of pretax consolidated
income:
|
Quarters Ended June
30,
|
|
Six Months Ended June
30,
|
Pretax operating
income:
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
Underwriting and
related services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All segments except
RFIG
|
$
|
49.2
|
|
$
|
58.7
|
|
-16.1%
|
|
$
|
80.0
|
|
$
|
83.7
|
|
-4.4%
|
RFIG
run-off
|
|
8.5
|
|
|
(6.4)
|
|
231.7
|
|
|
30.3
|
|
|
22.3
|
|
35.5
|
Subtotal
|
|
57.8
|
|
|
52.2
|
|
10.7
|
|
|
110.4
|
|
|
106.1
|
|
4.0
|
Net investment
income
|
|
94.9
|
|
|
93.1
|
|
1.9
|
|
|
191.2
|
|
|
184.6
|
|
3.6
|
Interest and other
costs
|
|
(10.6)
|
|
|
(10.2)
|
|
4.0
|
|
|
(21.3)
|
|
|
(20.7)
|
|
3.0
|
Total
|
|
142.1
|
|
|
135.1
|
|
5.1
|
|
|
280.3
|
|
|
270.0
|
|
3.8
|
Realized investment
gains(losses)
|
|
6.6
|
|
|
16.6
|
|
-59.9
|
|
|
50.8
|
|
|
35.5
|
|
43.0
|
Consolidated pretax
income
|
$
|
148.8
|
|
$
|
151.8
|
|
-2.0%
|
|
$
|
331.1
|
|
$
|
305.6
|
|
8.4%
|
|
|
Cash, Invested
Assets, and Shareholders' Equity – The table below reflects Old
Republic's consolidated cash and invested asset balances as well as
the shareholders' equity account at the dates shown.
|
|
|
Cash, Invested
Assets, and Shareholders' Equity
|
|
|
|
|
|
|
|
% Change
|
|
June 30,
|
|
Dec. 31,
|
|
June 30,
|
|
June '16/
|
|
June '16/
|
|
2016
|
|
2015
|
|
2015
|
|
Dec. '15
|
|
June '15
|
Cash and invested
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carried at fair
value
|
$
|
11,509.5
|
|
$
|
11,119.6
|
|
$
|
11,286.4
|
|
3.5%
|
|
2.0%
|
|
Carried at amortized
cost
|
|
629.2
|
|
|
355.8
|
|
|
62.4
|
|
76.8
|
|
N/M
|
|
Total per balance
sheet
|
$
|
12,138.7
|
|
$
|
11,475.5
|
|
$
|
11,348.8
|
|
5.8%
|
|
7.0%
|
|
Cost basis
|
$
|
11,409.6
|
|
$
|
11,284.5
|
|
$
|
10,927.3
|
|
1.1%
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
Total
|
$
|
4,378.0
|
|
$
|
3,880.8
|
|
$
|
3,937.4
|
|
12.8%
|
|
11.2%
|
|
Per common
share
|
$
|
16.89
|
|
$
|
15.02
|
|
$
|
15.16
|
|
12.5%
|
|
11.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of
shareholders' equity per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity before items
below
|
$
|
15.40
|
|
$
|
14.91
|
|
$
|
14.44
|
|
3.3%
|
|
6.6%
|
Unrealized investment
gains (losses) and other
|
|
|
|
|
|
|
|
|
|
|
|
|
accumulated
comprehensive income (loss)
|
|
1.49
|
|
|
0.11
|
|
|
0.72
|
|
|
|
|
Total
|
$
|
16.89
|
|
$
|
15.02
|
|
$
|
15.16
|
|
12.5%
|
|
11.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmented
composition of
shareholders' equity per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding run-off
segment
|
$
|
15.70
|
|
$
|
14.06
|
|
$
|
14.22
|
|
11.7%
|
|
10.4%
|
RFIG run-off
segment
|
|
1.19
|
|
|
0.96
|
|
|
0.94
|
|
|
|
|
Total
|
$
|
16.89
|
|
$
|
15.02
|
|
$
|
15.16
|
|
12.5%
|
|
11.4%
|
Old Republic's invested assets are managed in consideration of
enterprise-wide risk management objectives. Most importantly, these
are intended to ensure solid funding of insurance subsidiaries'
long-term obligations to policyholders and other beneficiaries, and
the necessary long-term stability of their capital accounts. As a
result, the investment portfolio contains no significant insurance
risk-correlated asset exposures to real estate, mortgage-backed
securities, collateralized debt obligations ("CDO's"), derivatives,
hybrid securities, or illiquid private equity investments. In a
similar vein, the Company does not engage in hedging or securities
lending transactions, nor does it invest in securities whose values
are predicated on non-regulated financial instruments exhibiting
amorphous or unfunded counter-party risk attributes.
As of June 30, 2016, the
consolidated investment portfolio reflected an allocation of
approximately 80 percent to fixed-maturity and short-term
investments, and 20 percent to equities. Investments in high
quality, dividend-paying equity securities have been emphasized
since 2013, while the asset quality of the fixed maturity portfolio
remains at high levels.
Changes in shareholders' equity per share are shown in the
following table. As indicated, the changes resulted mostly from
each period's net income, increased dividend payments to
shareholders, and changes in the value of invested assets carried
at fair value.
|
Shareholders'
Equity Per Share
|
|
Quarter
|
|
|
|
Year
|
|
Ended
|
|
Six Months
Ended
|
|
Ended
|
|
June 30,
|
|
June 30,
|
|
Dec. 31,
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
Beginning
balance
|
$
|
16.00
|
|
$
|
15.02
|
|
$
|
15.15
|
|
$
|
15.15
|
Changes in
shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income
(loss)
|
|
0.37
|
|
|
0.74
|
|
|
0.70
|
|
|
1.40
|
Net realized
investment gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
From sales
|
|
0.02
|
|
|
0.13
|
|
|
0.09
|
|
|
0.23
|
From
impairments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Subtotal
|
|
0.02
|
|
|
0.13
|
|
|
0.09
|
|
|
0.23
|
Net unrealized
investment gains (losses)
|
|
0.68
|
|
|
1.35
|
|
|
(0.38)
|
|
|
(0.96)
|
Total realized and
unrealized investment gains (losses)
|
|
0.70
|
|
|
1.48
|
|
|
(0.29)
|
|
|
(0.73)
|
Cash
dividends
|
|
(0.19)
|
|
|
(0.38)
|
|
|
(0.37)
|
|
|
(0.74)
|
Stock issuance,
foreign exchange, and other transactions
|
|
0.01
|
|
|
0.03
|
|
|
(0.03)
|
|
|
(0.06)
|
Net change
|
|
0.89
|
|
|
1.87
|
|
|
0.01
|
|
|
(0.13)
|
Ending
balance
|
$
|
16.89
|
|
$
|
16.89
|
|
$
|
15.16
|
|
$
|
15.02
|
Percentage change for
the period
|
|
5.6%
|
|
|
12.5%
|
|
|
0.1%
|
|
|
-0.9%
|
|
|
Capitalization
– As the table below indicates, the major change in Old
Republic's capitalization in the six months ended June 30, 2016
consisted of a 12.8% increase in the common shareholders'
account.
|
|
|
Capitalization(*)
|
|
June 30,
|
|
December
31,
|
|
June 30,
|
|
2016
|
|
2015
|
|
2015
|
Debt:
|
|
|
|
|
|
|
|
|
3.75% Convertible
Senior Notes due 2018
|
$
|
546.9
|
|
$
|
546.0
|
|
$
|
545.0
|
4.875% Senior Notes
due 2024
|
|
395.4
|
|
|
395.1
|
|
|
394.8
|
ESSOP debt with an
average yield of 3.9%
|
|
8.1
|
|
|
11.7
|
|
|
11.7
|
Other miscellaneous
debt with an average yield of 1.8%
|
|
32.4
|
|
|
-
|
|
|
-
|
Total debt
|
|
982.9
|
|
|
952.8
|
|
|
951.6
|
Common shareholders'
equity
|
|
4,378.0
|
|
|
3,880.8
|
|
|
3,937.4
|
Total
capitalization
|
$
|
5,361.0
|
|
$
|
4,833.7
|
|
$
|
4,889.1
|
|
|
|
|
|
|
|
|
|
Capitalization
ratios:
|
|
|
|
|
|
|
|
|
Debt
|
|
18.3%
|
|
|
19.7%
|
|
|
19.5%
|
Common shareholders'
equity
|
|
81.7
|
|
|
80.3
|
|
|
80.5
|
Total
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
(*) Certain debt amounts have been reduced due to the
reclassification of relatively immaterial debt issuance costs
previously classified as deferred assets, in order to comply with a
2015 pronouncement by the Financial Accounting Standards
Board.
The changes in common shareholders' equity stem primarily from
each periods net income, dividend payments to shareholders and
changes in the value of invested assets carried at fair value.
Managing Old
Republic's Insurance Business for the Long-Run
|
The insurance business is distinguished from most others in that
the prices (premiums) charged for various insurance products are
set without certainty of the ultimate benefit and claim costs that
will emerge or be incurred, often many years after issuance and
expiration of a policy. Old Republic's business is therefore
conducted with a primary focus on achieving favorable underwriting
results over cycles, and on the maintenance of financial soundness
in support of its insurance subsidiaries' long-term obligations to
insurance beneficiaries.
In this light, the Company's affairs are managed for the long
run and without significant regard to the arbitrary strictures of
quarterly or even annual reporting periods that American industry
must observe. In Old Republic's view, such short reporting time
frames do not comport well with the long-term nature of much of its
business. Management therefore believes that the Company's
operating results and financial condition can best be evaluated by
observing underwriting and overall operating performance trends
over succeeding five or preferably ten year intervals. A ten year
period in particular can likely encompass at least one economic
and/or underwriting cycle and thereby provide an appropriate time
frame for such cycle to run its course, for premium rate changes to
emerge in financial results, and for reserved claim costs to be
quantified with greater finality and effect.
Accompanying Financial Data:
- Summary Financial Statements and Common Stock Statistics
- About Old Republic
- Safe Harbor Statement
Financial Supplement
A financial supplement to this news release is available on the
Company's website.
Old Republic
International Corporation
|
Summary
Financial Statements and Common Stock Statistics
(Unaudited)
|
|
June
30,
|
|
December
31,
|
|
June 30,
|
SUMMARY BALANCE
SHEETS:
|
2016
|
|
2015
|
|
2015
|
Assets:
|
|
|
|
|
|
|
|
|
Cash and fixed maturity
securities
|
$
|
9,684.1
|
|
$
|
9,366.7
|
|
$
|
9,276.3
|
Equity
securities
|
|
2,333.4
|
|
|
1,987.8
|
|
|
1,956.1
|
Other invested
assets
|
|
121.1
|
|
|
120.9
|
|
|
116.2
|
Cash and invested
assets
|
|
12,138.7
|
|
|
11,475.5
|
|
|
11,348.8
|
Accounts and premiums
receivable
|
|
1,519.1
|
|
|
1,310.2
|
|
|
1,405.2
|
Federal income tax
recoverable:
|
Current
|
|
34.3
|
|
|
26.5
|
|
|
16.6
|
|
Deferred
|
|
-
|
|
|
154.5
|
|
|
83.5
|
Prepaid federal income
taxes
|
|
82.4
|
|
|
63.3
|
|
|
63.3
|
Reinsurance balances
recoverable
|
|
3,328.3
|
|
|
3,183.6
|
|
|
3,459.3
|
Sundry
assets
|
|
888.2
|
|
|
887.8
|
|
|
890.1
|
Total
|
$
|
17,991.2
|
|
$
|
17,101.6
|
|
$
|
17,267.0
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
Policy
liabilities
|
$
|
2,112.7
|
|
$
|
1,945.1
|
|
$
|
2,001.5
|
Benefit and claim
reserves
|
|
9,126.6
|
|
|
9,120.2
|
|
|
9,131.6
|
Federal income tax
payable: Deferred
|
|
48.6
|
|
|
-
|
|
|
-
|
Debt
|
|
982.9
|
|
|
952.8
|
|
|
951.6
|
Sundry
liabilities
|
|
1,342.2
|
|
|
1,202.5
|
|
|
1,244.6
|
Shareholders'
equity
|
|
4,378.0
|
|
|
3,880.8
|
|
|
3,937.4
|
Total
|
$
|
17,991.2
|
|
$
|
17,101.6
|
|
$
|
17,267.0
|
|
|
|
|
|
|
|
|
|
|
|
Quarters
Ended
|
|
Six Months
Ended
|
|
Fiscal Twelve
Months Ended
|
SUMMARY INCOME
STATEMENTS:
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net premiums and fees
earned
|
$
|
1,313.90
|
|
$
|
1,273.50
|
|
$
|
2,559.60
|
|
$
|
2,467.90
|
|
$
|
5,271.10
|
|
$
|
4,973.70
|
Net investment
income
|
|
94.9
|
|
|
93.1
|
|
|
191.2
|
|
|
184.6
|
|
|
395.3
|
|
|
361.9
|
Other
income
|
|
26.6
|
|
|
26.5
|
|
|
53.9
|
|
|
52
|
|
|
108.6
|
|
|
103.9
|
Net realized
investment gains (losses)
|
|
6.6
|
|
|
16.6
|
|
|
50.8
|
|
|
35.5
|
|
|
106.6
|
|
|
66.7
|
Total
revenues
|
|
1,442.20
|
|
|
1,410.00
|
|
|
2,855.70
|
|
|
2,740.20
|
|
|
5,881.70
|
|
|
5,506.30
|
Benefits and
claims
|
|
592.8
|
|
|
608.1
|
|
|
1,166.90
|
|
|
1,178.30
|
|
|
2,447.90
|
|
|
2,477.50
|
Sales and general
expenses
|
|
689.9
|
|
|
639.7
|
|
|
1,336.30
|
|
|
1,235.50
|
|
|
2,733.80
|
|
|
2,475.10
|
Interest and other
costs
|
|
10.6
|
|
|
10.2
|
|
|
21.3
|
|
|
20.7
|
|
|
42.5
|
|
|
35.1
|
Total
expenses
|
|
1,293.40
|
|
|
1,258.10
|
|
|
2,524.60
|
|
|
2,434.60
|
|
|
5,224.30
|
|
|
4,987.90
|
Pretax income
(loss)
|
|
148.8
|
|
|
151.8
|
|
|
331.1
|
|
|
305.6
|
|
|
657.3
|
|
|
518.4
|
Income taxes
(credits)
|
|
47.7
|
|
|
49.7
|
|
|
107.1
|
|
|
100
|
|
|
216.7
|
|
|
163.6
|
Net income
(loss)
|
$
|
101
|
|
$
|
102
|
|
$
|
224
|
|
$
|
205.5
|
|
$
|
440.6
|
|
$
|
354.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK
STATISTICS:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss):
|
Basic
|
$
|
0.39
|
|
$
|
0.39
|
|
$
|
0.87
|
|
$
|
0.79
|
|
$
|
1.7
|
|
$
|
1.37
|
|
Diluted
|
$
|
0.35
|
|
$
|
0.36
|
|
$
|
0.78
|
|
$
|
0.72
|
|
$
|
1.54
|
|
$
|
1.25
|
Components of
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, net operating
income (loss)
|
$
|
0.37
|
|
$
|
0.35
|
|
$
|
0.74
|
|
$
|
0.7
|
|
$
|
1.43
|
|
$
|
1.2
|
Realized investment
gains (losses)
|
|
0.02
|
|
|
0.04
|
|
|
0.13
|
|
|
0.09
|
|
|
0.27
|
|
|
0.17
|
Basic net income
(loss)
|
$
|
0.39
|
|
$
|
0.39
|
|
$
|
0.87
|
|
$
|
0.79
|
|
$
|
1.7
|
|
$
|
1.37
|
Diluted, net
operating income (loss)
|
$
|
0.34
|
|
$
|
0.32
|
|
$
|
0.67
|
|
$
|
0.64
|
|
$
|
1.3
|
|
$
|
1.1
|
Realized investment
gains (losses)
|
|
0.01
|
|
|
0.04
|
|
|
0.11
|
|
|
0.08
|
|
|
0.24
|
|
|
0.15
|
Diluted net income
(loss)
|
$
|
0.35
|
|
$
|
0.36
|
|
$
|
0.78
|
|
$
|
0.72
|
|
$
|
1.54
|
|
$
|
1.25
|
Cash dividends on
common stock
|
$
|
0.1875
|
|
$
|
0.185
|
|
$
|
0.375
|
|
$
|
0.37
|
|
$
|
0.745
|
|
$
|
0.735
|
Book value per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16.89
|
|
$
|
15.16
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic
|
|
259,093,314
|
|
|
259,468,711
|
|
|
258,998,523
|
|
|
259,371,887
|
|
|
259,197,915
|
|
|
259,198,845
|
Average
diluted
|
|
296,069,028
|
|
|
295,987,501
|
|
|
295,923,078
|
|
|
295,852,949
|
|
|
296,064,182
|
|
|
295,629,170
|
Actual, end of
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
259,284,593
|
|
|
259,678,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY STATEMENTS
OF COMPREHENSIVE INCOME (LOSS):
|
|
|
|
|
|
|
|
|
Net income (loss) as
reported
|
$
|
101
|
|
$
|
102
|
|
$
|
224
|
|
$
|
205.5
|
|
$
|
440.6
|
|
$
|
354.7
|
Post-tax net
unrealized gains (losses)
|
|
175.4
|
|
|
-134.6
|
|
|
349.9
|
|
|
-98.7
|
|
|
199.7
|
|
|
-126
|
Other
adjustments
|
|
1.4
|
|
|
1.7
|
|
|
7.9
|
|
|
-5.6
|
|
|
-0.6
|
|
|
-69.3
|
Net
adjustments
|
|
176.8
|
|
|
-132.9
|
|
|
357.8
|
|
|
-104.4
|
|
|
199.1
|
|
|
-195.4
|
Comprehensive income
(loss)
|
$
|
277.9
|
|
$
|
-30.8
|
|
$
|
581.8
|
|
$
|
101.1
|
|
$
|
639.8
|
|
$
|
159.3
|
About Old Republic
Chicago-based Old Republic
International Corporation is one of the nation's 50 largest
publicly held insurance organizations. Its most recent financial
statements reflect consolidated assets of approximately
$17.99 billion and common
shareholders' equity of $4.37
billion, or $16.89 per share.
Its current stock market valuation is approximately $5.16 billion, or $19.69 per share.
The Company is organized as an insurance holding company whose
subsidiaries actively market, underwrite, and provide risk
management services for a wide variety of coverages mostly in the
general and title insurance fields. A long-term interest in
mortgage guaranty and consumer credit indemnity lines has devolved
to a run-off operating mode in recent years.
The nature of Old Republic's business requires that it be
managed for the long run. For the 25 years ended in 2015, the
Company's total market return, with dividends reinvested, has grown
at a compounded annual rate of 12.2 percent per share. For the same
period, the total market return, with dividends reinvested, for the
S&P 500 Index has grown at a 9.8 percent annual compound rate.
During those years, Old Republic's shareholders' equity account,
inclusive of cash dividends, has risen at an average annual rate of
9.4 percent per share, and the regular cash dividend has grown at a
9.3 percent annual compound rate. According to the most recent
edition of Mergent's Dividend Achievers, Old Republic is one of
just 98 qualifying companies, out of thousands considered, that
have posted at least 25 consecutive years of annual dividend
growth.
Conference Call Information
Old Republic has scheduled a conference call at 3:00 p.m. ET (2:00 p.m.
CT) today, to discuss its second quarter 2016 performance
and to review major operating trends and business developments. To
access this call live in listen-only mode:
- 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
888-505-4375.
Interested parties may also listen to a replay of the
call through August 4, 2016 by
dialing 877-870-5176, passcode 2943563, or by accessing it on Old
Republic International's website through August 28, 2016.
Safe Harbor Statement
Historical data pertaining to the operating results, liquidity,
and other performance indicators applicable to an insurance
enterprise such as Old Republic are not necessarily indicative of
results to be achieved in succeeding years. In addition to the
factors cited below, the long-term nature of the insurance
business, seasonal and annual patterns in premium production and
incidence of claims, changes in yields obtained on invested assets,
changes in government policies and free markets affecting inflation
rates and general economic conditions, and changes in legal
precedents or the application of law affecting the settlement of
disputed and other claims can have a bearing on period-to-period
comparisons and future operating results.
Some of the oral or written statements made in the Company's
reports, press releases, and conference calls following earnings
releases, can constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Of
necessity, any such forward-looking statements involve assumptions,
uncertainties, and risks that may affect the Company's future
performance. With regard to Old Republic's General Insurance
segment, its results can be affected, in particular, by the level
of market competition, which is typically a function of available
capital and expected returns on such capital among competitors, the
levels of interest and inflation rates, and periodic changes in
claim frequency and severity patterns caused by natural disasters,
weather conditions, accidents, illnesses, work-related injuries,
and unanticipated external events. Title Insurance and RFIG run-off
results can be affected by similar factors, and by changes in
national and regional housing demand and values, the availability
and cost of mortgage loans, employment trends, and default rates on
mortgage loans. Life and accident insurance earnings can be
affected by the levels of employment and consumer spending,
variations in mortality and health trends, and changes in policy
lapsation rates. At the parent holding company level, operating
earnings or losses are generally reflective of the amount of debt
outstanding and its cost, interest income on temporary holdings of
short-term investments, and period-to-period variations in the
costs of administering the Company's widespread operations.
A more detailed listing and discussion of the risks and other
factors which affect the Company's risk-taking insurance business
are included in Part I, Item 1A - Risk Factors, of the Company's
2015 Form 10-K Annual Report and Part II, Item 1A - Risk Factors,
of the Company's recent Form 10-Q filings to the Securities and
Exchange Commission, which Items are specifically incorporated
herein by reference.
Any forward-looking statements or commentaries speak only as of
their dates. Old Republic undertakes no obligation to publicly
update or revise any and all such comments, whether as a result of
new information, future events or otherwise, and accordingly they
may not be unduly relied upon.
For the latest news releases and other
corporate documents on Old Republic, please write to:
Investor Relations
Old Republic
International Corporation
307 North Michigan Avenue •
Chicago, IL 60601
312-346-8100
or visit us at www.oldrepublic.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/old-republic-reports-results-for-the-second-quarter-and-first-half-of-2016-300305494.html
SOURCE Old Republic International Corporation