PR Newswire
CHICAGO, April 26, 2018
CHICAGO, April 26, 2018 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today reported the operating and net income amounts shown in the following table. Pretax operating income dropped across most segments in this year's first quarter. On the other hand, post-tax operating income rose as it benefited from lower corporate income tax rates. Net income was affected by the same factor, as well as the inclusion of unrealized fair-value investment gains (losses) on equity securities for the first time beginning in 2018. As a consequence, year-over-year post-tax operating and net income are not fully comparable among the periods reported upon. The table following the Financial Highlights shows the impact of these factors on period-to-period comparisons.
| Financial Highlights (a) | | |||||||||||||||||||
| | | | Quarters Ended March 31, | | ||||||||||||||||
| | | | | | | | 2018 | | 2017 | | Change | | ||||||||
| Operating revenues: | | | | | | | | | | | | | | | | | ||||
| General insurance | | | | | | | | | $ | 904.8 | | $ | 849.0 | | 6.6% | | ||||
| Title insurance | | | | | | | | | | 523.6 | | | 527.8 | | -0.8 | | ||||
| Corporate and other | | | | | | | | | | 11.6 | | | 11.9 | | -2.2 | | ||||
| Subtotal | | | | | | | | | | 1,440.1 | | | 1,388.8 | | 3.7 | | ||||
| RFIG run-off business | | | | | | | | | | 26.7 | | | 41.1 | | -35.0 | | ||||
| Total | | | | | | | | | $ | 1,466.8 | | $ | 1,429.9 | | 2.6% | | ||||
| Pretax operating income (loss): | | | | | | | | | | | | | | | | | ||||
| General insurance | | | | | | | | | $ | 83.3 | | $ | 93.7 | | -11.1% | | ||||
| Title insurance | | | | | | | | | | 29.5 | | | 40.4 | | -27.0 | | ||||
| Corporate and other | | | | | | | | | | 6.5 | | | 1.1 | | N/M | | ||||
| Subtotal | | | | | | | | | | 119.4 | | | 135.3 | | -11.8 | | ||||
| RFIG run-off business | | | | | | | | | | 10.9 | | | 14.5 | | -24.2 | | ||||
| Total | | | | | | | | | | 130.4 | | | 149.8 | | -13.0% | | ||||
| Pretax investment gains (losses): | | | | | | | | | | | | | | | | | ||||
| Realized from actual sale transactions | | | | | | | | | | 15.5 | | | 14.8 | | 4.7% | | ||||
| Unrealized from changes in fair value of equity securities | | | (152.0) | | | - | | N/A | | |||||||||||
| Total realized and unrealized investment gains (losses) | | | (136.4) | | | 14.8 | | N/M | | |||||||||||
| Consolidated pretax income (loss) | | | | | | | | | | (6.0) | | | 164.7 | | -103.7 | | ||||
| Income taxes (credits) | | | | | | | | | | (10.1) | | | 51.6 | | -119.7 | | ||||
| Net income (loss) | | | | | | | | | $ | 4.0 | | $ | 113.1 | | -96.4% | | ||||
| Components of post-tax diluted earnings per share: | | | | | | | ||||||||||||||
| Net operating income (loss): | | | | | | | | | | | | | | | | | ||||
| General insurance | | | | | | | | | $ | 0.26 | | $ | 0.22 | | 18.2% | | ||||
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