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26.10.2017 15:00
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Old Republic Reports Results For The Third Quarter And First Nine Months Of 2017
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PR Newswire
CHICAGO, Oct. 26, 2017
CHICAGO, Oct. 26, 2017 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today reported much lower consolidated operating earnings for the third quarter and nine months ended September 30, 2017. The less favorable results were affected by previously announced pretax operating charges aggregating $150.0 million (or $97.5 million after tax or $0.33 per diluted share). The charges stem from: (a) estimated General Insurance claim provisions ($20.0 million) associated with a current evaluation of exposures from hurricanes Harvey and Irma, and (b) additional claim and related expense provisions ($130.0 million) applicable to final settlements and probable dispositions of all known litigated and other claim costs incurred by the Company's run-off Financial Indemnity business during the Great Recession years and their aftermath. The comparisons shown in the following table and related footnotes reflect the impact of these charges on segmented and consolidated results.
| | Financial Highlights (a) | | |||||||||||||||||||
| | | Quarters Ended September 30, | | Nine Months Ended September 30, | | ||||||||||||||||
| | | 2017 | | 2016 | | Change | | 2017 | | 2016 | | Change | | ||||||||
| | Operating revenues: | | | | | | | | | | | | | | | | | ||||
| | General insurance | $ | 901.8 | | $ | 836.5 | | 7.8% | | $ | 2,627.6 | | $ | 2,507.1 | | 4.8% | | ||||
| | Title insurance | | 606.1 | | | 597.7 | | 1.4 | | | 1,699.0 | | | 1,615.2 | | 5.2 | | ||||
| | Corporate and other | | 13.5 | | | 8.1 | | 66.3 | | | 37.6 | | | 22.7 | | 65.5 | | ||||
| | Subtotal | | 1,521.5 | | | 1,442.4 | | 5.5 | | | 4,364.2 | | | 4,145.0 | | 5.3 | | ||||
| | RFIG run-off business | | 35.6 | | | 46.2 | | -22.9 | | | 115.1 | | | 148.5 | | -22.5 | | ||||
| | Total | $ | 1,557.2 | | $ | 1,488.7 | | 4.6% | | $ | 4,479.4 | | $ | 4,293.6 | | 4.3% | | ||||
| | Pretax operating income (loss): | | | | | | | | | | | | | | | | | ||||
| | General insurance | (b) | $ | 59.7 | | $ | 75.9 | | -21.3% | | $ | 216.2 | | $ | 243.1 | | -11.1% | | |||
| | Title insurance | | 67.3 | | | 58.5 | | 15.0 | | | 172.8 | | | 124.5 | | 38.7 | | ||||
| | Corporate and other | | 6.5 | | | 3.9 | | 67.0 | | | 12.4 | | | 8.8 | | 40.7 | | ||||
| | Subtotal | | 133.5 | | | 138.3 | | -3.5 | | | 401.5 | | | 376.6 | | 6.6 | | ||||
| | RFIG run-off business | (c) | | (109.7) Werbung Mehr Nachrichten zur Old Republic International Corp. Aktie kostenlos abonnieren
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