UNITED STATES | |||||
SECURITIES AND EXCHANGE COMMISSION | |||||
Washington, D. C. 20549 | |||||
FORM | 10-Q |
☒ | Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 | |||||||
for the quarterly period ended: | ||||||||
or | ||||||||
☐ | Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 |
Commission File Number: | 001-10607 |
OLD REPUBLIC INTERNATIONAL CORPORATION | ||
(Exact name of registrant as specified in its charter) |
Delaware | 36-2678171 | |||||||
(State or other jurisdiction of | (IRS Employer Identification No.) | |||||||
incorporation or organization) |
307 North Michigan Avenue | Chicago | Illinois | 60601 | |||||||||||
(Address of principal executive office) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock / $1 par value | ORI | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
OLD REPUBLIC INTERNATIONAL CORPORATION | ||||||||
Report on Form 10-Q / | ||||||||
INDEX | ||||||||
PAGE NO. | ||||||||
PART I | FINANCIAL INFORMATION: | |||||||
CONSOLIDATED BALANCE SHEETS | 3 | |||||||
CONSOLIDATED STATEMENTS OF INCOME | 4 | |||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | 5 | |||||||
CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND COMMON | ||||||||
SHAREHOLDERS' EQUITY | 6 | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | 7 | |||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 8 - 17 | |||||||
MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS | 18 - 40 | |||||||
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | 41 | |||||||
CONTROLS AND PROCEDURES | 41 | |||||||
PART II | OTHER INFORMATION: | |||||||
ITEM 1 - LEGAL PROCEEDINGS | 42 | |||||||
ITEM 1A - RISK FACTORS | 42 | |||||||
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 42 | |||||||
ITEM 6 - EXHIBITS | 42 | |||||||
SIGNATURE | 43 | |||||||
EXHIBIT INDEX | 44 |
Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | ||||||||||||||||||||
Consolidated Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets | ||||||||||||||||||||
($ in Millions, Except Share Data) | ($ in Millions, Except Share Data) | ($ in Millions, Except Share Data) | ||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
June 30, | December 31, | September 30, | December 31, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Investments: | Investments: | Investments: | ||||||||||||||||||||
Available for sale: | Available for sale: | Available for sale: | ||||||||||||||||||||
Fixed income securities (at fair value) (amortized cost: $11,500.8 and $10,438.6) | $ | 10,914.1 | $ | 10,675.7 | ||||||||||||||||||
Fixed income securities (at fair value) (amortized cost: $11,606.7 and $10,438.6) | Fixed income securities (at fair value) (amortized cost: $11,606.7 and $10,438.6) | $ | 10,841.8 | $ | 10,675.7 | |||||||||||||||||
Short-term investments (at fair value which approximates cost) | Short-term investments (at fair value which approximates cost) | 736.9 | 565.7 | Short-term investments (at fair value which approximates cost) | 1,371.5 | 565.7 | ||||||||||||||||
Total | Total | 11,651.1 | 11,241.4 | Total | 12,213.3 | 11,241.4 | ||||||||||||||||
Equity securities (at fair value) (cost: $2,937.1 and $3,766.5) | 4,182.4 | 5,302.8 | ||||||||||||||||||||
Equity securities (at fair value) (cost: $2,151.0 and $3,766.5) | Equity securities (at fair value) (cost: $2,151.0 and $3,766.5) | 3,045.4 | 5,302.8 | |||||||||||||||||||
Other investments | Other investments | 31.2 | 32.0 | Other investments | 30.3 | 32.0 | ||||||||||||||||
Total Investments | Total Investments | 15,864.9 | 16,576.3 | Total Investments | 15,289.1 | 16,576.3 | ||||||||||||||||
Other Assets: | Other Assets: | Other Assets: | ||||||||||||||||||||
Cash | Cash | 100.8 | 158.1 | Cash | 102.4 | 158.1 | ||||||||||||||||
Accrued investment income | Accrued investment income | 94.1 | 84.4 | Accrued investment income | 100.2 | 84.4 | ||||||||||||||||
Accounts and notes receivable | Accounts and notes receivable | 2,096.0 | 1,768.7 | Accounts and notes receivable | 2,096.9 | 1,768.7 | ||||||||||||||||
Federal income tax recoverable: Current | Federal income tax recoverable: Current | 19.6 | 11.8 | Federal income tax recoverable: Current | — | 11.8 | ||||||||||||||||
Deferred | Deferred | 127.4 | — | |||||||||||||||||||
Reinsurance balances and funds held | Reinsurance balances and funds held | 351.1 | 258.1 | Reinsurance balances and funds held | 330.0 | 258.1 | ||||||||||||||||
Reinsurance recoverable: Paid losses | Reinsurance recoverable: Paid losses | 140.0 | 118.2 | Reinsurance recoverable: Paid losses | 136.8 | 118.2 | ||||||||||||||||
Policy and loss reserves | Policy and loss reserves | 5,411.0 | 4,825.1 | Policy and loss reserves | 5,542.8 | 4,825.1 | ||||||||||||||||
Deferred policy acquisition costs | Deferred policy acquisition costs | 372.6 | 350.4 | Deferred policy acquisition costs | 386.7 | 350.4 | ||||||||||||||||
Sundry assets | Sundry assets | 844.8 | 830.3 | Sundry assets | 834.2 | 830.3 | ||||||||||||||||
Total Other Assets | Total Other Assets | 9,430.5 | 8,405.5 | Total Other Assets | 9,657.9 | 8,405.5 | ||||||||||||||||
Total Assets | Total Assets | $ | 25,295.4 | $ | 24,981.8 | Total Assets | $ | 24,947.0 | $ | 24,981.8 | ||||||||||||
Liabilities, Preferred Stock, and Common Shareholders' Equity | Liabilities, Preferred Stock, and Common Shareholders' Equity | Liabilities, Preferred Stock, and Common Shareholders' Equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Loss and loss adjustment expense reserves | Loss and loss adjustment expense reserves | $ | 11,905.4 | $ | 11,425.5 | Loss and loss adjustment expense reserves | $ | 12,174.7 | $ | 11,425.5 | ||||||||||||
Unearned premiums | Unearned premiums | 2,937.3 | 2,559.4 | Unearned premiums | 2,993.1 | 2,559.4 | ||||||||||||||||
Other policyholders' benefits and funds | Other policyholders' benefits and funds | 192.4 | 192.6 | Other policyholders' benefits and funds | 189.5 | 192.6 | ||||||||||||||||
Total policy liabilities and accruals | Total policy liabilities and accruals | 15,035.2 | 14,177.5 | Total policy liabilities and accruals | 15,357.3 | 14,177.5 | ||||||||||||||||
Commissions, expenses, fees, and taxes | Commissions, expenses, fees, and taxes | 512.5 | 573.5 | Commissions, expenses, fees, and taxes | 557.7 | 573.5 | ||||||||||||||||
Reinsurance balances and funds | Reinsurance balances and funds | 1,177.3 | 866.0 | Reinsurance balances and funds | 1,154.3 | 866.0 | ||||||||||||||||
Federal income tax payable: Deferred | 17.2 | 249.5 | ||||||||||||||||||||
Federal income tax payable: Current | Federal income tax payable: Current | 2.0 | — | |||||||||||||||||||
Deferred | Deferred | — | 249.5 | |||||||||||||||||||
Debt | Debt | 1,594.5 | 1,588.5 | Debt | 1,596.6 | 1,588.5 | ||||||||||||||||
Sundry liabilities | Sundry liabilities | 565.3 | 633.3 | Sundry liabilities | 600.7 | 633.3 | ||||||||||||||||
Total Liabilities | Total Liabilities | 18,902.2 | 18,088.6 | Total Liabilities | 19,268.9 | 18,088.6 | ||||||||||||||||
Preferred Stock (1) | Preferred Stock (1) | — | — | Preferred Stock (1) | — | — | ||||||||||||||||
Common Shareholders' Equity: | Common Shareholders' Equity: | Common Shareholders' Equity: | ||||||||||||||||||||
Common stock (1) | Common stock (1) | 308.9 | 307.5 | Common stock (1) | 304.3 | 307.5 | ||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,395.9 | 1,376.1 | Additional paid-in capital | 1,299.7 | 1,376.1 | ||||||||||||||||
Retained earnings | Retained earnings | 5,341.0 | 5,214.0 | Retained earnings | 4,874.9 | 5,214.0 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (576.0) | 78.0 | Accumulated other comprehensive income (loss) | (728.0) | 78.0 | ||||||||||||||||
Unallocated ESSOP shares (at cost) | Unallocated ESSOP shares (at cost) | (76.6) | (82.5) | Unallocated ESSOP shares (at cost) | (72.7) | (82.5) | ||||||||||||||||
Total Common Shareholders' Equity | Total Common Shareholders' Equity | 6,393.1 | 6,893.2 | Total Common Shareholders' Equity | 5,678.1 | 6,893.2 | ||||||||||||||||
Total Liabilities, Preferred Stock and Common Shareholders' Equity | Total Liabilities, Preferred Stock and Common Shareholders' Equity | $ | 25,295.4 | $ | 24,981.8 | Total Liabilities, Preferred Stock and Common Shareholders' Equity | $ | 24,947.0 | $ | 24,981.8 |
Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Income (Unaudited) | Consolidated Statements of Income (Unaudited) | Consolidated Statements of Income (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
($ in Millions, Except Share Data) | ($ in Millions, Except Share Data) | ($ in Millions, Except Share Data) | ||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | Six Months Ended | Quarters Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Net premiums earned | Net premiums earned | $ | 1,887.4 | $ | 1,868.5 | $ | 3,716.1 | $ | 3,600.7 | Net premiums earned | $ | 1,862.3 | $ | 1,941.7 | $ | 5,578.5 | $ | 5,542.5 | ||||||||||||||||||||||||||||
Title, escrow, and other fees | Title, escrow, and other fees | 94.8 | 118.7 | 185.1 | 225.4 | Title, escrow, and other fees | 80.9 | 113.6 | 266.1 | 339.1 | ||||||||||||||||||||||||||||||||||||
Total premiums and fees | Total premiums and fees | 1,982.3 | 1,987.3 | 3,901.3 | 3,826.2 | Total premiums and fees | 1,943.3 | 2,055.4 | 5,844.6 | 5,881.6 | ||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 107.8 | 107.6 | 214.1 | 211.9 | Net investment income | 115.1 | 111.6 | 329.2 | 323.6 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 37.6 | 37.8 | 73.9 | 74.1 | Other income | 39.7 | 37.8 | 113.7 | 112.0 | ||||||||||||||||||||||||||||||||||||
Total operating revenues | Total operating revenues | 2,127.8 | 2,132.8 | 4,189.4 | 4,112.4 | Total operating revenues | 2,098.2 | 2,204.9 | 6,287.7 | 6,317.3 | ||||||||||||||||||||||||||||||||||||
Net investment gains (losses): | Net investment gains (losses): | Net investment gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions and impairments | Realized from actual transactions and impairments | 53.2 | 1.0 | 118.5 | 8.9 | Realized from actual transactions and impairments | (26.2) | 6.6 | 92.3 | 15.6 | ||||||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of | Unrealized from changes in fair value of | Unrealized from changes in fair value of | ||||||||||||||||||||||||||||||||||||||||||||
equity securities | equity securities | (370.7) | 119.9 | (290.9) | 487.4 | equity securities | (350.8) | (199.3) | (641.8) | 288.1 | ||||||||||||||||||||||||||||||||||||
Total realized and unrealized investment | Total realized and unrealized investment | Total realized and unrealized investment | ||||||||||||||||||||||||||||||||||||||||||||
gains (losses) | gains (losses) | (317.4) | 120.9 | (172.3) | 496.4 | gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 1,810.3 | 2,253.7 | 4,017.0 | 4,608.8 | Total revenues | 1,721.0 | 2,012.2 | 5,738.1 | 6,621.0 | ||||||||||||||||||||||||||||||||||||
Expenses: | Expenses: | Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | Loss and loss adjustment expenses | 635.6 | 615.8 | 1,240.1 | 1,213.8 | Loss and loss adjustment expenses | 624.3 | 615.4 | 1,864.4 | 1,829.3 | ||||||||||||||||||||||||||||||||||||
Dividends to policyholders | Dividends to policyholders | 3.0 | 9.1 | 6.5 | 14.5 | Dividends to policyholders | 4.2 | 2.9 | 10.8 | 17.5 | ||||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and other expenses | Underwriting, acquisition, and other expenses | 1,209.6 | 1,220.6 | 2,408.7 | 2,330.9 | Underwriting, acquisition, and other expenses | 1,195.8 | 1,270.8 | 3,604.5 | 3,601.8 | ||||||||||||||||||||||||||||||||||||
Interest and other charges | Interest and other charges | 16.6 | 12.1 | 33.6 | 22.8 | Interest and other charges | 16.3 | 16.8 | 49.9 | 39.7 | ||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 1,865.0 | 1,857.7 | 3,688.9 | 3,582.2 | Total expenses | 1,840.7 | 1,906.2 | 5,529.7 | 5,488.4 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes (credits) | Income (loss) before income taxes (credits) | (54.6) | 396.0 | 328.0 | 1,026.6 | Income (loss) before income taxes (credits) | (119.6) | 106.0 | 208.3 | 1,132.6 | ||||||||||||||||||||||||||||||||||||
Income Taxes (Credits): | Income Taxes (Credits): | Income Taxes (Credits): | ||||||||||||||||||||||||||||||||||||||||||||
Current | Current | 60.2 | 46.6 | 123.3 | 97.4 | Current | 79.5 | 63.0 | 202.8 | 160.4 | ||||||||||||||||||||||||||||||||||||
Deferred | Deferred | (74.6) | 32.9 | (61.4) | 110.6 | Deferred | (107.3) | (45.7) | (168.7) | 64.8 | ||||||||||||||||||||||||||||||||||||
Total | Total | (14.4) | 79.5 | 61.9 | 208.0 | Total | (27.8) | 17.2 | 34.0 | 225.2 | ||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | (40.1) | $ | 316.4 | $ | 266.1 | $ | 818.5 | Net Income (Loss) | $ | (91.7) | $ | 88.7 | $ | 174.3 | $ | 907.3 | ||||||||||||||||||||||||||||
Net Income (Loss) Per Share: | Net Income (Loss) Per Share: | Net Income (Loss) Per Share: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | (.13) | $ | 1.06 | $ | .88 | $ | 2.73 | Basic | $ | (.31) | $ | .29 | $ | .57 | $ | 3.01 | ||||||||||||||||||||||||||||
Diluted | Diluted | $ | (.13) | $ | 1.05 | $ | .87 | $ | 2.72 | Diluted | $ | (.31) | $ | .29 | $ | .57 | $ | 3.00 | ||||||||||||||||||||||||||||
Average shares outstanding: Basic | Average shares outstanding: Basic | 303,793,432 | 299,934,621 | 303,695,113 | 299,831,932 | Average shares outstanding: Basic | 303,652,802 | 301,577,493 | 303,797,001 | 301,247,397 | ||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 303,793,432 | 302,328,012 | 305,312,529 | 301,381,955 | Diluted | 303,652,802 | 303,539,358 | 305,381,348 | 302,908,488 |
Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) | Consolidated Statements of Comprehensive Income (Unaudited) | Consolidated Statements of Comprehensive Income (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
($ in Millions) | ($ in Millions) | ($ in Millions) | ||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | Six Months Ended | Quarters Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) As Reported | Net Income (Loss) As Reported | $ | (40.1) | $ | 316.4 | $ | 266.1 | $ | 818.5 | Net Income (Loss) As Reported | $ | (91.7) | $ | 88.7 | $ | 174.3 | $ | 907.3 | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on securities not included | Unrealized gains (losses) on securities not included | Unrealized gains (losses) on securities not included | ||||||||||||||||||||||||||||||||||||||||||||
in the statements of income: | in the statements of income: | in the statements of income: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) before reclassifications, | Unrealized gains (losses) before reclassifications, | Unrealized gains (losses) before reclassifications, | ||||||||||||||||||||||||||||||||||||||||||||
not included in the statements of income | not included in the statements of income | (356.1) | 61.4 | (889.4) | (180.9) | not included in the statements of income | (387.5) | (67.9) | (1,277.0) | (248.9) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified as realized investment (gains) | Amounts reclassified as realized investment (gains) | Amounts reclassified as realized investment (gains) | ||||||||||||||||||||||||||||||||||||||||||||
losses in the statements of income | losses in the statements of income | 38.6 | (.6) | 60.4 | (1.0) | losses in the statements of income | 207.2 | (.8) | 267.6 | (1.9) | ||||||||||||||||||||||||||||||||||||
Pretax unrealized gains (losses) on securities not | Pretax unrealized gains (losses) on securities not | Pretax unrealized gains (losses) on securities not | ||||||||||||||||||||||||||||||||||||||||||||
included in the statements of income | included in the statements of income | (317.4) | 60.7 | (829.0) | (182.0) | included in the statements of income | (180.3) | (68.8) | (1,009.3) | (250.9) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes (credits) | Deferred income taxes (credits) | (66.9) | 12.7 | (175.0) | (38.4) | Deferred income taxes (credits) | (37.9) | (14.5) | (212.9) | (52.9) | ||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities not included | Net unrealized gains (losses) on securities not included | Net unrealized gains (losses) on securities not included | ||||||||||||||||||||||||||||||||||||||||||||
in the statements of income, net of tax | in the statements of income, net of tax | (250.4) | 47.9 | (654.0) | (143.6) | in the statements of income, net of tax | (142.3) | (54.3) | (796.3) | (197.9) | ||||||||||||||||||||||||||||||||||||
Defined benefit pension plans: | Defined benefit pension plans: | Defined benefit pension plans: | ||||||||||||||||||||||||||||||||||||||||||||
Net pension adjustment before reclassifications | Net pension adjustment before reclassifications | — | — | — | — | Net pension adjustment before reclassifications | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Amounts reclassified as underwriting, acquisition, | Amounts reclassified as underwriting, acquisition, | Amounts reclassified as underwriting, acquisition, | ||||||||||||||||||||||||||||||||||||||||||||
and other expenses in the statements of income | and other expenses in the statements of income | .7 | 1.8 | 1.5 | 3.6 | and other expenses in the statements of income | .7 | 1.8 | 2.3 | 5.5 | ||||||||||||||||||||||||||||||||||||
Pretax net adjustment related to defined benefit | Pretax net adjustment related to defined benefit | Pretax net adjustment related to defined benefit | ||||||||||||||||||||||||||||||||||||||||||||
pension plans | pension plans | .7 | 1.8 | 1.5 | 3.6 | pension plans | .7 | 1.8 | 2.3 | 5.5 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes (credits) | Deferred income taxes (credits) | .1 | .3 | .3 | .7 | Deferred income taxes (credits) | .1 | .3 | .4 | 1.1 | ||||||||||||||||||||||||||||||||||||
Net adjustment related to defined benefit pension | Net adjustment related to defined benefit pension | Net adjustment related to defined benefit pension | ||||||||||||||||||||||||||||||||||||||||||||
plans, net of tax | plans, net of tax | .6 | 1.4 | 1.2 | 2.9 | plans, net of tax | .6 | 1.4 | 1.8 | 4.3 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | (5.5) | 4.0 | (1.3) | 7.0 | Foreign currency translation adjustment | (10.2) | (4.3) | (11.5) | 2.7 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (255.3) | 53.4 | (654.1) | (133.6) | Total other comprehensive income (loss) | (151.9) | (57.2) | (806.1) | (190.8) | ||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | $ | (295.5) | $ | 369.8 | $ | (388.0) | $ | 684.9 | Comprehensive Income (Loss) | $ | (243.7) | $ | 31.5 | $ | (631.7) | $ | 716.4 |
Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Preferred Stock | Consolidated Statements of Preferred Stock | Consolidated Statements of Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||
and Common Shareholders' Equity (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
and Common Shareholders' Equity (Unaudited) | and Common Shareholders' Equity (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
($ in Millions) | ($ in Millions) | ($ in Millions) | ||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | Six Months Ended | Quarters Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Preferred Stock: | Preferred Stock: | Preferred Stock: | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning and end of period | Balance, beginning and end of period | $ | — | $ | — | $ | — | $ | — | Balance, beginning and end of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Common Stock: | Common Stock: | Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 308.3 | $ | 304.7 | $ | 307.5 | $ | 304.1 | Balance, beginning of period | $ | 308.9 | $ | 305.7 | $ | 307.5 | $ | 304.1 | ||||||||||||||||||||||||||||
Dividend reinvestment plan | Dividend reinvestment plan | — | — | — | — | Dividend reinvestment plan | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | .6 | .9 | 1.3 | 1.5 | Stock based compensation | .1 | 1.2 | 1.5 | 2.7 | ||||||||||||||||||||||||||||||||||||
Treasury stock restored to unissued status | Treasury stock restored to unissued status | (4.8) | — | (4.8) | — | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 308.9 | $ | 305.7 | $ | 308.9 | $ | 305.7 | Balance, end of period | $ | 304.3 | $ | 307.0 | $ | 304.3 | $ | 307.0 | ||||||||||||||||||||||||||||
Additional Paid-in Capital: | Additional Paid-in Capital: | Additional Paid-in Capital: | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 1,391.3 | $ | 1,318.9 | $ | 1,376.1 | $ | 1,306.9 | Balance, beginning of period | $ | 1,395.9 | $ | 1,337.6 | $ | 1,376.1 | $ | 1,306.9 | ||||||||||||||||||||||||||||
Dividend reinvestment plan | Dividend reinvestment plan | .2 | .2 | .5 | 1.4 | Dividend reinvestment plan | 1.3 | .2 | 1.8 | 1.7 | ||||||||||||||||||||||||||||||||||||
Stock based compensation | Stock based compensation | 3.1 | 16.8 | 16.4 | 27.1 | Stock based compensation | 5.6 | 21.6 | 22.0 | 48.7 | ||||||||||||||||||||||||||||||||||||
ESSOP shares released | ESSOP shares released | 1.3 | 1.5 | 2.9 | 2.1 | ESSOP shares released | 1.8 | 4.1 | 4.8 | 6.3 | ||||||||||||||||||||||||||||||||||||
Treasury stock restored to unissued status | Treasury stock restored to unissued status | (99.9) | — | (99.9) | — | |||||||||||||||||||||||||||||||||||||||||
Other - net | Other - net | (.1) | — | (.1) | — | Other - net | (5.0) | — | (5.1) | — | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 1,395.9 | $ | 1,337.6 | $ | 1,395.9 | $ | 1,337.6 | Balance, end of period | $ | 1,299.7 | $ | 1,363.8 | $ | 1,299.7 | $ | 1,363.8 | ||||||||||||||||||||||||||||
Retained Earnings: | Retained Earnings: | Retained Earnings: | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 5,450.8 | $ | 4,831.4 | $ | 5,214.0 | $ | 4,394.8 | Balance, beginning of period | $ | 5,341.0 | $ | 5,082.1 | $ | 5,214.0 | $ | 4,394.8 | ||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (40.1) | 316.4 | 266.1 | 818.5 | Net income (loss) | (91.7) | 88.7 | 174.3 | 907.3 | ||||||||||||||||||||||||||||||||||||
Dividends on common shares (1) | Dividends on common shares (1) | (69.6) | (65.7) | (139.1) | (131.2) | Dividends on common shares (1) | (374.3) | (517.5) | (513.4) | (648.8) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 5,341.0 | $ | 5,082.1 | $ | 5,341.0 | $ | 5,082.1 | Balance, end of period | $ | 4,874.9 | $ | 4,653.3 | $ | 4,874.9 | $ | 4,653.3 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss): | Accumulated Other Comprehensive Income (Loss): | Accumulated Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | (320.7) | $ | 96.9 | $ | 78.0 | $ | 284.0 | Balance, beginning of period | $ | (576.0) | $ | 150.4 | $ | 78.0 | $ | 284.0 | ||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities not included in the | Net unrealized gains (losses) on securities not included in the | Net unrealized gains (losses) on securities not included in the | ||||||||||||||||||||||||||||||||||||||||||||
statements of income, net of tax | statements of income, net of tax | (250.4) | 47.9 | (654.0) | (143.6) | statements of income, net of tax | (142.3) | (54.3) | (796.3) | (197.9) | ||||||||||||||||||||||||||||||||||||
Net adjustment related to defined benefit pension plans, | Net adjustment related to defined benefit pension plans, | Net adjustment related to defined benefit pension plans, | ||||||||||||||||||||||||||||||||||||||||||||
net of tax | net of tax | .6 | 1.4 | 1.2 | 2.9 | net of tax | .6 | 1.4 | 1.8 | 4.3 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | (5.5) | 4.0 | (1.3) | 7.0 | Foreign currency translation adjustment | (10.2) | (4.3) | (11.5) | 2.7 | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | (576.0) | $ | 150.4 | $ | (576.0) | $ | 150.4 | Balance, end of period | $ | (728.0) | $ | 93.2 | $ | (728.0) | $ | 93.2 | ||||||||||||||||||||||||||||
Unallocated ESSOP Shares: | Unallocated ESSOP Shares: | Unallocated ESSOP Shares: | ||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | (79.6) | $ | (100.3) | $ | (82.5) | $ | (103.2) | Balance, beginning of period | $ | (76.6) | $ | (97.3) | $ | (82.5) | $ | (103.2) | ||||||||||||||||||||||||||||
ESSOP shares released | ESSOP shares released | 2.9 | 2.9 | 5.9 | 5.9 | ESSOP shares released | 3.8 | 9.3 | 9.8 | 15.2 | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | (76.6) | $ | (97.3) | $ | (76.6) | $ | (97.3) | Balance, end of period | $ | (72.7) | $ | (87.9) | $ | (72.7) | $ | (87.9) | ||||||||||||||||||||||||||||
Treasury Stock: | Treasury Stock: | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Acquired during the period | Acquired during the period | (104.8) | — | (104.8) | — | |||||||||||||||||||||||||||||||||||||||||
Restored to unissued status | Restored to unissued status | 104.8 | — | 104.8 | — | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | — | $ | — | $ | — | $ | — |
Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | Old Republic International Corporation and Subsidiaries | ||||||||||||||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) | Consolidated Statements of Cash Flows (Unaudited) | Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||||||||||||||
($ in Millions) | ($ in Millions) | ($ in Millions) | ||||||||||||||||||||||||||
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
June 30, | September 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 266.1 | $ | 818.5 | Net income (loss) | $ | 174.3 | $ | 907.3 | ||||||||||||||||||
Adjustments to reconcile net income (loss) to | Adjustments to reconcile net income (loss) to | Adjustments to reconcile net income (loss) to | ||||||||||||||||||||||||||
net cash provided by operating activities: | net cash provided by operating activities: | net cash provided by operating activities: | ||||||||||||||||||||||||||
Deferred policy acquisition costs | Deferred policy acquisition costs | (22.1) | (18.3) | Deferred policy acquisition costs | (36.2) | (27.2) | ||||||||||||||||||||||
Premiums and other receivables | Premiums and other receivables | (327.2) | (234.7) | Premiums and other receivables | (328.1) | (267.5) | ||||||||||||||||||||||
Loss and loss adjustment expense reserves | Loss and loss adjustment expense reserves | 166.9 | 205.3 | Loss and loss adjustment expense reserves | 265.0 | 257.5 | ||||||||||||||||||||||
Unearned premiums and other policyholders' liabilities | Unearned premiums and other policyholders' liabilities | 104.6 | 46.1 | Unearned premiums and other policyholders' liabilities | 197.0 | 112.0 | ||||||||||||||||||||||
Income taxes | Income taxes | (65.4) | 89.0 | Income taxes | (150.6) | 63.0 | ||||||||||||||||||||||
Reinsurance balances and funds | Reinsurance balances and funds | 196.4 | 168.7 | Reinsurance balances and funds | 197.6 | 179.8 | ||||||||||||||||||||||
Realized investment (gains) losses from actual transactions | Realized investment (gains) losses from actual transactions | (118.5) | (8.9) | Realized investment (gains) losses from actual transactions | (92.3) | (15.6) | ||||||||||||||||||||||
Unrealized investment (gains) losses from changes in fair value | Unrealized investment (gains) losses from changes in fair value | Unrealized investment (gains) losses from changes in fair value | ||||||||||||||||||||||||||
of equity securities | of equity securities | 290.9 | (487.4) | of equity securities | 641.8 | (288.1) | ||||||||||||||||||||||
Accounts payable, accrued expenses and other | Accounts payable, accrued expenses and other | (88.4) | (62.7) | Accounts payable, accrued expenses and other | 34.7 | 49.4 | ||||||||||||||||||||||
Total | Total | 403.2 | 515.4 | Total | 903.4 | 970.6 | ||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||||||||
Fixed income securities: | Fixed income securities: | Fixed income securities: | ||||||||||||||||||||||||||
Maturities and early calls | Maturities and early calls | 732.5 | 740.6 | Maturities and early calls | 1,128.6 | 1,121.4 | ||||||||||||||||||||||
Sales | Sales | 372.4 | 168.3 | Sales | 810.6 | 281.0 | ||||||||||||||||||||||
Sales of: | Sales of: | Sales of: | ||||||||||||||||||||||||||
Equity securities | Equity securities | 1,045.8 | 197.7 | Equity securities | 2,011.5 | 522.6 | ||||||||||||||||||||||
Other investments | Other investments | 5.1 | 4.8 | Other investments | 7.4 | 6.5 | ||||||||||||||||||||||
Purchases of: | Purchases of: | Purchases of: | ||||||||||||||||||||||||||
Fixed income securities | Fixed income securities | (2,250.1) | (1,086.2) | Fixed income securities | (3,417.2) | (1,668.4) | ||||||||||||||||||||||
Equity securities | Equity securities | (37.7) | (850.5) | Equity securities | (37.7) | (993.5) | ||||||||||||||||||||||
Other investments | Other investments | (24.8) | (30.2) | Other investments | (39.4) | (42.0) | ||||||||||||||||||||||
Net decrease (increase) in short-term investments | Net decrease (increase) in short-term investments | (171.2) | 115.7 | Net decrease (increase) in short-term investments | (806.3) | (352.2) | ||||||||||||||||||||||
Other - net | Other - net | (7.0) | — | Other - net | (12.3) | — | ||||||||||||||||||||||
Total | Total | (335.0) | (739.6) | Total | (354.7) | (1,124.5) | ||||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||||||||
Issuance of debentures and notes | Issuance of debentures and notes | — | 642.5 | Issuance of debentures and notes | — | 642.5 | ||||||||||||||||||||||
Issuance of common shares | Issuance of common shares | 14.4 | 27.5 | Issuance of common shares | 19.0 | 50.3 | ||||||||||||||||||||||
Redemption of debentures and notes | Redemption of debentures and notes | — | (19.5) | Redemption of debentures and notes | — | (21.7) | ||||||||||||||||||||||
Dividends on common shares (including a special dividend paid in January | ||||||||||||||||||||||||||||
2021 of $304.0) | (139.0) | (435.3) | ||||||||||||||||||||||||||
Dividends on common shares (including a special dividend of $308.4 paid in | Dividends on common shares (including a special dividend of $308.4 paid in | |||||||||||||||||||||||||||
September 2022 and $304.0 paid in January 2021) | September 2022 and $304.0 paid in January 2021) | (512.5) | (501.5) | |||||||||||||||||||||||||
Treasury stock acquired | Treasury stock acquired | (104.8) | — | |||||||||||||||||||||||||
Other - net | Other - net | (.9) | (.6) | Other - net | (5.9) | (.8) | ||||||||||||||||||||||
Total | Total | (125.5) | 214.7 | Total | (604.3) | 168.7 | ||||||||||||||||||||||
Increase (decrease) in cash | Increase (decrease) in cash | (57.3) | (9.4) | Increase (decrease) in cash | (55.7) | 14.7 | ||||||||||||||||||||||
Cash, beginning of period | Cash, beginning of period | 158.1 | 118.7 | Cash, beginning of period | 158.1 | 118.7 | ||||||||||||||||||||||
Cash, end of period | Cash, end of period | $ | 100.8 | $ | 109.2 | Cash, end of period | $ | 102.4 | $ | 133.4 | ||||||||||||||||||
Supplemental cash flow information: | Supplemental cash flow information: | Supplemental cash flow information: | ||||||||||||||||||||||||||
Cash paid (received) during the period for: Interest | Cash paid (received) during the period for: Interest | $ | 32.9 | $ | 20.4 | Cash paid (received) during the period for: Interest | $ | 53.3 | $ | 40.9 | ||||||||||||||||||
Income taxes | Income taxes | $ | 128.0 | $ | 119.2 | Income taxes | $ | 185.2 | $ | 162.4 |
OLD REPUBLIC INTERNATIONAL CORPORATION | ||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) | ||
($ in Millions, Except Share Data) |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
Fixed Income Securities by Type: | Fixed Income Securities by Type: | Fixed Income Securities by Type: | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022: | September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | U.S. & Canadian Governments | $ | 2,233.8 | $ | .9 | $ | 74.0 | $ | 2,160.6 | U.S. & Canadian Governments | $ | 2,131.8 | $ | — | $ | 122.0 | $ | 2,009.7 | ||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 908.1 | 1.6 | 5.7 | 904.0 | Tax-exempt | 897.7 | — | 26.2 | 871.5 | ||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 8,358.9 | 9.2 | 518.7 | 7,849.4 | Corporate | 8,577.1 | 1.7 | 618.3 | 7,960.5 | ||||||||||||||||||||||||||||||||||||
$ | 11,500.8 | $ | 11.8 | $ | 598.5 | $ | 10,914.1 | $ | 11,606.7 | $ | 1.7 | $ | 766.7 | $ | 10,841.8 | |||||||||||||||||||||||||||||||
December 31, 2021: | December 31, 2021: | December 31, 2021: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | U.S. & Canadian Governments | $ | 2,121.6 | $ | 44.8 | $ | 7.9 | $ | 2,158.5 | U.S. & Canadian Governments | $ | 2,121.6 | $ | 44.8 | $ | 7.9 | $ | 2,158.5 | ||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 944.9 | 44.3 | — | 989.2 | Tax-exempt | 944.9 | 44.3 | — | 989.2 | ||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 7,372.1 | 220.0 | 64.2 | 7,527.9 | Corporate | 7,372.1 | 220.0 | 64.2 | 7,527.9 | ||||||||||||||||||||||||||||||||||||
$ | 10,438.6 | $ | 309.2 | $ | 72.2 | $ | 10,675.7 | $ | 10,438.6 | $ | 309.2 | $ | 72.2 | $ | 10,675.7 |
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Fixed Income Securities Stratified by Contractual Maturity at June 30, 2022: | ||||||||||||||||||||||
Fixed Income Securities Stratified by Contractual Maturity at September 30, 2022: | Fixed Income Securities Stratified by Contractual Maturity at September 30, 2022: | |||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 1,243.8 | $ | 1,241.5 | Due in one year or less | $ | 1,324.2 | $ | 1,311.0 | ||||||||||||
Due after one year through five years | Due after one year through five years | 5,739.1 | 5,614.3 | Due after one year through five years | 5,605.1 | 5,331.7 | ||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 4,451.5 | 3,994.5 | Due after five years through ten years | 4,566.1 | 4,093.5 | ||||||||||||||||
Due after ten years | Due after ten years | 66.2 | 63.6 | Due after ten years | 111.2 | 105.3 | ||||||||||||||||
$ | 11,500.8 | $ | 10,914.1 | $ | 11,606.7 | $ | 10,841.8 |
Less than 12 Months | 12 Months or Greater | Total | Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022: | September 30, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities: | Fixed Income Securities: | Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | U.S. & Canadian Governments | $ | 1,601.4 | $ | 39.7 | $ | 435.2 | $ | 34.3 | $ | 2,036.6 | $ | 74.0 | U.S. & Canadian Governments | $ | 1,601.5 | $ | 76.4 | $ | 408.2 | $ | 45.6 | $ | 2,009.7 | $ | 122.0 | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | 578.2 | 5.7 | — | — | 578.2 | 5.7 | Tax-exempt | 863.8 | 26.2 | — | — | 863.8 | 26.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 5,738.1 | 335.3 | 992.3 | 183.3 | 6,730.4 | 518.7 | Corporate | 6,842.1 | 513.7 | 799.9 | 104.6 | 7,642.0 | 618.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 7,917.8 | $ | 380.7 | $ | 1,427.5 | $ | 217.7 | $ | 9,345.4 | $ | 598.5 | $ | 9,307.4 | $ | 616.4 | $ | 1,208.1 | $ | 150.2 | $ | 10,515.6 | $ | 766.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of securities in | Number of securities in | Number of securities in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
unrealized loss position | unrealized loss position | 1,413 | 222 | 1,635 | unrealized loss position | 1,813 | 181 | 1,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021: | December 31, 2021: | December 31, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities: | Fixed Income Securities: | Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | U.S. & Canadian Governments | $ | 761.8 | $ | 6.2 | $ | 43.2 | $ | 1.6 | $ | 805.0 | $ | 7.9 | U.S. & Canadian Governments | $ | 761.8 | $ | 6.2 | $ | 43.2 | $ | 1.6 | $ | 805.0 | $ | 7.9 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 2,032.8 | 55.5 | 174.1 | 8.7 | 2,207.0 | 64.2 | Corporate | 2,032.8 | 55.5 | 174.1 | 8.7 | 2,207.0 | 64.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,794.7 | $ | 61.8 | $ | 217.3 | $ | 10.3 | $ | 3,012.0 | $ | 72.2 | $ | 2,794.7 | $ | 61.8 | $ | 217.3 | $ | 10.3 | $ | 3,012.0 | $ | 72.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of securities in | Number of securities in | Number of securities in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
unrealized loss position | unrealized loss position | 419 | 32 | 451 | unrealized loss position | 419 | 32 | 451 |
Equity Securities | Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
June 30, 2022 | $ | 2,937.1 | $ | 1,289.2 | $ | 43.9 | $ | 4,182.4 | ||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | $ | 2,151.0 | $ | 953.7 | $ | 59.3 | $ | 3,045.4 | |||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | $ | 3,766.5 | $ | 1,620.8 | $ | 84.5 | $ | 5,302.8 | December 31, 2021 | $ | 3,766.5 | $ | 1,620.8 | $ | 84.5 | $ | 5,302.8 |
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2022: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2022: | As of September 30, 2022: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Available for sale: | Available for sale: | Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities: | Fixed income securities: | Fixed income securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | U.S. & Canadian Governments | $ | 1,521.0 | $ | 639.6 | $ | — | $ | 2,160.6 | U.S. & Canadian Governments | $ | 1,430.1 | $ | 579.6 | $ | — | $ | 2,009.7 | ||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | — | 904.0 | — | 904.0 | Tax-exempt | — | 871.5 | — | 871.5 | ||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | — | 7,838.9 | 10.5 | 7,849.4 | Corporate | — | 7,940.0 | 20.5 | 7,960.5 | ||||||||||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 736.9 | — | — | 736.9 | Short-term investments | 1,371.5 | — | — | 1,371.5 | ||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | $ | 4,180.6 | $ | — | $ | 1.7 | $ | 4,182.4 | Equity securities | $ | 3,043.6 | $ | — | $ | 1.7 | $ | 3,045.4 | ||||||||||||||||||||||||||||||||||
As of December 31, 2021: | As of December 31, 2021: | As of December 31, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Available for sale: | Available for sale: | Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities: | Fixed income securities: | Fixed income securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | U.S. & Canadian Governments | $ | 1,453.8 | $ | 704.6 | $ | — | $ | 2,158.5 | U.S. & Canadian Governments | $ | 1,453.8 | $ | 704.6 | $ | — | $ | 2,158.5 | ||||||||||||||||||||||||||||||||||
Tax-exempt | Tax-exempt | — | 989.2 | — | 989.2 | Tax-exempt | — | 989.2 | — | 989.2 | ||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | — | 7,517.4 | 10.5 | 7,527.9 | Corporate | — | 7,517.4 | 10.5 | 7,527.9 | ||||||||||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 565.7 | — | — | 565.7 | Short-term investments | 565.7 | — | — | 565.7 | ||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | $ | 5,300.8 | $ | — | $ | 1.9 | $ | 5,302.8 | Equity securities | $ | 5,300.8 | $ | — | $ | 1.9 | $ | 5,302.8 |
Quarters Ended | Six Months Ended | Quarters Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Investment income: | Investment income: | Investment income: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | Fixed income securities | $ | 73.3 | $ | 72.6 | $ | 139.6 | $ | 142.4 | Fixed income securities | $ | 80.0 | $ | 67.3 | $ | 219.6 | $ | 209.7 | ||||||||||||||||||||||||||||
Equity securities | Equity securities | 35.3 | 35.4 | 76.9 | 71.6 | Equity securities | 30.2 | 45.0 | 107.1 | 116.6 | ||||||||||||||||||||||||||||||||||||
Short-term investments | Short-term investments | 1.1 | — | 1.2 | — | Short-term investments | 6.0 | — | 7.3 | .1 | ||||||||||||||||||||||||||||||||||||
Other sources | .5 | .7 | .8 | .7 | ||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 1.2 | .8 | 2.1 | 1.6 | |||||||||||||||||||||||||||||||||||||||||
Gross investment income | Gross investment income | 110.4 | 108.9 | 218.5 | 214.9 | Gross investment income | 117.6 | 113.2 | 336.2 | 328.1 | ||||||||||||||||||||||||||||||||||||
Investment expenses | Investment expenses | 2.5 | 1.3 | 4.4 | 2.9 | Investment expenses | 2.5 | 1.5 | 6.9 | 4.5 | ||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | $ | 107.8 | $ | 107.6 | $ | 214.1 | $ | 211.9 | Net investment income | $ | 115.1 | $ | 111.6 | $ | 329.2 | $ | 323.6 | ||||||||||||||||||||||||||||
Net investment gains (losses): | Net investment gains (losses): | Net investment gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions: | Realized from actual transactions: | Realized from actual transactions: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities: | Fixed income securities: | Fixed income securities: | ||||||||||||||||||||||||||||||||||||||||||||
Gains | Gains | $ | .1 | $ | 1.0 | $ | .1 | $ | 1.6 | Gains | $ | .6 | $ | 1.0 | $ | .7 | $ | 2.6 | ||||||||||||||||||||||||||||
Losses | Losses | (37.5) | (.3) | (59.3) | (.5) | Losses | (86.9) | (.1) | (146.2) | (.7) | ||||||||||||||||||||||||||||||||||||
Net | Net | (37.4) | .6 | (59.1) | 1.0 | Net | (86.3) | .8 | (145.4) | 1.9 | ||||||||||||||||||||||||||||||||||||
Equity securities: | Equity securities: | Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||
Gains | Gains | 106.6 | .3 | 220.1 | 36.7 | Gains | 219.0 | 31.2 | 439.2 | 68.0 | ||||||||||||||||||||||||||||||||||||
Losses | Losses | (14.6) | — | (41.1) | (28.8) | Losses | (38.1) | (25.5) | (79.2) | (54.3) | ||||||||||||||||||||||||||||||||||||
Net | Net | 91.9 | .3 | 179.0 | 7.8 | Net | 180.9 | 5.7 | 359.9 | 13.6 | ||||||||||||||||||||||||||||||||||||
Other investments, net | Other investments, net | 1.2 | — | 1.2 | — | Other investments, net | — | — | 1.3 | — | ||||||||||||||||||||||||||||||||||||
Total realized from actual transactions | Total realized from actual transactions | 55.8 | 1.0 | 121.1 | 8.9 | Total realized from actual transactions | 94.7 | 6.6 | 215.8 | 15.6 | ||||||||||||||||||||||||||||||||||||
From impairments | From impairments | (2.5) | — | (2.5) | — | From impairments | (120.9) | — | (123.5) | — | ||||||||||||||||||||||||||||||||||||
From unrealized changes in fair value of equity securities | From unrealized changes in fair value of equity securities | (370.7) | 119.9 | (290.9) | 487.4 | From unrealized changes in fair value of equity securities | (350.8) | (199.3) | (641.8) | 288.1 | ||||||||||||||||||||||||||||||||||||
Total realized and unrealized investment gains (losses) | Total realized and unrealized investment gains (losses) | (317.4) | 120.9 | (172.3) | 496.4 | Total realized and unrealized investment gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 | ||||||||||||||||||||||||||||||||||||
Current and deferred income taxes (credits) | Current and deferred income taxes (credits) | (67.0) | 25.4 | (36.4) | 105.0 | Current and deferred income taxes (credits) | (79.2) | (40.9) | (115.6) | 64.0 | ||||||||||||||||||||||||||||||||||||
Net of tax realized and unrealized investment gains (losses) | Net of tax realized and unrealized investment gains (losses) | $ | (250.4) | $ | 95.5 | $ | (135.9) | $ | 391.3 | Net of tax realized and unrealized investment gains (losses) | $ | (297.9) | $ | (151.6) | $ | (433.8) | $ | 239.6 | ||||||||||||||||||||||||||||
Changes in unrealized investment gains (losses) | Changes in unrealized investment gains (losses) | Changes in unrealized investment gains (losses) | ||||||||||||||||||||||||||||||||||||||||||||
reflected directly in shareholders' equity: | reflected directly in shareholders' equity: | reflected directly in shareholders' equity: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | Fixed income securities | $ | (314.6) | $ | 60.2 | $ | (822.0) | $ | (180.8) | Fixed income securities | $ | (177.8) | $ | (68.3) | $ | (999.8) | $ | (249.2) | ||||||||||||||||||||||||||||
Less: Deferred income taxes (credits) | Less: Deferred income taxes (credits) | (66.3) | 12.6 | (173.5) | (38.1) | Less: Deferred income taxes (credits) | (37.4) | (14.4) | (210.9) | (52.6) | ||||||||||||||||||||||||||||||||||||
(248.2) | 47.6 | (648.4) | (142.6) | (140.4) | (53.9) | (788.8) | (196.6) | |||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | (2.8) | .4 | (7.0) | (1.2) | Other investments | (2.4) | (.4) | (9.5) | (1.6) | ||||||||||||||||||||||||||||||||||||
Less: Deferred income taxes (credits) | Less: Deferred income taxes (credits) | (.5) | — | (1.4) | (.2) | Less: Deferred income taxes (credits) | (.5) | (.1) | (1.9) | (.3) | ||||||||||||||||||||||||||||||||||||
(2.2) | .3 | (5.5) | (.9) | (1.9) | (.3) | (7.5) | (1.3) | |||||||||||||||||||||||||||||||||||||||
Net changes in unrealized investment gains (losses), | Net changes in unrealized investment gains (losses), | Net changes in unrealized investment gains (losses), | ||||||||||||||||||||||||||||||||||||||||||||
net of tax | net of tax | $ | (250.4) | $ | 47.9 | $ | (654.0) | $ | (143.6) | net of tax | $ | (142.3) | $ | (54.3) | $ | (796.3) | $ | (197.9) |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||
June 30, | September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Gross reserves at beginning of period | Gross reserves at beginning of period | $ | 11,425.5 | $ | 10,671.0 | Gross reserves at beginning of period | $ | 11,425.5 | $ | 10,671.0 | ||||||||||||
Less: reinsurance losses recoverable | Less: reinsurance losses recoverable | 4,125.3 | 3,650.5 | Less: reinsurance losses recoverable | 4,125.3 | 3,650.5 | ||||||||||||||||
Net reserves at beginning of period: | Net reserves at beginning of period: | Net reserves at beginning of period: | ||||||||||||||||||||
General Insurance | General Insurance | 6,587.0 | 6,328.0 | General Insurance | 6,587.0 | 6,328.0 | ||||||||||||||||
Title Insurance | Title Insurance | 594.2 | 556.1 | Title Insurance | 594.2 | 556.1 | ||||||||||||||||
RFIG Run-off | RFIG Run-off | 111.2 | 127.6 | RFIG Run-off | 111.2 | 127.6 | ||||||||||||||||
Other | Other | 7.6 | 8.6 | Other | 7.6 | 8.6 | ||||||||||||||||
Sub-total | Sub-total | 7,300.2 | 7,020.4 | Sub-total | 7,300.2 | 7,020.4 | ||||||||||||||||
Incurred loss and loss adjustment expenses: | Incurred loss and loss adjustment expenses: | Incurred loss and loss adjustment expenses: | ||||||||||||||||||||
Provisions for insured events of the current year: | Provisions for insured events of the current year: | Provisions for insured events of the current year: | ||||||||||||||||||||
General Insurance | General Insurance | 1,238.7 | 1,191.6 | General Insurance | 1,886.4 | 1,802.9 | ||||||||||||||||
Title Insurance | Title Insurance | 72.8 | 75.9 | Title Insurance | 107.6 | 118.0 | ||||||||||||||||
RFIG Run-off | RFIG Run-off | 7.3 | 7.9 | RFIG Run-off | 12.3 | 14.8 | ||||||||||||||||
Other | Other | 4.8 | 5.9 | Other | 6.8 | 9.0 | ||||||||||||||||
Sub-total | Sub-total | 1,323.8 | 1,281.5 | Sub-total | 2,013.3 | 1,944.8 | ||||||||||||||||
Change in provision for insured events of prior years: | Change in provision for insured events of prior years: | Change in provision for insured events of prior years: | ||||||||||||||||||||
General Insurance | General Insurance | (46.8) | (48.2) | General Insurance | (92.2) | (77.0) | ||||||||||||||||
Title Insurance | Title Insurance | (14.4) | (13.5) | Title Insurance | (22.9) | (22.6) | ||||||||||||||||
RFIG Run-off | RFIG Run-off | (19.7) | (3.3) | RFIG Run-off | (29.8) | (11.4) | ||||||||||||||||
Other | Other | (2.1) | (2.3) | Other | (3.1) | (3.3) | ||||||||||||||||
Sub-total | Sub-total | (83.1) | (67.4) | Sub-total | (148.2) | (114.4) | ||||||||||||||||
Total incurred loss and loss adjustment expenses | Total incurred loss and loss adjustment expenses | 1,240.6 | 1,214.0 | Total incurred loss and loss adjustment expenses | 1,865.1 | 1,830.4 | ||||||||||||||||
Payments: | Payments: | Payments: | ||||||||||||||||||||
Loss and loss adjustment expenses attributable to | Loss and loss adjustment expenses attributable to | Loss and loss adjustment expenses attributable to | ||||||||||||||||||||
insured events of the current year: | insured events of the current year: | insured events of the current year: | ||||||||||||||||||||
General Insurance | General Insurance | 291.5 | 276.5 | General Insurance | 550.1 | 523.9 | ||||||||||||||||
Title Insurance | Title Insurance | 2.2 | 2.6 | Title Insurance | 8.1 | 17.7 | ||||||||||||||||
RFIG Run-off | RFIG Run-off | — | — | RFIG Run-off | .1 | .2 | ||||||||||||||||
Other | Other | 2.2 | 3.0 | Other | 3.7 | 4.9 | ||||||||||||||||
Sub-total | Sub-total | 296.1 | 282.2 | Sub-total | 562.2 | 546.8 | ||||||||||||||||
Loss and loss adjustment expenses attributable to | Loss and loss adjustment expenses attributable to | Loss and loss adjustment expenses attributable to | ||||||||||||||||||||
insured events of prior years: | insured events of prior years: | insured events of prior years: | ||||||||||||||||||||
General Insurance | General Insurance | 734.5 | 688.5 | General Insurance | 977.7 | 971.4 | ||||||||||||||||
Title Insurance | Title Insurance | 34.1 | 27.8 | Title Insurance | 47.1 | 40.9 | ||||||||||||||||
RFIG Run-off | RFIG Run-off | 7.9 | 8.7 | RFIG Run-off | 11.7 | 12.3 | ||||||||||||||||
Other | Other | .9 | 1.1 | Other | 1.1 | 1.3 | ||||||||||||||||
Sub-total | Sub-total | 777.5 | 726.2 | Sub-total | 1,037.7 | 1,026.0 | ||||||||||||||||
Total payments | Total payments | 1,073.6 | 1,008.5 | Total payments | 1,599.9 | 1,572.8 | ||||||||||||||||
Net reserves at end of period: | Net reserves at end of period: | Net reserves at end of period: | ||||||||||||||||||||
General Insurance | General Insurance | 6,752.7 | 6,506.3 | General Insurance | 6,853.4 | 6,558.5 | ||||||||||||||||
Title Insurance | Title Insurance | 616.2 | 588.1 | Title Insurance | 623.5 | 592.8 | ||||||||||||||||
RFIG Run-off | RFIG Run-off | 91.0 | 123.4 | RFIG Run-off | 81.9 | 118.5 | ||||||||||||||||
Other | Other | 7.1 | 8.0 | Other | 6.4 | 8.0 | ||||||||||||||||
Sub-total | Sub-total | 7,467.2 | 7,226.0 | Sub-total | 7,565.3 | 7,278.0 | ||||||||||||||||
Reinsurance losses recoverable | Reinsurance losses recoverable | 4,438.2 | 3,949.2 | Reinsurance losses recoverable | 4,609.3 | 4,155.7 | ||||||||||||||||
Gross reserves at end of period | Gross reserves at end of period | $ | 11,905.4 | $ | 11,175.2 | Gross reserves at end of period | $ | 12,174.7 | $ | 11,433.7 |
Quarters Ended | Six Months Ended | Quarters Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share - | Basic and diluted earnings per share - | Basic and diluted earnings per share - | ||||||||||||||||||||||||||||||||||||||||||||
income (loss) available to common stockholders | income (loss) available to common stockholders | $ | (40.1) | $ | 316.4 | $ | 266.1 | $ | 818.5 | income (loss) available to common stockholders | $ | (91.7) | $ | 88.7 | $ | 174.3 | $ | 907.3 | ||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share - | Basic earnings per share - | Basic earnings per share - | ||||||||||||||||||||||||||||||||||||||||||||
weighted-average shares (a) | weighted-average shares (a) | 303,793,432 | 299,934,621 | 303,695,113 | 299,831,932 | weighted-average shares (a) | 303,652,802 | 301,577,493 | 303,797,001 | 301,247,397 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive securities - stock based | Effect of dilutive securities - stock based | Effect of dilutive securities - stock based | ||||||||||||||||||||||||||||||||||||||||||||
compensation awards | compensation awards | — | 2,393,391 | 1,617,416 | 1,550,023 | compensation awards | — | 1,961,865 | 1,584,347 | 1,661,091 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share - | Diluted earnings per share - | Diluted earnings per share - | ||||||||||||||||||||||||||||||||||||||||||||
adjusted weighted-average shares (a) | adjusted weighted-average shares (a) | 303,793,432 | 302,328,012 | 305,312,529 | 301,381,955 | adjusted weighted-average shares (a) | 303,652,802 | 303,539,358 | 305,381,348 | 302,908,488 | ||||||||||||||||||||||||||||||||||||
Earnings per share: Basic | Earnings per share: Basic | $ | (.13) | $ | 1.06 | $ | .88 | $ | 2.73 | Earnings per share: Basic | $ | (.31) | $ | .29 | $ | .57 | $ | 3.01 | ||||||||||||||||||||||||||||
Diluted | Diluted | $ | (.13) | $ | 1.05 | $ | .87 | $ | 2.72 | Diluted | $ | (.31) | $ | .29 | $ | .57 | $ | 3.00 | ||||||||||||||||||||||||||||
Anti-dilutive common stock equivalents | Anti-dilutive common stock equivalents | Anti-dilutive common stock equivalents | ||||||||||||||||||||||||||||||||||||||||||||
excluded from earnings per share computations: | excluded from earnings per share computations: | excluded from earnings per share computations: | ||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation awards | Stock based compensation awards | 10,876,599 | — | 2,670,000 | 350,000 | Stock based compensation awards | 10,651,301 | — | 2,653,750 | 292,500 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Senior Notes: | Senior Notes: | Senior Notes: | ||||||||||||||||||||||||||||||||||||||||||||||||||
4.875% issued in 2014 and due 2024 | 4.875% issued in 2014 and due 2024 | $ | 398.7 | $ | 407.0 | $ | 398.4 | $ | 435.8 | 4.875% issued in 2014 and due 2024 | $ | 398.8 | $ | 400.3 | $ | 398.4 | $ | 435.8 | ||||||||||||||||||||||||||||||||||
3.875% issued in 2016 and due 2026 | 3.875% issued in 2016 and due 2026 | 547.6 | 536.4 | 547.3 | 597.0 | 3.875% issued in 2016 and due 2026 | 547.8 | 520.5 | 547.3 | 597.0 | ||||||||||||||||||||||||||||||||||||||||||
3.850% issued in 2021 and due 2051 | 3.850% issued in 2021 and due 2051 | 642.7 | 493.0 | 642.6 | 702.9 | 3.850% issued in 2021 and due 2051 | 642.8 | 455.0 | 642.6 | 702.9 | ||||||||||||||||||||||||||||||||||||||||||
Other miscellaneous debt | Other miscellaneous debt | 5.3 | 5.3 | — | — | Other miscellaneous debt | 7.1 | 7.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total debt | Total debt | $ | 1,594.5 | $ | 1,441.8 | $ | 1,588.5 | $ | 1,735.7 | Total debt | $ | 1,596.6 | $ | 1,383.1 | $ | 1,588.5 | $ | 1,735.7 |
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | Value | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | $ | 1,594.5 | $ | 1,441.8 | $ | — | $ | 1,436.5 | $ | 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | $ | 1,596.6 | $ | 1,383.1 | $ | — | $ | 1,375.9 | $ | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | $ | 1,588.5 | $ | 1,735.7 | $ | — | $ | 1,735.7 | $ | — | December 31, 2021 | $ | 1,588.5 | $ | 1,735.7 | $ | — | $ | 1,735.7 | $ | — |
Quarters Ended | Six Months Ended | Quarters Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
General Insurance: | General Insurance: | General Insurance: | ||||||||||||||||||||||||||||||||||||||||||||
Net premiums earned | Net premiums earned | $ | 943.5 | $ | 867.2 | $ | 1,854.5 | $ | 1,726.3 | Net premiums earned | $ | 967.3 | $ | 902.8 | $ | 2,821.8 | $ | 2,629.2 | ||||||||||||||||||||||||||||
Net investment income and other income | Net investment income and other income | 121.0 | 124.7 | 239.4 | 245.6 | Net investment income and other income | 128.3 | 121.7 | 367.8 | 367.4 | ||||||||||||||||||||||||||||||||||||
Total revenues excluding investment gains (losses) | Total revenues excluding investment gains (losses) | $ | 1,064.5 | $ | 991.9 | $ | 2,094.0 | $ | 1,972.0 | Total revenues excluding investment gains (losses) | $ | 1,095.6 | $ | 1,024.6 | $ | 3,189.7 | $ | 2,996.7 | ||||||||||||||||||||||||||||
Segment pretax operating income (loss) (a) | Segment pretax operating income (loss) (a) | $ | 137.9 | $ | 123.4 | $ | 280.4 | $ | 264.2 | Segment pretax operating income (loss) (a) | $ | 167.6 | $ | 145.8 | $ | 448.1 | $ | 410.0 | ||||||||||||||||||||||||||||
Income tax expense (credits) | Income tax expense (credits) | $ | 27.3 | $ | 23.5 | $ | 55.0 | $ | 50.9 | Income tax expense (credits) | $ | 34.0 | $ | 29.0 | $ | 89.0 | $ | 79.9 | ||||||||||||||||||||||||||||
Title Insurance: | Title Insurance: | Title Insurance: | ||||||||||||||||||||||||||||||||||||||||||||
Net premiums earned | Net premiums earned | $ | 935.3 | $ | 990.0 | $ | 1,844.0 | $ | 1,851.0 | Net premiums earned | $ | 887.1 | $ | 1,028.5 | $ | 2,731.2 | $ | 2,879.6 | ||||||||||||||||||||||||||||
Title, escrow and other fees | Title, escrow and other fees | 94.8 | 118.7 | 185.1 | 225.4 | Title, escrow and other fees | 80.9 | 113.6 | 266.1 | 339.1 | ||||||||||||||||||||||||||||||||||||
Sub-total | Sub-total | 1,030.2 | 1,108.8 | 2,029.2 | 2,076.5 | Sub-total | 968.1 | 1,142.1 | 2,997.3 | 3,218.7 | ||||||||||||||||||||||||||||||||||||
Net investment income and other income | Net investment income and other income | 11.4 | 11.3 | 22.9 | 22.1 | Net investment income and other income | 12.0 | 11.2 | 35.0 | 33.3 | ||||||||||||||||||||||||||||||||||||
Total revenues excluding investment gains (losses) | Total revenues excluding investment gains (losses) | $ | 1,041.6 | $ | 1,120.2 | $ | 2,052.1 | $ | 2,098.7 | Total revenues excluding investment gains (losses) | $ | 980.1 | $ | 1,153.3 | $ | 3,032.3 | $ | 3,252.0 | ||||||||||||||||||||||||||||
Segment pretax operating income (loss) (a) | Segment pretax operating income (loss) (a) | $ | 109.5 | $ | 138.9 | $ | 190.5 | $ | 242.6 | Segment pretax operating income (loss) (a) | $ | 73.3 | $ | 135.7 | $ | 263.8 | $ | 378.3 | ||||||||||||||||||||||||||||
Income tax expense (credits) | Income tax expense (credits) | $ | 23.2 | $ | 29.1 | $ | 40.1 | $ | 51.0 | Income tax expense (credits) | $ | 16.1 | $ | 29.8 | $ | 56.2 | $ | 80.8 | ||||||||||||||||||||||||||||
RFIG Run-off: | RFIG Run-off: | RFIG Run-off: | ||||||||||||||||||||||||||||||||||||||||||||
Net premiums earned | Net premiums earned | $ | 6.0 | $ | 8.5 | $ | 12.6 | $ | 17.7 | Net premiums earned | $ | 5.5 | $ | 7.7 | $ | 18.1 | $ | 25.4 | ||||||||||||||||||||||||||||
Net investment income and other income | Net investment income and other income | 1.5 | 2.9 | 3.6 | 6.1 | Net investment income and other income | 1.5 | 2.6 | 5.2 | 8.7 | ||||||||||||||||||||||||||||||||||||
Total revenues excluding investment gains (losses) | Total revenues excluding investment gains (losses) | $ | 7.6 | $ | 11.4 | $ | 16.2 | $ | 23.8 | Total revenues excluding investment gains (losses) | $ | 7.1 | $ | 10.3 | $ | 23.3 | $ | 34.2 | ||||||||||||||||||||||||||||
Segment pretax operating income (loss) | Segment pretax operating income (loss) | $ | 12.2 | $ | 7.5 | $ | 22.0 | $ | 12.4 | Segment pretax operating income (loss) | $ | 9.2 | $ | 8.4 | $ | 31.3 | $ | 20.9 | ||||||||||||||||||||||||||||
Income tax expense (credits) | Income tax expense (credits) | $ | 2.5 | $ | 1.4 | $ | 4.5 | $ | 2.3 | Income tax expense (credits) | $ | 1.9 | $ | 1.6 | $ | 6.4 | $ | 4.0 |
Consolidated Revenues: | Consolidated Revenues: | Consolidated Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues of Company segments | Total revenues of Company segments | $ | 2,113.8 | $ | 2,123.6 | $ | 4,162.4 | $ | 4,094.6 | Total revenues of Company segments | $ | 2,083.0 | $ | 2,188.3 | $ | 6,245.4 | $ | 6,283.0 | ||||||||||||||||||||||||||||
Other sources (b) | 48.2 | 36.7 | 93.6 | 71.8 | ||||||||||||||||||||||||||||||||||||||||||
Corporate & other (b) | Corporate & other (b) | 53.2 | 50.1 | 146.9 | 122.0 | |||||||||||||||||||||||||||||||||||||||||
Consolidated investment gains (losses): | Consolidated investment gains (losses): | Consolidated investment gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions and impairments | Realized from actual transactions and impairments | 53.2 | 1.0 | 118.5 | 8.9 | Realized from actual transactions and impairments | (26.2) | 6.6 | 92.3 | 15.6 | ||||||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | Unrealized from changes in fair value of equity securities | (370.7) | 119.9 | (290.9) | 487.4 | Unrealized from changes in fair value of equity securities | (350.8) | (199.3) | (641.8) | 288.1 | ||||||||||||||||||||||||||||||||||||
Total realized and unrealized investment gains (losses) | Total realized and unrealized investment gains (losses) | (317.4) | 120.9 | (172.3) | 496.4 | Total realized and unrealized investment gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 | ||||||||||||||||||||||||||||||||||||
Consolidation elimination adjustments | Consolidation elimination adjustments | (34.2) | (27.5) | (66.7) | (54.0) | Consolidation elimination adjustments | (37.9) | (33.6) | (104.6) | (87.7) | ||||||||||||||||||||||||||||||||||||
Consolidated revenues | Consolidated revenues | $ | 1,810.3 | $ | 2,253.7 | $ | 4,017.0 | $ | 4,608.8 | Consolidated revenues | $ | 1,721.0 | $ | 2,012.2 | $ | 5,738.1 | $ | 6,621.0 | ||||||||||||||||||||||||||||
Consolidated Pretax Income (Loss): | Consolidated Pretax Income (Loss): | Consolidated Pretax Income (Loss): | ||||||||||||||||||||||||||||||||||||||||||||
Total segment pretax operating income (loss) of | Total segment pretax operating income (loss) of | Total segment pretax operating income (loss) of | ||||||||||||||||||||||||||||||||||||||||||||
Company segments | Company segments | $ | 259.8 | $ | 269.8 | $ | 493.1 | $ | 519.3 | Company segments | $ | 250.2 | $ | 290.0 | $ | 743.3 | $ | 809.3 | ||||||||||||||||||||||||||||
Other sources - net (b) | 3.0 | 5.1 | 7.3 | 10.8 | ||||||||||||||||||||||||||||||||||||||||||
Corporate & other (b) | Corporate & other (b) | 7.2 | 8.6 | 14.6 | 19.5 | |||||||||||||||||||||||||||||||||||||||||
Consolidated investment gains (losses): | Consolidated investment gains (losses): | Consolidated investment gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions and impairments | Realized from actual transactions and impairments | 53.2 | 1.0 | 118.5 | 8.9 | Realized from actual transactions and impairments | (26.2) | 6.6 | 92.3 | 15.6 | ||||||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | Unrealized from changes in fair value of equity securities | (370.7) | 119.9 | (290.9) | 487.4 | Unrealized from changes in fair value of equity securities | (350.8) | (199.3) | (641.8) | 288.1 | ||||||||||||||||||||||||||||||||||||
Total realized and unrealized investment gains (losses) | Total realized and unrealized investment gains (losses) | (317.4) | 120.9 | (172.3) | 496.4 | Total realized and unrealized investment gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 | ||||||||||||||||||||||||||||||||||||
Consolidated income (loss) before income | Consolidated income (loss) before income | Consolidated income (loss) before income | ||||||||||||||||||||||||||||||||||||||||||||
taxes (credits) | taxes (credits) | $ | (54.6) | $ | 396.0 | $ | 328.0 | $ | 1,026.6 | taxes (credits) | $ | (119.6) | $ | 106.0 | $ | 208.3 | $ | 1,132.6 |
Consolidated Income Tax Expense (Credits): | Consolidated Income Tax Expense (Credits): | Consolidated Income Tax Expense (Credits): | ||||||||||||||||||||||||||||||||||||||||||||
Total income tax expense (credits) | Total income tax expense (credits) | Total income tax expense (credits) | ||||||||||||||||||||||||||||||||||||||||||||
of Company segments | of Company segments | $ | 53.1 | $ | 54.1 | $ | 99.7 | $ | 104.2 | of Company segments | $ | 52.0 | $ | 60.5 | $ | 151.8 | $ | 164.8 | ||||||||||||||||||||||||||||
Other sources - net (b) | (.5) | — | (1.3) | (1.3) | ||||||||||||||||||||||||||||||||||||||||||
Corporate & other (b) | Corporate & other (b) | (.7) | (2.3) | (2.0) | (3.6) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (credits) on consolidated realized | Income tax expense (credits) on consolidated realized | Income tax expense (credits) on consolidated realized | ||||||||||||||||||||||||||||||||||||||||||||
and unrealized investment gains (losses) | and unrealized investment gains (losses) | (67.0) | 25.4 | (36.4) | 105.0 | and unrealized investment gains (losses) | (79.2) | (40.9) | (115.6) | 64.0 | ||||||||||||||||||||||||||||||||||||
Consolidated income tax expense (credits) | Consolidated income tax expense (credits) | $ | (14.4) | $ | 79.5 | $ | 61.9 | $ | 208.0 | Consolidated income tax expense (credits) | $ | (27.8) | $ | 17.2 | $ | 34.0 | $ | 225.2 |
June 30, | December 31, | September 30, | December 31, | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Consolidated Assets: | Consolidated Assets: | Consolidated Assets: | ||||||||||||||||||||
General Insurance | General Insurance | $ | 21,017.3 | $ | 20,660.9 | General Insurance | $ | 21,054.4 | $ | 20,660.9 | ||||||||||||
Title Insurance | Title Insurance | 2,076.3 | 2,234.2 | Title Insurance | 2,016.7 | 2,234.2 | ||||||||||||||||
RFIG Run-off | RFIG Run-off | 421.4 | 516.4 | RFIG Run-off | 379.0 | 516.4 | ||||||||||||||||
Total assets of company segments | Total assets of company segments | 23,515.1 | 23,411.6 | Total assets of company segments | 23,450.2 | 23,411.6 | ||||||||||||||||
Other assets (b) | 1,970.8 | 1,716.3 | ||||||||||||||||||||
Corporate & other (b) | Corporate & other (b) | 1,672.9 | 1,716.3 | |||||||||||||||||||
Consolidation elimination adjustments | Consolidation elimination adjustments | (190.5) | (146.1) | Consolidation elimination adjustments | (176.1) | (146.1) | ||||||||||||||||
Consolidated assets | Consolidated assets | $ | 25,295.4 | $ | 24,981.8 | Consolidated assets | $ | 24,947.0 | $ | 24,981.8 |
OVERVIEW |
EXECUTIVE SUMMARY |
OVERALL RESULTS | OVERALL RESULTS | OVERALL RESULTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pretax income (loss) | Pretax income (loss) | $ | (54.6) | $ | 396.0 | $ | 328.0 | $ | 1,026.6 | Pretax income (loss) | $ | (119.6) | $ | 106.0 | $ | 208.3 | $ | 1,132.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pretax investment gains (losses) | Pretax investment gains (losses) | (317.4) | 120.9 | (172.3) | 496.4 | Pretax investment gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pretax income (loss) excluding investment gains (losses) | Pretax income (loss) excluding investment gains (losses) | $ | 262.8 | $ | 275.0 | (4.4) | % | $ | 500.4 | $ | 530.2 | (5.6) | % | Pretax income (loss) excluding investment gains (losses) | $ | 257.5 | $ | 298.6 | (13.8) | % | $ | 757.9 | $ | 828.8 | (8.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (40.1) | $ | 316.4 | $ | 266.1 | $ | 818.5 | Net income (loss) | $ | (91.7) | $ | 88.7 | $ | 174.3 | $ | 907.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net of tax investment gains (losses) | Net of tax investment gains (losses) | (250.4) | 95.5 | (135.9) | 391.3 | Net of tax investment gains (losses) | (297.9) | (151.6) | (433.8) | 239.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) excluding investment gains (losses) | Net income (loss) excluding investment gains (losses) | $ | 210.2 | $ | 220.9 | (4.8) | % | $ | 402.0 | $ | 427.2 | (5.9) | % | Net income (loss) excluding investment gains (losses) | $ | 206.1 | $ | 240.4 | (14.3) | % | $ | 608.1 | $ | 667.6 | (8.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Combined ratio | Combined ratio | 90.9 | % | 90.6 | % | 91.4 | % | 90.8 | % | Combined ratio | 91.4 | % | 89.8 | % | 91.4 | % | 90.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PER DILUTED SHARE | PER DILUTED SHARE | PER DILUTED SHARE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (.13) | $ | 1.05 | $ | .87 | $ | 2.72 | Net income (loss) | $ | (.31) | $ | .29 | $ | .57 | $ | 3.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net of tax investment gains (losses) | Net of tax investment gains (losses) | (.82) | .32 | (.45) | 1.30 | Net of tax investment gains (losses) | (.99) | (.50) | (1.42) | .79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) excluding investment gains (losses) | Net income (loss) excluding investment gains (losses) | $ | .69 | $ | .73 | (5.5) | % | $ | 1.32 | $ | 1.42 | (7.0) | % | Net income (loss) excluding investment gains (losses) | $ | .68 | $ | .79 | (13.9) | % | $ | 1.99 | $ | 2.21 | (10.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY (BOOK VALUE) | SHAREHOLDERS' EQUITY (BOOK VALUE) | SHAREHOLDERS' EQUITY (BOOK VALUE) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | Dec. 31, | Sep. 30, | Dec. 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 6,393.1 | $ | 6,893.2 | (7.3) | % | Total | $ | 5,678.1 | $ | 6,893.2 | (17.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Common Share | Per Common Share | $ | 20.99 | $ | 22.76 | (7.8) | % | Per Common Share | $ | 18.92 | $ | 22.76 | (16.9) | % |
FINANCIAL HIGHLIGHTS | FINANCIAL HIGHLIGHTS | FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY INCOME STATEMENTS: | SUMMARY INCOME STATEMENTS: | 2022 | 2021 | % Change | 2022 | 2021 | % Change | SUMMARY INCOME STATEMENTS: | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums and fees earned | Net premiums and fees earned | $ | 1,982.3 | $ | 1,987.3 | (0.2) | % | $ | 3,901.3 | $ | 3,826.2 | 2.0 | % | Net premiums and fees earned | $ | 1,943.3 | $ | 2,055.4 | (5.5) | % | $ | 5,844.6 | $ | 5,881.6 | (0.6) | % | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 107.8 | 107.6 | 0.2 | 214.1 | 211.9 | 1.0 | Net investment income | 115.1 | 111.6 | 3.1 | 329.2 | 323.6 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 37.6 | 37.8 | (0.5) | 73.9 | 74.1 | (0.3) | Other income | 39.7 | 37.8 | 5.2 | 113.7 | 112.0 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | Total operating revenues | 2,127.8 | 2,132.8 | (0.2) | 4,189.4 | 4,112.4 | 1.9 | Total operating revenues | 2,098.2 | 2,204.9 | (4.8) | 6,287.7 | 6,317.3 | (0.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment gains (losses): | Investment gains (losses): | Investment gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions and impairments | Realized from actual transactions and impairments | 53.2 | 1.0 | 118.5 | 8.9 | Realized from actual transactions and impairments | (26.2) | 6.6 | 92.3 | 15.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | Unrealized from changes in fair value of equity securities | (370.7) | 119.9 | (290.9) | 487.4 | Unrealized from changes in fair value of equity securities | (350.8) | (199.3) | (641.8) | 288.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment gains (losses) | Total investment gains (losses) | (317.4) | 120.9 | (172.3) | 496.4 | Total investment gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 1,810.3 | 2,253.7 | 4,017.0 | 4,608.8 | Total revenues | 1,721.0 | 2,012.2 | 5,738.1 | 6,621.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | Loss and loss adjustment expenses | 638.6 | 624.9 | 2.2 | 1,246.6 | 1,228.3 | 1.5 | Loss and loss adjustment expenses | 628.6 | 618.4 | 1.6 | 1,875.2 | 1,846.8 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and general expenses | Sales and general expenses | 1,209.6 | 1,220.6 | (0.9) | 2,408.7 | 2,330.9 | 3.3 | Sales and general expenses | 1,195.8 | 1,270.8 | (5.9) | 3,604.5 | 3,601.8 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other charges | Interest and other charges | 16.6 | 12.1 | 37.1 | 33.6 | 22.8 | 47.3 | Interest and other charges | 16.3 | 16.8 | (3.4) | 49.9 | 39.7 | 25.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 1,865.0 | 1,857.7 | 0.4 | % | 3,688.9 | 3,582.2 | 3.0 | % | Total operating expenses | 1,840.7 | 1,906.2 | (3.4) | % | 5,529.7 | 5,488.4 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pretax income (loss) | Pretax income (loss) | (54.6) | 396.0 | 328.0 | 1,026.6 | Pretax income (loss) | (119.6) | 106.0 | 208.3 | 1,132.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes (credits) | Income taxes (credits) | (14.4) | 79.5 | 61.9 | 208.0 | Income taxes (credits) | (27.8) | 17.2 | 34.0 | 225.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (40.1) | $ | 316.4 | $ | 266.1 | $ | 818.5 | Net income (loss) | $ | (91.7) | $ | 88.7 | $ | 174.3 | $ | 907.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK STATISTICS: | COMMON STOCK STATISTICS: | COMMON STOCK STATISTICS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net income (loss) per share: | Components of net income (loss) per share: | Components of net income (loss) per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic net income (loss) excluding investment gains (losses) | Basic net income (loss) excluding investment gains (losses) | $ | 0.69 | $ | 0.74 | (6.8) | % | $ | 1.32 | $ | 1.43 | (7.7) | % | Basic net income (loss) excluding investment gains (losses) | $ | 0.68 | $ | 0.79 | (13.9) | % | $ | 2.00 | $ | 2.22 | (9.9) | % | ||||||||||||||||||||||||||||||||||||||||||||
Net investment gains (losses): | Net investment gains (losses): | Net investment gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions and impairments | Realized from actual transactions and impairments | 0.14 | — | 0.31 | 0.02 | Realized from actual transactions and impairments | (0.07) | 0.02 | 0.24 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | Unrealized from changes in fair value of equity securities | (0.96) | 0.32 | (0.75) | 1.28 | Unrealized from changes in fair value of equity securities | (0.92) | (0.52) | (1.67) | 0.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic net income (loss) | Basic net income (loss) | $ | (0.13) | $ | 1.06 | $ | 0.88 | $ | 2.73 | Basic net income (loss) | $ | (0.31) | $ | 0.29 | $ | 0.57 | $ | 3.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted net income (loss) excluding investment gains (losses) | Diluted net income (loss) excluding investment gains (losses) | $ | 0.69 | $ | 0.73 | (5.5) | % | $ | 1.32 | $ | 1.42 | (7.0) | % | Diluted net income (loss) excluding investment gains (losses) | $ | 0.68 | $ | 0.79 | (13.9) | % | $ | 1.99 | $ | 2.21 | (10.0) | % | ||||||||||||||||||||||||||||||||||||||||||||
Net investment gains (losses): | Net investment gains (losses): | Net investment gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions and impairments | Realized from actual transactions and impairments | 0.14 | — | 0.30 | 0.02 | Realized from actual transactions and impairments | (0.07) | 0.02 | 0.24 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | Unrealized from changes in fair value of equity securities | (0.96) | 0.32 | (0.75) | 1.28 | Unrealized from changes in fair value of equity securities | (0.92) | (0.52) | (1.66) | 0.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted net income (loss) | Diluted net income (loss) | $ | (0.13) | $ | 1.05 | $ | 0.87 | $ | 2.72 | Diluted net income (loss) | $ | (0.31) | $ | 0.29 | $ | 0.57 | $ | 3.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common stock | Cash dividends on common stock | $ | 0.23 | $ | 0.22 | $ | 0.46 | $ | 0.44 | Cash dividends on common stock | $ | 1.23 | $ | 1.72 | $ | 1.69 | $ | 2.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per share | Book value per share | $ | 20.99 | $ | 22.59 | (7.1) | % | Book value per share | $ | 18.92 | $ | 20.96 | (9.7) | % |
Sources of Consolidated Income (Loss) | |||||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||
Net premiums and fees earned: | |||||||||||||||||||||||||||||||||||
General insurance | $ | 943.5 | $ | 867.2 | 8.8 | % | $ | 1,854.5 | $ | 1,726.3 | 7.4 | % | |||||||||||||||||||||||
Title insurance | 1,030.2 | 1,108.8 | (7.1) | 2,029.2 | 2,076.5 | (2.3) | |||||||||||||||||||||||||||||
RFIG run-off | 6.0 | 8.5 | (29.1) | 12.6 | 17.7 | (29.0) | |||||||||||||||||||||||||||||
Corporate & other | 2.4 | 2.7 | (8.7) | 4.9 | 5.5 | (11.0) | |||||||||||||||||||||||||||||
Consolidated | $ | 1,982.3 | $ | 1,987.3 | (0.2) | % | $ | 3,901.3 | $ | 3,826.2 | 2.0 | % | |||||||||||||||||||||||
Underwriting and related services income (loss): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 70.9 | $ | 52.4 | 35.4 | % | $ | 147.3 | $ | 124.3 | 18.5 | % | |||||||||||||||||||||||
Title insurance | 98.7 | 128.6 | (23.3) | 168.9 | 222.5 | (24.1) | |||||||||||||||||||||||||||||
RFIG run-off | 10.6 | 4.6 | 132.5 | 18.4 | 6.3 | 190.2 | |||||||||||||||||||||||||||||
Corporate & other | (8.7) | (6.0) | (43.0) | (14.8) | (12.1) | (21.8) | |||||||||||||||||||||||||||||
Consolidated | $ | 171.7 | $ | 179.5 | (4.4) | % | $ | 319.9 | $ | 341.0 | (6.2) | % | |||||||||||||||||||||||
Consolidated underwriting ratio: | |||||||||||||||||||||||||||||||||||
Loss ratio: | |||||||||||||||||||||||||||||||||||
Current year | 34.1 | % | 33.2 | % | 34.1 | % | 33.9 | % | |||||||||||||||||||||||||||
Prior years | (1.9) | (1.8) | (2.1) | (1.8) | |||||||||||||||||||||||||||||||
Total | 32.2 | 31.4 | 32.0 | 32.1 | |||||||||||||||||||||||||||||||
Expense ratio | 58.7 | 59.2 | 59.4 | 58.7 | |||||||||||||||||||||||||||||||
Combined ratio | 90.9 | % | 90.6 | % | 91.4 | % | 90.8 | % | |||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||
General insurance | $ | 83.6 | $ | 87.1 | (4.0) | % | $ | 166.0 | $ | 172.0 | (3.4) | % | |||||||||||||||||||||||
Title insurance | 11.1 | 11.0 | 0.3 | 22.4 | 21.5 | 3.9 | |||||||||||||||||||||||||||||
RFIG run-off | 1.5 | 2.9 | (45.2) | 3.6 | 6.1 | (40.5) | |||||||||||||||||||||||||||||
Corporate & other | 11.5 | 6.4 | 77.2 | 21.9 | 12.2 | 79.4 | |||||||||||||||||||||||||||||
Consolidated | $ | 107.8 | $ | 107.6 | 0.2 | % | $ | 214.1 | $ | 211.9 | 1.0 | % | |||||||||||||||||||||||
Interest and other charges (credits): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 16.6 | $ | 16.0 | $ | 32.9 | $ | 32.0 | |||||||||||||||||||||||||||
Title insurance | 0.2 | 0.8 | 0.8 | 1.5 | |||||||||||||||||||||||||||||||
RFIG run-off | — | — | — | — | |||||||||||||||||||||||||||||||
Corporate & other (a) | (0.2) | (4.7) | (0.1) | (10.7) | |||||||||||||||||||||||||||||||
Consolidated | $ | 16.6 | $ | 12.1 | 37.1 | % | $ | 33.6 | $ | 22.8 | 47.3 | % | |||||||||||||||||||||||
Segmented and consolidated pretax income (loss) | |||||||||||||||||||||||||||||||||||
excluding investment gains (losses): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 137.9 | $ | 123.4 | 11.8 | % | $ | 280.4 | $ | 264.2 | 6.1 | % | |||||||||||||||||||||||
Title insurance | 109.5 | 138.9 | (21.1) | 190.5 | 242.6 | (21.5) | |||||||||||||||||||||||||||||
RFIG run-off | 12.2 | 7.5 | 63.7 | 22.0 | 12.4 | 76.9 | |||||||||||||||||||||||||||||
Corporate & other | 3.0 | 5.1 | (41.1) | 7.3 | 10.8 | (32.5) | |||||||||||||||||||||||||||||
Consolidated | 262.8 | 275.0 | (4.4) | % | 500.4 | 530.2 | (5.6) | % | |||||||||||||||||||||||||||
Income taxes (credits) on above | 52.5 | 54.1 | 98.3 | 102.9 | |||||||||||||||||||||||||||||||
Net income (loss) excluding | |||||||||||||||||||||||||||||||||||
investment gains (losses) | 210.2 | 220.9 | (4.8) | % | 402.0 | 427.2 | (5.9) | % | |||||||||||||||||||||||||||
Consolidated pretax investment gains (losses): | |||||||||||||||||||||||||||||||||||
Realized from actual transactions | |||||||||||||||||||||||||||||||||||
and impairments | 53.2 | 1.0 | 118.5 | 8.9 | |||||||||||||||||||||||||||||||
Unrealized from changes in | |||||||||||||||||||||||||||||||||||
fair value of equity securities | (370.7) | 119.9 | (290.9) | 487.4 | |||||||||||||||||||||||||||||||
Total | (317.4) | 120.9 | (172.3) | 496.4 | |||||||||||||||||||||||||||||||
Income taxes (credits) on above | (67.0) | 25.4 | (36.4) | 105.0 | |||||||||||||||||||||||||||||||
Net of tax investment gains (losses) | (250.4) | 95.5 | (135.9) | 391.3 | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (40.1) | $ | 316.4 | $ | 266.1 | $ | 818.5 | |||||||||||||||||||||||||||
Consolidated operating cash flow | $ | 124.7 | $ | 219.4 | $ | 403.2 | $ | 515.4 | |||||||||||||||||||||||||||
Sources of Consolidated Income (Loss) | |||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||
Net premiums and fees earned: | |||||||||||||||||||||||||||||||||||
General insurance | $ | 967.3 | $ | 902.8 | 7.1 | % | $ | 2,821.8 | $ | 2,629.2 | 7.3 | % | |||||||||||||||||||||||
Title insurance | 968.1 | 1,142.1 | (15.2) | 2,997.3 | 3,218.7 | (6.9) | |||||||||||||||||||||||||||||
RFIG run-off | 5.5 | 7.7 | (28.0) | 18.1 | 25.4 | (28.7) | |||||||||||||||||||||||||||||
Corporate & other | 2.3 | 2.6 | (12.8) | 7.2 | 8.2 | (11.6) | |||||||||||||||||||||||||||||
Consolidated | $ | 1,943.3 | $ | 2,055.4 | (5.5) | % | $ | 5,844.6 | $ | 5,881.6 | (0.6) | % | |||||||||||||||||||||||
Underwriting and related services income (loss): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 96.2 | $ | 77.7 | 23.8 | % | $ | 243.6 | $ | 202.0 | 20.6 | % | |||||||||||||||||||||||
Title insurance | 61.1 | 125.3 | (51.2) | 230.0 | 347.8 | (33.9) | |||||||||||||||||||||||||||||
RFIG run-off | 7.6 | 5.8 | 31.7 | 26.1 | 12.1 | 114.3 | |||||||||||||||||||||||||||||
Corporate & other | (6.3) | (4.9) | (28.5) | (21.2) | (17.1) | (23.7) | |||||||||||||||||||||||||||||
Consolidated | $ | 158.6 | $ | 203.9 | (22.2) | % | $ | 478.6 | $ | 544.9 | (12.2) | % | |||||||||||||||||||||||
Consolidated underwriting ratio: | |||||||||||||||||||||||||||||||||||
Loss ratio: | |||||||||||||||||||||||||||||||||||
Current year | 35.7 | % | 32.4 | % | 34.7 | % | 33.4 | % | |||||||||||||||||||||||||||
Prior years | (3.4) | (2.3) | (2.6) | (2.0) | |||||||||||||||||||||||||||||||
Total | 32.3 | 30.1 | 32.1 | 31.4 | |||||||||||||||||||||||||||||||
Expense ratio | 59.1 | 59.7 | 59.3 | 59.0 | |||||||||||||||||||||||||||||||
Combined ratio | 91.4 | % | 89.8 | % | 91.4 | % | 90.4 | % | |||||||||||||||||||||||||||
Net investment income: | |||||||||||||||||||||||||||||||||||
General insurance | $ | 88.8 | $ | 84.2 | 5.4 | % | $ | 254.8 | $ | 256.2 | (0.5) | % | |||||||||||||||||||||||
Title insurance | 11.8 | 10.9 | 8.7 | 34.2 | 32.5 | 5.5 | |||||||||||||||||||||||||||||
RFIG run-off | 1.5 | 2.6 | (39.7) | 5.2 | 8.7 | (40.3) | |||||||||||||||||||||||||||||
Corporate & other | 12.9 | 13.8 | (6.9) | 34.8 | 26.1 | 33.6 | |||||||||||||||||||||||||||||
Consolidated | $ | 115.1 | $ | 111.6 | 3.1 | % | $ | 329.2 | $ | 323.6 | 1.7 | % | |||||||||||||||||||||||
Interest and other charges (credits): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 17.3 | $ | 16.1 | $ | 50.3 | $ | 48.2 | |||||||||||||||||||||||||||
Title insurance | (0.3) | 0.4 | 0.5 | 1.9 | |||||||||||||||||||||||||||||||
RFIG run-off | — | — | — | — | |||||||||||||||||||||||||||||||
Corporate & other (a) | (0.7) | 0.2 | (0.9) | (10.5) | |||||||||||||||||||||||||||||||
Consolidated | $ | 16.3 | $ | 16.8 | (3.4) | % | $ | 49.9 | $ | 39.7 | 25.7 | % | |||||||||||||||||||||||
Segmented and consolidated pretax income (loss) | |||||||||||||||||||||||||||||||||||
excluding investment gains (losses): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 167.6 | $ | 145.8 | 15.0 | % | $ | 448.1 | $ | 410.0 | 9.3 | % | |||||||||||||||||||||||
Title insurance | 73.3 | 135.7 | (46.0) | 263.8 | 378.3 | (30.3) | |||||||||||||||||||||||||||||
RFIG run-off | 9.2 | 8.4 | 9.6 | 31.3 | 20.9 | 49.7 | |||||||||||||||||||||||||||||
Corporate & other | 7.2 | 8.6 | (15.9) | 14.6 | 19.5 | (25.1) | |||||||||||||||||||||||||||||
Consolidated | 257.5 | 298.6 | (13.8) | % | 757.9 | 828.8 | (8.6) | % | |||||||||||||||||||||||||||
Income taxes (credits) on above | 51.3 | 58.2 | 149.7 | 161.1 | |||||||||||||||||||||||||||||||
Net income (loss) excluding | |||||||||||||||||||||||||||||||||||
investment gains (losses) | 206.1 | 240.4 | (14.3) | % | 608.1 | 667.6 | (8.9) | % | |||||||||||||||||||||||||||
Consolidated pretax investment gains (losses): | |||||||||||||||||||||||||||||||||||
Realized from actual transactions | |||||||||||||||||||||||||||||||||||
and impairments | (26.2) | 6.6 | 92.3 | 15.6 | |||||||||||||||||||||||||||||||
Unrealized from changes in | |||||||||||||||||||||||||||||||||||
fair value of equity securities | (350.8) | (199.3) | (641.8) | 288.1 | |||||||||||||||||||||||||||||||
Total | (377.1) | (192.6) | (549.5) | 303.7 | |||||||||||||||||||||||||||||||
Income taxes (credits) on above | (79.2) | (40.9) | (115.6) | 64.0 | |||||||||||||||||||||||||||||||
Net of tax investment gains (losses) | (297.9) | (151.6) | (433.8) | 239.6 | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (91.7) | $ | 88.7 | $ | 174.3 | $ | 907.3 | |||||||||||||||||||||||||||
Consolidated operating cash flow | $ | 500.1 | $ | 455.1 | $ | 903.4 | $ | 970.6 | |||||||||||||||||||||||||||
General Insurance Segment Operating Results | ||
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums written | Net premiums written | $ | 1,002.3 | $ | 898.3 | 11.6 | % | $ | 1,963.1 | $ | 1,769.5 | 10.9 | % | Net premiums written | $ | 1,066.3 | $ | 972.8 | 9.6 | % | $ | 3,029.4 | $ | 2,742.3 | 10.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net premiums earned | Net premiums earned | 943.5 | 867.2 | 8.8 | 1,854.5 | 1,726.3 | 7.4 | Net premiums earned | 967.3 | 902.8 | 7.1 | 2,821.8 | 2,629.2 | 7.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 83.6 | 87.1 | (4.0) | 166.0 | 172.0 | (3.4) | Net investment income | 88.8 | 84.2 | 5.4 | 254.8 | 256.2 | (0.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 37.3 | 37.6 | (0.6) | 73.3 | 73.6 | (0.4) | Other income | 39.5 | 37.5 | 5.4 | 112.9 | 111.2 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | Operating revenues | 1,064.5 | 991.9 | 7.3 | 2,094.0 | 1,972.0 | 6.2 | Operating revenues | 1,095.6 | 1,024.6 | 6.9 | 3,189.7 | 2,996.7 | 6.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | Loss and loss adjustment expenses | 616.1 | 590.5 | 4.3 | 1,198.3 | 1,157.9 | 3.5 | Loss and loss adjustment expenses | 606.6 | 585.4 | 3.6 | 1,804.9 | 1,743.4 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and general expenses | Sales and general expenses | 293.8 | 261.9 | 12.2 | 582.2 | 517.7 | 12.4 | Sales and general expenses | 304.0 | 277.1 | 9.7 | 886.2 | 794.9 | 11.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other charges | Interest and other charges | 16.6 | 16.0 | 3.5 | 32.9 | 32.0 | 2.7 | Interest and other charges | 17.3 | 16.1 | 7.5 | 50.3 | 48.2 | 4.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 926.6 | 868.5 | 6.7 | 1,813.5 | 1,707.7 | 6.2 | Operating expenses | 928.0 | 878.8 | 5.6 | 2,741.5 | 2,586.6 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment pretax operating income (loss) | Segment pretax operating income (loss) | $ | 137.9 | $ | 123.4 | 11.8 | % | $ | 280.4 | $ | 264.2 | 6.1 | % | Segment pretax operating income (loss) | $ | 167.6 | $ | 145.8 | 15.0 | % | $ | 448.1 | $ | 410.0 | 9.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loss ratio | Loss ratio | 65.3 | % | 68.1 | % | 64.6 | % | 67.1 | % | Loss ratio | 62.7 | % | 64.8 | % | 64.0 | % | 66.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense ratio | Expense ratio | 27.2 | 25.9 | 27.4 | 25.7 | Expense ratio | 27.3 | 26.5 | 27.4 | 26.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined ratio | Combined ratio | 92.5 | % | 94.0 | % | 92.0 | % | 92.8 | % | Combined ratio | 90.0 | % | 91.3 | % | 91.4 | % | 92.3 | % |
Effect of Prior Periods' | Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Favorable)/ | Loss Ratio Excluding | (Favorable)/ | Loss Ratio Excluding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported | Unfavorable Loss | Prior Periods' Loss | Reported | Unfavorable Loss | Prior Periods' Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Ratio | Reserves Development | Reserves Development | Loss Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2017 | 71.8 | % | 0.7 | % | 71.1 | % | 2017 | 71.8 | % | 0.7 | % | 71.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2018 | 72.2 | — | 72.2 | 2018 | 72.2 | — | 72.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | 71.8 | 0.4 | 71.4 | 2019 | 71.8 | 0.4 | 71.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | 69.9 | (0.8) | 70.7 | 2020 | 69.9 | (0.8) | 70.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 64.8 | % | (3.8) | % | 68.6 | % | 2021 | 64.8 | % | (3.8) | % | 68.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2021 | 68.1 | % | (2.9) | % | 71.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2022 | 65.3 | % | (1.9) | % | 67.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Six Months 2021 | 67.1 | % | (2.8) | % | 69.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Six Months 2022 | 64.6 | % | (2.5) | % | 67.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Quarter 2021 | 3rd Quarter 2021 | 64.8 | % | (3.2) | % | 68.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Quarter 2022 | 3rd Quarter 2022 | 62.7 | % | (4.7) | % | 67.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Nine Months 2021 | 1st Nine Months 2021 | 66.3 | % | (2.9) | % | 69.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Nine Months 2022 | 1st Nine Months 2022 | 64.0 | % | (3.3) | % | 67.3 | % |
Title Insurance Segment Operating Results | ||
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums and fees earned | Net premiums and fees earned | $ | 1,030.2 | $ | 1,108.8 | (7.1) | % | $ | 2,029.2 | $ | 2,076.5 | (2.3) | % | Net premiums and fees earned | $ | 968.1 | $ | 1,142.1 | (15.2) | % | $ | 2,997.3 | $ | 3,218.7 | (6.9) | % | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 11.1 | 11.0 | 0.3 | 22.4 | 21.5 | 3.9 | Net investment income | 11.8 | 10.9 | 8.7 | 34.2 | 32.5 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 0.2 | 0.2 | (0.6) | 0.5 | 0.5 | (3.1) | Other income | 0.2 | 0.3 | (27.8) | 0.7 | 0.8 | (12.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | Operating revenues | 1,041.6 | 1,120.2 | (7.0) | 2,052.1 | 2,098.7 | (2.2) | Operating revenues | 980.1 | 1,153.3 | (15.0) | 3,032.3 | 3,252.0 | (6.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | Loss and loss adjustment expenses | 29.0 | 33.1 | (12.3) | 58.4 | 62.4 | (6.4) | Loss and loss adjustment expenses | 26.2 | 32.9 | (20.4) | 84.6 | 95.4 | (11.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and general expenses | Sales and general expenses | 902.7 | 947.3 | (4.7) | 1,802.3 | 1,792.1 | 0.6 | Sales and general expenses | 880.9 | 984.1 | (10.5) | 2,683.3 | 2,776.3 | (3.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other charges | Interest and other charges | 0.2 | 0.8 | (65.8) | 0.8 | 1.5 | (44.4) | Interest and other charges | (0.3) | 0.4 | (165.6) | 0.5 | 1.9 | (73.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 932.1 | 981.3 | (5.0) | 1,861.6 | 1,856.0 | 0.3 | Operating expenses | 906.8 | 1,017.6 | (10.9) | 2,768.5 | 2,873.7 | (3.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment pretax operating income (loss) | Segment pretax operating income (loss) | $ | 109.5 | $ | 138.9 | (21.1) | % | $ | 190.5 | $ | 242.6 | (21.5) | % | Segment pretax operating income (loss) | $ | 73.3 | $ | 135.7 | (46.0) | % | $ | 263.8 | $ | 378.3 | (30.3) | % | ||||||||||||||||||||||||||||||||||||||||||||
Loss ratio | Loss ratio | 2.8 | % | 3.0 | % | 2.9 | % | 3.0 | % | Loss ratio | 2.7 | % | 2.9 | % | 2.8 | % | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense ratio | Expense ratio | 87.6 | 85.4 | 88.8 | 86.3 | Expense ratio | 91.0 | 86.1 | 89.5 | 86.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined ratio | Combined ratio | 90.4 | % | 88.4 | % | 91.7 | % | 89.3 | % | Combined ratio | 93.7 | % | 89.0 | % | 92.3 | % | 89.2 | % |
Effect of Prior Periods' | Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Favorable)/ | Loss Ratio Excluding | (Favorable)/ | Loss Ratio Excluding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported | Unfavorable Loss | Prior Periods' Loss | Reported | Unfavorable Loss | Prior Periods' Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Ratio | Reserves Development | Reserves Development | Loss Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2017 | 0.8 | % | (3.0) | % | 3.8 | % | 2017 | 0.8 | % | (3.0) | % | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2018 | 1.9 | (1.8) | 3.7 | 2018 | 1.9 | (1.8) | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | 2.5 | (1.2) | 3.7 | 2019 | 2.5 | (1.2) | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | 2.3 | (1.3) | 3.6 | 2020 | 2.3 | (1.3) | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 2.6 | % | (1.0) | % | 3.6 | % | 2021 | 2.6 | % | (1.0) | % | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2021 | 3.0 | % | (0.7) | % | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2022 | 2.8 | % | (0.8) | % | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Six Months 2021 | 3.0 | % | (0.7) | % | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Six Months 2022 | 2.9 | % | (0.7) | % | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Quarter 2021 | 3rd Quarter 2021 | 2.9 | % | (0.8) | % | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Quarter 2022 | 3rd Quarter 2022 | 2.7 | % | (0.9) | % | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Nine Months 2021 | 1st Nine Months 2021 | 3.0 | % | (0.7) | % | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Nine Months 2022 | 1st Nine Months 2022 | 2.8 | % | (0.8) | % | 3.6 | % |
RFIG Run-off Segment Operating Results - Mortgage Insurance | ||
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums earned | Net premiums earned | $ | 6.0 | $ | 8.5 | (29.1) | % | $ | 12.6 | $ | 17.7 | (29.0) | % | Net premiums earned | $ | 5.5 | $ | 7.7 | (28.0) | % | $ | 18.1 | $ | 25.4 | (28.7) | % | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 1.5 | 2.9 | (45.2) | 3.6 | 6.1 | (40.5) | Net investment income | 1.5 | 2.6 | (39.7) | 5.2 | 8.7 | (40.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | Loss and loss adjustment expenses | (8.0) | 0.3 | N/M | (12.3) | 4.6 | N/M | Loss and loss adjustment expenses | (5.2) | (1.1) | N/M | (17.5) | 3.4 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pretax operating income (loss) | Pretax operating income (loss) | $ | 12.2 | $ | 7.5 | 63.7% | $ | 22.0 | $ | 12.4 | 76.9 | % | Pretax operating income (loss) | $ | 9.2 | $ | 8.4 | 9.6% | $ | 31.3 | $ | 20.9 | 49.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Loss ratio | Loss ratio | (133.7) | % | 3.6 | % | (97.8) | % | 26.0 | % | Loss ratio | (93.3) | % | (14.5) | % | (96.5) | % | 13.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense ratio | Expense ratio | 56.6 | 42.3 | 51.5 | 38.3 | Expense ratio | 55.3 | 39.0 | 52.7 | 38.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined ratio | Combined ratio | (77.1) | % | 45.9 | % | (46.3) | % | 64.3 | % | Combined ratio | (38.0) | % | 24.5 | % | (43.8) | % | 52.2 | % |
Effect of Prior Periods' | Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Favorable)/ | Loss Ratio Excluding | (Favorable)/ | Loss Ratio Excluding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported | Unfavorable Loss | Prior Periods' Loss | Reported | Unfavorable Loss | Prior Periods' Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Ratio | Reserves Development | Reserves Development | Loss Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2017 | 57.6 | % | (38.3) | % | 95.9 | % | 2017 | 57.6 | % | (38.3) | % | 95.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2018 | 43.2 | (27.0) | 70.2 | 2018 | 43.2 | (27.0) | 70.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | 55.0 | (12.5) | 67.5 | 2019 | 55.0 | (12.5) | 67.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | 81.7 | (26.5) | 108.2 | 2020 | 81.7 | (26.5) | 108.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | (5.3) | % | (67.5) | % | 62.2 | % | 2021 | (5.3) | % | (67.5) | % | 62.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2021 | 3.6 | % | (24.8) | % | 28.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2022 | (133.7) | % | (196.1) | % | 62.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Six Months 2021 | 26.0 | % | (18.9) | % | 44.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Six Months 2022 | (97.8) | % | (162.2) | % | 64.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Quarter 2021 | 3rd Quarter 2021 | (14.5) | % | (106.3) | % | 91.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Quarter 2022 | 3rd Quarter 2022 | (93.3) | % | (186.8) | % | 93.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Nine Months 2021 | 1st Nine Months 2021 | 13.7 | % | (47.7) | % | 61.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Nine Months 2022 | 1st Nine Months 2022 | (96.5) | % | (169.7) | % | 73.2 | % |
Corporate & Other Operating Results | ||
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net life and accident premiums earned | Net life and accident premiums earned | $ | 2.4 | $ | 2.7 | (8.7) | % | $ | 4.9 | $ | 5.5 | (11.0) | % | Net life and accident premiums earned | $ | 2.3 | $ | 2.6 | (12.8) | % | $ | 7.2 | $ | 8.2 | (11.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | 11.5 | 6.4 | 77.2 | 21.9 | 12.2 | 79.4 | Net investment income | 12.9 | 13.8 | (6.9) | 34.8 | 26.1 | 33.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income | Other operating income | — | — | — | — | — | — | Other operating income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | Operating revenues | 14.0 | 9.1 | 52.5 | 26.9 | 17.7 | 51.7 | Operating revenues | 15.2 | 16.5 | (7.8) | 42.2 | 34.3 | 23.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits and loss and loss adjustment expenses | Benefits and loss and loss adjustment expenses | 1.5 | 0.9 | 64.2 | 2.1 | 3.4 | (36.4) | Benefits and loss and loss adjustment expenses | 0.9 | 1.1 | (18.1) | 3.1 | 4.5 | (31.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance expenses | Insurance expenses | 0.8 | 1.0 | (18.2) | 1.7 | 1.8 | (6.2) | Insurance expenses | 0.7 | 0.8 | (11.6) | 2.4 | 2.6 | (7.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate, interest and other expenses - net | Corporate, interest and other expenses - net | 8.5 | 2.0 | N/M | 15.7 | 1.6 | N/M | Corporate, interest and other expenses - net | 6.3 | 5.9 | 6.5 | 22.0 | 7.5 | 191.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 10.9 | 4.0 | 173.4 | 19.6 | 6.9 | 183.3 | Operating expenses | 7.9 | 7.8 | 1.1 | 27.6 | 14.8 | 86.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate & other pretax operating income (loss) | Corporate & other pretax operating income (loss) | $ | 3.0 | $ | 5.1 | (41.1) | % | $ | 7.3 | $ | 10.8 | (32.5) | % | Corporate & other pretax operating income (loss) | $ | 7.2 | $ | 8.6 | (15.9) | % | $ | 14.6 | $ | 19.5 | (25.1) | % |
Summary Consolidated Balance Sheet | ||
June 30, | December 31, | June 30, | September 30, | December 31, | September 30, | |||||||||||||||||||||||||||||
2022 | 2021 | 2021 | 2022 | 2021 | 2021 | |||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||
Cash and fixed income securities | Cash and fixed income securities | $ | 11,751.9 | $ | 11,399.6 | $ | 11,224.7 | Cash and fixed income securities | $ | 12,315.8 | $ | 11,399.6 | $ | 11,721.9 | ||||||||||||||||||||
Equity securities | Equity securities | 4,182.4 | 5,302.8 | 5,204.1 | Equity securities | 3,045.4 | 5,302.8 | 4,828.0 | ||||||||||||||||||||||||||
Other invested assets | Other invested assets | 125.4 | 116.5 | 115.1 | Other invested assets | 130.6 | 116.5 | 116.7 | ||||||||||||||||||||||||||
Cash and invested assets | Cash and invested assets | 16,059.9 | 16,818.9 | 16,544.0 | Cash and invested assets | 15,491.8 | 16,818.9 | 16,666.7 | ||||||||||||||||||||||||||
Accounts and premiums receivable | Accounts and premiums receivable | 2,096.0 | 1,768.7 | 1,828.7 | Accounts and premiums receivable | 2,096.9 | 1,768.7 | 1,861.4 | ||||||||||||||||||||||||||
Federal income tax recoverable | Federal income tax recoverable | 19.6 | 11.8 | 18.2 | Federal income tax recoverable | 127.4 | 11.8 | — | ||||||||||||||||||||||||||
Reinsurance balances recoverable | Reinsurance balances recoverable | 5,551.1 | 4,943.4 | 4,879.1 | Reinsurance balances recoverable | 5,679.7 | 4,943.4 | 5,054.7 | ||||||||||||||||||||||||||
Deferred policy acquisition costs | Deferred policy acquisition costs | 372.6 | 350.4 | 346.4 | Deferred policy acquisition costs | 386.7 | 350.4 | 355.3 | ||||||||||||||||||||||||||
Sundry assets | Sundry assets | 1,195.9 | 1,088.4 | 1,061.8 | Sundry assets | 1,164.2 | 1,088.4 | 1,051.6 | ||||||||||||||||||||||||||
Total assets | Total assets | $ | 25,295.4 | $ | 24,981.8 | $ | 24,678.4 | Total assets | $ | 24,947.0 | $ | 24,981.8 | $ | 24,989.9 | ||||||||||||||||||||
Liabilities and Shareholders' Equity: | Liabilities and Shareholders' Equity: | Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||||
Policy liabilities | Policy liabilities | $ | 3,129.7 | $ | 2,752.0 | $ | 2,837.9 | Policy liabilities | $ | 3,182.6 | $ | 2,752.0 | $ | 2,884.7 | ||||||||||||||||||||
Loss and loss adjustment expense reserves | Loss and loss adjustment expense reserves | 11,905.4 | 11,425.5 | 11,175.2 | Loss and loss adjustment expense reserves | 12,174.7 | 11,425.5 | 11,433.7 | ||||||||||||||||||||||||||
Federal income tax payable | Federal income tax payable | 17.2 | 249.5 | 211.1 | Federal income tax payable | 2.0 | 249.5 | 152.8 | ||||||||||||||||||||||||||
Reinsurance balances and funds | Reinsurance balances and funds | 1,177.3 | 866.0 | 966.5 | Reinsurance balances and funds | 1,154.3 | 866.0 | 942.4 | ||||||||||||||||||||||||||
Debt | Debt | 1,594.5 | 1,588.5 | 1,590.1 | Debt | 1,596.6 | 1,588.5 | 1,588.2 | ||||||||||||||||||||||||||
Sundry liabilities | Sundry liabilities | 1,077.9 | 1,206.9 | 1,118.7 | Sundry liabilities | 1,158.5 | 1,206.9 | 1,658.4 | ||||||||||||||||||||||||||
Total liabilities | Total liabilities | 18,902.2 | 18,088.6 | 17,899.8 | Total liabilities | 19,268.9 | 18,088.6 | 18,660.5 | ||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 6,393.1 | 6,893.2 | 6,778.6 | Shareholders' equity | 5,678.1 | 6,893.2 | 6,329.4 | ||||||||||||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | $ | 25,295.4 | $ | 24,981.8 | $ | 24,678.4 | Total liabilities and shareholders' equity | $ | 24,947.0 | $ | 24,981.8 | $ | 24,989.9 |
Cash, Invested Assets, and Shareholders' Equity | ||
% Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | Dec. 31, | June 30, | June '22/ | June '22/ | Sep. 30, | Dec. 31, | Sep. 30, | Sep. '22/ | Sep. '22/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2021 | Dec. '21 | June '21 | 2022 | 2021 | 2021 | Dec. '21 | Sep. '21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and invested assets: | Cash and invested assets: | Cash and invested assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities, cash and other invested assets | $ | 11,877.4 | $ | 11,516.1 | $ | 11,339.9 | 3.1 | % | 4.7 | % | Fixed income securities, cash and other invested assets | $ | 12,446.4 | $ | 11,516.1 | $ | 11,838.6 | 8.1 | % | 5.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 4,182.4 | 5,302.8 | 5,204.1 | (21.1) | (19.6) | Equity securities | 3,045.4 | 5,302.8 | 4,828.0 | (42.6) | (36.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total per balance sheet | $ | 16,059.9 | $ | 16,818.9 | $ | 16,544.0 | (4.5) | % | (2.9) | % | Total per balance sheet | $ | 15,491.8 | $ | 16,818.9 | $ | 16,666.7 | (7.9) | % | (7.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total at cost for all | $ | 15,402.2 | $ | 15,045.8 | $ | 14,853.8 | 2.4 | % | 3.7 | % | Total at cost for all | $ | 15,363.6 | $ | 15,045.8 | $ | 15,244.2 | 2.1 | % | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of shareholders' equity per share: | Composition of shareholders' equity per share: | Composition of shareholders' equity per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity before items below | $ | 19.66 | $ | 18.50 | $ | 18.74 | 6.3 | % | 4.9 | % | Equity before items below | $ | 19.00 | $ | 18.50 | $ | 17.85 | 2.7 | % | 6.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized investment gains (losses) and other | Unrealized investment gains (losses) and other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
accumulated comprehensive income (loss) | 1.33 | 4.26 | 3.85 | accumulated comprehensive income (loss) | (0.08) | 4.26 | 3.11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 20.99 | $ | 22.76 | $ | 22.59 | (7.8) | % | (7.1) | % | Total | $ | 18.92 | $ | 22.76 | $ | 20.96 | (16.9) | % | (9.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segmented composition of | Segmented composition of | Segmented composition of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholders' equity per share: | shareholders' equity per share: | shareholders' equity per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excluding RFIG run-off segment | $ | 19.91 | $ | 21.47 | $ | 21.19 | (7.3) | % | (6.0) | % | Excluding RFIG run-off segment | $ | 17.94 | $ | 21.47 | $ | 19.65 | (16.4) | % | (8.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RFIG run-off segment | 1.08 | 1.29 | 1.40 | RFIG run-off segment | 0.98 | 1.29 | 1.31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated total | $ | 20.99 | $ | 22.76 | $ | 22.59 | (7.8) | % | (7.1) | % | Consolidated total | $ | 18.92 | $ | 22.76 | $ | 20.96 | (16.9) | % | (9.7) | % |
Shareholders' Equity Per Share | Shareholders' Equity Per Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter | Year | Quarter | Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ended | Six Months Ended | Ended | Ended | Nine Months Ended | Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | Dec. 31, | Sep. 30, | September 30, | Dec. 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2022 | 2022 | 2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 22.23 | $ | 22.76 | $ | 20.75 | $ | 20.75 | Beginning balance | $ | 20.99 | $ | 22.76 | $ | 20.75 | $ | 20.75 | ||||||||||||||||||||||||||||||||||||||||
Changes in shareholders' equity: | Changes in shareholders' equity: | Changes in shareholders' equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) excluding net investment gains (losses) | Net income (loss) excluding net investment gains (losses) | 0.69 | 1.32 | 1.43 | 3.10 | Net income (loss) excluding net investment gains (losses) | 0.68 | 2.00 | 2.22 | 3.10 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net of tax realized investment gains (losses) | Net of tax realized investment gains (losses) | 0.14 | 0.31 | 0.02 | 0.02 | Net of tax realized investment gains (losses) | (0.07) | 0.24 | 0.04 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net of tax unrealized investment gains (losses): | Net of tax unrealized investment gains (losses): | Net of tax unrealized investment gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | Fixed income securities | (0.82) | (2.15) | (0.48) | (0.97) | Fixed income securities | (0.47) | (2.62) | (0.66) | (0.97) | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | (0.96) | (0.75) | 1.28 | 1.96 | Equity securities | (0.92) | (1.67) | 0.75 | 1.96 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total net of tax realized and unrealized | Total net of tax realized and unrealized | Total net of tax realized and unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment gains (losses) | investment gains (losses) | (1.64) | (2.59) | 0.82 | 1.01 | investment gains (losses) | (1.46) | (4.05) | 0.13 | 1.01 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends | Cash dividends | (0.23) | (0.46) | (0.44) | (2.38) | Cash dividends | (1.23) | (1.69) | (2.16) | (2.38) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (0.06) | (0.04) | 0.03 | 0.28 | Other | (0.06) | (0.10) | 0.02 | 0.28 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net change | Net change | (1.24) | (1.77) | 1.84 | 2.01 | Net change | (2.07) | (3.84) | 0.21 | 2.01 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 20.99 | $ | 20.99 | $ | 22.59 | $ | 22.76 | Ending balance | $ | 18.92 | $ | 18.92 | $ | 20.96 | $ | 22.76 | ||||||||||||||||||||||||||||||||||||||||
Percentage change for the period | Percentage change for the period | (5.6) | % | (7.8) | % | 8.9 | % | 9.7 | % | Percentage change for the period | (9.9) | % | (16.9) | % | 1.0 | % | 9.7 | % |
Capitalization | ||
Capitalization | Capitalization | |||||||||||||||||||||||||||||||||||||||||||||
June 30, | December 31, | June 30, | September 30, | December 31, | September 30, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2021 | 2022 | 2021 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||
4.875% Senior Notes due 2024 | 4.875% Senior Notes due 2024 | $ | 398.7 | $ | 398.4 | $ | 398.1 | 4.875% Senior Notes due 2024 | $ | 398.8 | $ | 398.4 | $ | 398.3 | ||||||||||||||||||||||||||||||||
3.875% Senior Notes due 2026 | 3.875% Senior Notes due 2026 | 547.6 | 547.3 | 547.1 | 3.875% Senior Notes due 2026 | 547.8 | 547.3 | 547.2 | ||||||||||||||||||||||||||||||||||||||
3.850% Senior Notes due 2051 | 3.850% Senior Notes due 2051 | 642.7 | 642.6 | 642.5 | 3.850% Senior Notes due 2051 | 642.8 | 642.6 | 642.6 | ||||||||||||||||||||||||||||||||||||||
Other miscellaneous debt | Other miscellaneous debt | 5.3 | — | 2.2 | Other miscellaneous debt | 7.1 | — | — | ||||||||||||||||||||||||||||||||||||||
Total debt | Total debt | 1,594.5 | 1,588.5 | 1,590.1 | Total debt | 1,596.6 | 1,588.5 | 1,588.2 | ||||||||||||||||||||||||||||||||||||||
Common shareholders' equity | Common shareholders' equity | 6,393.1 | 6,893.2 | 6,778.6 | Common shareholders' equity | 5,678.1 | 6,893.2 | 6,329.4 | ||||||||||||||||||||||||||||||||||||||
Total capitalization | Total capitalization | $ | 7,987.7 | $ | 8,481.7 | $ | 8,368.7 | Total capitalization | $ | 7,274.7 | $ | 8,481.7 | $ | 7,917.6 | ||||||||||||||||||||||||||||||||
Capitalization ratios: | Capitalization ratios: | Capitalization ratios: | ||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt | 20.0 | % | 18.7 | % | 19.0 | % | Debt | 21.9 | % | 18.7 | % | 20.1 | % | ||||||||||||||||||||||||||||||||
Common shareholders' equity | Common shareholders' equity | 80.0 | 81.3 | 81.0 | Common shareholders' equity | 78.1 | 81.3 | 79.9 | ||||||||||||||||||||||||||||||||||||||
Total | Total | 100.0 | % | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % | 100.0 | % |
DETAILED MANAGEMENT ANALYSIS |
RESULTS OF OPERATIONS |
Consolidated Overview |
Premiums & Fees |
Net Earned Premiums and Fees | Net Earned Premiums and Fees | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate & Other | Total | % Change from prior period | General | Title | RFIG Run-off | Corporate & Other | Total | % Change from prior period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31: | Years Ended December 31: | Years Ended December 31: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | $ | 3,432.4 | $ | 2,736.0 | $ | 59.2 | $ | 13.4 | $ | 6,241.1 | 5.1 | % | 2019 | $ | 3,432.4 | $ | 2,736.0 | $ | 59.2 | $ | 13.4 | $ | 6,241.1 | 5.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | 3,394.2 | 3,286.3 | 45.1 | 12.0 | 6,737.8 | 8.0 | 2020 | 3,394.2 | 3,286.3 | 45.1 | 12.0 | 6,737.8 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 3,555.5 | 4,404.3 | 32.6 | 11.0 | 8,003.6 | 18.8 | 2021 | 3,555.5 | 4,404.3 | 32.6 | 11.0 | 8,003.6 | 18.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 1,726.3 | 2,076.5 | 17.7 | 5.5 | 3,826.2 | 23.5 | 2021 | 2,629.2 | 3,218.7 | 25.4 | 8.2 | 5,881.6 | 21.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 1,854.5 | 2,029.2 | 12.6 | 4.9 | 3,901.3 | 2.0 | 2022 | 2,821.8 | 2,997.3 | 18.1 | 7.2 | 5,844.6 | (.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30: | Quarters Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 867.2 | 1,108.8 | 8.5 | 2.7 | 1,987.3 | 29.1 | 2021 | 902.8 | 1,142.1 | 7.7 | 2.6 | 2,055.4 | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | $ | 943.5 | $ | 1,030.2 | $ | 6.0 | $ | 2.4 | $ | 1,982.3 | (.2) | % | 2022 | $ | 967.3 | $ | 968.1 | $ | 5.5 | $ | 2.3 | $ | 1,943.3 | (5.5) | % |
Net Investment Income |
Invested Assets at Cost | Fair Value Adjust- ment | Invested Assets at Fair Value | Invested Assets at Cost | Fair Value Adjust- ment | Invested Assets at Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate & Other | Total | General | Title | RFIG Run-off | Corporate & Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31: | As of December 31: | As of December 31: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | $ | 10,987.8 | $ | 1,328.4 | $ | 545.1 | $ | 1,083.8 | $ | 13,945.2 | $ | 1,384.9 | $ | 15,330.1 | 2020 | $ | 10,987.8 | $ | 1,328.4 | $ | 545.1 | $ | 1,083.8 | $ | 13,945.2 | $ | 1,384.9 | $ | 15,330.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 11,379.7 | 1,569.2 | 459.0 | 1,394.8 | 14,802.9 | 1,773.4 | 16,576.3 | 2021 | 11,379.7 | 1,569.2 | 459.0 | 1,394.8 | 14,802.9 | 1,773.4 | 16,576.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30: | As of September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 11,152.8 | 1,408.4 | 501.8 | 1,594.9 | 14,657.9 | 1,690.9 | 16,348.8 | 2021 | 11,313.9 | 1,479.0 | 479.3 | 1,751.7 | 15,024.1 | 1,422.9 | 16,447.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | $ | 11,553.3 | $ | 1,539.6 | $ | 412.6 | $ | 1,702.9 | $ | 15,208.5 | $ | 656.3 | $ | 15,864.9 | 2022 | $ | 11,715.6 | $ | 1,526.1 | $ | 377.0 | $ | 1,543.9 | $ | 15,162.7 | $ | 126.3 | $ | 15,289.1 |
Net Investment Income | Yield at | Net Investment Income | Yield at | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate & Other | Total | Cost | Fair Value | General | Title | RFIG Run-off | Corporate & Other | Total | Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended | Years Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31: | December 31: | December 31: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | $ | 356.4 | $ | 41.4 | $ | 17.6 | $ | 35.1 | $ | 450.7 | 3.48 | % | 3.30 | % | 2019 | $ | 356.4 | $ | 41.4 | $ | 17.6 | $ | 35.1 | $ | 450.7 | 3.48 | % | 3.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | 352.2 | 42.0 | 15.2 | 29.4 | 438.9 | 3.24 | 2.96 | 2020 | 352.2 | 42.0 | 15.2 | 29.4 | 438.9 | 3.24 | 2.96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 342.4 | 43.8 | 11.4 | 36.5 | 434.3 | 3.02 | 2.72 | 2021 | 342.4 | 43.8 | 11.4 | 36.5 | 434.3 | 3.02 | 2.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30: | September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 172.0 | 21.5 | 6.1 | 12.2 | 211.9 | 2.96 | 2.68 | 2021 | 256.2 | 32.5 | 8.7 | 26.1 | 323.6 | 2.98 | 2.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 166.0 | 22.4 | 3.6 | 21.9 | 214.1 | 2.85 | 2.64 | 2022 | 254.8 | 34.2 | 5.2 | 34.8 | 329.2 | 2.93 | 2.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | Quarters Ended | Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30: | September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 87.1 | 11.0 | 2.9 | 6.4 | 107.6 | 3.02 | 2.72 | 2021 | 84.2 | 10.9 | 2.6 | 13.8 | 111.6 | 3.01 | 2.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | $ | 83.6 | $ | 11.1 | $ | 1.5 | $ | 11.5 | $ | 107.8 | 2.84 | % | 2.67 | % | 2022 | $ | 88.8 | $ | 11.8 | $ | 1.5 | $ | 12.9 | $ | 115.1 | 3.03 | % | 2.96 | % |
Loss and Loss Adjustment Expenses |
Loss and Loss Adjustment Expense Reserves | Loss and Loss Adjustment Expense Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Workers' compensation | Workers' compensation | $ | 4,862.5 | $ | 2,911.2 | $ | 4,893.0 | $ | 2,955.6 | Workers' compensation | $ | 4,900.3 | $ | 2,919.3 | $ | 4,893.0 | $ | 2,955.6 | ||||||||||||||||||||||||||||||||||||||||||||||
General liability | General liability | 1,355.1 | 613.6 | 1,324.4 | 630.7 | General liability | 1,395.1 | 631.6 | 1,324.4 | 630.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial automobile (mostly trucking) | Commercial automobile (mostly trucking) | 3,082.7 | 1,776.5 | 2,850.0 | 1,736.5 | Commercial automobile (mostly trucking) | 3,191.0 | 1,779.0 | 2,850.0 | 1,736.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other coverages | Other coverages | 1,590.3 | 1,154.9 | 1,355.5 | 979.3 | Other coverages | 1,674.6 | 1,226.3 | 1,355.5 | 979.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated loss adjustment expense reserves | Unallocated loss adjustment expense reserves | 296.7 | 296.3 | 285.2 | 284.8 | Unallocated loss adjustment expense reserves | 297.6 | 296.9 | 285.2 | 284.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total general insurance reserves | 11,187.5 | 6,752.7 | 10,708.4 | 6,587.0 | Total general insurance reserves | 11,458.8 | 6,853.4 | 10,708.4 | 6,587.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Title | 616.2 | 616.2 | 594.2 | 594.2 | Title | 623.5 | 623.5 | 594.2 | 594.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
RFIG Run-off | RFIG Run-off | 91.0 | 91.0 | 111.2 | 111.2 | RFIG Run-off | 81.9 | 81.9 | 111.2 | 111.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life and accident | Life and accident | 10.6 | 7.1 | 11.6 | 7.6 | Life and accident | 10.3 | 6.4 | 11.6 | 7.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loss and loss adjustment expense reserves | $ | 11,905.4 | $ | 7,467.2 | $ | 11,425.5 | $ | 7,300.2 | Total loss and loss adjustment expense reserves | $ | 12,174.7 | $ | 7,565.3 | $ | 11,425.5 | $ | 7,300.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Asbestosis and environmental loss reserves included | Asbestosis and environmental loss reserves included | Asbestosis and environmental loss reserves included | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
in the above general insurance reserves: | in the above general insurance reserves: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | $ | 110.9 | $ | 74.2 | $ | 118.1 | $ | 77.2 | Amount | $ | 117.6 | $ | 82.2 | $ | 118.1 | $ | 77.2 | |||||||||||||||||||||||||||||||||||||||||||||||
% of total general insurance reserves | 1.0 | % | 1.1 | % | 1.1 | % | 1.2 | % | % of total general insurance reserves | 1.0 | % | 1.2 | % | 1.1 | % | 1.2 | % |
General | Title | RFIG Run-off | Consolidated | General | Title | RFIG Run-off | Consolidated | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31: | Years Ended December 31: | Years Ended December 31: | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | 71.8 | % | 2.5 | % | 53.5 | % | 41.2 | % | 2019 | 71.8 | % | 2.5 | % | 53.5 | % | 41.2 | % | ||||||||||||||||||||||||||||
2020 | 2020 | 69.9 | 2.3 | 81.7 | 37.0 | 2020 | 69.9 | 2.3 | 81.7 | 37.0 | ||||||||||||||||||||||||||||||||||||
2021 | 2021 | 64.8 | 2.6 | (5.3) | 30.2 | 2021 | 64.8 | 2.6 | (5.3) | 30.2 | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 67.1 | 3.0 | 26.0 | 32.1 | 2021 | 66.3 | 3.0 | 13.7 | 31.4 | ||||||||||||||||||||||||||||||||||||
2022 | 2022 | 64.6 | 2.9 | (97.8) | 32.0 | 2022 | 64.0 | 2.8 | (96.5) | 32.1 | ||||||||||||||||||||||||||||||||||||
Quarters Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30: | Quarters Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 68.1 | 3.0 | 3.6 | 31.4 | 2021 | 64.8 | 2.9 | (14.5) | 30.1 | ||||||||||||||||||||||||||||||||||||
2022 | 2022 | 65.3 | % | 2.8 | % | (133.7) | % | 32.2 | % | 2022 | 62.7 | % | 2.7 | % | (93.3) | % | 32.3 | % |
Underwriting Acquisition and Other Expenses |
RFIG | RFIG | |||||||||||||||||||||||||||||||||||||||||||||
General | Title | Run-off | Consolidated | General | Title | Run-off | Consolidated | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31: | Years Ended December 31: | Years Ended December 31: | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | 25.7 | % | 90.5 | % | 25.0 | % | 54.1 | % | 2019 | 25.7 | % | 90.5 | % | 25.0 | % | 54.1 | % | ||||||||||||||||||||||||||||
2020 | 2020 | 25.6 | 88.4 | 30.2 | 56.3 | 2020 | 25.6 | 88.4 | 30.2 | 56.3 | ||||||||||||||||||||||||||||||||||||
2021 | 2021 | 26.5 | 86.7 | 39.9 | 59.7 | 2021 | 26.5 | 86.7 | 39.9 | 59.7 | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 25.7 | 86.3 | 38.3 | 58.7 | 2021 | 26.0 | 86.2 | 38.5 | 59.0 | ||||||||||||||||||||||||||||||||||||
2022 | 2022 | 27.4 | 88.8 | 51.5 | 59.4 | 2022 | 27.4 | 89.5 | 52.7 | 59.3 | ||||||||||||||||||||||||||||||||||||
Quarters Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30: | Quarters Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 25.9 | 85.4 | 42.3 | 59.2 | 2021 | 26.5 | 86.1 | 39.0 | 59.7 | ||||||||||||||||||||||||||||||||||||
2022 | 2022 | 27.2 | % | 87.6 | % | 56.6 | % | 58.7 | % | 2022 | 27.3 | % | 91.0 | % | 55.3 | % | 59.1 | % |
Combined Ratios |
RFIG | RFIG | |||||||||||||||||||||||||||||||||||||||||||||
General | Title | Run-off | Consolidated | General | Title | Run-off | Consolidated | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31: | Years Ended December 31: | Years Ended December 31: | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | 97.5 | % | 93.0 | % | 79.8 | % | 95.3 | % | 2019 | 97.5 | % | 93.0 | % | 79.8 | % | 95.3 | % | ||||||||||||||||||||||||||||
2020 | 2020 | 95.5 | 90.7 | 111.9 | 93.3 | 2020 | 95.5 | 90.7 | 111.9 | 93.3 | ||||||||||||||||||||||||||||||||||||
2021 | 2021 | 91.3 | 89.3 | 34.6 | 89.9 | 2021 | 91.3 | 89.3 | 34.6 | 89.9 | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 92.8 | 89.3 | 64.3 | 90.8 | 2021 | 92.3 | 89.2 | 52.2 | 90.4 | ||||||||||||||||||||||||||||||||||||
2022 | 2022 | 92.0 | 91.7 | (46.3) | 91.4 | 2022 | 91.4 | 92.3 | (43.8) | 91.4 | ||||||||||||||||||||||||||||||||||||
Quarters Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30: | Quarters Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 94.0 | 88.4 | 45.9 | 90.6 | 2021 | 91.3 | 89.0 | 24.5 | 89.8 | ||||||||||||||||||||||||||||||||||||
2022 | 2022 | 92.5 | % | 90.4 | % | (77.1) | % | 90.9 | % | 2022 | 90.0 | % | 93.7 | % | (38.0) | % | 91.4 | % |
Net Investment Gains (Losses) |
Realized Investment Gains (Losses) from Actual Transactions | Impairment Losses on Securities | Unrealized Gains (Losses) from Changes in Fair Value of Equity Securities | Realized Investment Gains (Losses) from Actual Transactions | Impairment Losses on Securities | Unrealized Gains (Losses) from Changes in Fair Value of Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | Equity Securities and Miscel-laneous Investments | Total | Fixed Income Securities | Miscel-laneous Investments | Total | Total Investment Gains (Losses) | Fixed Income Securities | Equity Securities and Miscel-laneous Investments | Total | Fixed Income Securities | Miscel-laneous Investments | Total | Total Investment Gains (Losses) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended | Years Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31: | December 31: | December 31: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | $ | (1.9) | $ | 40.6 | $ | 38.6 | $ | (2.0) | $ | — | $ | (2.0) | $ | 599.5 | $ | 636.1 | 2019 | $ | (1.9) | $ | 40.6 | $ | 38.6 | $ | (2.0) | $ | — | $ | (2.0) | $ | 599.5 | $ | 636.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | (7.4) | 21.6 | 14.2 | — | — | — | (156.2) | (142.0) | 2020 | (7.4) | 21.6 | 14.2 | — | — | — | (156.2) | (142.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 1.5 | 5.3 | 6.9 | — | — | — | 751.1 | 758.0 | 2021 | 1.5 | 5.3 | 6.9 | — | — | — | 751.1 | 758.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30: | September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 1.0 | 7.9 | 8.9 | — | — | — | 487.4 | 496.4 | 2021 | 1.9 | 13.7 | 15.6 | — | — | — | 288.1 | 303.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | (59.1) | 180.2 | 121.1 | (2.5) | — | (2.5) | (290.9) | (172.3) | 2022 | (145.4) | 361.3 | 215.8 | (123.5) | — | (123.5) | (641.8) | (549.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | Quarters Ended | Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30: | September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | .6 | .4 | 1.0 | — | — | — | 119.9 | 120.9 | 2021 | .8 | 5.7 | 6.6 | — | — | — | (199.3) | (192.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | $ | (37.4) | $ | 93.2 | $ | 55.8 | $ | (2.5) | $ | — | $ | (2.5) | $ | (370.7) | $ | (317.4) | 2022 | $ | (86.3) | $ | 181.0 | $ | 94.7 | $ | (120.9) | $ | — | $ | (120.9) | $ | (350.8) | $ | (377.1) |
Income Taxes |
Segment Overview |
General Insurance |
Summary Operating Results |
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums earned | Net premiums earned | $ | 943.5 | $ | 867.2 | 8.8 | % | $ | 1,854.5 | $ | 1,726.3 | 7.4 | % | Net premiums earned | $ | 967.3 | $ | 902.8 | 7.1 | % | $ | 2,821.8 | $ | 2,629.2 | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | Loss and loss adjustment expenses | 616.1 | 590.5 | 4.3 | 1,198.3 | 1,157.9 | 3.5 | Loss and loss adjustment expenses | 606.6 | 585.4 | 3.6 | 1,804.9 | 1,743.4 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and general expenses | Sales and general expenses | 293.8 | 261.9 | 12.2 | 582.2 | 517.7 | 12.4 | Sales and general expenses | 304.0 | 277.1 | 9.7 | 886.2 | 794.9 | 11.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment pretax operating income (loss) | Segment pretax operating income (loss) | $ | 137.9 | $ | 123.4 | 11.8 | % | $ | 280.4 | $ | 264.2 | 6.1 | % | Segment pretax operating income (loss) | $ | 167.6 | $ | 145.8 | 15.0 | % | $ | 448.1 | $ | 410.0 | 9.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loss ratio | Loss ratio | 65.3 | % | 68.1 | % | 64.6 | % | 67.1 | % | Loss ratio | 62.7 | % | 64.8 | % | 64.0 | % | 66.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense ratio | Expense ratio | 27.2 | 25.9 | 27.4 | 25.7 | Expense ratio | 27.3 | 26.5 | 27.4 | 26.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined ratio | Combined ratio | 92.5 | % | 94.0 | % | 92.0 | % | 92.8 | % | Combined ratio | 90.0 | % | 91.3 | % | 91.4 | % | 92.3 | % |
Premiums & Fees |
General Insurance Net Earned Premiums by Type of Coverage | General Insurance Net Earned Premiums by Type of Coverage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Automobile (mostly trucking) | Workers' Compensation | Inland Marine and Property | Financial Indemnity | General Liability | Other | Commercial Automobile (mostly trucking) | Workers' Compensation | Inland Marine and Property | Financial Indemnity | General Liability | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31: | Years Ended December 31: | Years Ended December 31: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | 37.2 | % | 29.1 | % | 7.6 | % | 6.4 | % | 6.6 | % | 13.1 | % | 2019 | 37.2 | % | 29.1 | % | 7.6 | % | 6.4 | % | 6.6 | % | 13.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | 38.4 | 25.4 | 8.7 | 8.0 | 6.0 | 13.5 | 2020 | 38.4 | 25.4 | 8.7 | 8.0 | 6.0 | 13.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 39.7 | 21.9 | 9.7 | 9.7 | 5.2 | 13.8 | 2021 | 39.7 | 21.9 | 9.7 | 9.7 | 5.2 | 13.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 40.2 | 22.2 | 9.5 | 9.4 | 5.1 | 13.6 | 2021 | 39.9 | 22.1 | 9.4 | 9.5 | 5.2 | 13.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 39.4 | 21.1 | 10.0 | 10.7 | 5.0 | 13.8 | 2022 | 39.4 | 21.4 | 9.7 | 10.6 | 4.9 | 14.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30: | Quarters Ended September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 40.2 | 21.5 | 9.7 | 9.4 | 5.0 | 14.2 | 2021 | 39.2 | 22.0 | 9.3 | 9.7 | 5.4 | 14.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 39.3 | % | 21.0 | % | 10.0 | % | 10.2 | % | 5.1 | % | 14.4 | % | 2022 | 39.4 | % | 22.0 | % | 9.0 | % | 10.5 | % | 4.8 | % | 14.3 | % |
Loss and Loss Adjustment Expenses |
General Insurance Loss Ratios by Type of Coverage | General Insurance Loss Ratios by Type of Coverage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Coverages | Commercial Automobile (mostly trucking) | Workers' Compen-sation | Inland Marine and Property | Financial Indemnity | General Liability | Other | All Coverages | Commercial Automobile (mostly trucking) | Workers' Compen-sation | Inland Marine and Property | Financial Indemnity | General Liability | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended | Years Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31: | December 31: | December 31: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | 71.8 | % | 84.0 | % | 63.2 | % | 62.6 | % | 64.0 | % | 77.8 | % | 61.4 | % | 2019 | 71.8 | % | 84.0 | % | 63.2 | % | 62.6 | % | 64.0 | % | 77.8 | % | 61.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | 69.9 | 80.8 | 60.8 | 58.3 | 57.1 | 73.6 | 67.2 | 2020 | 69.9 | 80.8 | 60.8 | 58.3 | 57.1 | 73.6 | 67.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 64.8 | 70.8 | 58.9 | 59.4 | 53.9 | 64.1 | 65.7 | 2021 | 64.8 | 70.8 | 58.9 | 59.4 | 53.9 | 64.1 | 65.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30: | September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 67.1 | 74.6 | 57.7 | 59.4 | 57.3 | 76.5 | 68.5 | 2021 | 66.3 | 74.1 | 58.2 | 60.0 | 56.2 | 63.9 | 66.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 64.6 | 68.0 | 57.3 | 58.3 | 78.3 | 55.6 | 63.8 | 2022 | 64.0 | 66.7 | 49.7 | 66.6 | 74.3 | 70.0 | 64.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarters Ended | Quarters Ended | Quarters Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30: | September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 68.1 | 75.4 | 59.6 | 63.4 | 53.8 | 60.4 | 70.4 | 2021 | 64.8 | 73.1 | 59.0 | 61.1 | 54.2 | 41.4 | 63.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 65.3 | % | 65.9 | % | 52.3 | % | 57.5 | % | 103.5 | % | 52.9 | % | 62.3 | % | 2022 | 62.7 | % | 64.3 | % | 35.8 | % | 84.1 | % | 66.5 | % | 98.2 | % | 66.1 | % |
Sales and General Expenses |
Title Insurance |
Summary Operating Results |
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums and fees earned | Net premiums and fees earned | $ | 1,030.2 | $ | 1,108.8 | (7.1) | % | $ | 2,029.2 | $ | 2,076.5 | (2.3) | % | Net premiums and fees earned | $ | 968.1 | $ | 1,142.1 | (15.2) | % | $ | 2,997.3 | $ | 3,218.7 | (6.9) | % | ||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | Loss and loss adjustment expenses | 29.0 | 33.1 | (12.3) | 58.4 | 62.4 | (6.4) | Loss and loss adjustment expenses | 26.2 | 32.9 | (20.4) | 84.6 | 95.4 | (11.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and general expenses | Sales and general expenses | 902.7 | 947.3 | (4.7) | 1,802.3 | 1,792.1 | 0.6 | Sales and general expenses | 880.9 | 984.1 | (10.5) | 2,683.3 | 2,776.3 | (3.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment pretax operating income (loss) | Segment pretax operating income (loss) | $ | 109.5 | $ | 138.9 | (21.1) | % | $ | 190.5 | $ | 242.6 | (21.5) | % | Segment pretax operating income (loss) | $ | 73.3 | $ | 135.7 | (46.0) | % | $ | 263.8 | $ | 378.3 | (30.3) | % | ||||||||||||||||||||||||||||||||||||||||||||
Loss ratio | Loss ratio | 2.8 | % | 3.0 | % | 2.9 | % | 3.0 | % | Loss ratio | 2.7 | % | 2.9 | % | 2.8 | % | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense ratio | Expense ratio | 87.6 | 85.4 | 88.8 | 86.3 | Expense ratio | 91.0 | 86.1 | 89.5 | 86.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined ratio | Combined ratio | 90.4 | % | 88.4 | % | 91.7 | % | 89.3 | % | Combined ratio | 93.7 | % | 89.0 | % | 92.3 | % | 89.2 | % |
Premiums & Fees |
Title Premium and Fee Production by Source | Title Premium and Fee Production by Source | Title Premium and Fee Production by Source | ||||||||||||||||||||
Direct Operations | Independent Title Agents | Direct Operations | Independent Title Agents | |||||||||||||||||||
Years Ended December 31: | Years Ended December 31: | Years Ended December 31: | ||||||||||||||||||||
2019 | 2019 | 24.9 | % | 75.1 | % | 2019 | 24.9 | % | 75.1 | % | ||||||||||||
2020 | 2020 | 24.9 | 75.1 | 2020 | 24.9 | 75.1 | ||||||||||||||||
2021 | 2021 | 22.0 | 78.0 | 2021 | 22.0 | 78.0 | ||||||||||||||||
Six Months Ended June 30: | ||||||||||||||||||||||
Nine Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||||||||
2021 | 2021 | 23.0 | 77.0 | 2021 | 22.7 | 77.3 | ||||||||||||||||
2022 | 2022 | 20.5 | 79.5 | 2022 | 20.0 | 80.0 | ||||||||||||||||
Quarters Ended June 30: | ||||||||||||||||||||||
Quarters Ended September 30: | Quarters Ended September 30: | |||||||||||||||||||||
2021 | 2021 | 22.8 | 77.2 | 2021 | 22.2 | 77.8 | ||||||||||||||||
2022 | 2022 | 21.4 | % | 78.6 | % | 2022 | 18.8 | % | 81.2 | % |
Loss and Loss Adjustment Expenses |
Sales and General Expenses |
RFIG Run-off |
Summary Operating Results |
Quarters Ended June 30, | Six Months Ended June 30, | Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums earned | Net premiums earned | $ | 6.0 | $ | 8.5 | (29.1) | % | $ | 12.6 | $ | 17.7 | (29.0) | % | Net premiums earned | $ | 5.5 | $ | 7.7 | (28.0) | % | $ | 18.1 | $ | 25.4 | (28.7) | % | ||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses | Loss and loss adjustment expenses | (8.0) | 0.3 | N/M | (12.3) | 4.6 | N/M | Loss and loss adjustment expenses | (5.2) | (1.1) | N/M | (17.5) | 3.4 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pretax operating income (loss) | Pretax operating income (loss) | $ | 12.2 | $ | 7.5 | 63.7 | % | $ | 22.0 | $ | 12.4 | 76.9 | % | Pretax operating income (loss) | $ | 9.2 | $ | 8.4 | 9.6 | % | $ | 31.3 | $ | 20.9 | 49.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Loss ratio | Loss ratio | (133.7) | % | 3.6 | % | (97.8) | % | 26.0 | % | Loss ratio | (93.3) | % | (14.5) | % | (96.5) | % | 13.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense ratio | Expense ratio | 56.6 | 42.3 | 51.5 | 38.3 | Expense ratio | 55.3 | 39.0 | 52.7 | 38.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined ratio | Combined ratio | (77.1) | % | 45.9 | % | (46.3) | % | 64.3 | % | Combined ratio | (38.0) | % | 24.5 | % | (43.8) | % | 52.2 | % |
Premiums & Fees |
Premium and Persistency Trends: | Premium and Persistency Trends: | Net Earned Premiums | Persistency | Premium and Persistency Trends: | Net Earned Premiums | Persistency | ||||||||||||||||||||||
Years Ended December 31: | Years Ended December 31: | Years Ended December 31: | ||||||||||||||||||||||||||
2019 | 2019 | $ | 58.8 | 77.5 | % | 2019 | $ | 58.8 | 77.5 | % | ||||||||||||||||||
2020 | 2020 | 45.1 | 77.6 | 2020 | 45.1 | 77.6 | ||||||||||||||||||||||
2021 | 2021 | 32.6 | 74.8 | 2021 | 32.6 | 74.8 | ||||||||||||||||||||||
Six Months Ended June 30: | ||||||||||||||||||||||||||||
Nine Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||||||||||||||
2021 | 2021 | 17.7 | 75.2 | 2021 | 25.4 | 74.5 | ||||||||||||||||||||||
2022 | 2022 | 12.6 | 74.0 | % | 2022 | 18.1 | 75.6 | % | ||||||||||||||||||||
Quarters Ended June 30: | ||||||||||||||||||||||||||||
Quarters Ended September 30: | Quarters Ended September 30: | |||||||||||||||||||||||||||
2021 | 2021 | 8.5 | 2021 | 7.7 | ||||||||||||||||||||||||
2022 | 2022 | $ | 6.0 | 2022 | $ | 5.5 |
Net Risk in Force | Net Risk in Force | Net Risk in Force | ||||||||||||||||||||||||||||||||
Net Risk in Force By Type: | Net Risk in Force By Type: | Traditional Primary | Bulk & Other | Total | Net Risk in Force By Type: | Traditional Primary | Bulk & Other | Total | ||||||||||||||||||||||||||
As of December 31: | As of December 31: | As of December 31: | ||||||||||||||||||||||||||||||||
2019 | 2019 | $ | 2,388.3 | $ | 201.8 | $ | 2,590.1 | 2019 | $ | 2,388.3 | $ | 201.8 | $ | 2,590.1 | ||||||||||||||||||||
2020 | 2020 | 1,842.2 | 169.0 | 2,011.2 | 2020 | 1,842.2 | 169.0 | 2,011.2 | ||||||||||||||||||||||||||
2021 | 2021 | 1,364.9 | 140.4 | 1,505.4 | 2021 | 1,364.9 | 140.4 | 1,505.4 | ||||||||||||||||||||||||||
As of June 30: | ||||||||||||||||||||||||||||||||||
As of September 30: | As of September 30: | |||||||||||||||||||||||||||||||||
2021 | 2021 | 1,583.2 | 156.6 | 1,739.8 | 2021 | 1,468.2 | 147.3 | 1,615.6 | ||||||||||||||||||||||||||
2022 | 2022 | $ | 1,158.7 | $ | 125.6 | $ | 1,284.3 | 2022 | $ | 1,100.7 | $ | 118.5 | $ | 1,219.3 |
Loss and Loss Adjustment Expenses |
Average Settled Claim Amount (a) | Reported Delinquency Ratio at End of Period | Average Settled Claim Amount (a) | Reported Delinquency Ratio at End of Period | |||||||||||||||||||
Years Ended December 31: | Years Ended December 31: | Years Ended December 31: | ||||||||||||||||||||
2019 | 2019 | $ | 49,195 | 10.1 | % | 2019 | $ | 49,195 | 10.1 | % | ||||||||||||
2020 | 2020 | 37,172 | 14.2 | 2020 | 37,172 | 14.2 | ||||||||||||||||
2021 | 2021 | 31,682 | 12.4 | 2021 | 31,682 | 12.4 | ||||||||||||||||
Six Months Ended June 30: | ||||||||||||||||||||||
Nine Months Ended September 30: | Nine Months Ended September 30: | |||||||||||||||||||||
2021 | 2021 | 42,688 | 12.9 | 2021 | 40,991 | 12.6 | ||||||||||||||||
2022 | 2022 | $ | 44,192 | 11.7 | % | 2022 | $ | 37,702 | 11.7 | % |
FINANCIAL POSITION |
Investment Portfolio |
Fixed Income Securities Stratified by Credit Quality (a): | Fixed Income Securities Stratified by Credit Quality (a): | Fixed Income Securities Stratified by Credit Quality (a): | ||||||||||||||||||||||||||||||||
June 30, | December 31, | September 30, | December 31, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Aaa | Aaa | 23.4 | % | 25.1 | % | Aaa | 22.4 | % | 25.1 | % | ||||||||||||||||||||||||
Aa | Aa | 11.3 | 12.3 | Aa | 10.9 | 12.3 | ||||||||||||||||||||||||||||
A | A | 34.2 | 31.9 | A | 34.8 | 31.9 | ||||||||||||||||||||||||||||
Baa | Baa | 29.2 | 28.5 | Baa | 30.3 | 28.5 | ||||||||||||||||||||||||||||
Total investment grade | Total investment grade | 98.1 | 97.8 | Total investment grade | 98.4 | 97.8 | ||||||||||||||||||||||||||||
All other (b) | All other (b) | 1.9 | 2.2 | All other (b) | 1.6 | 2.2 | ||||||||||||||||||||||||||||
Total | Total | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % |
Gross Unrealized Losses Stratified by Industry Concentration for Fixed Income Securities | Gross Unrealized Losses Stratified by Industry Concentration for Fixed Income Securities | Gross Unrealized Losses Stratified by Industry Concentration for Fixed Income Securities | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Amortized Cost | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | Amortized Cost | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||
Non-Investment Grade Fixed Income Securities by Industry Concentration: | Non-Investment Grade Fixed Income Securities by Industry Concentration: | Non-Investment Grade Fixed Income Securities by Industry Concentration: | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | $ | 38.8 | $ | 4.4 | Energy | $ | 30.9 | $ | 2.9 | |||||||||||||||||||||||||||||||||||||
Consumer Durables | 41.2 | 4.0 | Industrial | 38.4 | 2.8 | |||||||||||||||||||||||||||||||||||||||||
Basic Industry | 47.5 | 3.4 | Consumer Durables | 32.8 | 2.2 | |||||||||||||||||||||||||||||||||||||||||
Energy | 30.9 | 2.3 | Basic Industry | 45.7 | 1.9 | |||||||||||||||||||||||||||||||||||||||||
Other (includes 3 industry groups) | 17.1 | 1.2 | Other (includes 2 industry groups) | 23.1 | 1.4 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 175.7 | $ | 15.4 | Total | $ | 171.1 | $ | 11.4 |
Investment Grade Fixed Income Securities by Industry Concentration: | |||||||||||||||||||||||
Utilities | $ | 1,371.9 | $ | 91.7 | |||||||||||||||||||
Financial, Banking & Insurance | 1,130.8 | 74.7 | |||||||||||||||||||||
Industrial | 879.5 | 69.0 | |||||||||||||||||||||
U.S. Governments & Agencies | 1,927.5 | 63.9 | |||||||||||||||||||||
Consumer Staples & Durables | 896.3 | 54.9 | |||||||||||||||||||||
Natural Gas & Energy | 718.0 | 46.6 | |||||||||||||||||||||
Health Care | 498.0 | 42.9 | |||||||||||||||||||||
Technology | 521.9 | 37.8 | |||||||||||||||||||||
Other (includes 9 industry groups) | 1,823.9 | 101.1 | |||||||||||||||||||||
Total | $ | 9,768.1 | $ | 583.0 |
Investment Grade Fixed Income Securities by Industry Concentration: | |||||||||||||||||||||||
U.S. Governments & Agencies | $ | 1,956.7 | $ | 111.4 | |||||||||||||||||||
Utilities | 1,459.8 | 110.1 | |||||||||||||||||||||
Financial, Banking & Insurance | 1,317.4 | 105.4 | |||||||||||||||||||||
Industrial | 974.1 | 73.6 | |||||||||||||||||||||
Consumer Staples & Durables | 1,018.0 | 68.0 | |||||||||||||||||||||
Natural Gas & Energy | 878.3 | 67.8 | |||||||||||||||||||||
Technology | 620.9 | 44.1 | |||||||||||||||||||||
Health Care | 509.5 | 38.0 | |||||||||||||||||||||
Municipal Tax-Exempt | 942.8 | 37.0 | |||||||||||||||||||||
Other (includes 8 industry groups) | 1,433.3 | 99.4 | |||||||||||||||||||||
Total | $ | 11,111.2 | $ | 755.2 |
Gross Unrealized Losses Stratified by Industry Concentration for Equity Securities | Gross Unrealized Losses Stratified by Industry Concentration for Equity Securities | Gross Unrealized Losses Stratified by Industry Concentration for Equity Securities | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Cost | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | Cost | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||
Equity Securities by Industry Concentration: | Equity Securities by Industry Concentration: | Equity Securities by Industry Concentration: | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | $ | 103.2 | $ | 13.6 | Insurance | $ | 41.2 | $ | 19.5 | |||||||||||||||||||||||||||||||||||||
Retail | 39.5 | 12.4 | Consumer Staples | 37.5 | 14.9 | |||||||||||||||||||||||||||||||||||||||||
Insurance | 55.3 | 11.2 | Telecom | 95.2 | 11.9 | |||||||||||||||||||||||||||||||||||||||||
Consumer Staples | 37.5 | 4.2 | Utilities | 33.0 | 5.7 | |||||||||||||||||||||||||||||||||||||||||
Other (includes 2 industry groups) | 109.4 | 2.3 | Other (includes 6 industry groups) | 211.2 | 7.1 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 345.1 | $ | 43.9 | Total | $ | 418.4 | $ | 59.3 |
Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Income Securities | ||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Losses | |||||||||||||||||||||||||||||||
June 30, 2022 | All | Non- Investment Grade Only | All | Non- Investment Grade Only | ||||||||||||||||||||||||||||
Maturity Ranges: | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 757.3 | $ | 17.2 | $ | 3.4 | $ | .1 | ||||||||||||||||||||||||
Due after one year through five years | 4,929.9 | 81.0 | 129.3 | 4.7 | ||||||||||||||||||||||||||||
Due after five years through ten years | 4,213.6 | 77.4 | 462.8 | 10.5 | ||||||||||||||||||||||||||||
Due after ten years | 42.8 | — | 2.9 | — | ||||||||||||||||||||||||||||
Total | $ | 9,943.9 | $ | 175.7 | $ | 598.5 | $ | 15.4 |
Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Income Securities | ||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Losses | |||||||||||||||||||||||||||||||
September 30, 2022 | All | Non- Investment Grade Only | All | Non- Investment Grade Only | ||||||||||||||||||||||||||||
Maturity Ranges: | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 1,277.0 | $ | 27.4 | $ | 13.3 | $ | .2 | ||||||||||||||||||||||||
Due after one year through five years | 5,572.0 | 82.0 | 273.5 | 4.5 | ||||||||||||||||||||||||||||
Due after five years through ten years | 4,340.3 | 61.5 | 473.9 | 6.6 | ||||||||||||||||||||||||||||
Due after ten years | 92.8 | — | 5.8 | — | ||||||||||||||||||||||||||||
Total | $ | 11,282.3 | $ | 171.1 | $ | 766.7 | $ | 11.4 |
Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Income Securities | Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Income Securities | Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Income Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Gross Unrealized Losses | Amount of Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Less than 20% of Cost | 20% to 50% of Cost | More than 50% of Cost | Total Gross Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | Less than 20% of Cost | 20% to 50% of Cost | More than 50% of Cost | Total Gross Unrealized Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Months in Unrealized Loss Position: | Number of Months in Unrealized Loss Position: | Number of Months in Unrealized Loss Position: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities: | Fixed Income Securities: | Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One to six months | $ | 301.7 | $ | .2 | $ | — | $ | 301.9 | One to six months | $ | 476.1 | $ | 20.5 | $ | — | $ | 496.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seven to twelve months | 74.6 | 4.1 | — | 78.7 | Seven to twelve months | 103.1 | 16.6 | — | 119.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
More than twelve months | 213.6 | 4.1 | — | 217.7 | More than twelve months | 131.7 | 18.4 | — | 150.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 590.0 | $ | 8.4 | $ | — | $ | 598.5 | Total | $ | 711.0 | $ | 55.6 | $ | — | $ | 766.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Issues in Unrealized Loss Position: | Number of Issues in Unrealized Loss Position: | Number of Issues in Unrealized Loss Position: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities: | Fixed Income Securities: | Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One to six months | 1,306 | 1 | — | 1,307 | One to six months | 1,633 | 20 | — | 1,653 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seven to twelve months | 101 | 5 | — | 106 | Seven to twelve months | 143 | 17 | — | 160 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
More than twelve months | 216 | 6 | — | 222 | More than twelve months | 162 | 19 | — | 181 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,623 | 12 | — | 1,635 | Total | 1,938 | 56 | — | 1,994 |
Age Distribution of Fixed Income Securities | Age Distribution of Fixed Income Securities | Age Distribution of Fixed Income Securities | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | December 31, | September 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Maturity Ranges: | Maturity Ranges: | Maturity Ranges: | ||||||||||||||||||||||||||||||||||||||||||||
Due in one year or less | 10.8 | % | 11.7 | % | Due in one year or less | 11.4 | % | 11.7 | % | |||||||||||||||||||||||||||||||||||||
Due after one year through five years | 49.9 | 49.7 | Due after one year through five years | 48.3 | 49.7 | |||||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | 38.7 | 37.6 | Due after five years through ten years | 39.3 | 37.6 | |||||||||||||||||||||||||||||||||||||||||
Due after ten years through fifteen years | .5 | .9 | Due after ten years through fifteen years | .9 | .9 | |||||||||||||||||||||||||||||||||||||||||
Due after fifteen years | .1 | .1 | Due after fifteen years | .1 | .1 | |||||||||||||||||||||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||
Average Maturity in Years | Average Maturity in Years | 4.4 | 4.4 | Average Maturity in Years | 4.4 | 4.4 | ||||||||||||||||||||||||||||||||||||||||
Duration | Duration | 4.0 | 4.0 | Duration | 4.0 | 4.0 |
Liquidity and Capital Resources |
Other Assets |
Reinsurance Programs |
TERMINATION OF SHAREHOLDERS' RIGHTS PLAN |
CRITICAL ACCOUNTING ESTIMATES |
OTHER INFORMATION |
Item 3 - Quantitative and Qualitative Disclosure About Market Risk |
OLD REPUBLIC INTERNATIONAL CORPORATION | ||
FORM 10-Q | ||
PART II - OTHER INFORMATION | ||
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plan ($ in Millions) | ||||||||||||||||||||||
September 1 - September 30, 2022 | 4,877,473 | $ | 21.49 | 4,877,473 | $ | 345.1 | ||||||||||||||||||||
Total | 4,877,473 | $ | 21.49 | 4,877,473 | $ | 345.1 |
31.1 | Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as | |||||||
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
31.2 | Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as | |||||||
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
32.1 | Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Section 1350, Chapter 63 of Title | |||||||
18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
32.2 | Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Section 1350, Chapter 63 of Title | |||||||
18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
101.INS | XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Old Republic International Corporation | |||||||||||
(Registrant) | |||||||||||
Date: | |||||||||||
/s/ Frank J. Sodaro | |||||||||||
Frank J. Sodaro Senior Vice President, Chief Financial Officer, and Principal Accounting Officer |
Exhibit | ||||||||
No. | Description | |||||||
101.INS | XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |