As in effect
3/1/61
FORM 10K/A
--------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
--------------------
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Sections 12, 13, or 15 (d) of
THE SECURITIES EXCHANGE ACT OF 1934
OLD REPUBLIC INTERNATIONAL CORPORATION
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
AMENDMENT NO. 4
---
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its ANNUAL REPORT FOR 1997 on
Form 10-K as set forth in the pages attached hereto: (List all such items,
financial statements, exhibits or other portions amended)
FORM 11-K
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
OLD REPUBLIC INTERNATIONAL CORPORATION
-----------------------------------------
(Registrant)
Date: April 15, 1998 By: /s/ Paul D. Adams
-------------- --------------------------------------
(Signature)
Paul Dennis Adams
Senior Vice President,
Chief Financial Officer
and Treasurer
Total Pages: 17
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
FORM 11-K
-------------
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For The Fiscal Year Ended December 31, 1997
-------------
GREAT WEST CASUALTY COMPANY
PROFIT SHARING PLAN
-------------
OLD REPUBLIC INTERNATIONAL CORPORATION
307 NORTH MICHIGAN AVENUE
CHICAGO, ILLINOIS 60601
GREAT WEST CASUALTY COMPANY
PROFIT SHARING PLAN
REPORT ON AUDITS OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
for the years ended December 31, 1997 and 1996
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
Index to Financial Statements
- -------------------------------------------------------------------------------
Page No.
--------
Report of Independent Accountants 1
Financial Statements:
Statements of Net Assets Available for Benefits at
December 31, 1997 and 1996 2
Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1997 and 1996 3
Notes to Financial Statements 4 - 10
Supplemental Schedules Exhibit I - II
REPORT OF INDEPENDENT ACCOUNTANTS
To the Administrative Committee of
Great West Casualty Company Profit Sharing Plan:
We have audited the accompanying statements of net assets available for benefits
of Great West Casualty Company Profit Sharing Plan as of December 31, 1997 and
1996, and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1997 and 1996, and the changes in net assets available for benefits
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental schedules included in Exhibits I
and II are presented for the purpose of additional analysis and are not a
required part of the basic financial statements, but are supplementary
information required by the Department of Labor's Rules and Regulations of
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Coopers & Lybrand, L.L.P.
Chicago, Illinois
March 31, 1998
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1997 AND 1996 2
- ------------------------------------------------------------------------------------------------
December 31,
---------------------------
1997 1996
----------- -----------
ASSETS:
Investments, at fair value:
Old Republic International Corporation (ORI) common stock $2,362,209 $1,455,495
Pooled Separate Accounts 11,073,494 6,378,180
Participant loans 335,684 289,115
Investment, at contract value:
CGLIC General Accounts 15,169,613 15,224,460
----------- -----------
Net assets available for benefits $28,941,000 $23,347,250
=========== ===========
See accompanying Notes to Financial Statements
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996 3
- ------------------------------------------------------------------------------------------------
Years Ended December 31,
---------------------------
1997 1996
----------- -----------
Additions to net assets attributable to:
Contributions:
Employer $1,971,727 $1,767,190
Employee 823,652 810,397
----------- -----------
2,795,379 2,577,587
----------- -----------
Investment Income:
Interest from CGLIC General Accounts 787,454 747,696
Dividends from Old Republic International Common Stock 31,143 22,948
Net appreciation of Old Republic International Common Stock 653,923 183,347
Net investment gain from Pooled Separate Accounts 1,907,763 833,010
----------- -----------
3,380,283 1,787,001
----------- -----------
Other additions 29,755 18,108
----------- -----------
Total additions 6,205,417 4,382,696
Deductions from net assets attributed to:
Benefits paid to participants 614,288 793,795
Administrative expenses 2,847 2,766
Participant loans (5,468) 2,469
----------- -----------
Net increase 5,593,750 3,583,666
Net assets available for benefits:
Beginning of year 23,347,250 19,763,584
----------- -----------
End of year $28,941,000 $23,347,250
=========== ===========
See accompanying Notes to Financial Statements
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS 4
- -------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN
The following brief description of the Great West Casualty Company Profit
Sharing Plan (Plan) is provided for general information purposes only.
Participants should refer to the Plan agreement for a more complete description.
(a) General
The Plan is a defined contribution profit-sharing plan sponsored by Great West
Casualty Company (the Company), covering all eligible employees of that Company
as well as its affiliates, American General Agency, Central Data Services, Great
West Services, Inc., Great West Underwriters, Joe Morten & Son, Inc., Lawson &
Company Risk Management and Insurance, Inc., Midwest Insurance, Inc.,
Motor-Ways, Inc., and Truckmen Underwriters Agency, Inc. It is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
(b) Contributions and Participants Accounts
Participants may contribute 1% to 6% of their annual wages to the Plan. In 1997
and 1996, the Company made matching contributions to the Plan equal to 25% of
the employees' pre-tax contribution amount. Participants may elect to have their
contributions invested in any one or more of the ten separate investment funds
(CIGNA Guaranteed Long-Term Account, CIGNA Guaranteed Short-Term Account, CIGNA
Stock Market Index Account, CIGNA Separate Account - Fidelity Advisor Balanced
Account, CIGNA Separate Account - Fidelity Advisor Growth Opportunities Account,
Old Republic International Corporation (ORI) Stock Account, CIGNA Separate
Account - INVESCO Total Return Account, CIGNA Separate Account - Neuberger &
Berman Guardian Trust Account, CIGNA Separate Account - PBHG Growth Account, and
CIGNA Separate Account - Janus Worldwide Account). The Company may also
contribute an additional nonmatching amount out of its current or accumulated
profits, if any, as determined by the Company.
Each participant's account is credited with the participant's contribution, and
an allocation of (a) the Company's contributions as described above, and (b)
Plan earnings. Allocations are based on participant account balances as defined.
The benefit to which a participant is entitled is the benefit that can be
provided from the participant's account.
(c) Eligibility and Vesting
Under the terms of the Plan, an employee shall become eligible for inclusion in
the Plan upon reaching age 21 with completion of 1,000 hours of service during
the twelve month period beginning with date of hire. Minimum age for vesting
service is 18 years.
All employee and employer matching contributions are immediately 100% vested.
Participants become fully vested in the value of the discretionary contributions
after 7 years of credited service.
(d) Payment of Benefits
On termination of service, a participant may elect to leave funds in the Plan or
receive either a lump-sum payment or purchase of a single premium life annuity
contract. Net assets at December 31, 1997 and 1996, include funds totaling
$380,121 and $256,735, respectively, which represent the account balance of
retired and terminated participants who have elected to leave the funds in the
Plan upon retirement or termination.
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 5
- -------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN, Continued
(e) Forfeitures
All forfeitures are segregated until the employee has attained a five year
break-in-service. At that time forfeitures are allocated pro-rata to each
participant account according to their respective earnings for that year. There
were unallocated assets of $464,807 and $409,520 at December 31, 1997 and 1996,
respectively related to these forfeitures.
(f) Loans
Participants may elect to borrow from the Plan based upon specified conditions.
A participant may have only one outstanding loan at any time which must be for
at least $1,000. In no case shall the aggregate amount loaned to a participant
exceed the lesser of the following: (a) $50,000 reduced by the excess of the
highest outstanding balance of loans from the Plan during the one year period
ending on the date before the date of the loan to the participant; (b) 50% of
the participant's vested interest; or (c) 100% of the sum of the balances in the
participant's pre-tax contribution and matching contribution accounts.
(g) Administrative Expenses
The Company provides administrative support for the Plan and pays for
administrative and trustee fees.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis.
Benefits are recorded when paid. The unit value of each account is determined at
the close of each business day. The preparation of financial statements in
conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
The Plan provides for various investment options in any combination of stocks,
bonds, fixed income securities, mutual funds, and other investment securities.
Investment securities are exposed to various risks, such as interest rate,
market and credit. Due to the level of risk associated with certain investment
securities and the level of uncertainty related to changes in the value of
investment securities, it is possible that changes in risks in the near term
would materially affect participants' account balances and the amounts reported
in the statement of net assets available for benefits and the statement of
changes in net assets available for benefits.
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 6
- -------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
(b) Investments
ORI common stock is stated at the closing market value on the last business day
of the year.
The Plan presents in the statements of changes in net assets available for
benefits the net appreciation in the fair value of the ORI Account, which
consists of the realized gains or losses and the unrealized appreciation
(depreciation) of this investment.
The Plan entered into a group annuity contract with Connecticut General Life
Insurance Company (CGLIC). CGLIC maintains contributions in a contract holder's
account and such contributions are allocated to separate investment funds
according to participant elections. The accounts are credited with earnings on
the underlying investments and charged for Plan benefits paid and deductions for
investment expenses, risk, profit and annual management fees charged by CGLIC.
The General Accounts are included in the financial statements at contract value
and the Separate Accounts are included in the financial statements at fair value
at December 31, 1997 and 1996 as reported to the Plan by CGLIC. Realized
investment gains and losses in the separate investment funds are recognized in
the year of sale.
NOTE 3 - ASSETS GREATER THAN 5% OF PLAN ASSETS
Investments that represent 5% or more of the plan assets are as follows:
December 31,
1997 1996
---- ----
CIGNA Guaranteed Long-Term Account $14,959,981 $15,017,842
CIGNA Stock Market Index Account 2,510,525 1,469,253
CIGNA Separate Account -
Fidelity Advisor Balanced Account 1,690,884 -
CIGNA Separate Account -
Fidelity Advisor Growth Opportunities Account 4,117,544 2,785,498
ORI Stock Account 2,362,209 1,455,495
NOTE 4 - FEDERAL INCOME TAXES
The Plan has received an Internal Revenue Service Determination Letter dated
March 20, 1995, which states that it qualifies under the provisions of Section
501(a) of the Internal Revenue Code (IRC). The Plan's Committee Members believe
that the Plan is designed and is currently being operated in compliance with the
applicable requirements of the IRC.
NOTE 5 - TERMINATIONS
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of plan termination,
participants will become 100 percent vested in their accounts.
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS 7
- -------------------------------------------------------------------------------
NOTE 6 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS
Ten separate investment funds are maintained under the Plan for the benefit of
participants. The allocation of net assets available for benefits to the
separate investment funds is as follows:
As of December 31, 1997
-----------------------
Guaranteed Guaranteed Stock Growth
Long-term Short-term Market Balanced Opportunity
Combined Account Account Index Account Account
-------- ------- ------- ----- ------- -------
Investments, at fair value:
Old Republic International Corp.
(ORI) common stock $2,362,209 - - - - -
Pooled Separate Accounts 11,073,494 - - $2,510,525 $1,690,884 $4,117,544
Participant Loans 335,684 - - - - -
Investments, at contract value:
CGLIC General Accounts 15,169,613 14,959,981 209,632 - - -
--------------------------------------------------------------------------------------------
Net assets available for benefits $28,941,000 $14,959,981 $209,632 $2,510,525 $1,690,884 $4,117,544
============================================================================================
Old INVESCO Neuberger& Parti-
Republic Total Berman PBHG Janus cipant
Stock Return Guardian Growth Worldwide Loans
----- ------ -------- ------ --------- -----
Investments, at fair value:
Old Republic International Corp.
(ORI) common stock $ 2,362,209 - - - - -
Pooled Separate Accounts - $400,955 $411,461 $825,406 $1,116,719 -
Participant Loans - - - - - $335,684
Investments, at contract value:
CGLIC General Accounts - - - - - -
---------------------------------------------------------------------------------------------
Net assets available for benefits $ 2,362,209 $400,955 $411,461 $825,406 $1,116,719 $335,684
=============================================================================================
As of December 31, 1996
-----------------------
Guaranteed Guaranteed Stock Growth
Long-term Short-term Market Balanced Opportunity
Combined Account Account Index Account Account
-------- ------- ------- ----- ------- -------
Investments, at fair value:
Old Republic International Corp.
(ORI) common stock $1.455.495 - - - - -
Pooled Separate Accounts 6,378,180 - - $1,469,253 $1,108,574 $2,785,498
Participant Loans 289,115 - - - - -
Investments, at contract value:
CGLIC General Accounts 15,224,460 15,017,842 206,618 - - -
--------------------------------------------------------------------------------------------
Net assets available for benefits $23,347,250 $15,017,842 $206,618 $1,469,253 $1,108,574 $2,785,498
============================================================================================
Old INVESCO Neuberger& Parti-
Republic Total Berman PBHG Janus cipant
Stock Return Guardian Growth Worldwide Loans
----- ------ -------- ------ --------- -----
Investments, at fair value:
Old Republic International Corp.
(ORI) common stock $ 1,455,495 - - - - -
Pooled Separate Accounts - $ 48,170 $179,515 $385,742 $401,428 -
Participant Loans - - - - - $289,115
Investments, at contract value:
CGLIC General Accounts - - - - - -
---------------------------------------------------------------------------------------------
Net assets available for benefits $ 1,455,495 $ 48,170 $179,515 $385,742 $401,428 $289,115
=============================================================================================
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 8
- -------------------------------------------------------------------------------
NOTE 6 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS, Continued
The allocation of changes in net assets available to the separate investment
funds is as follows:
For the year ended December 31, 1997
------------------------------------
Guaranteed Guaranteed Stock Growth
Long-term Short-term Market Balanced Opportunity
Combined Account Account Index Account Account
-------- ------- ------- ----- ------- -------
Contributions:
Employer $1,971,727 $843,263 $20,194 $197,695 $212,174 $384,301
Employee 823,652 181,828 13,946 122,480 91,210 181,585
---------------------------------------------------------------------------------------------
2,795,379 1,025,091 34,140 320,175 303,384 565,886
---------------------------------------------------------------------------------------------
Investment Income:
Interest 787,454 777,603 9,851 - - -
Dividends 31,143 - - - - -
Net appreciation in fair
value of investments 653,923 - - - - -
Net Investment gain (loss)
from Separate Accounts 1,907,763 - - 561,851 289,920 896,946
---------------------------------------------------------------------------------------------
3,380,283 777,603 9,851 561,851 289,920 896,946
---------------------------------------------------------------------------------------------
Other additions (deductions) 29,755 (37,236) 916 11,657 12,723 22,846
---------------------------------------------------------------------------------------------
Total additions 6,205,417 1,765,458 44,907 893,683 606,027 1,485,678
Deductions from net assets
attributed to:
Benefits paid to participants 614,288 315,781 13,631 45,239 59,470 108,213
Administrative expenses 2,847 430 30 268 224 366
Participant loans (5,468) (7,522) 740 12,711 6,333 21,983
Transfers between funds - 1,514,630 27,492 (205,807) (42,310) 23,070
---------------------------------------------------------------------------------------------
Net increase (decrease) 5,593,750 (57,861) 3,014 1,041,272 582,310 1,332,046
Net assets available
for benefits:
Beginning of year 23,347,250 15,017,842 206,618 1,469,253 1,108,574 2,785,498
---------------------------------------------------------------------------------------------
End of year $28,941,000 $14,959,981 $209,632 $2,510,525 $1,690,884 $4,117,544
=============================================================================================
Old INVESCO Neuberger& Parti-
Republic Total Berman PBHG Janus cipant
Stock Return Guardian Growth Worldwide Loans
----- ------ -------- ------ --------- -----
Contributions:
Employer $152,687 $13,343 $14,618 $66,395 $67,057 -
Employee 69,807 16,663 26,269 53,516 66,348 -
--------------------------------------------------------------------------------------------
222,494 30,006 40,887 119,911 133,405 -
--------------------------------------------------------------------------------------------
Investment Income:
Interest - - - - - -
Dividends 31,143 - - - - -
Net appreciation in fair
value of investments 653,923 - - - - -
Net Investment gain (loss)
from Separate Accounts - 39,829 33,341 (34,179) 120,055 -
--------------------------------------------------------------------------------------------
685,066 39,829 33,341 (34,179) 120,055 -
--------------------------------------------------------------------------------------------
Other additions (deductions) 9,732 682 1,520 3,441 3,474 -
--------------------------------------------------------------------------------------------
Total additions 917,292 70,517 75,748 89,173 256,934 -
Deductions from net assets
attributed to:
Benefits paid to participants 38,900 - 4,573 9,914 18,567 -
Administrative expenses 1,417 1 6 13 92 -
Participant loans 14,156 (404) (1,174) (4,514) (1,208) (46,569)
Transfers between funds (43,895) (281,865) (159,603) (355,904) (475,808) -
--------------------------------------------------------------------------------------------
Net increase (decrease) 906,714 352,785 231,946 439,664 715,291 46,569
Net assets available
for benefits:
Beginning of year 1,455,495 48,170 179,515 385,742 401,428 289,115
--------------------------------------------------------------------------------------------
End of year $2,362,209 $400,955 $411,461 $825,406 $1,116,719 $335,684
============================================================================================
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 9
- -------------------------------------------------------------------------------
NOTE 6 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS, Continued
The allocation of changes in net assets available to the separate investment
funds is as follows:
For the year ended December 31, 1996
------------------------------------
Guaranteed Guaranteed Stock Growth
Long-term Short-term Market Balanced Opportunity
Combined Account Account Index Account Account
-------- ------- ------- ----- ------- -------
Contributions:
Employer $1,767,190 $833,425 $11,875 $124,126 $247,179 $407,786
Employee 810,397 287,422 9,463 106,194 117,566 221,473
---------------------------------------------------------------------------------------------
2,577,587 1,120,847 21,338 230,320 364,745 629,259
---------------------------------------------------------------------------------------------
Investment Income:
Interest 747,696 738,503 9,193 - - -
Dividends 22,948 - - - - -
Net appreciation in fair
value of investments 183,347 - - - - -
Net Investment gain (loss)
from Separate Accounts 833,010 - - 230,639 100,057 498,575
---------------------------------------------------------------------------------------------
1,787,001 738,503 9,193 230,639 100,057 498,575
---------------------------------------------------------------------------------------------
Other additions (deductions) 18,108 (236) 172 3,161 4,113 7,888
---------------------------------------------------------------------------------------------
Total additions (deductions) 4,382,696 1,859,114 30,703 464,120 468,915 1,135,722
Deductions from net assets
attributed to:
Benefits paid to participants 793,795 517,330 2,175 58,045 63,297 113,614
Administrative expenses 2,766 592 29 154 271 320
Participant loans 2,469 21,402 4,246 18,402 9,103 19,168
Transfers between funds - 840,380 1,210 (485,759) 259,177 363,663
---------------------------------------------------------------------------------------------
Net increase 3,583,666 479,410 23,043 873,278 137,067 638,957
Net assets available
for benefits:
Beginning of year 19,763,584 14,538,432 183,575 595,975 971,507 2,146,541
---------------------------------------------------------------------------------------------
End of year $23,347,250 $15,017,842 $206,618 $1,469,253 $1,108,574 $2,785,498
=============================================================================================
Old INVESCO Neuberger& Parti-
Republic Total Berman PBHG Janus cipant
Stock Return Guardian Growth Worldwide Loans
----- ------ -------- ------ --------- -----
Contributions:
Employer $141,831 $154 $97 $301 $416 -
Employee 63,841 616 390 1,768 1,664 -
--------------------------------------------------------------------------------------------
205,672 770 487 2,069 2,080 -
--------------------------------------------------------------------------------------------
Investment Income:
Interest - - - - - -
Dividends 22,948 - - - - -
Net appreciation in fair
value of investments 183,347 - - - - -
Net Investment gain (loss)
from Separate Accounts - 1,485 6,070 (11,381) 7,565 -
--------------------------------------------------------------------------------------------
206,295 1,485 6,070 (11,381) 7,565 -
--------------------------------------------------------------------------------------------
Other additions (deductions) 2,735 2 11 88 174 -
--------------------------------------------------------------------------------------------
Total additions (deductions) 414,702 2,257 6,568 (9,224) 9,819 -
Deductions from net assets
attributed to:
Benefits paid to participants 39,334 - - - - -
Administrative expenses 1,398 - - - 2 -
Participant loans 26,439 (22) (59) (209) (118) (95,883)
Transfers between funds 26,358 (45,891) (172,888) (394,757) (391,493) -
--------------------------------------------------------------------------------------------
Net increase 321,173 48,170 179,515 385,742 401,428 95,883
Net assets available
for benefits:
Beginning of year 1,134,322 - - - - 193,232
--------------------------------------------------------------------------------------------
End of year $1,455,495 $48,170 $179,515 $385,742 $401,428 $289,115
============================================================================================
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 10
- -------------------------------------------------------------------------------
NOTE 6 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS, Continued
The fund unit values at December 31, 1997 are summarized as follows:
Unit
Units Value
---------- ---------
Guaranteed Long-term Account 269,488.07 $55.51
Guaranteed Short-term Account 4,570.54 45.87
Stock Market Index 51,886.62 48.38
Balanced Account 61,539.90 27.48
Growth Opportunity Account 66,509.28 61.91
Old Republic Stock 63,521.59 37.19
INVESTCO Total Return 11,761.65 34.09
Neuberger & Berman Guardian 21,681.46 18.98
PBHG Growth 32,796.37 25.17
Janus Worldwide 26,048.10 42.87
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Committee has duly caused this annual report to be signed on behalf of the
undersigned, thereunto duly authorized.
GREAT WEST PROFIT SHARING PLAN, Registrant
By, /s/ Allen J. Johnson
--------------------------------------
Allen J. Johnson, Plan Committee
By, /s/ Michael P. Krehbiel
--------------------------------------
Michael P. Krehbiel, Plan Committee
By, /s/ R. Scott Rager
--------------------------------------
R. Scott Rager, Plan Committee
By, /s/ Gaylen L. TenHulzen
--------------------------------------
Gaylen L. TenHulzen, Plan Committee
By, /s/ Scott A. Wilson
--------------------------------------
Scott A. Wilson, Plan Committee
Dated: March 31, 1998
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
SUPPLEMENTAL SCHEDULES
for the years ended December 31, 1997 and 1996 Exhibit I
- -------------------------------------------------------------------------------
ITEM 27a: SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
----------------------------------------------------------
Contract/
Identity Historical Current
of party Description Cost Value
- -------- ----------- ----------- -----------
CGLIC CIGNA Guaranteed Long-Term Account $14,959,981 $14,959,981
CGLIC CIGNA Guaranteed Short-Term Account 209,632 209,632
CGLIC CIGNA Stock Market Index Account 1,783,248 2,510,525
CGLIC CIGNA Separate Account - Fidelity Advisor Balanced Account 1,304,186 1,690,884
CGLIC CIGNA Separate Account - Fidelity Advisor Growth Opportunity Account 2,669,672 4,117,544
CGLIC ORI Stock Account 1,258,332 2,362,209
CGLIC CIGNA Separate Account - INVESCO Total Return Account 360,238 400,955
CGLIC CIGNA Separate Account - Neuberger & Berman Guardian Trust Account 383,141 411,461
CGLIC CIGNA Separate Account - PBHG Growth Account 868,216 825,406
CGLIC CIGNA Separate Account - Janus Worldwide Account 1,031,186 1,116,719
CGLIC Participants Loans 0 335,684
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
SUPPLEMENTAL SCHEDULES
for the year ended December 31, 1997 Exhibit II
- -------------------------------------------------------------------------------
ITEM 27d: SCHEDULE OF REPORTABLE TRANSACTIONS
---------------------------------------------
(a) identity (h) Current value
of party (c) Purchase (d) Selling (g) Cost of of assets on (i) Net gain
involved (b) Description of Assets price price asset transaction date or loss
- ------------ ---------------------------------- ------------ ----------- ----------- ----------------- ------------
Purchases of units in Not
CGLIC CIGNA Guaranteed Long-Term Account $1,952,348 Applicable $1,952,348 $1,952,348 $0
Sales of units in Not
CGLIC CIGNA Guaranteed Long-Term Account Applicable $2,832,542 $2,832,542 $2,832,542 $0
Purchases of units in
CGLIC CIGNA Separate Account - Not
Janus Worldwide Account $945,078 Applicable $945,078 $945,078 $0
Sales of units in
CGLIC CIGNA Separate Account - Not
Janus Worldwide Account Applicable $343,651 $307,416 $343,651 $36,235
Purchases of units in
CGLIC CIGNA Separate Account -
Fidelity Advisor Growth Not
Opportunities Account $1,048,885 Applicable $1,048,885 $1,048,885 $0
Sales of units in
CGLIC CIGNA Separate Account -
Fidelity Advisor Growth Not
Opportunities Account Applicable $616,406 $425,565 $616,406 $190,841