Old Republic International Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 25, 2018 at 09:00 am
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Old Republic International Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net premiums and fees earned of $1,442.40 million compared to $1,408.10 million a year ago. Net investment income was $103.7 million compared to $100 million a year ago. Total revenues were $1,726.20 million compared to $1,548.70 million a year ago. Pretax income was $354.7 million compared to $190.7 million a year ago. Net income was $299.6 million or $1.01 per diluted share compared to $131.9 million or $0.46 per diluted share a year ago. Net operating income was $94.5 million compared to $122.3 million a year ago. Diluted net operating income per share was $0.33 compared to $0.43 a year ago. Pretax operating income was $200.6 million compared to $176.0 million a year ago. Operating revenues were $1,572.1 million compared to $1,533.9 million a year ago.
For the year, the company reported net premiums and fees earned of $5,539.70 million compared to $5,333.20 million a year ago. Net investment income was $409.4 million compared to $387 million a year ago. Total revenues were $6,263.10 million compared to $5,900.50 million a year ago. Pretax income was $725.4 million compared to $686 million a year ago. Net income was $560.5 million or $1.92 per diluted share compared to $466.9 million or $1.62 per diluted share a year ago. Net operating income was $318.0 million compared to $419.6 million a year ago. Diluted net operating income per share was $1.11 compared to $1.46 a year ago. As at December 31, 2017, the company’s book value per share was $17.72 compared to $17.16 a year ago. Pretax operating income was $513.8 million compared to $613.1 million a year ago. Consolidated operating cash flow was $452.8 million compared to $637.3 million a year ago. Operating revenues were $6,051.5 million compared to $5,827.6 million a year ago.
Old Republic International Corporation is a holding company. The Company is engaged in the business of insurance underwriting and related services. It operates through three segments: General Insurance (property and liability insurance), Title Insurance, and Republic Financial Indemnity Group (RFIG) Run-off. Its General Insurance provides property and liability insurance primarily to commercial clients. Title Insurance consists of the issuance of policies to real estate purchasers and investors based upon searches of the public records which contain information concerning interests in real property. The policies insure against losses arising out of defects, liens, and encumbrances. RFIG Run-off segment offers private mortgage insurance, which protects mortgage lenders and investors from default-related losses on residential mortgage loans made primarily to homebuyers. The RFIG Run-off mortgage guaranty operations insures only first mortgage loans, primarily on residential properties.