Short answer
Old Republic International Corp (ORI) filed its fiscal 2016 10-K annual report with the SEC on Feb 28, 2017. It reported revenue of $5.9B and net income of $467M.
- Top risk flagged: North Carolina Department of Insurance retains authority to amend RMIC’s Amended Plan, threatening run-off stability
FY2016 key financial metrics · XBRL
- Revenue
- $5.9B
- Net income
- $467M
- EPS (diluted)
- $1.62
- ROE
- 10.4%
- Operating cash flow
- $637M
Source: XBRL data from the Old Republic International Corp (ORI) FY2016 10-K on SEC EDGAR. USD.
Old Republic International Corp FY2016 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Long-term insurance underwriting model, combining commercial property-liability, title services, investment income, and RFIG mortgage-credit run-off operations
- Title segment expansion emphasized: 2016 premiums and fees $2,206.6 million, up from $2,045.3 million
- Mortgage guaranty and CCI businesses remained closed to new underwriting, with RFIG operating exclusively in run-off
- Consolidated composite ratio improved to 94.6% from 96.0%, driven by RFIG’s 72.6% run-off ratio
- Approximately 8,500 employees, with 50% associated with title insurance operations
Management Discussion & Analysis
- Operating revenue $5,827.6, up 2.7% YoY, net income $466.9, up 10.6%
- Consolidated composite ratio 94.6% vs 96.0%, effective tax rate 31.9% vs 33.2%
- Best segment Title: revenue $2,244.1, up 7.9%, pretax income $210.2, up 26.0%, composite ratio 91.7%
- Worst segment General: pretax income $319.9, down 4.9%, composite ratio 97.8% vs 97.6%
- Operating cash flow $637.3, dividends $0.75 per share, outlook for claim ratios reverting toward high 60%s to low 70%s, with reserve and housing risks
Risk Factors
- North Carolina Department of Insurance retains authority to amend RMIC’s Amended Plan, threatening run-off stability
- RMIC and RMICNC mortgage exposure tied to housing, unemployment, and economic trends after 2007-2012 losses
- Independent title agencies can redirect business, increasing vulnerability versus competitors with owned agencies
- Banks hold escrow funds and collateral, creating concentrated exposure to financial-institution failures
- Parent liquidity depends on regulated subsidiary dividends, with consolidated debt-to-equity ratio of 34.2%
Generated from the filing text; verify against the original. How to read a 10-K
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