Short answer
Old Republic International Corp (ORI) filed its fiscal 2018 10-K annual report with the SEC on Feb 28, 2019. It reported revenue of $6.0B (−3.9% year over year) and net income of $371M.
- Top risk flagged: North Carolina Department of Insurance oversight: RMIC and RMGIC previously deferred 40% of settled claims
FY2018 key financial metrics · XBRL
- Revenue
- $6.0B
- −3.9% YoY
- Net income
- $371M
- −33.9% YoY
- EPS (diluted)
- $1.24
- −35.4% YoY
- ROE
- 7.2%
- −4.6 pp YoY
- Operating cash flow
- $761M
- +68.0% YoY
Source: XBRL data from the Old Republic International Corp (ORI) FY2018 10-K on SEC EDGAR. USD.
Old Republic International Corp FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Commercial insurance, title insurance, and legacy mortgage-credit run-off operations, funded by underwriting premiums and investment income
- Digital transition emphasis: eClosings, eMortgages, and technology-enabled real estate services in Title Insurance
- RFIG remained closed to new business, with mortgage-insurance run-off extending through an estimated 2022
- General Insurance revenues rose to $3,739.4 million, while its composite ratio improved to 97.2% from 97.3%
- Consolidated investment gains shifted to a $235.6 million loss, partly reflecting 2018 inclusion of unrealized equity-security gains and losses
Management Discussion & Analysis
- Operating revenues $6,257.4M, up 3.4% YoY, led by net premiums and fees of $5,703.9M, up 3.0%
- Net income $370.5M vs $560.5M, while income excluding investment gains rose to $556.4M from $318.0M
- Best segment: RFIG run-off income $49.9M vs $(73.5)M, worst: Title income $219.3M, down 7.5%
- Operating cash flow $760.5M vs $452.8M, dividends $0.7800 per share, debt reduced to $981.4M
- Outlook: General claim ratios targeted high 60% to low 70% range, cybersecurity, housing, mortgage defaults, and reserve volatility as risks
Risk Factors
- North Carolina Department of Insurance oversight: RMIC and RMGIC previously deferred 40% of settled claims
- Mortgage run-off exposure: RMIC and RMGIC paid approximately $657.0 million in deferred claims
- Independent title agencies: Dependence leaves subsidiaries vulnerable to business diversion toward competing title insurers
- Reinsurance concentration: Fewer acceptable reinsurers increase exposure to counterparty failures
- Holding-company liquidity: Subsidiary dividends fund debt service, with consolidated debt-to-equity ratio of 19.1%
Generated from the filing text; verify against the original. How to read a 10-K
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