Short answer
Old Republic International Corp (ORI) filed its Q2 2018 10-Q quarterly report on Aug 3, 2018 for the quarter ended Jun 30, 2018.
Old Republic International Corp Q2 2018 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Quarterly revenue $1,557.3M, up 4.4% YoY from $1,492.1M
- Pretax operating margin 11.1% vs 9.3% YoY, net income $197.7M vs $101.6M
- Best segment General Insurance: revenue $923.0M, pretax income $90.7M, composite ratio 97.0% vs 100.1%
- Worst segment Title Insurance: pretax income $60.9M, down 6.3% YoY, composite ratio 91.1% vs 89.6%
- Operating cash flow $287.3M for six months, invested assets $13,072.0M, debt reduced to $974.4M after note conversion
Risk Factors
- No material changes stated in Item 1A, with risk factors incorporated from the 2017 10-K
- Regulatory risk: Insurance subsidiaries’ dividends to the parent generally restricted by state regulators
- Operational risk: Claim reserves depend on evolving legal theories, jury verdicts, catastrophe trends, and actuarial estimates
- Market risk: Equity fair-value changes newly recognized in earnings under FASB guidance, increasing reported-income volatility
- Financial risk: Parent liquidity depends on subsidiary dividends, with $554.6 available without prior regulatory approval
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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