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Old Republic Reports Earnings for Fourth Quarter and Year 2004

January 27, 2005

Special Fourth Quarter Charges Hinder Earnings Progress

Old Republic International Corporation (NYSE: ORI), today reported that fourth quarter and full year 2004 net operating earnings were enhanced by continued strength in Old Republic's General Insurance line, but weaker Title and Mortgage Guaranty performance and certain special fourth quarter charges detracted from those results. Excluding the special charges, fourth quarter net operating income would have been $109.2 million (59 cents per share) on a par with results posted in the final quarter of 2003. Nearly 75 percent of the special post-tax charges of approximately $25.5 million, or 14 cents per share, represents an increase in previously posted litigation reserves necessitated by a ruling on January 20, 2005, by the California Court of Appeals affirming a prior trial court verdict against Old Republic Title Company. The remainder covers a write down of previously deferred acquisition costs applicable to a life insurance product discontinued during the fourth quarter of 2004.

Financial Highlights

(unaudited; amounts in millions except share data and percentages;
all per-share amounts are stated on a diluted basis)

 
Quarters Ended December 31
Years Ended December 31,

 

2004

2003

Change

 

2004

2003

Change

Total Revenues

$921.8

$865.6

6.5%

 

$3,491.6

$3,285.8

6.3%

Net Operatiing Income

$83.9

$108.2

-22.4%

 

$404.1

$447.2

-9.6%

Net Income

$100.4

$113.9

-11.8%

 

$435.0

$459.8

-5.4%

Diluted Earnings Per Share:

 

 

 

 

 

 

 

Net Operating Income

$0.45

$0.59

-23.7%

 

$2.19

$2.44

-10.2%

Net Income

$0.54

$0.62

-12.9%

 

$2.36

$2.51

-6.0%

Source: Old Republic



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