Old Republic International Corporation (ORI) has reported 11.91 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $110.90 million, or $0.39 a share in the quarter, compared with $125.90 million, or $0.44 a share for the same period last year.
Revenue during the quarter dropped 3.22 percent to $1,496 million from $1,545.70 million in the previous year period. Net premium earned for the quarter was almost stable at $1,365.40 million, when compared with the previous year period.
Total expenses come down marginallyOperating income for the quarter was $164 million, compared with $184.70 million in the previous year period. Net investment income was at $95.70 million for the quarter, down 8.16 percent or $8.50 million from year-ago period.
Assets outpace liabilities growthTotal assets increased 8.56 percent or $1,483.50 million to $18,810.60 million on Sep. 30, 2016. On the other hand, total liabilities were at $14,364.30 million as on Sep. 30, 2016, up 6.61 percent or $890.70 million from year-ago. Return on assets stood at 0.66 percent in the quarter, down 0.13 from 0.79 percent in the last year period. At the same time, return on equity was at 2.49 percent in the quarter, down 0.77 from 3.27 percent in the last year period.
Investments move upInvestments stood at $12,870.50 million as on Sep. 30, 2016, up 13.01 percent or $1,481.90 million from year-ago. Meanwhile, yield on investments went down 17 basis points to 0.74 percent in the quarter. Meanwhile, reinsurance recoverables moved up 1.08 percent or $36.60 million over the year to $3,423.60 million on Sep. 30, 2016.
Total debt was at $1,528 million as on Sep. 30, 2016, up 60.47 percent or $575.80 million from year-ago. Shareholders equity stood at $4,446.10 million as on Sep. 30, 2016, up 15.37 percent or $592.40 million from year-ago. As a result, debt to equity ratio went up 10 basis points to 0.34 percent in the quarter from 0.25 percent in the last year period.
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