As in effect
3/1/61
FORM 10-K/A1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Sections 12, 13, or 15 (d) of
THE SECURITIES EXCHANGE ACT OF 1934
OLD REPUBLIC INTERNATIONAL CORPORATION
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
AMENDMENT NO. 1
---
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its ANNUAL REPORT FOR 2005
-------------------------
on Form 10-K as set forth in the pages attached hereto: (List all such
---------
items, financial statements, exhibits or other portions amended)
SEE INDEX
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
OLD REPUBLIC INTERNATIONAL CORPORATION
--------------------------------------
(Registrant)
Date: April 14, 2006 By: /s/ Karl W. Mueller
-------------- -----------------------------------
(Signature)
Karl W. Mueller
Senior Vice President and
Chief Financial Officer
Total Pages: 13
----
INDEX
FINANCIAL STATEMENT SCHEDULES
-----------------------------
Report of Independent Registered Public Accounting Firm
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
Schedule I - Summary of Investments - Other than Investments in Related
Parties as of December 31, 2005
Schedule II - Condensed Financial Information of Registrant as of December 31,
2005 and 2004 and for the years ended December 31, 2005, 2004,
and 2003
Schedule III - Supplementary Insurance Information for the years ended
December 31, 2005, 2004 and 2003
Schedule IV - Reinsurance for the years ended December 31, 2005, 2004 and 2003
Schedule V - Valuation and Qualifying Accounts for the years ended
December 31, 2005, 2004 and 2003
Schedule VI - Supplemental Information Concerning Property - Casualty
Insurance Operations for the years ended December 31, 2005, 2004
and 2003
Schedules other than those listed are omitted for the reason that they are not
required, are not applicable or that equivalent information has been included in
the financial statements, notes thereto, or elsewhere herein.
EXHIBITS
--------
(23) Consent of Independent Registered Public Accounting Firm
(28) Consolidated Schedule P. (*)
* Not covered by the Report of Independent Registered Public Accounting Firm.
-2-
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON
----------------------------------------------------------
FINANCIAL STATEMENT SCHEDULES
-----------------------------
To the Board of Directors and Shareholders of
Old Republic International Corporation
Our audits of the consolidated financial statements, of management's assessment
of the effectiveness of internal control over financial reporting and of the
effectiveness of internal control over financial reporting referred to in our
report dated February 28, 2006 appearing in the 2005 Annual Report to
Shareholders of Old Republic International Corporation (which report,
consolidated financial statements and assessment appear in the Annual Report on
Form 10-K) also included an audit of the financial statement schedules listed in
the accompanying index of this Form 10-K/A. In our opinion, these financial
statement schedules present fairly, in all material respects, the information
set forth therein when read in conjunction with the related consolidated
financial statements.
/s/ PricewaterhouseCoopers
Chicago, Illinois
February 28, 2006
-3-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
As of December 31, 2005
($ in Thousands)
----------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D
-------------------- ------------------ ------------------ ------------------
Amount at
Fair which shown
Type of investment Cost (1) Value in balance sheet
------------------ ------------------ ------------------ ------------------
Available for sale:
Fixed maturity securities:
United States Government and government
agencies and authorities $ 1,114,824 $ 1,127,148 $ 1,127,148
States, municipalities and political subdivisions 1,976,463 1,975,209 1,975,209
Foreign government 130,222 132,116 132,116
Public utilities 924,285 923,061 923,061
Corporate, industrial and all other 2,723,710 2,719,895 2,719,895
------------------ ------------------ ------------------
6,869,504 $ 6,877,432 6,877,432
------------------ ================== ------------------
Equity securities:
Non-redeemable preferred stocks 961 $ 1,008 1,008
Common stocks:
Public utilities 12,984 12,986 12,986
Banks, trusts and insurance companies 79,638 104,841 104,841
Industrial, miscellaneous and all other 407,327 433,657 433,657
------------------ ------------------ ------------------
500,910 $ 552,492 552,492
------------------ ================== ------------------
Short-term investments 275,364 275,364
Miscellaneous investments 62,744 62,744
------------------ ------------------
Total 7,708,522 7,768,034
------------------ ------------------
Held to maturity:
Other investments 8,035 8,035
------------------ ------------------
Total 8,035 8,035
------------------ ------------------
Total Investments $ 7,716,557 $ 7,776,070
================== ==================
Note: (1) Represents original cost of equity securities, and as to fixed
maturities, original cost reduced by repayments and adjusted for
amortization of premium or accrual of discount.
-4-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
------------------------------------------------------------------------------------------------------------------------------
December 31,
----------------------------------------
2005 2004
----------------- -----------------
Assets:
Bonds and notes $ 10,500 $ 11,633
Cash 3,357 2,356
Short-term investments 20,366 7,202
Investments in, and indebtedness of related parties:
Subsidiaries and affiliates, at equity 3,914,199 3,759,060
Indebtedness of affiliates 217,084 227,470
Other assets 32,726 30,330
----------------- -----------------
Total Assets $ 4,198,234 $ 4,038,054
================= =================
Liabilities, Preferred Stock
and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses $ 40,050 $ 38,248
Debt and debt equivalents 114,990 114,984
Indebtedness to affiliates and subsidiaries 19,137 19,147
Commitments and contingent liabilities
----------------- -----------------
Total Liabilities 174,178 172,381
----------------- -----------------
Common Shareholders' Equity:
Common stock 229,575 185,429
Additional paid-in capital 288,660 270,484
Retained earnings 3,444,975 3,240,182
Accumulated other comprehensive income 60,844 179,577
Treasury stock (at cost) --- (10,000)
----------------- -----------------
Total Common Shareholders' Equity 4,024,055 3,865,673
----------------- -----------------
Total Liabilities, Preferred Stock and
and Common Shareholders' Equity $ 4,198,234 $ 4,038,054
================= =================
-5-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------
Years Ended December 31,
-----------------------------------------------------------
2005 2004 2003
---------------- --------------- ---------------
Revenues:
Investment income from subsidiaries $ 11,378 $ 5,833 $ 6,336
Real estate and other income 3,865 4,000 3,561
Realized investment gains 3 --- 1,378
Other investment income 981 582 576
---------------- --------------- ---------------
Total Revenues 16,228 10,416 11,852
---------------- --------------- ---------------
Expenses:
Interest -- subsidiaries 712 352 318
Interest -- other 8,155 8,155 8,155
Real estate and other expenses 3,269 2,872 2,360
General expenses, taxes and fees 10,916 11,622 9,045
---------------- --------------- ---------------
Total Expenses 23,054 23,002 19,881
---------------- --------------- ---------------
Revenues, net of expenses (6,826) (12,586) (8,028)
Federal income tax credits (2,376) (4,473) (171)
---------------- --------------- ---------------
Loss before equity in earnings of subsidiaries (4,449) (8,113) (7,856)
Equity in Earnings of Subsidiaries:
Dividends received 287,275 186,380 174,615
Earnings in excess of dividends 268,595 256,743 293,043
---------------- --------------- ---------------
Net Income $ 551,420 $ 435,010 $ 459,801
================ =============== ===============
-6-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------
Years Ended December 31,
-----------------------------------------------------------
2005 2004 2003
--------------- --------------- ----------------
Cash flows from operating activities:
Net income $ 551,420 $ 435,010 $ 459,801
Adjustments to reconcile net income to net cash
provided by operating activities:
Accounts receivable 146 (1,350) 136
Income taxes - net (3,461) 9,992 (1,912)
Excess of equity in net income of subsidiaries
over dividends received (268,595) (256,743) (293,043)
Realized investment gains (3) --- (1,378)
Accounts payable, accrued expenses and other (2,846) 1,443 1,990
--------------- --------------- ----------------
Total 276,660 188,352 165,594
--------------- --------------- ----------------
Cash flows from investing activities:
Sales of fixed maturity securities 1,103 --- ---
Sales of other investments 473 10 10
Purchases of fixed assets for company use (1,670) (503) (889)
Net decrease (increase) in short-term investments (13,164) 5,644 (4,757)
--------------- --------------- ----------------
Total (13,257) 5,152 (5,637)
--------------- --------------- ----------------
Cash flows from financing activities:
Repayment of notes receivable from related parties 19,869 --- 28,599
Repayment of notes and loans to related parties (42) (67) (1,019)
Issuance of notes receivable to related parties --- (115,116) ---
Issuance of preferred and common stock 18,493 14,600 9,741
Dividends on common shares (300,723) (91,690) (201,973)
Dividends on preferred shares --- --- (1)
Purchase of treasury stock --- --- ---
--------------- --------------- ----------------
Total (262,402) (192,275) (164,654)
--------------- --------------- ----------------
Increase (decrease) in cash 1,000 1,229 (4,697)
Cash, beginning of year 2,356 1,126 5,824
--------------- --------------- ----------------
Cash, end of year $ 3,357 $ 2,356 $ 1,126
=============== =============== ================
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OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 2005, 2004 and 2003
($ in Thousands)
-------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F Column G
---------------------------------- ------------ ------------ ------------ ------------ ------------ ------------
Deferred Losses, Other
Policy Claims and Policyholders' Net
Acquisition Settlement Unearned Benefits and Premium Investment
Segment Costs Expenses Premiums Funds Revenue Income
---------------------------------- ------------ ------------ ------------ ------------ ------------ ------------
Year Ended December 31, 2005:
----------------------------------
Insurance Underwriting:
General Insurance Group $141,575 $2,507,076 $825,799 $86,129 $1,805,209 $197,076
Mortgage Insurance Group 50,341 214,844 45,508 --- 429,567 70,120
Title Insurance Group --- 295,808 --- 1,748 757,203 26,024
Corporate & Other (1) 48,111 19,937 --- 63,282 70,325 16,918
Reinsurance Recoverable (2) --- 1,902,193 167,999 37,665 --- ---
------------ ------------ ------------ ------------ ------------ ------------
Consolidated $240,028 $4,939,860 $1,039,306 $188,825 $3,062,305 $310,139
============ ============ ============ ============ ============ ============
Year Ended December 31, 2004:
----------------------------------
Insurance Underwriting:
General Insurance Group $129,368 $2,269,763 $743,343 $75,076 $1,623,030 $183,495
Mortgage Insurance Group 55,130 200,070 42,517 --- 403,207 67,764
Title Insurance Group --- 277,086 --- 1,903 714,016 25,578
Corporate & Other (1) 47,846 16,979 --- 62,656 64,612 14,036
Reinsurance Recoverable (2) --- 1,639,627 117,278 36,349 --- ---
------------ ------------ ------------ ------------ ------------ ------------
Consolidated $232,345 $4,403,527 $903,140 $175,985 $2,804,866 $290,875
============ ============ ============ ============ ============ ============
Year Ended December 31, 2003:
----------------------------------
Insurance Underwriting:
General Insurance Group $107,998 $2,047,828 $663,779 $68,723 $1,379,565 $175,008
Mortgage Insurance Group 63,710 180,610 47,482 --- 400,927 65,703
Title Insurance Group --- 259,092 --- 2,389 749,987 23,599
Corporate & Other (1) 50,211 12,611 --- 59,486 51,623 14,923
Reinsurance Recoverable (2) --- 1,522,568 103,559 41,707 --- ---
------------ ------------ ------------ ------------ ------------ ------------
Consolidated $221,920 $4,022,712 $814,822 $172,306 $2,582,103 $279,234
============ ============ ============ ============ ============ ============
Note:(1) Represents amounts for Old Republic's holding company parent, minor
internal services subisidiares and a small life & health insurance
operation.
(2) Statement of Financial Accounting Standards (FAS) No. 113 "Accounting
and Reporting for Reinsurance of Short-Duration and Long-Duration
Contracts" eliminates the reporting of assets and liabilities relating to
reinsured contracts net of reinsurance ceded balances. Accordingly,
reinsured losses and unearned premiums are to be reported as assets. Assets
and liabilities were, as a result, increased by corresponding amounts of
approximately $2.1 billion at December 31, 2005, $1.7 billion at December
31, 2004 and $1.6 billion at December 31, 2003. FAS No. 113 does not have
any effect on the Company's results of operations.
-8-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 2005, 2004 and 2003
($ in Thousands)
-----------------------------------------------------------------------------------------------
Column A Column H Column I Column J Column K
---------------------------------- ------------ ------------ ------------ ------------
Benefits, Amortization
Claims, of Deferred
Losses and Policy Other
Settlement Acquisition Operating Premiums
Segment Expenses Costs Expenses Written
---------------------------------- ------------ ------------ ------------ ------------
Year Ended December 31, 2005:
----------------------------------
Insurance Underwriting:
General Insurance Group $1,206,859 $319,504 $141,223 $1,889,361
Mortgage Insurance Group 159,708 41,486 71,104 432,557
Title Insurance Group 64,863 --- 955,003 757,203
Corporate & Other (1) 34,063 18,908 45,804 71,249
Reinsurance Recoverable (2) --- --- --- ---
------------ ------------ ------------ ------------
Consolidated $1,465,494 $379,898 $1,213,135 $3,150,371
============ ============ ============ ============
Year Ended December 31, 2004:
----------------------------------
Insurance Underwriting:
General Insurance Group $1,069,599 $290,888 $129,047 $1,701,149
Mortgage Insurance Group 143,187 47,883 74,253 398,242
Title Insurance Group 59,752 --- 929,514 714,016
Corporate & Other (1) 35,431 21,747 39,423 66,961
Reinsurance Recoverable (2) --- --- --- ---
------------ ------------ ------------ ------------
Consolidated $1,307,969 $360,519 $1,172,239 $2,880,370
============ ============ ============ ============
Year Ended December 31, 2003:
----------------------------------
Insurance Underwriting:
General Insurance Group $932,945 $251,874 $129,026 $1,460,323
Mortgage Insurance Group 90,902 51,042 80,303 406,037
Title Insurance Group 63,801 --- 934,579 749,987
Corporate & Other (1) 25,178 12,360 34,014 49,275
Reinsurance Recoverable (2) --- --- --- ---
------------ ------------ ------------ ------------
Consolidated $1,112,828 $315,277 $1,177,923 $2,665,623
============ ============ ============ ============
Note:(1) Represents amounts for Old Republic's holding company parent, minor
internal services subisidiares and a small life & health insurance
operation.
(2) Statement of Financial Accounting Standards (FAS) No. 113 "Accounting
and Reporting for Reinsurance of Short-Duration and Long-Duration
Contracts" eliminates the reporting of assets and liabilities relating to
reinsured contracts net of reinsurance ceded balances. Accordingly,
reinsured losses and unearned premiums are to be reported as assets. Assets
and liabilities were, as a result, increased by corresponding amounts of
approximately $2.1 billion at December 31, 2005, $1.7 billion at December
31, 2004 and $1.6 billion at December 31, 2003. FAS No. 113 does not have
any effect on the Company's results of operations.
-8-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE IV - REINSURANCE
For the years ended December 31, 2005, 2004 and 2003
($ in Thousands)
------------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F
------------------------------------ ---------------- ---------------- ----------------- ----------------- ----------------
Percentage
Ceded Assumed of amount
Gross to other from other Net assumed
amount companies companies amount to net
---------------- ---------------- ----------------- ----------------- ----------------
Year Ended December 31, 2005:
------------------------------------
Life insurance in force $ 15,226,144 $ 7,937,659 $ --- $ 7,288,485 --- %
================ ================ ================= ================= ================
Premium Revenues:
General Insurance $ 2,291,915 $ 522,680 $ 35,974 $ 1,805,209 2.0 %
Mortgage Insurance 508,093 79,336 809 429,567 0.2
Title Insurance 753,732 101 3,572 757,203 0.5
Life and Health Insurance:
Life insurance 36,357 15,943 --- 20,413 ---
Accident and health insurance 62,688 12,777 1 49,912 ---
---------------- ---------------- ----------------- ----------------- ----------------
Total Life & Health Insurance 99,045 28,721 1 70,325 ---
---------------- ---------------- ----------------- ----------------- ----------------
Consolidating adjustments --- (1) (1) --- ---
---------------- ---------------- ----------------- ----------------- ----------------
Consolidated $ 3,652,787 $ 630,837 $ 40,356 $ 3,062,305 1.3 %
================ ================ ================= ================= ================
Year Ended December 31, 2004:
------------------------------------
Life insurance in force $ 15,624,497 $ 8,189,223 $ --- $ 7,435,274 --- %
================ ================ ================= ================= ================
Premium Revenues:
General Insurance $ 2,140,930 $ 548,128 $ 30,227 $ 1,623,030 1.9 %
Mortgage Insurance 483,619 81,456 1,044 403,207 0.3
Title Insurance 711,735 (64) 2,216 714,016 0.3
Life and Health Insurance:
Life insurance 39,286 19,453 --- 19,833 ---
Accident and health insurance 57,929 13,223 74 44,779 0.2
---------------- ---------------- ----------------- ----------------- ----------------
Total Life & Health Insurance 97,215 32,677 74 64,612 0.1
---------------- ---------------- ----------------- ----------------- ----------------
Consolidating adjustments --- (74) (74) --- ---
---------------- ---------------- ----------------- ----------------- ----------------
Consolidated $ 3,433,501 $ 662,123 $ 33,488 $ 2,804,866 1.2 %
================ ================ ================= ================= ================
Year Ended December 31, 2003:
------------------------------------
Life insurance in force $ 14,502,127 $ 7,070,922 $ --- $ 7,431,205 --- %
================ ================ ================= ================= ================
Premium Revenues:
General Insurance $ 1,837,689 $ 491,522 $ 33,397 $ 1,379,565 2.4 %
Mortgage Insurance 467,349 67,705 1,283 400,927 0.3
Title Insurance 748,287 96 1,796 749,987 0.2
Life and Health Insurance:
Life insurance 34,265 12,833 --- 21,431 ---
Accident and health insurance 55,199 25,081 73 30,191 0.2
---------------- ---------------- ----------------- ----------------- ----------------
Total Life & Health Insurance 89,464 37,914 73 51,623 0.1
---------------- ---------------- ----------------- ----------------- ----------------
Consolidating adjustments --- (73) (73) --- ---
---------------- ---------------- ----------------- ----------------- ----------------
Consolidated $ 3,142,790 $ 597,164 $ 36,476 $ 2,582,103 1.4 %
================ ================ ================= ================= ================
-9-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS
For the years ended December 31, 2005, 2004 and 2003
($ in Thousands)
------------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E
-------------------------------------------- ---------------- --------------------------------- ---------------- ---------------
Charged
Balance Charged to to Other Balance
Beginning of Costs Accounts - Deductions - at End of
Description Period Expenses Describe Describe Period
------------------------------------------- ---------------- ---------------- --------------- ---------------- ---------------
Year Ended December 31, 2005:
Deducted from Asset Accounts:
Reserve for unrecoverable reinsurance $ 45,652 $ (8,838) $ --- $ --- $ 36,813
=============== ================ =============== ================ ===============
Year Ended December 31, 2004:
Deducted from Asset Accounts:
Reserve for unrecoverable reinsurance $ 27,300 $ 18,352 $ --- $ --- $ 45,652
=============== ================ =============== ================ ===============
Year Ended December 31, 2003:
Included in Claim Liability Accounts:
Reserve for unrecoverable reinsurance $ 10,550 $ 16,750 $ --- $ --- $ 27,300
=============== ================ =============== ================ ===============
-10-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 2005, 2004 and 2003
($ in Thousands)
---------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F Column G
-------------------------------- ----------- ------------ ----------- ------------ ------------ -----------
Reserves for
Deferred Unpaid Claims Discount,
Policy and Claim If Any, Net
Acquisition Adjustment Deducted in Unearned Earned Investment
Affiliation With Registrant Costs Expenses Column C Premiums Premiums Income
-------------------------------- ----------- ------------ ----------- ------------ ------------ -----------
Year Ended December 31, 2005:
--------------------------------
(a)Consolidated property-casualty
entities (1) $141,575 $2,507,076 $138,301 $825,799 $1,805,209 $197,076
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
----------- ------------ ----------- ------------ ------------ -----------
$141,575 $2,507,076 $138,301 $825,799 $1,805,209 $197,076
=========== ============ =========== ============ ============ ===========
Year Ended December 31, 2004:
--------------------------------
(a)Consolidated property-casualty
entities (1) $129,368 $2,269,763 $139,362 $743,343 $1,623,030 $183,495
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
----------- ------------ ----------- ------------ ------------ -----------
$129,368 $2,269,763 $139,362 $743,343 $1,623,030 $183,495
=========== ============ =========== ============ ============ ===========
Year Ended December 31, 2003:
--------------------------------
(a)Consolidated property-casualty
entities (1) $107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
----------- ------------ ----------- ------------ ------------ -----------
$107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008
=========== ============ =========== ============ ============ ===========
Note: (1) See note (2) to Schedule III.
(2) These amounts are immaterial and have, therefore, been omitted from
this schedule.
-11-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 2005, 2004 and 2003
($ in Thousands)
---------------------------------------------------------------------------------------------------------
Column A Column H Column I Column J Column K
-------------------------------- ------------------------- ------------ ----------- ------------
Claims and Claim
Adjustment Expenses Amortization Paid
Incurred Related to of Deferred Claims
------------------------- Policy and Claim
Current Prior Acquisition Adjustment Premiums
Affiliation With Registrant Year Years Costs Expenses Written
-------------------------------- ------------ ----------- ------------ ----------- ------------
Year Ended December 31, 2005:
--------------------------------
(a)Consolidated property-casualty
entities (1) $1,254,488 ($52,969) $319,504 $964,205 $1,889,361
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
------------ ----------- ------------ ----------- ------------
$1,254,488 ($52,969) $319,504 $964,205 $1,889,361
============ =========== ============ =========== ============
Year Ended December 31, 2004:
--------------------------------
(a)Consolidated property-casualty
entities (1) $1,122,998 ($55,695) $290,888 $845,368 $1,701,149
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
------------ ----------- ------------ ----------- ------------
$1,122,998 ($55,695) $290,888 $845,368 $1,701,149
============ =========== ============ =========== ============
Year Ended December 31, 2003:
--------------------------------
(a)Consolidated property-casualty
entities (1) $943,610 ($25,804) $251,874 $751,090 $1,460,323
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
------------ ----------- ------------ ----------- ------------
$943,610 ($25,804) $251,874 $751,090 $1,460,323
============ =========== ============ =========== ============
Note: (1) See note (2) to Schedule III.
(2) These amounts are immaterial and have, therefore, been omitted from
this schedule.
-11-