x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
||
THE
SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
||
THE
SECURITIES EXCHANGE ACT OF 1934
|
Virginia
|
54-1589611
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
5600
Cox Road
Glen
Allen, Virginia
|
23060
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Common
Stock, No Par Value
|
16,769,870
shares
|
July
27, 2007
|
INDEX
|
||
Page
No.
|
||
PART
I. FINANCIAL INFORMATION
|
||
ITEM
1.
|
CONSOLIDATED
FINANCIAL STATEMENTS:
|
|
Consolidated
Balance Sheets
|
3
|
|
Consolidated
Statements of Operations
|
5
|
|
Consolidated
Statements of Cash Flows
|
6
|
|
Consolidated
Statements of Changes in Shareholders’ Equity
|
7
|
|
Notes
to Consolidated Financial Statements
|
8
|
|
ITEM
2.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
22
|
ITEM
3.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
41
|
ITEM
4.
|
CONTROLS
AND PROCEDURES
|
43
|
PART
II. OTHER INFORMATION
|
||
ITEM
1.
|
LEGAL
PROCEEDINGS
|
44
|
ITEM
1A.
|
RISK
FACTORS
|
44
|
ITEM
2.
|
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
44
|
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
45
|
ITEM
6.
|
EXHIBITS
|
46
|
SIGNATURE
|
47
|
June
30,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
INVESTMENTS:
|
||||||||
Fixed
maturities available-for-sale -
at fair value
(amortized cost: 2007 -
$1,090.4;
2006 -
$1,267.2)
|
$ |
1,082.9
|
$ |
1,275.8
|
||||
Equity
securities available-for-sale -
at fair value
(cost: 2007 -
$116.1; 2006
-
$111.3)
|
123.9
|
129.8
|
||||||
Fixed
maturities trading -
at fair
value
|
138.5
|
-
|
||||||
Federal
funds sold
|
7.4
|
50.4
|
||||||
Short-term
investments
|
230.9
|
403.0
|
||||||
Total
Investments
|
1,583.6
|
1,859.0
|
||||||
CASH
|
86.4
|
82.5
|
||||||
LOANS
RECEIVABLE
|
585.0
|
535.8
|
||||||
ACCRUED
INTEREST RECEIVABLE
|
16.8
|
20.2
|
||||||
NOTES
AND ACCOUNTS RECEIVABLE:
|
||||||||
Notes
(less allowance for doubtful accounts: 2007 -
$1.2; 2006
-
$1.5)
|
23.4
|
19.3
|
||||||
Trade
accounts receivable (less allowance for doubtful accounts: 2007
-
$10.6;
2006 -
$10.2)
|
146.7
|
139.2
|
||||||
Total
Notes and Accounts Receivable
|
170.1
|
158.5
|
||||||
INCOME
TAXES RECEIVABLE
|
4.4
|
60.4
|
||||||
PROPERTY
AND EQUIPMENT -
at cost (less
accumulated depreciation and amortization: 2007 -
$246.0; 2006
-
$224.5)
|
153.3
|
164.2
|
||||||
TITLE
PLANTS
|
106.9
|
105.0
|
||||||
GOODWILL
|
795.6
|
783.4
|
||||||
INTANGIBLE
ASSETS (less accumulated amortization: 2007 -
$89.5; 2006
-
$78.2)
|
101.3
|
135.2
|
||||||
DEFERRED
INCOME TAXES
|
105.9
|
84.1
|
||||||
OTHER
ASSETS
|
243.3
|
186.5
|
||||||
Total
Assets
|
$ |
3,952.6
|
$ |
4,174.8
|
June
30,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
LIABILITIES
|
||||||||
POLICY
AND CONTRACT CLAIMS
|
$ |
832.4
|
$ |
789.1
|
||||
DEPOSITS
|
524.2
|
618.2
|
||||||
ACCOUNTS
PAYABLE AND ACCRUED LIABILITIES
|
360.0
|
400.0
|
||||||
NOTES
PAYABLE
|
573.2
|
685.3
|
||||||
DEFERRED
SERVICE ARRANGEMENTS
|
207.6
|
218.6
|
||||||
OTHER
|
138.3
|
67.8
|
||||||
Total
Liabilities
|
2,635.7
|
2,779.0
|
||||||
COMMITMENTS
AND CONTINGENCIES
|
||||||||
SHAREHOLDERS’
EQUITY
|
||||||||
Common
stock, no par value, 45,000,000 shares authorized, shares issued
and
outstanding: 2007 – 16,772,895; 2006 -
17,604,632
|
394.9
|
465.3
|
||||||
Accumulated
other comprehensive loss
|
(45.7 | ) | (32.2 | ) | ||||
Retained
earnings
|
967.7
|
962.7
|
||||||
Total
Shareholders’ Equity
|
1,316.9
|
1,395.8
|
||||||
Total
Liabilities and Shareholders’ Equity
|
$ |
3,952.6
|
$ |
4,174.8
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
REVENUE
|
||||||||||||||||
Operating
revenue
|
$ |
971.5
|
$ |
971.1
|
$ |
1,882.8
|
$ |
1,873.4
|
||||||||
Investment
and other income
|
32.1
|
32.5
|
62.4
|
62.2
|
||||||||||||
Net
realized investment gains (losses)
|
1.4
|
(1.5 | ) |
8.4
|
(0.6 | ) | ||||||||||
1,005.0
|
1,002.1
|
1,953.6
|
1,935.0
|
|||||||||||||
EXPENSES
|
||||||||||||||||
Agents’
commissions
|
364.6
|
404.2
|
705.0
|
787.3
|
||||||||||||
Salaries
and employee benefits
|
316.0
|
288.8
|
623.8
|
565.5
|
||||||||||||
General,
administrative and other
|
199.9
|
173.3
|
387.4
|
341.5
|
||||||||||||
Provision
for policy and contract claims
|
85.2
|
50.9
|
141.2
|
101.3
|
||||||||||||
Premium
taxes
|
11.1
|
11.9
|
21.2
|
22.3
|
||||||||||||
Interest
expense
|
11.2
|
9.3
|
23.9
|
18.9
|
||||||||||||
Amortization
of intangibles
|
5.3
|
6.3
|
11.3
|
12.6
|
||||||||||||
Impairment
of intangible and long-lived assets
|
-
|
-
|
20.8
|
9.7
|
||||||||||||
993.3
|
944.7
|
1,934.6
|
1,859.1
|
|||||||||||||
INCOME
BEFORE INCOME TAXES
|
11.7
|
57.4
|
19.0
|
75.9
|
||||||||||||
INCOME
TAX EXPENSE
|
3.8
|
21.8
|
6.4
|
26.6
|
||||||||||||
NET
INCOME
|
$ |
7.9
|
$ |
35.6
|
$ |
12.6
|
$ |
49.3
|
||||||||
NET
INCOME PER COMMON SHARE
|
$ |
0.48
|
$ |
2.13
|
$ |
0.74
|
$ |
2.92
|
||||||||
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
|
16.7
|
16.7
|
17.0
|
16.9
|
||||||||||||
NET
INCOME PER COMMON SHARE ASSUMING DILUTION
|
$ |
0.42
|
$ |
2.06
|
$ |
0.68
|
$ |
2.82
|
||||||||
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING ASSUMING
DILUTION
|
19.0
|
17.3
|
18.6
|
17.5
|
||||||||||||
CASH
DIVIDENDS DECLARED PER COMMON SHARE
|
$ |
0.22
|
$ |
0.18
|
$ |
0.44
|
$ |
0.36
|
2007
|
2006
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ |
12.6
|
$ |
49.3
|
||||
Adjustments
to reconcile net income to cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
35.8
|
27.7
|
||||||
Amortization
of bond premium
|
3.0
|
2.5
|
||||||
Impairment
of intangible and long-lived assets
|
20.8
|
9.7
|
||||||
Net
realized investment (gains) losses
|
(8.4 | ) |
0.6
|
|||||
Net
change in fixed maturities trading
|
2.7
|
-
|
||||||
Deferred
income tax (benefit) expense
|
(17.0 | ) |
2.4
|
|||||
Change
in assets and liabilities, net of businesses acquired:
|
||||||||
Accounts
and notes receivable
|
(6.1 | ) | (9.6 | ) | ||||
Income
taxes receivable/payable
|
55.4
|
(40.1 | ) | |||||
Accounts
payable and accrued expenses
|
(38.2 | ) | (35.5 | ) | ||||
Pending
trades of fixed maturities trading, net
|
16.0
|
-
|
||||||
Policy
and contract claims
|
43.3
|
16.4
|
||||||
Deferred
service arrangements
|
(11.0 | ) |
3.8
|
|||||
Other
|
3.8
|
2.2
|
||||||
Net
cash provided by operating activities
|
112.7
|
29.4
|
||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of title plant, property and equipment, net
|
(12.7 | ) | (28.5 | ) | ||||
Purchases
of businesses, net of cash acquired
|
(5.9 | ) | (8.7 | ) | ||||
Investments
in unconsolidated affiliates
|
(0.1 | ) | (0.8 | ) | ||||
Change
in cash surrender value of life insurance
|
(1.8 | ) | (1.7 | ) | ||||
Change
in short-term investments
|
177.0
|
69.2
|
||||||
Cost
of investments acquired:
|
||||||||
Fixed
maturities available-for-sale
|
(181.7 | ) | (230.3 | ) | ||||
Equity
securities available-for-sale
|
(47.3 | ) | (14.1 | ) | ||||
Proceeds
from investment sales or maturities:
|
||||||||
Fixed
maturities available-for-sale
|
212.7
|
187.3
|
||||||
Equity
securities available-for-sale
|
53.9
|
12.4
|
||||||
Net
change in federal funds sold
|
43.0
|
(6.3 | ) | |||||
Change
in loans receivable
|
(54.7 | ) | (14.3 | ) | ||||
Net
cash provided by (used in) investing activities
|
182.4
|
(35.8 | ) | |||||
Cash
flows from financing activities:
|
||||||||
Net
change in deposits
|
(94.0 | ) |
41.4
|
|||||
Proceeds
from the exercise of stock options
|
2.8
|
1.4
|
||||||
Tax
benefit of stock options exercised
|
1.8
|
0.6
|
||||||
Common
shares repurchased
|
(81.9 | ) | (24.6 | ) | ||||
Dividends
paid
|
(7.6 | ) | (6.2 | ) | ||||
Proceeds
from issuance of notes payable
|
10.2
|
11.9
|
||||||
Payments
on notes payable
|
(122.5 | ) | (26.3 | ) | ||||
Net
cash used in financing activities
|
(291.2 | ) | (1.8 | ) | ||||
Net
increase (decrease) in cash
|
3.9
|
(8.2 | ) | |||||
Cash
at beginning of period
|
82.5
|
89.1
|
||||||
Cash
at end of period
|
$ |
86.4
|
$ |
80.9
|
||||
Non-cash
investing activities:
|
||||||||
Transfer
of fixed maturities from
available-for-sale to trading
|
$ |
142.6
|
$ |
-
|
Common
Stock
|
Accumulated
Other Comprehensive
|
Retained
|
Total
Shareholders’
|
|||||||||||||||||
Shares
|
Amounts
|
Income
(Loss)
|
Earnings
|
Equity
|
||||||||||||||||
BALANCE
– December 31, 2005
|
17.3
|
$ |
443.1
|
$ | (42.3 | ) | $ |
877.7
|
$ |
1,278.5
|
||||||||||
Comprehensive
income:
|
||||||||||||||||||||
Net
income
|
-
|
-
|
-
|
49.3
|
49.3
|
|||||||||||||||
Other
comprehensive loss:
|
||||||||||||||||||||
Net
unrealized loss on securities – net of tax benefit of $7.9
|
-
|
-
|
(14.7 | ) |
-
|
(14.7 | ) | |||||||||||||
34.6
|
||||||||||||||||||||
Common
stock retired
|
(0.4 | ) | (24.6 | ) |
-
|
-
|
(24.6 | ) | ||||||||||||
Stock
options and incentive plans
|
0.2
|
7.1
|
-
|
-
|
7.1
|
|||||||||||||||
Common
dividends ($0.36/share)
|
-
|
-
|
-
|
(6.2 | ) | (6.2 | ) | |||||||||||||
BALANCE
– June 30, 2006
|
17.1
|
$ |
425.6
|
$ | (57.0 | ) | $ |
920.8
|
$ |
1,289.4
|
||||||||||
BALANCE
– December 31, 2006
|
17.6
|
$ |
465.3
|
$ | (32.2 | ) | $ |
962.7
|
$ |
1,395.8
|
||||||||||
Comprehensive
loss:
|
||||||||||||||||||||
Net
income
|
-
|
-
|
-
|
12.6
|
12.6
|
|||||||||||||||
Other
comprehensive (loss) income:
|
||||||||||||||||||||
Net
unrealized loss on securities – net of tax benefit of $9.4
|
-
|
-
|
(17.2 | ) |
-
|
(17.2 | ) | |||||||||||||
Amortization
of minimum pension liability – net of tax expense of $2.2
|
-
|
-
|
3.7
|
-
|
3.7
|
|||||||||||||||
(0.9 | ) | |||||||||||||||||||
Common
stock retired
|
(1.0 | ) | (81.9 | ) |
-
|
-
|
(81.9 | ) | ||||||||||||
Stock
options and incentive plans
|
0.2
|
11.5
|
-
|
-
|
11.5
|
|||||||||||||||
Common
dividends ($0.44/share)
|
-
|
-
|
-
|
(7.6 | ) | (7.6 | ) | |||||||||||||
BALANCE
– June 30, 2007
|
16.8
|
$ |
394.9
|
$ | (45.7 | ) | $ |
967.7
|
$ |
1,316.9
|
||||||||||
2.
|
EARNINGS
PER SHARE
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
millions, except per common share amounts)
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net
income – numerator for basic and diluted earnings per common
share
|
$ |
7.9
|
$ |
35.6
|
$ |
12.6
|
$ |
49.3
|
||||||||
Denominator:
|
||||||||||||||||
Weighted
average shares – denominator for basic earnings per common
share
|
16.7
|
16.7
|
17.0
|
16.9
|
||||||||||||
Effect
of dilutive securities:
|
||||||||||||||||
Convertible
debt
|
2.1
|
0.5
|
1.5
|
0.5
|
||||||||||||
Employee
stock options and restricted stock
|
0.2
|
0.1
|
0.1
|
0.1
|
||||||||||||
Denominator
for diluted earnings per common share
|
19.0
|
17.3
|
18.6
|
17.5
|
||||||||||||
Basic
earnings per common share
|
$ |
0.48
|
$ |
2.13
|
$ |
0.74
|
$ |
2.92
|
||||||||
Diluted
earnings per common share
|
$ |
0.42
|
$ |
2.06
|
$ |
0.68
|
$ |
2.82
|
3.
|
MERGERS
AND ACQUISITIONS
|
Three
Months Ended
|
Six
Months Ended
|
|||||||
June
30, 2006
|
June
30, 2006
|
|||||||
(In
millions, except per common share amounts)
|
||||||||
Total
revenue
|
$ |
1,087.0
|
$ |
2,099.1
|
||||
Net
income
|
36.1
|
45.8
|
||||||
Net
income per common share
|
2.06
|
2.59
|
||||||
Net
income per common share assuming dilution
|
2.00
|
2.52
|
Three
Months Ended June 30,
|
||||||||||||||||
Pension
Benefits
|
Other
Benefits
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Components
of net pension expense:
|
||||||||||||||||
Service
cost
|
$ |
-
|
$ |
-
|
$ |
0.3
|
$ |
0.2
|
||||||||
Interest
cost
|
3.7
|
3.6
|
0.7
|
0.9
|
||||||||||||
Expected
return on plan assets
|
(4.7 | ) | (4.5 | ) |
-
|
-
|
||||||||||
Amortization
of unrecognized transition obligation
|
-
|
-
|
-
|
0.3
|
||||||||||||
Recognized
prior service cost
|
-
|
-
|
-
|
0.1
|
||||||||||||
Recognized
loss
|
1.4
|
1.8
|
-
|
0.2
|
||||||||||||
Loss
due to settlement or curtailment
|
3.0
|
1.0
|
-
|
-
|
||||||||||||
Net
pension expense
|
$ |
3.4
|
$ |
1.9
|
$ |
1.0
|
$ |
1.7
|
Six
Months Ended June 30,
|
||||||||||||||||
Pension
Benefits
|
Other
Benefits
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Components
of net pension expense:
|
||||||||||||||||
Service
cost
|
$ |
-
|
$ |
-
|
$ |
0.6
|
$ |
0.5
|
||||||||
Interest
cost
|
7.3
|
7.2
|
1.4
|
1.8
|
||||||||||||
Expected
return on plan assets
|
(9.4 | ) | (9.0 | ) |
-
|
-
|
||||||||||
Amortization
of unrecognized transition obligation
|
-
|
-
|
-
|
0.6
|
||||||||||||
Recognized
prior service cost
|
-
|
-
|
-
|
0.2
|
||||||||||||
Recognized
loss
|
2.9
|
3.6
|
-
|
0.3
|
||||||||||||
Loss
due to settlement or curtailment
|
3.0
|
2.0
|
-
|
-
|
||||||||||||
Net
pension expense
|
$ |
3.8
|
$ |
3.8
|
$ |
2.0
|
$ |
3.4
|
8.
|
COMMITMENTS
AND CONTINGENCIES
|
9.
|
SHAREHOLDERS’
EQUITY
|
10.
|
IMPAIRMENT
OF INTANGIBLE AND OTHER LONG-LIVED
ASSETS
|
Three
Months Ended June 30,
|
||||||||||||||||||||||||
Operating
Revenue
|
Personnel
Cost
|
Depreciation
|
Amortization
of Intangible
Assets
|
Impairment
of
Intangible
and
Long-
Lived
Assets
|
Income
Before
Taxes
|
|||||||||||||||||||
(In
millions)
|
||||||||||||||||||||||||
2007
|
||||||||||||||||||||||||
Title
Operations
|
$ |
863.3
|
$ |
262.0
|
$ |
7.0
|
$ |
3.4
|
$ |
-
|
$ |
30.4
|
||||||||||||
Lender
Services
|
68.9
|
26.3
|
2.8
|
1.2
|
-
|
1.7
|
||||||||||||||||||
Financial
Services
|
0.2
|
0.8
|
-
|
0.1
|
-
|
5.0
|
||||||||||||||||||
Corporate
and Other
|
39.1
|
26.9
|
3.9
|
0.6
|
-
|
(25.4 | ) | |||||||||||||||||
Total
|
$ |
971.5
|
$ |
316.0
|
$ |
13.7
|
$ |
5.3
|
$ |
-
|
$ |
11.7
|
||||||||||||
2006
|
||||||||||||||||||||||||
Title
Operations
|
$ |
882.0
|
$ |
240.6
|
$ |
5.6
|
$ |
3.1
|
$ |
-
|
$ |
72.8
|
||||||||||||
Lender
Services
|
59.7
|
23.5
|
1.2
|
2.6
|
-
|
6.5
|
||||||||||||||||||
Financial
Services
|
0.3
|
0.6
|
-
|
0.1
|
-
|
4.4
|
||||||||||||||||||
Corporate
and Other
|
29.1
|
24.1
|
0.5
|
0.5
|
-
|
(26.3 | ) | |||||||||||||||||
Total
|
$ |
971.1
|
$ |
288.8
|
$ |
7.3
|
$ |
6.3
|
$ |
-
|
$ |
57.4
|
Six
Months Ended June 30,
|
||||||||||||||||||||||||
Operating
Revenue
|
Personnel
Cost
|
Depreciation
|
Amortization
of
Intangible
Assets
|
Impairment
of
Intangible
and
Long-
Lived
Assets
|
Income
Before
Taxes
|
|||||||||||||||||||
(In
millions)
|
||||||||||||||||||||||||
2007
|
||||||||||||||||||||||||
Title
Operations
|
$ |
1,654.7
|
$ |
516.8
|
$ |
14.2
|
$ |
5.4
|
$ |
-
|
$ |
64.5
|
||||||||||||
Lender
Services
|
151.8
|
54.3
|
4.3
|
3.3
|
20.8
|
(7.0 | ) | |||||||||||||||||
Financial
Services
|
0.4
|
1.7
|
-
|
0.1
|
-
|
10.1
|
||||||||||||||||||
Corporate
and Other
|
75.9
|
51.0
|
6.0
|
2.5
|
-
|
(48.6 | ) | |||||||||||||||||
Total
|
$ |
1,882.8
|
$ |
623.8
|
$ |
24.5
|
$ |
11.3
|
$ |
20.8
|
$ |
19.0
|
||||||||||||
2006
|
||||||||||||||||||||||||
Title
Operations
|
$ |
1,701.0
|
$ |
468.8
|
$ |
11.2
|
$ |
5.5
|
$ |
-
|
$ |
123.4
|
||||||||||||
Lender
Services
|
117.5
|
48.1
|
2.3
|
5.2
|
-
|
8.8
|
||||||||||||||||||
Financial
Services
|
0.5
|
1.2
|
-
|
0.1
|
-
|
8.4
|
||||||||||||||||||
Corporate
and Other
|
54.4
|
47.4
|
1.6
|
1.8
|
9.7
|
(64.7 | ) | |||||||||||||||||
Total
|
$ |
1,873.4
|
$ |
565.5
|
$ |
15.1
|
$ |
12.6
|
$ |
9.7
|
$ |
75.9
|
ITEM
2.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
Three
Months Ended June 30,
|
||||||||||||||||
2007
|
2006
|
|||||||||||||||
(Dollars
in millions)
|
||||||||||||||||
Title
Operations
|
||||||||||||||||
Direct
Operations
|
$ |
410.1
|
42.2 | % | $ |
376.7
|
38.8 | % | ||||||||
Agency
Operations
|
453.2
|
46.7
|
505.3
|
52.0
|
||||||||||||
863.3
|
88.9
|
882.0
|
90.8
|
|||||||||||||
Lender
Services
|
68.9
|
7.1
|
59.7
|
6.2
|
||||||||||||
Financial
Services
|
0.2
|
-
|
0.3
|
-
|
||||||||||||
Corporate
and Other
|
39.1
|
4.0
|
29.1
|
3.0
|
||||||||||||
Total
|
$ |
971.5
|
100.0 | % | $ |
971.1
|
100.0 | % |
Six
Months Ended June 30,
|
||||||||||||||||
2007
|
2006
|
|||||||||||||||
(Dollars
in millions)
|
||||||||||||||||
Title
Operations
|
||||||||||||||||
Direct
Operations
|
$ |
779.4
|
41.4 | % | $ |
717.5
|
38.3 | % | ||||||||
Agency
Operations
|
875.3
|
46.5
|
983.5
|
52.5
|
||||||||||||
1,654.7
|
87.9
|
1,701.0
|
90.8
|
|||||||||||||
Lender
Services
|
151.8
|
8.1
|
117.5
|
6.3
|
||||||||||||
Financial
Services
|
0.4
|
-
|
0.5
|
-
|
||||||||||||
Corporate
and Other
|
75.9
|
4.0
|
54.4
|
2.9
|
||||||||||||
Total
|
$ |
1,882.8
|
100.0 | % | $ |
1,873.4
|
100.0 | % |
Three
Months Ended June 30,
|
||||||||||||||||
2007
|
2006
|
|||||||||||||||
(Dollars
in millions)
|
||||||||||||||||
Title
Operations
|
$ |
262.0
|
82.9 | % | $ |
240.6
|
83.3 | % | ||||||||
Lender
Services
|
26.3
|
8.3
|
23.5
|
8.1
|
||||||||||||
Financial
Services
|
0.8
|
0.3
|
0.6
|
0.2
|
||||||||||||
Corporate
and Other
|
26.9
|
8.5
|
24.1
|
8.4
|
||||||||||||
Total
|
$ |
316.0
|
100.0 | % | $ |
288.8
|
100.0 | % |
Six
Months Ended June 30,
|
||||||||||||||||
2007
|
2006
|
|||||||||||||||
(Dollars
in millions)
|
||||||||||||||||
Title
Operations
|
$ |
516.8
|
82.8 | % | $ |
468.8
|
82.9 | % | ||||||||
Lender
Services
|
54.3
|
8.7
|
48.1
|
8.5
|
||||||||||||
Financial
Services
|
1.7
|
0.3
|
1.2
|
0.2
|
||||||||||||