As in effect
3/1/61
FORM 10K/A
--------------------
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. 4
---
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its ANNUAL REPORT FOR 1998 on Form
10-K as set forth in the pages attached hereto: (List all such items, financial
statements, exhibits or other portions amended)
FORM 11-K
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 16, 1999 By: /s/ Paul D. Adams
-------------- -----------------------------------
(Signature)
Paul Dennis Adams
Senior Vice President,
Chief Financial Officer
and Treasurer
Total Pages: 18
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------
FORM 11-K
---------------
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For The Fiscal Year Ended December 31, 1998
---------------
GREAT WEST CASUALTY COMPANY
PROFIT SHARING PLAN
---------------
OLD REPUBLIC INTERNATIONAL CORPORATION
307 NORTH MICHIGAN AVE
CHICAGO, ILLINOIS 60601
<PAGE>
GREAT WEST CASUALTY COMPANY
PROFIT SHARING PLAN
REPORT ON AUDITS OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
for the years ended December 31, 1998 and 1997
<PAGE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
Index to Financial Statements
- -------------------------------------------------------------------------------
Page No.
--------
Report of Independent Accountants 1
Financial Statements:
Statements of Net Assets Available for Benefits at
December 31, 1998 and 1997 2
Statements of Changes in Net Assets Available for Benefits
for the Years Ended December 31, 1998 and 1997 3
Notes to Financial Statements 4 - 10
Supplemental Schedules:
Item 27a: Schedule of ASsets Held for Investment Purposes Exhibit I
Item 27d: Schedule of Reportable Transactions Exhibit II
<PAGE>
Report of Independent Accountants
To the Administrative Committee of
Great West Casualty Company Profit Sharing Plan:
In our opinion, the accompanying statements of net assets available for benefits
present fairly, in all material respects, the financial position of the Great
West Casualty Company Profit Sharing Plan (the 'Plan') at December 31, 1998 and
1997, and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility of
the Plan's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes at December 31, 1998 and reportable transactions for the
year ended December 31, 1998 are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules have been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ PricewaterhouseCoopers, LLP
Chicago, Illinois
March 26, 1999
<PAGE>
<TABLE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1998 AND 1997 2
- ------------------------------------------------------------------------------------------------
December 31,
---------------------------
1998 1997
----------- -----------
ASSETS:
<S> <C> <C>
Investments, at fair value:
Old Republic International Corporation (ORI) common stock $2,642,654 $2,362,209
Pooled Separate Accounts 14,599,261 11,073,494
Investment, at contract value:
CGLIC General Accounts 15,980,170 15,169,613
Participant loans 359,353 335,684
----------- -----------
Net assets available for benefits $33,581,438 $28,941,000
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 3
- ------------------------------------------------------------------------------------------------
Years Ended December 31,
---------------------------
1998 1997
----------- -----------
<S> <C> <C>
Additions:
Contributions:
Employer $2,423,095 $1,971,727
Employee 1,261,761 823,652
----------- -----------
Total contributions 3,684,856 2,795,379
----------- -----------
Investment Income:
Interest from CGLIC general accounts 778,596 787,454
Dividends from Old Republic International common stock 41,193 31,143
Net (depreciation) appreciation of investments (224,180) 653,923
Net investment gain from pooled separate accounts 2,532,756 1,907,763
----------- -----------
Total investment income 3,128,365 3,380,283
----------- -----------
Other additions 25,666 29,755
----------- -----------
Total additions 6,838,887 6,205,417
----------- -----------
Deductions:
Benefits paid to participants 2,182,666 614,288
Administrative expenses 4,357 2,847
Participant loans 11,426 (5,468)
----------- -----------
Total deductions 2,198,449 611,667
----------- -----------
Net additions 4,640,438 5,593,750
Net assets available for benefits:
Beginning of year 28,941,000 23,347,250
----------- -----------
End of year $33,581,438 28,941,000
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS 4
- --------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN
The following description of the Great West Casualty Company Profit Sharing Plan
(Plan) is provided for general information purposes only. Participants should
refer to the Plan agreement for a more complete description of the Plan's
Provisions.
(a) General
The Plan is a defined contribution plan covering all eligible employees of Great
West Casualty Company (the Company), as well as its affiliates, American General
Agency, Central Data Services, Great West Services, Inc., Great West
Underwriters, Joe Morten & Son, Inc., Lawson & Company Risk Management and
Insurance, Inc., Midwest Insurance, Inc., Motor-Ways, Inc., and Truckmen
Underwriters Agency, Inc. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA), as amended form time to time.
(b) Contributions and Participants Accounts
Participants may contribute 1% to 6% of their annual wages to the Plan. In 1998
and 1997, the Company made matching contributions to the Plan equal to 25% of
the employees' pre-tax contribution amount. Participants may elect to have their
contributions invested in any one or more of the ten separate investment funds
(CIGNA Guaranteed Long-Term Account, CIGNA Guaranteed Short-Term Account, CIGNA
Stock Market Index Account, CIGNA Separate Account - Fidelity Balanced Account,
CIGNA Separate Account - Fidelity Growth Opportunities Account, Old Republic
International Corporation (ORI) Stock Account, CIGNA Separate Account - INVESCO
Total Return Account, CIGNA Separate Account - Neuberger & Berman Guardian Trust
Account, CIGNA Separate Account - PBHG Growth Account, and CIGNA Separate
Account - Janus Worldwide Account). The Company may also contribute an
additional nonmatching amount out of its current or accumulated profits, if any,
as determined by the Company.
Each participant's account is credited with the participant's contribution, an
allocation of the Company's contributions and Plan earnings. Allocations are
based on participant account balances as defined. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's account.
(c) Eligibility and Vesting
Under the terms of the Plan, an employee shall become eligible for inclusion in
the Plan upon reaching age 21 with completion of 1,000 hours of service during
the twelve month period beginning with date of hire. Minimum age for vesting
service is 18 years.
All employee and employer matching contributions are immediately 100% vested.
Participants become fully vested in the value of the discretionary contributions
after 7 years of credited service.
(d) Payment of Benefits
On termination of service, reitrement, or death, a participant or his
beneficiary may elect to leave funds in the Plan or receive either a lump-sum
payment or purchase of a single premium life annuity contract. Net assets at
December 31, 1998 and 1997, include funds totaling $397,513 and $380,121,
respectively, which represent the account balance of retired and terminated
participants who have elected to leave the funds in the Plan upon retirement or
termination.
<PAGE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 5
- --------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN, Continued
(e) Forfeitures
All forfeitures are segregated until the employee has attained a five year
break-in-service. At that time forfeitures are allocated pro-rata to each
participant account according to their respective earnings for that year. There
were unallocated assets of $586,602 and $464,807 at December 31, 1998 and 1997,
respectively related to these forfeitures.
(f) Loans
Participants may elect to borrow from the Plan based upon specified conditions.
A participant may have only one outstanding loan at any time which must be for
at least $1,000. In no case shall the aggregate amount loaned to a participant
exceed the lesser of the following: (a) $50,000 reduced by the excess of the
highest outstanding balance of loans from the Plan during the one year period
ending on the date before the date of the loan to the participant; (b) 50% of
the participant's vested interest; or (c) 100% of the sum of the balances in the
participant's pre-tax contribution and matching contribution accounts. Interest
rates range from 7.00 percent to 10.00 percent. Principal and interest is paid
ratably through bi-weekly payroll deductions.
(g) Administrative Expenses
The Company provides administrative support for the Plan and pays for
administrative and trustee fees.
(h) Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of net assets available for benefits and disclosures
of contingent assets and liabilities at the date of the financial statements and
the changes in net assets available for benefits during the reporting period.
Actual results could differ from those estimates.
(i) Risks and Uncertainties
The Plan provides for various investment options in any combination of stocks,
bonds, fixed income securities, mutual funds, and other investment securities.
Investment securities are exposed to various risks, such as interest rate,
market and credit. Due to the level of risk associated with certain investment
securities and the level of uncertainty related to changes in the value of
investment securities, it is possible that changes in risks in the near term
would materially affect participants' account balances and the amounts reported
in the statement of net assets available for benefits and the statement of
changes in net assets available for benefits.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis.
Benefits are recorded when paid. The unit value of each account is determined at
the close of each business day.
<PAGE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 6
- --------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
(b) Investments
ORI common stock is stated at the closing market value on the last business day
of the year.
The Plan presents in the statements of changes in net assets available for
benefits the net appreciation (depreciation) in the fair value of the ORI
Account, which consists of the realized gains or losses and the unrealized
appreciation (depreciation) of this investment.
The Plan entered into a group annuity contract with Connecticut General Life
Insurance Company (CGLIC). CGLIC maintains contributions in a contract holder's
account and such contributions are allocated to separate investment funds
according to participant elections. The accounts are credited with earnings on
the underlying investments and charged for Plan benefits paid and deductions for
investment expenses, risk, profit and annual management fees charged by CGLIC.
The General Accounts are included in the financial statements at contract value
and the Separate Accounts are included in the financial statements at fair value
at December 31, 1998 and 1997 as reported to the Plan by CGLIC. Realized
investment gains and losses in the separate investment funds are recognized in
the year of sale.
NOTE 3 - ASSETS GREATER THAN 5% OF PLAN ASSETS
Investments that represent 5% or more of the plan assets are as follows:
December 31,
1998 1997
---- ----
CIGNA Guaranteed Long-Term Account $15,741,877 $14,959,981
CIGNA Stock Market Index Account 3,878,863 2,510,525
CIGNA Separate Account -
Fidelity Balanced Account 2,162,081 1,690,884
CIGNA Separate Account -
Fidelity Growth Opportunities Account 5,117,330 4,117,544
ORI Stock Account 2,642,654 2,362,209
CIGNA Separate Account - Janus Worldwide 1,690,822 -
NOTE 4 - FEDERAL INCOME TAXES
The Internal Revenue Service has determined and informed Great West Casualty
Company by a letter dated March 20, 1995, that the Plan is designed in
accordance with applicable sections of the Internal Revenue Code (IRC). The Plan
has not been amended since receiving the determination letter. Therefore, the
Plan's Committee Members believe that the Plan is designed and is currently
being operated in compliance with the applicable requirements of the IRC.
NOTE 5 - TERMINATIONS
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of plan termination,
participants shall become 100 percent vested in their accounts and entitled to a
distribution of their account balances.
<PAGE>
<TABLE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS 7
- -------------------------------------------------------------------------------
NOTE 6 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS
Ten separate investment funds are maintained under the Plan for the benefit of
participants. The allocation of net assets available for benefits to the
separate investment funds is as follows:
As of December 31, 1998
-----------------------
Guaranteed Guaranteed Stock Growth
Long-term Short-term Market Balanced Opportunity
Combined Account Account Index Account Account
-------- ------- ------- ----- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Old Republic International Corp.
(ORI) common stock $2,642,654 - - - - -
Pooled Separate Accounts 14,599,261 - - $3,878,863 $2,162,081 $5,117,330
Participant Loans 359,353 - - - - -
Investments, at contract value:
CGLIC General Accounts 15,980,170 $15,741,877 $238,293 - - -
--------------------------------------------------------------------------------------------
Net assets available for benefits $33,581,438 $15,741,877 $238,293 $3,878,863 $2,162,081 $5,117,330
============================================================================================
</TABLE>
<TABLE>
Old INVESCO Neuberger& Parti-
Republic Total Berman PBHG Janus cipant
Stock Return Guardian Growth Worldwide Loans
----- ------ -------- ------ --------- -----
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Old Republic International Corp.
(ORI) common stock $ 2,642,654 - - - - -
Pooled Separate Accounts - $545,015 $439,633 $765,517 $1,690,822 -
Participant Loans - - - - - $359,353
Investments, at contract value:
CGLIC General Accounts - - - - - -
---------------------------------------------------------------------------------------------
Net assets available for benefits $ 2,642,654 $545,015 $439,633 $765,517 $1,690,822 $359,353
=============================================================================================
</TABLE>
<PAGE>
<TABLE>
As of December 31, 1997
-----------------------
Guaranteed Guaranteed Stock Growth
Long-term Short-term Market Balanced Opportunity
Combined Account Account Index Account Account
-------- ------- ------- ----- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Old Republic International Corp.
(ORI) common stock $2,362,209 - - - - -
Pooled Separate Accounts 11,073,494 - - $2,510,525 $1,690,884 $4,117,544
Participant Loans 335,684 - - - - -
Investments, at contract value:
CGLIC General Accounts 15,169,613 14,959,981 209,632 - - -
--------------------------------------------------------------------------------------------
Net assets available for benefits $28,941,000 $14,959,981 $209,632 $2,510,525 $1,690,884 $4,117,544
============================================================================================
</TABLE>
<TABLE>
Old INVESCO Neuberger& Parti-
Republic Total Berman PBHG Janus cipant
Stock Return Guardian Growth Worldwide Loans
----- ------ -------- ------ --------- -----
<S> <C> <C> <C> <C> <C> <C>
Investments, at fair value:
Old Republic International Corp.
(ORI) common stock $ 2,362,209 - - - - -
Pooled Separate Accounts - $400,955 $411,461 $825,406 $1,116,719 -
Participant Loans - - - - - $335,684
Investments, at contract value:
CGLIC General Accounts - - - - - -
---------------------------------------------------------------------------------------------
Net assets available for benefits $ 2,362,209 $400,955 $411,461 $825,406 $1,116,719 $335,684
=============================================================================================
</TABLE>
<PAGE>
<TABLE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 8
- -------------------------------------------------------------------------------
NOTE 6 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS, Continued
The allocation of changes in net assets available to the separate investment
funds is as follows:
For the year ended December 31, 1998
------------------------------------
Guaranteed Guaranteed Stock Growth
Long-term Short-term Market Balanced Opportunity
Combined Account Account Index Account Account
-------- ------- ------- ----- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $2,423,095 $1,059,901 $16,536 $271,290 $189,430 $397,130
Employee 1,261,761 389,173 10,377 218,830 102,733 214,051
---------------------------------------------------------------------------------------------
3,684,856 1,449,074 26,913 490,120 292,163 611,181
---------------------------------------------------------------------------------------------
Investment Income:
Interest 778,596 769,338 9,258 - - -
Dividends 41,193 - - - - -
Net (depreciation) in fair
value of investments (224,180) - - - - -
Net investment gain (loss)
from Pooled Separate Accounts 2,532,756 - - 817,155 287,130 1,012,321
---------------------------------------------------------------------------------------------
3,128,365 769,338 9,258 817,155 287,130 1,012,321
---------------------------------------------------------------------------------------------
Other additions (deductions) 25,666 (29,125) 768 11,201 7,846 14,980
---------------------------------------------------------------------------------------------
Total additions 6,838,887 2,189,287 36,939 1,318,476 587,139 1,638,482
---------------------------------------------------------------------------------------------
Benefits paid to participants 2,182,666 1,048,185 5,963 205,144 156,380 278,333
Administrative expenses 4,357 466 22 176 171 357
Participant loans 11,426 547 706 (7,664) 235 8,567
Transfers between funds - 358,193 1,587 (247,518) (40,844) 351,439
---------------------------------------------------------------------------------------------
Total deductions 2,198,449 1,407,391 8,278 (49,862) 115,942 638,696
---------------------------------------------------------------------------------------------
Net increase (decrease) 4,640,438 781,896 28,661 1,368,338 471,197 999,786
Net assets available for benefits:
Beginning of year 28,941,000 14,959,981 209,632 2,510,525 1,690,884 4,117,544
---------------------------------------------------------------------------------------------
End of year $33,581,438 $15,741,877 $238,293 $3,878,863 $2,162,081 $5,117,330
=============================================================================================
</TABLE>
<PAGE>
<TABLE>
Old INVESCO Neuberger& Parti-
Republic Total Berman PBHG Janus cipant
Stock Return Guardian Growth Worldwide Loans
----- ------ -------- ------ --------- -----
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $149,238 $35,284 $58,511 $113,358 $132,417 -
Employee 61,813 48,765 44,812 62,381 108,826 -
--------------------------------------------------------------------------------------------
211,051 84,049 103,323 175,739 241,243 -
--------------------------------------------------------------------------------------------
Investment Income:
Interest - - - - - -
Dividends 41,193 - - - - -
Net (depreciation) in fair
value of investments (224,180) - - - - -
Net Investment gain (loss)
from Separate Accounts - 60,743 18,789 8,349 328,269 -
--------------------------------------------------------------------------------------------
(182,987) 60,743 18,789 8,349 328,269 -
--------------------------------------------------------------------------------------------
Other additions (deductions) 6,405 1,266 3,087 4,060 5,178 -
--------------------------------------------------------------------------------------------
Total additions 34,469 146,058 125,199 188,148 574,690 -
--------------------------------------------------------------------------------------------
Benefits paid to participants 188,692 21,618 104,550 47,000 126,801 -
Administrative expenses 2,971 12 55 45 82 -
Participant loans 37,790 (339) (858) (1,632) (2,257) (23,669)
Transfers between funds (475,429) (19,293) (6,720) 202,624 (124,039) -
--------------------------------------------------------------------------------------------
Total deductions (245,976) 1,998 97,027 248,037 587 (23,669)
--------------------------------------------------------------------------------------------
Net increase (decrease) 280,445 144,060 28,172 (59,889) 574,103 23,669
Net assets available for benefits:
Beginning of year 2,362,209 400,955 411,461 825,406 1,116,719 335,684
--------------------------------------------------------------------------------------------
End of year $2,642,654 $545,015 $439,633 $765,517 $1,690,822 $359,353
============================================================================================
</TABLE>
<PAGE>
<TABLE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 9
- -------------------------------------------------------------------------------
NOTE 6 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS, Continued
The allocation of changes in net assets available to the separate investment
funds is as follows:
For the year ended December 31, 1997
------------------------------------
Guaranteed Guaranteed Stock Growth
Long-term Short-term Market Balanced Opportunity
Combined Account Account Index Account Account
-------- ------- ------- ----- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $1,971,727 $843,263 $20,194 $197,695 $212,174 $384,301
Employee 823,652 181,828 13,946 122,480 91,210 181,585
---------------------------------------------------------------------------------------------
2,795,379 1,025,091 34,140 320,175 303,384 565,886
---------------------------------------------------------------------------------------------
Investment Income:
Interest 787,454 777,603 9,851 - - -
Dividends 31,143 - - - - -
Net appreciation in fair
value of investments 653,923 - - - - -
Net investment gain (loss)
from Separate Accounts 1,907,763 - - 561,851 289,920 896,946
---------------------------------------------------------------------------------------------
3,380,283 777,603 9,851 561,851 289,920 896,946
---------------------------------------------------------------------------------------------
Other additions (deductions) 29,755 (37,236) 916 11,657 12,723 22,846
---------------------------------------------------------------------------------------------
Total additions 6,205,417 1,765,458 44,907 893,683 606,027 1,485,678
---------------------------------------------------------------------------------------------
Benefits paid to participants 614,288 315,781 13,631 45,239 59,470 108,213
Administrative expenses 2,847 430 30 268 224 366
Participant loans (5,468) (7,522) 740 12,711 6,333 21,983
Transfers between funds - 1,514,630 27,492 (205,807) (42,310) 23,070
---------------------------------------------------------------------------------------------
Total deductions 611,667 1,823,319 41,893 (148,589) 23,717 153,632
---------------------------------------------------------------------------------------------
Net increase (decrease) 5,593,750 (57,861) 3,014 1,041,272 582,310 1,332,046
Net assets available for benefits:
Beginning of year 23,347,250 15,017,842 206,618 1,469,253 1,108,574 2,785,498
---------------------------------------------------------------------------------------------
End of year $28,941,000 $14,959,981 $209,632 $2,510,525 $1,690,884 $4,117,544
=============================================================================================
</TABLE>
<PAGE>
<TABLE>
Old INVESCO Neuberger& Parti-
Republic Total Berman PBHG Janus cipant
Stock Return Guardian Growth Worldwide Loans
----- ------ -------- ------ --------- -----
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $152,687 $13,343 $14,618 $66,395 $67,057 -
Employee 69,807 16,663 26,269 53,516 66,348 -
--------------------------------------------------------------------------------------------
222,494 30,006 40,887 119,911 133,405 -
--------------------------------------------------------------------------------------------
Investment Income:
Interest - - - - - -
Dividends 31,143 - - - - -
Net appreciation in fair
value of investments 653,923 - - - - -
Net Investment gain (loss)
from Separate Accounts - 39,829 33,341 (34,179) 120,055 -
--------------------------------------------------------------------------------------------
685,066 39,829 33,341 (34,179) 120,055 -
--------------------------------------------------------------------------------------------
Other additions (deductions) 9,732 682 1,520 3,441 3,474 -
--------------------------------------------------------------------------------------------
Total additions 917,292 70,517 75,748 89,173 256,934 -
--------------------------------------------------------------------------------------------
Benefits paid to participants 38,900 - 4,573 9,914 18,567 -
Administrative expenses 1,417 1 6 13 92 -
Participant loans 14,156 (404) (1,174) (4,514) (1,208) (46,569)
Transfers between funds (43,895) (281,865) (159,603) (355,904) (475,808) -
--------------------------------------------------------------------------------------------
Total deductions 10,578 (282,268) (156,198) (350,491) (458,357) (46,569)
--------------------------------------------------------------------------------------------
Net increase (decrease) 906,714 352,785 231,946 439,664 715,291 46,569
Net assets available for benefits:
Beginning of year 1,455,495 48,170 179,515 385,742 401,428 289,115
--------------------------------------------------------------------------------------------
End of year $2,362,209 $400,955 $411,461 $825,406 $1,116,719 $335,684
============================================================================================
</TABLE>
<PAGE>
<TABLE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS, Continued 10
- -------------------------------------------------------------------------------
NOTE 6 - ALLOCATION OF NET ASSETS AVAILABLE FOR BENEFITS AND CHANGES IN NET
ASSETS AVAILABLE FOR BENEFITS, Continued
The fund unit values at December 31, 1998 are summarized as follows:
Unit
Units Value
---------- ---------
<S> <C> <C>
Guaranteed Long-term Account 240,533 $65.45
Guaranteed Short-term Account 4,908 48.55
Stock Market Index 62,131 62.43
Balanced Account 68,294 31.66
Growth Opportunity Account 66,804 76.60
ORI Stock Account 117,451 22.50
INVESCO Total Return 14,126 38.58
Neuberger & Berman Guardian 22,744 19.33
PBHG Growth 30,390 25.19
Janus Worldwide 31,491 53.69
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Committee has duly caused this annual report to be signed on behalf of the
undersigned, thereunto duly authorized.
GREAT WEST PROFIT SHARING PLAN, Registrant
By, /s/ Allen J. Johnson
--------------------------------------
Allen J. Johnson, Plan Committee
By, /s/ Michael P. Krehbiel
--------------------------------------
Michael P. Krehbiel, Plan Committee
By, /s/ R. Scott Rager
--------------------------------------
R. Scott Rager, Plan Committee
By, /s/ Gaylen L. TenHulzen
--------------------------------------
Gaylen L. TenHulzen, Plan Committee
By, /s/ Scott A. Wilson
--------------------------------------
Scott A. Wilson, Plan Committee
Dated: March 26, 1999
<PAGE>
SUPPLEMENTAL SCHEDULES
<PAGE>
<TABLE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
SUPPLEMENTAL SCHEDULES
for the years ended December 31, 1998 and 1997 Exhibit I
- --------------------------------------------------------------------------------
ITEM 27a: SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
---------------------------------------------------------
Contract/
Description of Investment Historical Current
Identity of Issue including interest rate Cost Value
- ----------------- ---------------------------- ----------- -----------
<S> <C> <C> <C> <C>
CIGNA Guaranteed Long-Term Account Long-term investment fund $15,741,877 $15,741,877
CIGNA Guaranteed Short-Term Account Short-term investment fund 238,293 238,293
CIGNA Stock Market Index Account Pooled separate account 2,509,242 3,878,863
CIGNA Separate Account - Fidelity Balanced Account Pooled separate account 1,548,192 2,162,081
CIGNA Separate Account - Fidelity Growth Opportunity Account Pooled separate account 3,003,613 5,117,330
ORI Stock Account Common Stock 1,972,381 2,642,654
CIGNA Separate Account - INVESCO Total Return Account Pooled separate account 448,240 545,015
CIGNA Separate Account - Neuberger & Berman Guardian Trust Account Pooled separate account 407,438 439,633
CIGNA Separate Account - PBHG Growth Account Pooled separate account 768,011 765,517
CIGNA Separate Account - Janus Worldwide Account Pooled separate account 1,346,531 1,690,822
Participants loans, interest rates - 359,353
range from 7.00% to 10.00%
</TABLE>
<PAGE>
<TABLE>
GREAT WEST CASUALTY COMPANY PROFIT SHARING PLAN
SUPPLEMENTAL SCHEDULES
for the year ended December 31, 1998 Exhibit II
- --------------------------------------------------------------------------------
ITEM 27D: SCHEDULE OF REPORTABLE TRANSACTIONS
---------------------------------------------
Identity
Number of of party Date of Transaction Cost of Net gain
Transactions involved Description of Asset Transaction price asset or loss
- ------------ -------- ---------------------------------- ----------- ----------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Purchases of units in
71 CGLIC CIGNA Guaranteed Long-Term Account Various $2,453,038 $2,453,038 N/A
Sales of units in
118 CGLIC CIGNA Guaranteed Long-Term Account Various $2,787,609 $2,787,609 $0
Purchases of units in
84 CGLIC CIGNA Stock Market Index Account Various $1,147,270 $1,147,270 N/A
Sales of units in
61 CGLIC CIGNA Stock Market Index Account Various $603,003 $421,276 $181,727
Purchases of units in
68 CGLIC CIGNA Separate Account - Fidelity Various
Growth Opportunities Account $968,246 $968,246 N/A
Sales of units in
80 CGLIC CIGNA Separate Account - Fidelity
Growth Opportunities Account Various $986,689 $634,305 $352,384
Purchases of units in
62 ORI Stock Account Various $956,894 $956,894 N/A
Sales of units in
51 ORI Stock Account Various $444,143 $242,844 $201,299
</TABLE>
