RLI Reports Third Quarter 2023 Results
- RLI Corp. reports an 11% increase in gross premiums written for Q3 2023.
- Net investment income for Q3 2023 increased by 50%.
- Book value per share increased by 13% from year-end 2022.
- Net earnings for Q3 2023 decreased significantly compared to Q3 2022.
- Losses from Hawaiian wildfires resulted in a $58.2 million net decrease in underwriting income.
Operating earnings(1)(2) for the third quarter of 2023 were
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Third Quarter |
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Year to Date |
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Earnings Per Diluted Share |
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2023 |
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2022 |
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2023 |
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2022 |
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Net earnings |
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$ |
0.29 |
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$ |
9.61 |
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$ |
4.12 |
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$ |
10.61 |
Operating earnings (1) (2) |
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$ |
0.61 |
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$ |
0.50 |
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$ |
3.40 |
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$ |
3.15 |
(1) |
See discussion below: Non-GAAP and Performance Measures. |
(2) |
Equity in earnings of Maui Jim and the related taxes were excluded from operating earnings per share in 2022 due to the sale of RLI’s investment in Maui Jim in the third quarter of 2022. |
Highlights for the quarter included:
-
Underwriting income(1) of
$4.2 million -
11% increase in gross premiums written. -
50% increase in net investment income. -
Favorable development in prior years’ loss reserves, resulting in a
$19.8 million -
Losses from Hawaiian wildfires, resulting in a
$58.2 million -
Book value per share of
$28.47 13% (inclusive of dividends) from year-end 2022.
“We have been working diligently to help our policyholders recover from the devastating Hawaiian wildfires that occurred in the quarter,” said RLI Corp. President & CEO Craig Kliethermes. “This event contributed 17 points to our combined ratio. Despite this impact, our diversified portfolio delivered underwriting profitability and an
Underwriting Income
RLI achieved
Results for both years include favorable development in prior years’ loss reserves, which resulted in a
The following table highlights underwriting income and combined ratios by segment for the third quarter.
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Underwriting Income (Loss)(1) |
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Combined Ratio(1) |
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(in millions) |
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2023 |
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2022 |
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2023 |
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2022 |
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Casualty |
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$ |
18.7 |
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$ |
11.3 |
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Casualty |
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90.1 |
|
93.7 |
Property |
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(20.7 |
) |
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(8.3 |
) |
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Property |
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121.8 |
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110.3 |
Surety |
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6.2 |
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5.8 |
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Surety |
|
81.7 |
|
81.4 |
Total |
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$ |
4.2 |
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$ |
8.8 |
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Total |
|
98.7 |
|
97.0 |
| (1) | See discussion below: Non-GAAP and Performance Measures. |
Other Income
Net investment income for the quarter increased
RLI’s comprehensive loss was
Dividends Paid in Third Quarter of 2023
On September 20, 2023, the company paid a regular quarterly dividend of
Non-GAAP and Performance Measures
Management has included certain non-generally accepted accounting principles (non-GAAP) financial measures in presenting the company’s results. Management believes that these non-GAAP measures further explain the company’s results of operations and allow for a more complete understanding of the underlying trends in the company’s business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (GAAP). In addition, our definitions of these items may not be comparable to the definitions used by other companies.
Operating earnings and operating earnings per share (EPS) consist of our GAAP net earnings adjusted by net realized gains/(losses), net unrealized gains/(losses) on equity securities and taxes related thereto. Additionally, equity in earnings of Maui Jim and the related taxes were excluded from operating earnings and operating EPS for 2022 due to the sale of RLI’s investment in the third quarter of 2022. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and operating EPS. A reconciliation of the operating earnings and operating EPS to the comparable GAAP financial measures is included in the 2023 financial highlights below.
Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting loss and settlement expenses, policy acquisition costs and insurance operating expenses from net premium earned, which are all GAAP financial measures. The combined ratio, which is derived from components of underwriting income, is a performance measure commonly used by property and casualty insurance companies and is calculated as the sum of loss and settlement expenses, policy acquisition costs and insurance operating expenses, divided by net premiums earned, which are all GAAP measures.
Other News
At 10 a.m. central daylight time (CDT) tomorrow, October 24, 2023, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at https://events.q4inc.com/attendee/461007055.
Except for historical information, this news release may include forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectations about the future performance of our company or our business segments or about future market conditions. These statements are subject to certain risk factors that could cause actual results to differ materially. Various risk factors that could affect future results are listed in the company's filings with the Securities and Exchange Commission, including the Form 10-K Annual Report for the year ended December 31, 2022.
About RLI
RLI Corp. (NYSE: RLI) is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI’s products are offered through its insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI’s insurance subsidiaries are rated A+ (Superior) by AM Best Company. RLI has paid and increased regular dividends for 48 consecutive years and delivered underwriting profits for 27 consecutive years. To learn more about RLI, visit www.rlicorp.com.
Supplemental disclosure regarding the earnings impact of specific items:
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Reserve Development and Catastrophe Losses, |
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Net of Reinsurance |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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(Dollars in millions, except per share amounts) |
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2023 |
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2022 |
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2023 |
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2022 |
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Favorable development in casualty prior years' reserves |
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$ |
22.1 |
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$ |
28.2 |
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$ |
67.0 |
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$ |
72.9 |
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Favorable (unfavorable) development in property prior years' reserves |
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$ |
(1.9 |
) |
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$ |
3.3 |
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$ |
14.3 |
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$ |
20.8 |
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Favorable development in surety prior years' reserves |
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$ |
0.8 |
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$ |
1.8 |
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$ |
8.2 |
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$ |
9.3 |
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Net incurred losses related to: |
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2023 storms |
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$ |
(5.0 |
) |
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$ |
— |
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$ |
(27.0 |
) |
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$ |
— |
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Hawaiian wildfires |
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$ |
(51.6 |
) |
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$ |
— |
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$ |
(51.6 |
) |
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$ |
— |
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2022 and prior events |
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$ |
1.4 |
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$ |
(40.0 |
) |
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$ |
4.5 |
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$ |
(45.0 |
) |
Reinstatement premium from Hawaiian wildfires |
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$ |
(14.4 |
) |
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$ |
— |
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$ |
(14.4 |
) |
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$ |
— |
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Operating Earnings Per Share |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Operating Earnings Per Share(1) (2) |
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$ |
0.61 |
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$ |
0.50 |
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$ |
3.40 |
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$ |
3.15 |
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Specific items included in operating earnings per share:(3) (4) |
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Net favorable development in casualty prior years' reserves |
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$ |
0.33 |
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$ |
0.44 |
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$ |
1.00 |
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$ |
1.11 |
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Net favorable (unfavorable) development in property prior years' reserves |
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$ |
(0.04 |
) |
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$ |
0.04 |
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$ |
0.20 |
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$ |
0.31 |
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Net favorable development in surety prior years' reserves |
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$ |
0.01 |
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$ |
0.02 |
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$ |
0.12 |
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$ |
0.13 |
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Net incurred losses related to: |
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2023 storms |
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$ |
(0.07 |
) |
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$ |
— |
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$ |
(0.40 |
) |
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$ |
— |
|
Hawaiian wildfires (incurred loss and reinstatement premium) |
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$ |
(0.97 |
) |
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$ |
— |
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$ |
(0.97 |
) |
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$ |
— |
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2022 and prior events |
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$ |
0.02 |
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$ |
(0.60 |
) |
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$ |
0.06 |
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$ |
(0.68 |
) |
| (1) | See discussion above: Non-GAAP and Performance Measures. |
| (2) | Equity in earnings of Maui Jim and the related taxes were excluded from operating earnings per share in 2022 due to the sale of RLI’s investment in Maui Jim in the third quarter of 2022. |
(3) |
Includes incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses. |
(4) |
Reserve development reflects changes from previously estimated losses. |
RLI CORP 2023 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share amounts) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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SUMMARIZED INCOME STATEMENT DATA: |
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2023 |
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2022 |
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% Change |
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2023 |
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2022 |
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% Change |
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Net premiums earned |
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$ |
318,409 |
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$ |
291,468 |
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9.2 |
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% |
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$ |
948,412 |
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$ |
843,430 |
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12.4 |
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% |
Net investment income |
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31,963 |
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|
21,270 |
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50.3 |
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% |
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87,835 |
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|
57,625 |
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52.4 |
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% |
Net realized gains |
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|
6,558 |
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573,170 |
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(98.9 |
) |
% |
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26,758 |
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591,562 |
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(95.5 |
) |
% |
Net unrealized gains (losses) on equity securities |
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(25,236 |
) |
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(26,414 |
) |
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(4.5 |
) |
% |
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15,474 |
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(155,218 |
) |
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NM |
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Consolidated revenue |
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$ |
331,694 |
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$ |
859,494 |
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(61.4 |
) |
% |
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$ |
1,078,479 |
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$ |
1,337,399 |
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(19.4 |
) |
% |
Loss and settlement expenses |
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|
189,558 |
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|
165,089 |
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14.8 |
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% |
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|
457,989 |
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|
388,527 |
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|
17.9 |
|
% |
Policy acquisition costs |
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|
103,013 |
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|
96,977 |
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6.2 |
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% |
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|
307,083 |
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|
271,879 |
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12.9 |
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% |
Insurance operating expenses |
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21,591 |
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|
20,606 |
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4.8 |
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% |
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70,002 |
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58,794 |
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19.1 |
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% |
Interest expense on debt |
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1,873 |
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|
2,013 |
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(7.0 |
) |
% |
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5,928 |
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6,034 |
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(1.8 |
) |
% |
General corporate expenses |
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|
2,372 |
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|
2,755 |
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(13.9 |
) |
% |
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10,805 |
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|
8,553 |
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|
26.3 |
|
% |
Total expenses |
|
$ |
318,407 |
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$ |
287,440 |
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|
10.8 |
|
% |
|
$ |
851,807 |
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$ |
733,787 |
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|
16.1 |
|
% |
Equity in earnings (loss) of unconsolidated investees |
|
|
1,732 |
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(17,352 |
) |
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NM |
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7,169 |
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|
3,061 |
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|
134.2 |
|
% |
Earnings before income taxes |
|
$ |
15,019 |
|
|
$ |
554,702 |
|
|
(97.3 |
) |
% |
|
$ |
233,841 |
|
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$ |
606,673 |
|
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|
(61.5 |
) |
% |
Income tax expense |
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|
1,483 |
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|
114,809 |
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(98.7 |
) |
% |
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|
43,842 |
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|
121,096 |
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(63.8 |
) |
% |
Net earnings |
|
$ |
13,536 |
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$ |
439,893 |
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(96.9 |
) |
% |
|
$ |
189,999 |
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$ |
485,577 |
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(60.9 |
) |
% |
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Other comprehensive earnings (loss), net of tax |
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(56,834 |
) |
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|
(81,248 |
) |
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(30.0 |
) |
% |
|
|
(38,848 |
) |
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|
(294,392 |
) |
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|
(86.8 |
) |
% |
Comprehensive earnings (loss) |
|
$ |
(43,298 |
) |
|
$ |
358,645 |
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NM |
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|
$ |
151,151 |
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$ |
191,185 |
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(20.9 |
) |
% |
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Operating earnings(1): |
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Net earnings |
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$ |
13,536 |
|
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$ |
439,893 |
|
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(96.9 |
) |
% |
|
$ |
189,999 |
|
|
$ |
485,577 |
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|
(60.9 |
) |
% |
Less: |
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Net realized gains |
|
|
(6,558 |
) |
|
|
(573,170 |
) |
|
(98.9 |
) |
% |
|
|
(26,758 |
) |
|
|
(591,562 |
) |
|
|
(95.5 |
) |
% |
Income tax on realized gains |
|
|
1,377 |
|
|
|
121,199 |
|
|
(98.9 |
) |
% |
|
|
5,619 |
|
|
|
125,061 |
|
|
|
(95.5 |
) |
% |
Net unrealized (gains) losses on equity securities |
|
|
25,236 |
|
|
|
26,414 |
|
|
(4.5 |
) |
% |
|
|
(15,474 |
) |
|
|
155,218 |
|
|
|
NM |
|
|
Income tax on unrealized gains (losses) on equity securities |
|
|
(5,299 |
) |
|
|
(5,547 |
) |
|
(4.5 |
) |
% |
|
|
3,250 |
|
|
|
(32,596 |
) |
|
|
NM |
|
|
Equity in earnings of Maui Jim |
|
|
— |
|
|
|
17,993 |
|
|
(100.0 |
) |
% |
|
|
— |
|
|
|
3,121 |
|
|
|
(100.0 |
) |
% |
Income tax on equity in earnings of Maui Jim |
|
|
— |
|
|
|
(3,778 |
) |
|
(100.0 |
) |
% |
|
|
— |
|
|
|
(655 |
) |
|
|
(100.0 |
) |
% |
Operating earnings(2) |
|
$ |
28,292 |
|
|
$ |
23,004 |
|
|
23.0 |
|
% |
|
$ |
156,636 |
|
|
$ |
144,164 |
|
|
|
8.7 |
|
% |
|
|
|
|
|
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Return on Equity: |
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Net earnings (trailing four quarters) |
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|
|
|
|
|
|
|
|
|
|
22.1 |
|
% |
|
47.8 |
|
% |
|
|
|
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Comprehensive earnings (trailing four quarters) |
|
|
|
|
|
|
|
|
|
|
|
20.3 |
|
% |
|
22.2 |
|
% |
|
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Per Share Data: |
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Diluted: |
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Weighted average shares outstanding (in 000's) |
|
|
46,065 |
|
|
|
45,775 |
|
|
|
|
|
|
46,067 |
|
|
|
45,775 |
|
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Net earnings per share(2) |
|
$ |
0.29 |
|
|
$ |
9.61 |
|
|
(97.0 |
) |
% |
|
$ |
4.12 |
|
|
$ |
10.61 |
|
|
|
(61.2 |
) |
% |
Less: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Net realized gains |
|
|
(0.14 |
) |
|
|
(12.53 |
) |
|
(98.9 |
) |
% |
|
|
(0.58 |
) |
|
|
(12.93 |
) |
|
|
(95.5 |
) |
% |
Income tax on realized gains |
|
|
0.03 |
|
|
|
2.65 |
|
|
(98.9 |
) |
% |
|
|
0.13 |
|
|
|
2.73 |
|
|
|
(95.2 |
) |
% |
Net unrealized (gains) losses on equity securities |
|
|
0.55 |
|
|
|
0.58 |
|
|
(5.2 |
) |
% |
|
|
(0.34 |
) |
|
|
3.39 |
|
|
|
NM |
|
|
Income tax on unrealized gains (losses) on equity securities |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
|
— |
|
% |
|
|
0.07 |
|
|
|
(0.71 |
) |
|
|
NM |
|
|
Equity in earnings of Maui Jim |
|
|
— |
|
|
|
0.39 |
|
|
(100.0 |
) |
% |
|
|
— |
|
|
|
0.07 |
|
|
|
(100.0 |
) |
% |
Income tax on equity in earnings of Maui Jim |
|
|
— |
|
|
|
(0.08 |
) |
|
(100.0 |
) |
% |
|
|
— |
|
|
|
(0.01 |
) |
|
|
(100.0 |
) |
% |
Operating earnings per share(1)(2) |
|
$ |
0.61 |
|
|
$ |
0.50 |
|
|
22.0 |
|
% |
|
$ |
3.40 |
|
|
$ |
3.15 |
|
|
|
7.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Comprehensive earnings (loss) per share |
|
$ |
(0.94 |
) |
|
$ |
7.84 |
|
|
NM |
|
|
|
$ |
3.28 |
|
|
$ |
4.18 |
|
|
|
(21.5 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash dividends per share - ordinary |
|
$ |
0.27 |
|
|
$ |
0.26 |
|
|
3.8 |
|
% |
|
$ |
0.80 |
|
|
$ |
0.77 |
|
|
|
3.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net Cash Flow provided by Operations |
|
$ |
85,030 |
|
|
$ |
112,241 |
|
|
(24.2 |
) |
% |
|
$ |
328,625 |
|
|
$ |
282,886 |
|
|
|
16.2 |
|
% |
| (1) | See discussion above: Non-GAAP and Performance Measures. |
| (2) | Equity in earnings of Maui Jim and the related taxes were excluded from operating earnings and operating earnings per share in 2022 due to the sale of RLI’s investment in Maui Jim in the third quarter of 2022. |
|
|
| NM = Not Meaningful | |
RLI CORP 2023 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share amounts) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|||
|
|
2023 |
|
2022 |
|
% Change |
|
|||
SUMMARIZED BALANCE SHEET DATA: |
|
|
|
|
|
|
|
|
|
|
Fixed income, at fair value |
|
$ |
2,717,627 |
|
$ |
2,666,950 |
|
1.9 |
|
% |
(amortized cost - |
|
|
|
|
|
|
|
|
|
|
(amortized cost - |
|
|
|
|
|
|
|
|
|
|
Equity securities, at fair value |
|
|
534,436 |
|
|
498,382 |
|
7.2 |
|
% |
(cost - |
|
|
|
|
|
|
|
|
|
|
(cost - |
|
|
|
|
|
|
|
|
|
|
Short-term investments |
|
|
125,032 |
|
|
36,229 |
|
245.1 |
|
% |
Other invested assets |
|
|
59,730 |
|
|
47,922 |
|
24.6 |
|
% |
Cash and cash equivalents |
|
|
18,445 |
|
|
22,818 |
|
(19.2 |
) |
% |
Total investments and cash |
|
$ |
3,455,270 |
|
$ |
3,272,301 |
|
5.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Accrued investment income |
|
|
25,328 |
|
|
21,259 |
|
19.1 |
|
% |
Premiums and reinsurance balances receivable |
|
|
225,821 |
|
|
189,501 |
|
19.2 |
|
% |
Ceded unearned premiums |
|
|
111,072 |
|
|
138,457 |
|
(19.8 |
) |
% |
Reinsurance balances recoverable on unpaid losses |
|
|
820,954 |
|
|
740,089 |
|
10.9 |
|
% |
Deferred policy acquisition costs |
|
|
150,666 |
|
|
127,859 |
|
17.8 |
|
% |
Property and equipment |
|
|
48,596 |
|
|
49,573 |
|
(2.0 |
) |
% |
Investment in unconsolidated investees |
|
|
56,110 |
|
|
58,275 |
|
(3.7 |
) |
% |
Goodwill and intangibles |
|
|
53,562 |
|
|
53,562 |
|
0.0 |
|
% |
Income taxes - deferred |
|
|
51,403 |
|
|
40,269 |
|
27.6 |
|
% |
Other assets |
|
|
84,744 |
|
|
75,923 |
|
11.6 |
|
% |
Total assets |
|
$ |
5,083,526 |
|
$ |
4,767,068 |
|
6.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Unpaid losses and settlement expenses |
|
$ |
2,488,695 |
|
$ |
2,315,637 |
|
7.5 |
|
% |
Unearned premiums |
|
|
906,139 |
|
|
785,085 |
|
15.4 |
|
% |
Reinsurance balances payable |
|
|
56,570 |
|
|
61,100 |
|
(7.4 |
) |
% |
Funds held |
|
|
103,424 |
|
|
101,144 |
|
2.3 |
|
% |
Income taxes - current |
|
|
5,546 |
|
|
— |
|
NM |
|
|
Debt |
|
|
100,000 |
|
|
199,863 |
|
(50.0 |
) |
% |
Accrued expenses |
|
|
85,640 |
|
|
94,869 |
|
(9.7 |
) |
% |
Other liabilities |
|
|
38,421 |
|
|
32,029 |
|
20.0 |
|
% |
Total liabilities |
|
$ |
3,784,435 |
|
$ |
3,589,727 |
|
5.4 |
|
% |
Shareholders' equity |
|
|
1,299,091 |
|
|
1,177,341 |
|
10.3 |
|
% |
Total liabilities & shareholders' equity |
|
$ |
5,083,526 |
|
$ |
4,767,068 |
|
6.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA: |
|
|
|
|
|
|
|
|
|
|
Common shares outstanding (in 000's) |
|
|
45,626 |
|
|
45,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
28.47 |
|
$ |
25.89 |
|
10.0 |
|
% |
Closing stock price per share |
|
$ |
135.89 |
|
$ |
131.27 |
|
3.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Statutory surplus |
|
$ |
1,509,538 |
|
$ |
1,437,324 |
|
5.0 |
|
% |
RLI CORP 2023 FINANCIAL HIGHLIGHTS UNDERWRITING SEGMENT DATA (Unaudited) (Dollars in thousands, except per share amounts) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
|
Casualty |
|
Ratios |
|
Property |
|
Ratios |
|
Surety |
|
Ratios |
|
Total |
|
Ratios |
|
|||||
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Gross premiums written |
|
$ |
254,307 |
|
|
|
$ |
158,590 |
|
|
|
|
$ |
36,427 |
|
|
|
$ |
449,324 |
|
|
|
Net premiums written |
|
|
207,177 |
|
|
|
|
93,207 |
|
|
|
|
|
34,340 |
|
|
|
|
334,724 |
|
|
|
Net premiums earned |
|
|
189,305 |
|
|
|
|
94,988 |
|
|
|
|
|
34,116 |
|
|
|
|
318,409 |
|
|
|
Net loss & settlement expenses |
|
|
101,750 |
|
53.7 |
% |
|
81,932 |
|
|
86.3 |
% |
|
5,876 |
|
17.2 |
% |
|
189,558 |
|
59.5 |
% |
Net operating expenses |
|
|
68,885 |
|
36.4 |
% |
|
33,727 |
|
|
35.5 |
% |
|
21,992 |
|
64.5 |
% |
|
124,604 |
|
39.2 |
% |
Underwriting income (loss)(1) |
|
$ |
18,670 |
|
90.1 |
% |
$ |
(20,671 |
) |
|
121.8 |
% |
$ |
6,248 |
|
81.7 |
% |
$ |
4,247 |
|
98.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Gross premiums written |
|
$ |
240,366 |
|
|
|
$ |
126,083 |
|
|
|
|
$ |
37,301 |
|
|
|
$ |
403,750 |
|
|
|
Net premiums written |
|
|
192,615 |
|
|
|
|
90,961 |
|
|
|
|
|
35,256 |
|
|
|
|
318,832 |
|
|
|
Net premiums earned |
|
|
179,615 |
|
|
|
|
80,844 |
|
|
|
|
|
31,009 |
|
|
|
|
291,468 |
|
|
|
Net loss & settlement expenses |
|
|
100,714 |
|
56.1 |
% |
|
59,347 |
|
|
73.4 |
% |
|
5,028 |
|
16.2 |
% |
|
165,089 |
|
56.6 |
% |
Net operating expenses |
|
|
67,572 |
|
37.6 |
% |
|
29,805 |
|
|
36.9 |
% |
|
20,206 |
|
65.2 |
% |
|
117,583 |
|
40.4 |
% |
Underwriting income (loss)(1) |
|
$ |
11,329 |
|
93.7 |
% |
$ |
(8,308 |
) |
|
110.3 |
% |
$ |
5,775 |
|
81.4 |
% |
$ |
8,796 |
|
97.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
Casualty |
|
Ratios |
|
Property |
|
Ratios |
|
Surety |
|
Ratios |
|
Total |
|
Ratios |
|
||||
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
723,198 |
|
|
|
$ |
539,325 |
|
|
|
$ |
109,777 |
|
|
|
$ |
1,372,300 |
|
|
|
Net premiums written |
|
|
597,356 |
|
|
|
|
395,903 |
|
|
|
|
103,591 |
|
|
|
|
1,096,850 |
|
|
|
Net premiums earned |
|
|
562,384 |
|
|
|
|
285,596 |
|
|
|
|
100,432 |
|
|
|
|
948,412 |
|
|
|
Net loss & settlement expenses |
|
|
296,633 |
|
52.7 |
% |
|
149,508 |
|
52.3 |
% |
|
11,848 |
|
11.8 |
% |
|
457,989 |
|
48.3 |
% |
Net operating expenses |
|
|
208,273 |
|
37.1 |
% |
|
102,499 |
|
35.9 |
% |
|
66,313 |
|
66.0 |
% |
|
377,085 |
|
39.7 |
% |
Underwriting income (loss)(1) |
|
$ |
57,478 |
|
89.8 |
% |
$ |
33,589 |
|
88.2 |
% |
$ |
22,271 |
|
77.8 |
% |
$ |
113,338 |
|
88.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
704,502 |
|
|
|
$ |
371,529 |
|
|
|
$ |
105,667 |
|
|
|
$ |
1,181,698 |
|
|
|
Net premiums written |
|
|
569,475 |
|
|
|
|
273,312 |
|
|
|
|
100,254 |
|
|
|
|
943,041 |
|
|
|
Net premiums earned |
|
|
528,494 |
|
|
|
|
222,974 |
|
|
|
|
91,962 |
|
|
|
|
843,430 |
|
|
|
Net loss & settlement expenses |
|
|
278,813 |
|
52.8 |
% |
|
100,187 |
|
44.9 |
% |
|
9,527 |
|
10.4 |
% |
|
388,527 |
|
46.1 |
% |
Net operating expenses |
|
|
189,263 |
|
35.8 |
% |
|
82,514 |
|
37.0 |
% |
|
58,896 |
|
64.0 |
% |
|
330,673 |
|
39.2 |
% |
Underwriting income (loss)(1) |
|
$ |
60,418 |
|
88.6 |
% |
$ |
40,273 |
|
81.9 |
% |
$ |
23,539 |
|
74.4 |
% |
$ |
124,230 |
|
85.3 |
% |
(1) |
See discussion above: Non-GAAP and Performance Measures. |
Category: Earnings Release
View source version on businesswire.com: https://www.businesswire.com/news/home/20231023825218/en/
Aaron Diefenthaler
Chief Investment Officer & Treasurer
309-693-5846
Aaron.Diefenthaler@rlicorp.com
Source: RLI Corp.
FAQ
What were RLI Corp.'s net earnings for Q3 2023?
What was the operating earnings for Q3 2023?
What was the combined ratio for Q3 2023?
What was the increase in gross premiums written for Q3 2023?
What was the increase in net investment income for Q3 2023?
What was the book value per share at year-end 2022?
What caused the decrease in underwriting income for Q3 2023?
