RLI Reports Third Quarter 2024 Results
RLI Corp. reported strong third quarter 2024 results, with net earnings of $95.0 million ($2.06 per share), compared to $13.5 million ($0.29 per share) in Q3 2023. Key highlights include:
- Underwriting income of $40.7 million on a combined ratio of 89.6
- 13% increase in gross premiums written
- 15% increase in net investment income
- $18.1 million net increase in underwriting income from favorable development in prior years' loss reserves
- $32.7 million net decrease in underwriting income due to Hurricanes Beryl and Helene
- Book value per share of $38.17, up 26% from year-end 2023
The company achieved solid results across its diversified portfolio, maintaining financial strength despite recent hurricane activity.
RLI Corp. ha riportato risultati solidi per il terzo trimestre del 2024, con un utile netto di 95,0 milioni di dollari (2,06 dollari per azione), rispetto ai 13,5 milioni di dollari (0,29 dollari per azione) del terzo trimestre 2023. I principali punti salienti includono:
- Reddito da sottoscrizione di 40,7 milioni di dollari con un rapporto combinato dell'89,6
- Aumento del 13% nei premi lordi scritti
- Aumento del 15% nel reddito netto da investimenti
- Incremento netto di 18,1 milioni di dollari nel reddito da sottoscrizione grazie allo sviluppo favorevole delle riserve perdite degli anni precedenti
- Diminuzione netta di 32,7 milioni di dollari nel reddito da sottoscrizione a causa degli uragani Beryl e Helene
- Valore contabile per azione di 38,17 dollari, in aumento del 26% rispetto alla fine del 2023
La compagnia ha ottenuto risultati solidi nel suo portafoglio diversificato, mantenendo una solidità finanziaria nonostante l'attività recente degli uragani.
RLI Corp. reportó resultados sólidos para el tercer trimestre de 2024, con ganancias netas de $95.0 millones ($2.06 por acción), en comparación con $13.5 millones ($0.29 por acción) en el tercer trimestre de 2023. Los aspectos destacados incluyen:
- Ingresos por suscripción de $40.7 millones con un ratio combinado del 89.6
- Aumento del 13% en las primas brutas suscritas
- Aumento del 15% en los ingresos netos de inversiones
- Incremento neto de $18.1 millones en ingresos por suscripción debido al desarrollo favorable en las reservas de pérdidas de años anteriores
- Disminución neta de $32.7 millones en ingresos por suscripción debido a los huracanes Beryl y Helene
- Valor contable por acción de $38.17, un aumento del 26% desde finales de 2023
La compañía logró resultados sólidos en su portafolio diversificado, manteniendo solidez financiera a pesar de la reciente actividad de huracanes.
RLI Corp.는 2024년 3분기 강력한 실적을 발표했습니다. 순이익은 9,500만 달러(주당 2.06달러)로, 2023년 3분기 1,350만 달러(주당 0.29달러)와 비교됩니다. 주요 사항은 다음과 같습니다:
- 40.7백만 달러의 인수수익, 결합비율은 89.6
- 총 보험료 수입 13% 증가
- 순 투자 수익 15% 증가
- 이전 연도의 손실 준비금에서 유리한 발전으로 인수수익 1,810만 달러 증가
- Beryl과 Helene 허리케인으로 인한 인수수익 3,270만 달러 감소
- 주당 장부가치는 38.17달러로, 2023년 말 대비 26% 상승
회사는 다양한 포트폴리오에서 견고한 실적을 달성했으며, 최근 허리케인 활동에도 불구하고 재정적 강도를 유지하고 있습니다.
RLI Corp. a annoncé des résultats solides pour le troisième trimestre 2024, avec un bénéfice net de 95,0 millions de dollars (2,06 dollars par action), contre 13,5 millions de dollars (0,29 dollars par action) au T3 2023. Les points clés incluent :
- Revenus de souscription de 40,7 millions de dollars avec un ratio combiné de 89,6
- Augmentation de 13 % des primes brutes souscrites
- Augmentation de 15 % des revenus nets d'investissement
- Augmentation nette de 18,1 millions de dollars des revenus de souscription grâce à un développement favorable des réserves de pertes des années précédentes
- Diminution nette de 32,7 millions de dollars des revenus de souscription en raison des ouragans Beryl et Helene
- Valeur comptable par action de 38,17 dollars, en hausse de 26 % par rapport à la fin de 2023
L'entreprise a obtenu des résultats solides dans son portefeuille diversifié, maintenant sa solidité financière malgré l'activité récente des ouragans.
RLI Corp. berichtete von starken Ergebnissen im dritten Quartal 2024, mit einem Nettoergebnis von 95,0 Millionen Dollar (2,06 Dollar pro Aktie), im Vergleich zu 13,5 Millionen Dollar (0,29 Dollar pro Aktie) im dritten Quartal 2023. Zu den wichtigsten Höhepunkten gehören:
- Underwriting-Einkommen von 40,7 Millionen Dollar bei einem kombinierten Verhältnis von 89,6
- 13% Anstieg der brutto geschriebenen Prämien
- 15% Anstieg des Nettoinvestitionsergebnisses
- Nettosteigerung von 18,1 Millionen Dollar im Underwriting-Einkommen aufgrund einer positiven Entwicklung bei den Schadenreserven der Vorjahre
- Nettominderung des Underwriting-Einkommens um 32,7 Millionen Dollar aufgrund der Hurrikane Beryl und Helene
- Buchwert pro Aktie von 38,17 Dollar, ein Anstieg um 26% gegenüber dem Ende von 2023
Das Unternehmen erzielte solide Ergebnisse in seinem diversifizierten Portfolio und bewahrte die finanzielle Stärke trotz der jüngsten Hurrikanaktivitäten.
- Net earnings increased significantly to $95.0 million ($2.06 per share) from $13.5 million ($0.29 per share) in Q3 2023
- 13% increase in gross premiums written
- 15% increase in net investment income
- Underwriting income of $40.7 million with a combined ratio of 89.6
- Book value per share grew 26% to $38.17 from year-end 2023
- Favorable development in prior years' loss reserves resulted in a $18.1 million net increase in underwriting income
- Losses from Hurricanes Beryl and Helene resulted in a $32.7 million net decrease in underwriting income
Insights
RLI Corp's Q3 2024 results show significant improvement over the previous year. Net earnings increased to
Key highlights include:
- A solid combined ratio of
89.6% , indicating strong underwriting performance 13% increase in gross premiums written, showing robust top-line growth15% increase in net investment income, reflecting improved portfolio performance- Book value per share growth of
26% year-to-date, a significant increase in shareholder value
Despite
RLI's performance this quarter underscores its resilience in the face of significant catastrophe events. The
The company's segment performance is particularly telling:
- Property segment rebounded strongly, moving from a
121.8% combined ratio in Q3 2023 to77.2% in Q3 2024 - Casualty segment saw some pressure, with the combined ratio increasing to
98.8% - Surety continued to perform well with a
78.8% combined ratio
The
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Third Quarter |
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Year to Date |
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Earnings Per Diluted Share |
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2024 |
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2023 |
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2024 |
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2023 |
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Net earnings |
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$ |
2.06 |
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$ |
0.29 |
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$ |
6.60 |
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$ |
4.12 |
Operating earnings (1) |
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$ |
1.31 |
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$ |
0.61 |
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$ |
4.92 |
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$ |
3.40 |
(1) |
See discussion below: Non-GAAP and Performance Measures. |
Highlights for the quarter included:
-
Underwriting income(1) of
$40.7 million -
13% increase in gross premiums written. -
15% increase in net investment income. -
Favorable development in prior years’ loss reserves resulted in a
$18.1 million -
Losses from Hurricanes Beryl and Helene, resulting in a
$32.7 million -
Book value per share of
$38.17 26% (inclusive of dividends) from year-end 2023.
“Our primary focus has been to assist customers affected by recent hurricanes," said RLI Corp. President & CEO Craig Kliethermes. “When catastrophes occur, we quickly deploy our claim experts to assess damage and help policyholders begin recovering. Despite the storm activity in the third quarter, we continued to find opportunities for balanced top line growth across our portfolio. Our diversified business model, sound risk selection and disciplined underwriting resulted in a solid 90 combined ratio. I want to thank all RLI associates for their commitment to maintaining our financial strength and ensuring RLI remains a stable partner for our customers.”
Underwriting Income
RLI achieved
Results for both years include favorable development in prior years’ loss reserves, which resulted in a
The following table highlights underwriting income and combined ratios by segment for the third quarter.
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Underwriting Income(1) |
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Combined Ratio(1) |
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(in millions) |
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2024 |
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2023 |
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2024 |
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2023 |
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Casualty |
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$ |
2.6 |
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$ |
18.7 |
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Casualty |
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98.8 |
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90.1 |
Property |
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30.4 |
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(20.7) |
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Property |
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77.2 |
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121.8 |
Surety |
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7.7 |
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6.2 |
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Surety |
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78.8 |
|
81.7 |
Total |
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$ |
40.7 |
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$ |
4.2 |
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Total |
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89.6 |
|
98.7 |
(1) |
See discussion below: Non-GAAP and Performance Measures. |
Other Income
Net investment income for the quarter increased
RLI’s comprehensive earnings were
Dividends Paid in Third Quarter of 2024
On September 20, 2024, 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. 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 2024 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) on October 22, 2024, 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/811172831.
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, 2023.
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 49 consecutive years and delivered underwriting profits for 28 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(1) 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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2024 |
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2023 |
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2024 |
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2023 |
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Favorable development in casualty prior years' reserves |
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$ |
9.0 |
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$ |
22.1 |
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$ |
40.0 |
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$ |
67.0 |
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Favorable (unfavorable) development in property prior years' reserves |
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$ |
4.4 |
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$ |
(1.9 |
) |
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$ |
28.5 |
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$ |
14.3 |
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Favorable development in surety prior years' reserves |
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$ |
3.1 |
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$ |
0.8 |
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$ |
10.9 |
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$ |
8.2 |
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Net incurred losses related to: |
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2024 storms |
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$ |
(2.0 |
) |
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$ |
— |
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$ |
(30.0 |
) |
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$ |
— |
|
Hurricanes Beryl and Helene |
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$ |
(37.0 |
) |
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$ |
— |
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$ |
(37.0 |
) |
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$ |
— |
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2023 and prior events |
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$ |
4.0 |
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$ |
(55.2 |
) |
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$ |
6.0 |
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$ |
(74.1 |
) |
Reinstatement premium from events |
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$ |
— |
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$ |
(14.4 |
) |
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$ |
— |
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$ |
(14.4 |
) |
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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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2024 |
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2023 |
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2024 |
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2023 |
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Operating Earnings Per Share(2) |
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$ |
1.31 |
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$ |
0.61 |
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$ |
4.92 |
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$ |
3.40 |
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Specific items included in operating earnings per share:(1) (3) |
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Net favorable development in casualty prior years' reserves |
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$ |
0.12 |
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$ |
0.33 |
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$ |
0.55 |
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$ |
1.00 |
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Net favorable (unfavorable) development in property prior years' reserves |
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$ |
0.07 |
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$ |
(0.04 |
) |
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$ |
0.44 |
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$ |
0.20 |
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Net favorable development in surety prior years' reserves |
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$ |
0.05 |
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$ |
0.01 |
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$ |
0.17 |
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$ |
0.12 |
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Net incurred losses related to: |
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2024 storms |
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$ |
(0.03 |
) |
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$ |
— |
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$ |
(0.44 |
) |
|
$ |
— |
|
Hurricanes Beryl and Helene |
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$ |
(0.54 |
) |
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$ |
— |
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$ |
(0.54 |
) |
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$ |
— |
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2023 and prior events (incurred loss and reinstatement premium) |
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$ |
0.06 |
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$ |
(1.02 |
) |
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$ |
0.09 |
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$ |
(1.31 |
) |
(1) |
Reserve development reflects changes from previously estimated losses. |
(2) |
See discussion above: Non-GAAP and Performance Measures. |
(3) |
Items included in operating earnings per share are after tax and incorporates incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses. |
RLI CORP |
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2024 FINANCIAL HIGHLIGHTS |
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(Unaudited) |
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(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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2024 |
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2023 |
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% Change |
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2024 |
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2023 |
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% Change |
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Net premiums earned |
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$ |
389,489 |
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$ |
318,409 |
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22.3 |
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% |
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$ |
1,129,230 |
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$ |
948,412 |
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|
19.1 |
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% |
Net investment income |
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36,694 |
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|
31,963 |
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14.8 |
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% |
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|
103,502 |
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|
87,835 |
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17.8 |
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% |
Net realized gains |
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5,420 |
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|
6,558 |
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(17.4 |
) |
% |
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11,222 |
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26,758 |
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(58.1 |
) |
% |
Net unrealized gains (losses) on equity securities |
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38,392 |
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(25,236 |
) |
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NM |
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87,314 |
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15,474 |
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NM |
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Consolidated revenue |
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$ |
469,995 |
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$ |
331,694 |
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41.7 |
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% |
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$ |
1,331,268 |
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$ |
1,078,479 |
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23.4 |
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% |
Loss and settlement expenses |
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202,118 |
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|
189,558 |
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6.6 |
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% |
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513,741 |
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|
457,989 |
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|
12.2 |
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% |
Policy acquisition costs |
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|
117,811 |
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|
103,013 |
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14.4 |
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% |
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342,186 |
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307,083 |
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11.4 |
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% |
Insurance operating expenses |
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|
28,868 |
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|
21,591 |
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33.7 |
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% |
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|
84,892 |
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|
70,002 |
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21.3 |
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% |
Interest expense on debt |
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1,617 |
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|
1,873 |
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(13.7 |
) |
% |
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4,839 |
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5,928 |
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(18.4 |
) |
% |
General corporate expenses |
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3,994 |
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|
2,372 |
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|
68.4 |
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% |
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|
13,144 |
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|
10,805 |
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|
21.6 |
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% |
Total expenses |
|
$ |
354,408 |
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$ |
318,407 |
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|
11.3 |
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% |
|
$ |
958,802 |
|
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$ |
851,807 |
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|
12.6 |
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% |
Equity in earnings of unconsolidated investees |
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|
1,238 |
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|
1,732 |
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(28.5 |
) |
% |
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|
7,653 |
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|
7,169 |
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|
6.8 |
|
% |
Earnings before income taxes |
|
$ |
116,825 |
|
|
$ |
15,019 |
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NM |
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|
$ |
380,119 |
|
|
$ |
233,841 |
|
|
|
62.6 |
|
% |
Income tax expense |
|
|
21,798 |
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|
|
1,483 |
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NM |
|
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|
75,200 |
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|
43,842 |
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|
71.5 |
|
% |
Net earnings |
|
$ |
95,027 |
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|
$ |
13,536 |
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NM |
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|
$ |
304,919 |
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|
$ |
189,999 |
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|
60.5 |
|
% |
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Other comprehensive earnings (loss), net of tax |
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|
80,293 |
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|
(56,834 |
) |
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NM |
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|
59,779 |
|
|
|
(38,848 |
) |
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|
NM |
|
|
Comprehensive earnings (loss) |
|
$ |
175,320 |
|
|
$ |
(43,298 |
) |
|
NM |
|
|
|
$ |
364,698 |
|
|
$ |
151,151 |
|
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|
141.3 |
|
% |
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Operating earnings(1): |
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Net earnings |
|
$ |
95,027 |
|
|
$ |
13,536 |
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NM |
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|
$ |
304,919 |
|
|
$ |
189,999 |
|
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|
60.5 |
|
% |
Less: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net realized gains |
|
|
(5,420 |
) |
|
|
(6,558 |
) |
|
(17.4 |
) |
% |
|
|
(11,222 |
) |
|
|
(26,758 |
) |
|
|
(58.1 |
) |
% |
Income tax on realized gains |
|
|
1,139 |
|
|
|
1,377 |
|
|
(17.3 |
) |
% |
|
|
2,357 |
|
|
|
5,619 |
|
|
|
(58.1 |
) |
% |
Net unrealized (gains) losses on equity securities |
|
|
(38,392 |
) |
|
|
25,236 |
|
|
NM |
|
|
|
|
(87,314 |
) |
|
|
(15,474 |
) |
|
|
NM |
|
|
Income tax on unrealized gains (losses) on equity securities |
|
|
8,062 |
|
|
|
(5,299 |
) |
|
NM |
|
|
|
|
18,335 |
|
|
|
3,250 |
|
|
|
NM |
|
|
Operating earnings |
|
$ |
60,416 |
|
|
$ |
28,292 |
|
|
113.5 |
|
% |
|
$ |
227,075 |
|
|
$ |
156,636 |
|
|
|
45.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Return on Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings (trailing four quarters) |
|
|
|
|
|
|
|
|
|
|
|
27.7 |
|
% |
|
22.1 |
|
% |
|
|
|
||||
Comprehensive earnings (trailing four quarters) |
|
|
|
|
|
|
|
|
|
|
|
38.4 |
|
% |
|
20.3 |
|
% |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding (in 000's) |
|
|
46,220 |
|
|
|
46,065 |
|
|
|
|
|
|
46,185 |
|
|
|
46,067 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings per share |
|
$ |
2.06 |
|
|
$ |
0.29 |
|
|
NM |
|
|
|
$ |
6.60 |
|
|
$ |
4.12 |
|
|
|
60.2 |
|
% |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net realized gains |
|
|
(0.12 |
) |
|
|
(0.14 |
) |
|
(14.3 |
) |
% |
|
|
(0.24 |
) |
|
|
(0.58 |
) |
|
|
(58.6 |
) |
% |
Income tax on realized gains |
|
|
0.02 |
|
|
|
0.03 |
|
|
(33.3 |
) |
% |
|
|
0.05 |
|
|
|
0.13 |
|
|
|
(61.5 |
) |
% |
Net unrealized (gains) losses on equity securities |
|
|
(0.83 |
) |
|
|
0.55 |
|
|
NM |
|
|
|
|
(1.89 |
) |
|
|
(0.34 |
) |
|
|
NM |
|
|
Income tax on unrealized gains (losses) on equity securities |
|
|
0.18 |
|
|
|
(0.12 |
) |
|
NM |
|
|
|
|
0.40 |
|
|
|
0.07 |
|
|
|
NM |
|
|
Operating earnings per share(1) |
|
$ |
1.31 |
|
|
$ |
0.61 |
|
|
114.8 |
|
% |
|
$ |
4.92 |
|
|
$ |
3.40 |
|
|
|
44.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Comprehensive earnings (loss) per share |
|
$ |
3.79 |
|
|
$ |
(0.94 |
) |
|
NM |
|
|
|
$ |
7.90 |
|
|
$ |
3.28 |
|
|
|
140.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash dividends per share - ordinary |
|
$ |
0.29 |
|
|
$ |
0.27 |
|
|
7.4 |
|
% |
|
$ |
0.85 |
|
|
$ |
0.80 |
|
|
|
6.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net cash flow provided by operations |
|
$ |
219,368 |
|
|
$ |
98,597 |
|
|
122.5 |
|
% |
|
$ |
432,139 |
|
|
$ |
342,192 |
|
|
|
26.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) |
See discussion above: Non-GAAP and Performance Measures. |
NM = Not Meaningful |
|
RLI CORP |
||||||||||
2024 FINANCIAL HIGHLIGHTS |
||||||||||
(Unaudited) |
||||||||||
(Dollars in thousands, except per share amounts) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|||
|
|
2024 |
|
2023 |
|
% Change |
|
|||
SUMMARIZED BALANCE SHEET DATA: |
|
|
|
|
|
|
|
|
|
|
Fixed income, at fair value |
|
$ |
3,176,073 |
|
$ |
2,855,849 |
|
11.2 |
|
% |
(amortized cost - |
|
|
|
|
|
|
|
|
|
|
(amortized cost - |
|
|
|
|
|
|
|
|
|
|
Equity securities, at fair value |
|
|
729,738 |
|
|
590,041 |
|
23.7 |
|
% |
(cost - |
|
|
|
|
|
|
|
|
|
|
(cost - |
|
|
|
|
|
|
|
|
|
|
Short-term investments |
|
|
203,296 |
|
|
134,923 |
|
50.7 |
|
% |
Other invested assets |
|
|
53,993 |
|
|
59,081 |
|
(8.6 |
) |
% |
Cash and cash equivalents |
|
|
60,634 |
|
|
36,424 |
|
66.5 |
|
% |
Total investments and cash |
|
$ |
4,223,734 |
|
$ |
3,676,318 |
|
14.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Accrued investment income |
|
|
26,711 |
|
|
24,062 |
|
11.0 |
|
% |
Premiums and reinsurance balances receivable |
|
|
241,311 |
|
|
221,206 |
|
9.1 |
|
% |
Ceded unearned premiums |
|
|
120,845 |
|
|
112,257 |
|
7.7 |
|
% |
Reinsurance balances recoverable on unpaid losses |
|
|
759,540 |
|
|
757,349 |
|
0.3 |
|
% |
Deferred policy acquisition costs |
|
|
172,069 |
|
|
146,566 |
|
17.4 |
|
% |
Property and equipment |
|
|
44,644 |
|
|
46,715 |
|
(4.4 |
) |
% |
Investment in unconsolidated investees |
|
|
65,271 |
|
|
56,966 |
|
14.6 |
|
% |
Goodwill and intangibles |
|
|
53,562 |
|
|
53,562 |
|
0.0 |
|
% |
Income taxes - deferred |
|
|
— |
|
|
15,872 |
|
(100.0 |
) |
% |
Other assets |
|
|
84,068 |
|
|
69,348 |
|
21.2 |
|
% |
Total assets |
|
$ |
5,791,755 |
|
$ |
5,180,221 |
|
11.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Unpaid losses and settlement expenses |
|
$ |
2,611,941 |
|
$ |
2,446,025 |
|
6.8 |
|
% |
Unearned premiums |
|
|
1,010,760 |
|
|
892,326 |
|
13.3 |
|
% |
Reinsurance balances payable |
|
|
43,423 |
|
|
71,507 |
|
(39.3 |
) |
% |
Funds held |
|
|
98,585 |
|
|
101,446 |
|
(2.8 |
) |
% |
Income taxes - current |
|
|
4,369 |
|
|
3,757 |
|
16.3 |
|
% |
Income taxes - deferred |
|
|
15,369 |
|
|
— |
|
NM |
|
|
Debt |
|
|
100,000 |
|
|
100,000 |
|
— |
|
% |
Accrued expenses |
|
|
105,813 |
|
|
108,880 |
|
(2.8 |
) |
% |
Other liabilities |
|
|
53,145 |
|
|
42,766 |
|
24.3 |
|
% |
Total liabilities |
|
$ |
4,043,405 |
|
$ |
3,766,707 |
|
7.3 |
|
% |
Shareholders' equity |
|
|
1,748,350 |
|
|
1,413,514 |
|
23.7 |
|
% |
Total liabilities & shareholders' equity |
|
$ |
5,791,755 |
|
$ |
5,180,221 |
|
11.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA: |
|
|
|
|
|
|
|
|
|
|
Common shares outstanding (in 000's) |
|
|
45,810 |
|
|
45,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
38.17 |
|
$ |
30.97 |
|
23.2 |
|
% |
Closing stock price per share |
|
$ |
154.98 |
|
$ |
133.12 |
|
16.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Statutory surplus |
|
$ |
1,806,660 |
|
$ |
1,520,135 |
|
18.8 |
|
% |
NM = Not Meaningful |
||||||||||
RLI CORP |
||||||||||||||||||||||
2024 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 |
|
|||||
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Gross premiums written |
|
$ |
294,267 |
|
|
|
$ |
173,813 |
|
|
|
|
$ |
39,710 |
|
|
|
$ |
507,790 |
|
|
|
Net premiums written |
|
|
242,650 |
|
|
|
|
122,428 |
|
|
|
|
|
36,466 |
|
|
|
|
401,544 |
|
|
|
Net premiums earned |
|
|
219,638 |
|
|
|
|
133,266 |
|
|
|
|
|
36,585 |
|
|
|
|
389,489 |
|
|
|
Net loss & settlement expenses |
|
|
137,951 |
|
62.8 |
% |
|
60,991 |
|
|
45.8 |
% |
|
3,176 |
|
8.7 |
% |
|
202,118 |
|
51.9 |
% |
Net operating expenses |
|
|
79,138 |
|
36.0 |
% |
|
41,873 |
|
|
31.4 |
% |
|
25,668 |
|
70.1 |
% |
|
146,679 |
|
37.7 |
% |
Underwriting income (loss)(1) |
|
$ |
2,549 |
|
98.8 |
% |
$ |
30,402 |
|
|
77.2 |
% |
$ |
7,741 |
|
78.8 |
% |
$ |
40,692 |
|
89.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
|
GAAP |
|
|
|
Casualty |
|
Ratios |
|
Property |
|
Ratios |
|
Surety |
|
Ratios |
|
Total |
|
Ratios |
|
||||
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premiums written |
|
$ |
826,152 |
|
|
|
$ |
590,191 |
|
|
|
$ |
123,495 |
|
|
|
$ |
1,539,838 |
|
|
|
Net premiums written |
|
|
687,170 |
|
|
|
|
439,052 |
|
|
|
|
112,854 |
|
|
|
|
1,239,076 |
|
|
|
Net premiums earned |
|
|
627,014 |
|
|
|
|
396,774 |
|
|
|
|
105,442 |
|
|
|
|
1,129,230 |
|
|
|
Net loss & settlement expenses |
|
|
369,273 |
|
58.9 |
% |
|
134,950 |
|
34.0 |
% |
|
9,518 |
|
9.0 |
% |
|
513,741 |
|
45.5 |
% |
Net operating expenses |
|
|
231,203 |
|
36.9 |
% |
|
120,526 |
|
30.4 |
% |
|
75,349 |
|
71.5 |
% |
|
427,078 |
|
37.8 |
% |
Underwriting income (loss)(1) |
|
$ |
26,538 |
|
95.8 |
% |
$ |
141,298 |
|
64.4 |
% |
$ |
20,575 |
|
80.5 |
% |
$ |
188,411 |
|
83.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
(1) |
See discussion above: Non-GAAP and Performance Measures. |
Category: Earnings Release
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021767239/en/
Aaron Diefenthaler
Chief Investment Officer & Treasurer
309-693-5846
Aaron.Diefenthaler@rlicorp.com
Source: RLI Corp.
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