RLI RLI Corp

RLI Corp. (NYSE: RLI) – RLI Corp. reported third quarter 2024 net earnings of $95.0 million ($2.06 per share), compared to $13.5 million ($0.29 per share) for the third quarter of 2023. Operating earnings(1) for the third quarter of 2024 were $60.4 million ($1.31 per share), compared to $28.3 million ($0.61 per share) for the same period in 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

Year to Date

Earnings Per Diluted Share

 

2024

 

2023

 

2024

 

2023

Net earnings

 

$

2.06

 

$

0.29

 

$

6.60

 

$

4.12

Operating earnings (1)

 

$

1.31

 

$

0.61

 

$

4.92

 

$

3.40

(1)

See discussion below: Non-GAAP and Performance Measures.

Highlights for the quarter included:

• Underwriting income(1) of $40.7 million on a combined ratio(1) of 89.6.
• 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 net increase in underwriting income.
• Losses from Hurricanes Beryl and Helene, resulting in a $32.7 million net decrease in underwriting income.
• Book value per share of $38.17, an increase of 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 $40.7 million of underwriting income in the third quarter of 2024 on an 89.6 combined ratio, compared to $4.2 million on a 98.7 combined ratio in 2023.

Results for both years include favorable development in prior years’ loss reserves, which resulted in a $18.1 million and $19.8 million net increase to underwriting income in 2024 and 2023, respectively. The favorable development was offset by a $32.7 million net reduction to underwriting income for losses from Hurricanes Beryl and Helene, compared to $58.2 million for losses from Hawaiian wildfires in 2023.

The following table highlights underwriting income and combined ratios by segment for the third quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting Income(1)

 

 

 

 

 

 

 

Combined Ratio(1)

 

 

 

 

(in millions)

 

2024

 

2023

 

 

 

2024

 

2023

Casualty

 

$

2.6

 

$

18.7

 

Casualty

 

98.8

 

90.1

Property

 

 

30.4

 

 

(20.7)

 

Property

 

77.2

 

121.8

Surety

 

 

7.7

 

 

6.2

 

Surety

 

78.8

 

81.7

Total

 

$

40.7

 

$

4.2

 

Total

 

89.6

 

98.7

(1)

See discussion below: Non-GAAP and Performance Measures.

Other Income

Net investment income for the quarter increased 15% to $36.7 million, compared to the same period in 2023. The investment portfolio’s total return was 4.8% for the quarter and 7.6% for the nine months ended September 30, 2024.

RLI’s comprehensive earnings were $175.3 million for the quarter ($3.79 per share), compared to a comprehensive loss of $43.3 million (-$0.94 per share) for the same quarter in 2023. In addition to net earnings, comprehensive earnings included after-tax unrealized gains from the fixed income portfolio in 2024, due to declining interest rates.

Dividends Paid in Third Quarter of 2024

On September 20, 2024, the company paid a regular quarterly dividend of $0.29 per share, the same amount as the prior quarter. RLI’s cumulative dividends total more than $822 million paid over the last five years.

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserve Development(1) and Catastrophe Losses,

 

 

Net of Reinsurance

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

(Dollars in millions, except per share amounts)

 

2024

 

2023

 

2024

 

2023

Favorable development in casualty prior years' reserves

 

$

9.0

 

 

$

22.1

 

 

$

40.0

 

 

$

67.0

 

Favorable (unfavorable) development in property prior years' reserves

 

$

4.4

 

 

$

(1.9

)

 

$

28.5

 

 

$

14.3

 

Favorable development in surety prior years' reserves

 

$

3.1

 

 

$

0.8

 

 

$

10.9

 

 

$

8.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

2024 storms

 

$

(2.0

)

 

$

—

 

 

$

(30.0

)

 

$

—

 

Hurricanes Beryl and Helene

 

$

(37.0

)

 

$

—

 

 

$

(37.0

)

 

$

—

 

2023 and prior events

 

$

4.0

 

 

$

(55.2

)

 

$

6.0

 

 

$

(74.1

)

Reinstatement premium from events

 

$

—

 

 

$

(14.4

)

 

$

—

 

 

$

(14.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2024

 

2023

 

2024

 

2023

Operating Earnings Per Share(2)

 

$

1.31

 

 

$

0.61

 

 

$

4.92

 

 

$

3.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specific items included in operating earnings per share:(1) (3)

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable development in casualty prior years' reserves

 

$

0.12

 

 

$

0.33

 

 

$

0.55

 

 

$

1.00

 

Net favorable (unfavorable) development in property prior years' reserves

 

$

0.07

 

 

$

(0.04

)

 

$

0.44

 

 

$

0.20

 

Net favorable development in surety prior years' reserves

 

$

0.05

 

 

$

0.01

 

 

$

0.17

 

 

$

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

2024 storms

 

$

(0.03

)

 

$

—

 

 

$

(0.44

)

 

$

—

 

Hurricanes Beryl and Helene

 

$

(0.54

)

 

$

—

 

 

$

(0.54

)

 

$

—

 

2023 and prior events (incurred loss and reinstatement premium)

 

$

0.06

 

 

$

(1.02

)

 

$

0.09

 

 

$

(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

2024 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

SUMMARIZED INCOME STATEMENT DATA:

 

2024

 

 

2023

 

 

% Change

 

 

2024

 

 

2023

 

 

 

% Change

 

Net premiums earned

 

$

389,489

 

 

$

318,409

 

 

22.3

 

%

 

$

1,129,230

 

 

$

948,412

 

 

 

19.1

 

%

Net investment income

 

 

36,694

 

 

 

31,963

 

 

14.8

 

%

 

 

103,502

 

 

 

87,835

 

 

 

17.8

 

%

Net realized gains

 

 

5,420

 

 

 

6,558

 

 

(17.4

)

%

 

 

11,222

 

 

 

26,758

 

 

 

(58.1

)

%

Net unrealized gains (losses) on equity securities

 

 

38,392

 

 

 

(25,236

)

 

NM

 

 

 

 

87,314

 

 

 

15,474

 

 

 

NM

 

 

Consolidated revenue

 

$

469,995

 

 

$

331,694

 

 

41.7

 

%

 

$

1,331,268

 

 

$

1,078,479

 

 

 

23.4

 

%

Loss and settlement expenses

 

 

202,118

 

 

 

189,558

 

 

6.6

 

%

 

 

513,741

 

 

 

457,989

 

 

 

12.2

 

%

Policy acquisition costs

 

 

117,811

 

 

 

103,013

 

 

14.4

 

%

 

 

342,186

 

 

 

307,083

 

 

 

11.4

 

%

Insurance operating expenses

 

 

28,868

 

 

 

21,591

 

 

33.7

 

%

 

 

84,892

 

 

 

70,002

 

 

 

21.3

 

%

Interest expense on debt

 

 

1,617

 

 

 

1,873

 

 

(13.7

)

%

 

 

4,839

 

 

 

5,928

 

 

 

(18.4

)

%

General corporate expenses

 

 

3,994

 

 

 

2,372

 

 

68.4

 

%

 

 

13,144

 

 

 

10,805

 

 

 

21.6

 

%

Total expenses

 

$

354,408

 

 

$

318,407

 

 

11.3

 

%

 

$

958,802

 

 

$

851,807

 

 

 

12.6

 

%

Equity in earnings of unconsolidated investees

 

 

1,238

 

 

 

1,732

 

 

(28.5

)

%

 

 

7,653

 

 

 

7,169

 

 

 

6.8

 

%

Earnings before income taxes

 

$

116,825

 

 

$

15,019

 

 

NM

 

 

 

$

380,119

 

 

$

233,841

 

 

 

62.6

 

%

Income tax expense

 

 

21,798

 

 

 

1,483

 

 

NM

 

 

 

 

75,200

 

 

 

43,842

 

 

 

71.5

 

%

Net earnings

 

$

95,027

 

 

$

13,536

 

 

NM

 

 

 

$

304,919

 

 

$

189,999

 

 

 

60.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

80,293

 

 

 

(56,834

)

 

NM

 

 

 

 

59,779

 

 

 

(38,848

)

 

 

NM

 

 

Comprehensive earnings (loss)

 

$

175,320

 

 

$

(43,298

)

 

NM

 

 

 

$

364,698

 

 

$

151,151

 

 

 

141.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

95,027

 

 

$

13,536

 

 

NM

 

 

 

$

304,919

 

 

$

189,999

 

 

 

60.5

 

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 - $3,302,684 at 9/30/24)

 

 

 

 

 

 

 

 

 

(amortized cost - $3,054,391 at 12/31/23)

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

729,738

 

 

590,041

 

23.7

 

%

(cost - $405,663 at 9/30/24)

 

 

 

 

 

 

 

 

 

(cost - $354,022 at 12/31/23)

 

 

 

 

 

 

 

 

 

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