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Rli Corp (RLI) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Rli Corp

CIK: 84246 Ticker: RLI

Exhibit 99.1

Picture 1

RLI REPORTS THIRD QUARTER 2018 RESULTS

PEORIA, ILLINOIS, October  17, 2018 -- RLI Corp. (NYSE: RLI) – RLI Corp. reported third quarter 2018 net earnings of $39.4 million ($0.88 per share), compared to $1.7 million ($0.04 per share) for the third quarter of 2017. Operating earnings

(1) for the third quarter of 2018 were $20.8 million ($0.46 per share) compared to $1.7 million ($0.04 per share) for the same period in 2017.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

Year to Date

Earnings Per Diluted Share

2018

 

2017

 

2018

 

2017

Net earnings (2)

$

0.88

 

$

0.04

 

$

1.90

 

$

1.07

Operating earnings (1)

$

0.46

 

$

0.04

 

$

1.66

 

$

1.08

 

(1)See discussion below: Non-GAAP and Performance Measures.

(2)Unrealized losses on equity securities and the related taxes were included in net earnings in 2018. See discussion below: Recently Adopted Accounting Standard and Tax Reform.

 

Highlights for the quarter included:

·

Underwriting income(1) of $7.8 million, resulting in a combined ratio(1) of 96.1.

·

8% increase in gross premiums written and 15% increase in investment income.

·

Favorable development in prior years’ loss reserves resulting in a $9.7 million net increase in underwriting income.

·

Losses from Hurricane Florence resulting in a $6.4 million net decrease to underwriting income.

·

Book value per share of $19.60, an increase of 5% from year-end 2017, inclusive of dividends.

 

“In the third quarter, our business continued to exhibit strong momentum,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Premium was up across much of our product portfolio, while underwriting results were modestly impacted by Hurricane Florence. Investment income growth supported our underwriting results and contributed to our $0.46 of operating income per share in the quarter. We have expanded our presence in new niches and markets that value our underwriting expertise, continue to successfully grow our more established products and remain consistently focused on our trademark underwriting discipline.”

 

Underwriting Income

RLI achieved $7.8 million of underwriting income in the third quarter of 2018 on a 96.1 combined ratio, compared to $14.9 million of underwriting loss on a 108.2 combined ratio in the same quarter for 2017. Results for both years include favorable development in prior years’ loss reserves which totaled $9.7 million and $14.9 million for 2018 and 2017, respectively.

 

The following table highlights underwriting income and combined ratios by segment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting Income(1)

 

Third Quarter

 

Combined Ratio(1)

 

Third Quarter

(in millions)

 

 

2018

 

 

2017

 

 

 

2018

 

2017

Casualty

 

$

(1.9)

 

$

3.6

 

Casualty

 

101.5

 

97.0

Property

 

 

2.6

 

 

(27.5)

 

Property

 

93.3

 

182.0

Surety

 

 

7.1

 

 

9.0

 

Surety

 

76.4

 

69.9

Total

 

$

7.8

 

$

(14.9)

 

Total

 

96.1

 

108.2

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

See discussion below: Non-GAAP and Performance Measures.

 

--more--

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The following information was filed by Rli Corp (RLI) on Wednesday, October 17, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Earnings And Comprehensive Earnings
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Historical Loss And Lae Development
Historical Loss And Lae Development (Tables)
Historical Loss And Lae Development - Unpaid Losses And Settlement Expenses (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Investments
Investments (Tables)
Investments - Amortized Cost And Fair Value (Details)
Investments - Unrealized Losses (Details)
Investments Debt And Short-Term Investments (Details)
Investments Debt Securities And Common Stock (Details)
Operating Segment Information
Operating Segment Information (Tables)
Operating Segment Information - Major Products (Details)
Operating Segment Information - Reconciliation Of Segment Totals To Total Earnings (Details)
Stock Based Compensation
Stock Based Compensation (Details)
Stock Based Compensation (Tables)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accounting Standards (Details)
Summary Of Significant Accounting Policies - Changes In Accumulated Other Comprehensive Earnings (Details)
Summary Of Significant Accounting Policies - Description Of Business (Details)
Summary Of Significant Accounting Policies - Intangible Assets And Eps (Details)
Ticker: RLI
CIK: 84246
Form Type: 10-Q Quarterly Report
Accession Number: 0000084246-18-000059
Submitted to the SEC: Wed Oct 24 2018 11:11:05 AM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Fire Marine And Casualty Insurance

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