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Rli Corp (RLI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Rli Corp

CIK: 84246 Ticker: RLI

Exhibit 99.1

Picture 1

RLI REPORTS FOURTH QUARTER AND YEAR-END 2018 RESULTS

 

PEORIA, ILLINOIS, January 23, 2019 -- RLI Corp. (NYSE: RLI) – RLI Corp. reported fourth quarter 2018 net losses of $20.7 million (-$0.46 per share), compared to net earnings of $57.3 million ($1.29 per share) for the fourth quarter of 2017. Operating earnings

(1) for the fourth quarter of 2018 were $17.8 million ($0.40 per share) compared to $53.9 million ($1.21 per share) for the same period in 2017.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Year to Date

Earnings Per Diluted Share

2018

 

2017

 

2018

 

2017

Net earnings (loss) (2)

$

(0.46)

 

$

1.29

 

$

1.43

 

$

2.36

Operating earnings (1)

$

0.40

 

$

1.21

 

$

2.05

 

$

2.30

 

(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: Adopted Accounting Standard and Tax Reform.

 

Highlights for the quarter included:

·

Underwriting income(1) of $2.2 million, resulting in a combined ratio(1) of 98.9.

·

12% increase in gross premiums written and 17% increase in investment income.

·

Favorable development in prior years’ loss reserves resulting in a $9.6 million net increase in underwriting income.

·

Losses from Hurricane Michael resulting in a $19.6 million net decrease to underwriting income.

·

Special dividend of $1.00 per share, representing $44.5 million returned to shareholders.

 

Highlights for the year included:

·

Underwriting income(1) of $41.6 million, resulting in a combined ratio(1) of 94.7.

·

11% increase in gross premiums written and 13% increase in investment income.

·

Favorable development in prior years’ loss reserves resulting in a $44.3 million net increase in underwriting income.

·

Losses from accumulated catastrophe activity resulting in a $34.4 million net decrease to underwriting income.

·

23rd consecutive year of a combined ratio(1) below 100.

·

Book value per share of $18.13, an increase of 3% from year-end 2017, inclusive of dividends.

 

“The industry experienced another active year of natural catastrophes, but RLI’s underwriting discipline and product diversification once again distinguished our company,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “I‘m proud to report that we ended the year with a 94.7 combined ratio and increased gross premiums written by 11%, as products across our portfolio grew through enhanced marketing, product development and technology initiatives. While the investment portfolio’s total return declined compared to last year, operating income benefited from investment income growth of 17% for the quarter and 13% for the year. As a result, we were able to share our success with shareholders by paying and increasing our regular quarterly dividend for the 43rd consecutive year and issuing a $1.00 special dividend in the fourth quarter. We remain focused on delivering value to our customers, partners and shareholders in 2019.”

 

Underwriting Income

RLI had $2.2 million of underwriting income in the fourth quarter of 2018 on a 98.9 combined ratio, compared to $9.0 million of underwriting income on a 95.2 combined ratio in the same quarter for 2017.

 

--more--

 

 

Picture 2


The following information was filed by Rli Corp (RLI) on Wednesday, January 23, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Rli Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Earnings And Comprehensive Earnings
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Details)
Commitments And Contingent Liabilities (Tables)
Debt
Debt (Details)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits - Stock Options And Stock Plans (Details)
Employee Benefits - Stock Ownership And Incentive Plans (Details)
Historical Loss And Lae Development
Historical Loss And Lae Development (Tables)
Historical Loss And Lae Development - Cumulative Paid Loss And Loss Adjustment Expenses, Net Of Reinsurance (Details)
Historical Loss And Lae Development - Environmental, Asbestos And Mass Tort Exposures (Details)
Historical Loss And Lae Development - Incurred Losses And Loss Adjustment Expenses, Net Of Reinsurance (Details)
Historical Loss And Lae Development - Reconciliation Of Incurred And Paid Loss Development To The Liability For Unpaid Losses And Settlement Expenses (Details)
Historical Loss And Lae Development - Reserve Development (Details)
Historical Loss And Lae Development - Unpaid Losses And Settlement Expenses (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Investments
Investments (Tables)
Investments - Assets Measured At Fair Value (Details)
Investments - Disposition Of Fixed Securities And Equities (Details)
Investments - Fixed Income Securities By Contractual Maturity (Details)
Investments - Investments In Fixed Income Securities (Details)
Investments - Net Investment Income (Details)
Investments - Other Invested Assets (Details)
Investments - Portfolio Analysis (Details)
Investments - Realized And Unrealized Gains (Details)
Investments - Types Of Debt And Equity Securities (Details)
Operating Segment Information
Operating Segment Information (Tables)
Operating Segment Information - Revenue By Product (Details)
Operating Segment Information - Summary Of Segments (Details)
Policy Acquisition Costs
Policy Acquisition Costs (Details)
Policy Acquisition Costs (Tables)
Reinsurance
Reinsurance (Tables)
Reinsurance - Summary Of Premiums And Losses (Details)
Reinsurance - Summary Of Reinsurers (Details)
Schedule I-Summary Of Investments-Other Than Investments In Related Parties
Schedule I-Summary Of Investments-Other Than Investments In Related Parties (Details)
Schedule Ii-Condensed Financial Information Of Registrant (Parent Company)
Schedule Ii-Condensed Financial Information Of Registrant (Parent Company) - Balance Sheets (Details)
Schedule Ii-Condensed Financial Information Of Registrant (Parent Company) - Balance Sheets Information (Details)
Schedule Ii-Condensed Financial Information Of Registrant (Parent Company) - Statements Of Cash Flows (Details)
Schedule Ii-Condensed Financial Information Of Registrant (Parent Company) - Statements Of Earnings And Comprehensive Earnings (Details)
Schedule Iii-Supplementary Insurance Information
Schedule Iii-Supplementary Insurance Information (Details)
Schedule Iv-Reinsurance
Schedule Iv-Reinsurance (Details)
Schedule V-Valuation And Qualifying Accounts
Schedule V-Valuation And Qualifying Accounts (Details)
Schedule Vi-Supplementary Information Concerning Property-Casualty Insurance Operations
Schedule Vi-Supplementary Information Concerning Property-Casualty Insurance Operations (Details)
Statutory Information And Dividend Restrictions
Statutory Information And Dividend Restrictions (Details)
Statutory Information And Dividend Restrictions (Tables)
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 - Catastrophe Exposures (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 - Earnings Per Share (Details)
Summary Of Significant Accounting Policies - Insurance Risk (Details)
Summary Of Significant Accounting Policies - Intangible Assets (Details)
Summary Of Significant Accounting Policies - Investment In Unconsolidated Investees (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Unaudited Interim Financial Information
Unaudited Interim Financial Information (Details)
Unaudited Interim Financial Information (Tables)
Ticker: RLI
CIK: 84246
Form Type: 10-K Annual Report
Accession Number: 0000084246-19-000013
Submitted to the SEC: Fri Feb 22 2019 8:59:15 AM EST
Accepted by the SEC: Fri Feb 22 2019
Period: Monday, December 31, 2018
Industry: Fire Marine And Casualty Insurance

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