RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2013 operating earnings of $27.5 million ($1.27 per share), compared to $25.2 million ($1.17 per share) for the second quarter of 2012. For the six months ended June 30, 2013, operating earnings were $49.9 million ($2.31 per share) compared to $45.8 million ($2.13 per share) for the same period in 2012.
|Earnings Per Diluted Share||2013||2012|
|Operating earnings (1)||$1.27||$1.17|
|(1) See discussion of non-GAAP financial measures on page 2.|
Highlights for the quarter included:
- 11% growth in gross premiums written and 15% growth in net premiums written.
- Underwriting income of $25.6 million, resulting in a combined ratio of 83.4.
- $24.6 million net increase in underwriting income resulting from favorable development on prior years’ loss reserves.
- $8.8 million net decrease in underwriting income resulting from 2013 spring storms.
- Book value per share of $38.64, an increase of 3.2% from year end 2012.
“Our underwriters delivered excellent results, as evidenced by the 83 combined ratio and 11% growth in gross premiums written this quarter,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Premium production continues to benefit from improved market conditions and newer product initiatives, particularly within our casualty segment.”