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RLI Corp. (NYSE: RLI) – RLI Corp. reported third quarter 2013 operating earnings of $30.5 million ($1.40 per share), compared to $21.9 million ($1.02 per share) for the third quarter of 2012. For the nine months ended September 30, 2013, operating earnings were $80.4 million ($3.71 per share) compared to $67.7 million ($3.15 per share) for the same period in 2012.
Earnings Per Diluted Share
Operating earnings (1)
(1) See discussion of non-GAAP financial measures on page 2.
Highlights for the quarter included:
3% growth in gross premiums written and 7% growth in net premiums written.
Underwriting income of $31.8 million, resulting in a combined ratio of 80.5.
$19.7 million net increase in underwriting income resulting from favorable development on prior years’ loss reserves.
Net operating cash flow of $55.0 million.
Book value per share of $39.85, an increase of 6% from year end 2012.
“Our strong performance in the quarter demonstrates the effectiveness of our underwriting discipline,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “As in recent quarters, our casualty segment drove growth as we continued to benefit from higher rates and newer product initiatives.”