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||2013||2012|
|Operating earnings (1)||$1.40||$1.02|
|(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.”