RLI Corp. (NYSE: RLI) – RLI Corp. reported fourth quarter 2013 operating earnings of $31.5 million ($0.72 per share), compared to $19.2 million ($0.44 per share) for the fourth quarter of 2012. For the year ended December 31, 2013, operating earnings were $111.9 million ($2.57 per share) compared to $86.9 million ($2.01 per share) for the 2012 fiscal year.
On January 15, 2014, RLI executed a two-for-one stock split of common stock. All share and per share data in this release reflect the stock split.
|Fourth Quarter||Full Year|
|Earnings Per Diluted Share||2013||2012||2013||2012|
|Operating earnings (1)||$0.72||$0.44||$2.57||$2.01|
|(1) See discussion below of non-GAAP financial measures.|
Highlights for the quarter included:
- 5% growth in gross premiums written and 15% growth in net premiums written.
- Underwriting income of $29.6 million, resulting in a combined ratio of 82.4.
- $15.2 million net increase in underwriting income resulting from favorable development in prior years’ loss reserves.
- Special dividend of $1.50 per share, representing $64.5 million returned to shareholders.
- $13.2 million dividend from Maui Jim, Inc.
Highlights for the year included:
- 7% growth in gross premiums written and 12% growth in net premiums written.
- Underwriting income of $106.8 million, resulting in a combined ratio of 83.1.
- $70.0 million net increase in underwriting income resulting from favorable development in prior years’ loss reserves.
- 18 th consecutive year of a combined ratio below 100.
- Net operating cash flow of $135.0 million.
- Book value per share of $19.29 at year end, an increase of 15% over 2012, inclusive of dividends.