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RLI Reports 2013 Fourth Quarter And Year-End Results

Stocks in this article: RLI

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
Net earnings   $0.77   $0.58     $2.90   $2.39
(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.

“I’m pleased with the strong results we delivered this quarter,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Our top line growth continued and we achieved an impressive 82.4 combined ratio, demonstrating the success of our disciplined underwriting approach and prudent management of our business.”

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