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RLI Corp. (NYSE: RLI) – RLI Corp. reported first quarter 2014 operating earnings of $24.7 million ($0.57 per share), compared to $22.5 million ($0.52 per share) for the first quarter of 2013.
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.
Earnings Per Diluted Share
Operating earnings (1)
(1) See discussion below of non-GAAP financial measures.
Highlights for the quarter included:
Combined ratio of 86.0, resulting in underwriting income of $22.5 million.
2% growth in gross premiums written and 6% growth in net premiums written.
$13.3 million net increase in underwriting income resulting from favorable development in prior years’ loss reserves.
Investment income of $13.6 million, up 5% from the same period last year.
Book value per share of $20.23, an increase of 5% from year end 2013.
“RLI finished 2013 with an 83 combined ratio, marking our 18th consecutive year of underwriting profit and positioning us for a positive start in 2014,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “In the first quarter, we posted an 86 combined ratio, which was driven by solid performance across all of our segments. Gross premium volume was up 2%, primarily due to our casualty and surety segments. Net premiums written advanced 6% as a result of reduced reinsurance costs and changes in product mix.”