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RLI Corp. (NYSE: RLI) – RLI Corp. reported second quarter 2014 operating earnings of $28.9 million ($0.66 per share), compared to $27.5 million ($0.63 per share) for the second quarter of 2013. For the six months ended June 30, 2014, operating earnings were $53.7 million ($1.23 per share) compared to $49.9 million ($1.15 per share) for the same period in 2013.
Earnings Per Diluted Share
Operating earnings (1)
(1) See discussion below of non-GAAP financial measures.
Highlights for the quarter included:
Combined ratio of 84.2, resulting in underwriting income of $26.6 million.
3% growth in gross premiums written and 4% growth in net premiums written.
$22.3 million net increase in underwriting income resulting from favorable development in prior years’ loss reserves.
$6.8 million net decrease in underwriting income resulting from 2014 spring storms.
Investment income of $14.0 million, up 9% from the same period last year.
Book value per share of $21.37, an increase of 11% from year end 2013.
“We are pleased to report solid results for the quarter, including an 84.2 combined ratio, and 11% growth in book value per share for the year,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Our strong performance and book value growth were driven by consistent underwriting results across all of our segments and positive returns in the investment portfolio.”