RLI Corp. (RLI) Tops Q2 EPS by 5c

RLI Corp. (NYSE: RLI) reported Q2 EPS of $0.66, $0.05 better than the analyst estimate of $0.61.

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.”

“We continuously look for ways to enhance the product offerings and service we provide to our customers. Our company is well-positioned to take advantage of opportunities that add value for our customers and align with our business,” said Michael.

For earnings history and earnings-related data on RLI Corp. (RLI) click here.

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