Form 8-K RLI CORP For: Jan 26
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): January 26, 2015
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RLI Corp.
(Exact name of registrant as specified in its charter)
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Illinois |
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001-09463 |
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37-0889946 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
of incorporation) |
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File Number) |
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Identification No.) |
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9025 North Lindbergh Drive, Peoria, IL |
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61615 |
(Address of principal executive offices) |
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(Zip Code) |
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Registrant�s telephone number, including area code: (309) 692-1000
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Not applicable
(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o �Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition.
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On January 26, 2015, RLI Corp. announced its results of operations for the fourth quarter and year ended December 31, 2014.� Furnished as Exhibit 99.1 and incorporated herein by reference is the press release issued by RLI Corp.
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Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits
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Exhibit�No. |
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Description |
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99.1 |
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Press Release dated January 26, 2015 (this Exhibit is furnished pursuant to Item 2.02 hereof and should not be deemed to be �filed� under the Securities Exchange Act of 1934). |
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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RLI CORP. | |
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Date:� January 26, 2015 |
By: |
/s/ Daniel O. Kennedy |
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Daniel O. Kennedy | |
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Vice President and General Counsel |
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EXHIBIT INDEX
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Exhibit�No. |
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Exhibit |
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99.1 |
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Press Release dated January 26, 2015 (this Exhibit is furnished pursuant to Item 2.02 hereof and should not be deemed to be �filed� under the Securities Exchange Act of 1934). |
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Exhibit 99.1
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9025 N. Lindbergh Drive� |� Peoria,�IL 61615-1431 | ||
� RLI Corp. |
P: 309-692-1000� |� F: 309-692-1068� |� www.rlicorp.com | |
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FOR IMMEDIATE RELEASE |
CONTACT: Aaron Jacoby |
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(309) 693-5880 |
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www.rlicorp.com |
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RLI Reports 2014 Fourth Quarter and Year-End Results
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PEORIA,�ILLINOIS, January�26, 2015 � RLI Corp. (NYSE: RLI) � RLI Corp. reported fourth quarter 2014 operating earnings of $31.3 million ($0.71 per share), compared to $31.5 million ($0.72 per share) for the fourth quarter of 2013. For the year ended December�31, 2014, operating earnings were $114.5 million ($2.61 per share) compared to $111.9 million ($2.57 per share) for the 2013 fiscal year.
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Fourth�Quarter |
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Full�Year |
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Earnings�Per�Diluted�Share� |
� |
2014 |
� |
2013 |
� |
2014 |
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2013 |
� | ||||
Operating earnings (1) |
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$ |
0.71 |
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$ |
0.72 |
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$ |
2.61 |
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$ |
2.57 |
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Net earnings |
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$ |
0.85 |
� |
$ |
0.77 |
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$ |
3.09 |
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$ |
2.90 |
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(1)�See discussion below of non-GAAP financial measures.
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Highlights for the quarter included:
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������������������ 1% growth in gross premiums written and 5% growth in net premiums written.
������������������ Underwriting income of $27.5 million, resulting in a combined ratio of 84.7.
������������������ $11.5 million net increase in underwriting income resulting from favorable development in prior years� loss reserves.
������������������ Special dividend of $3.00 per share, representing $129.3 million returned to shareholders.
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Highlights for the year included:
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������������������ 2% growth in gross premiums written and 6% growth in net premiums written.
������������������ Underwriting income of $107.0 million, resulting in a combined ratio of 84.5.
������������������ $62.0 million net increase in underwriting income resulting from favorable development in prior years� loss reserves.
������������������ 19th�consecutive year of a combined ratio below 100.
������������������ Book value per share of $19.61 at year end, an increase of 21% over 2013, inclusive of dividends.
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�By remaining true to our disciplined underwriting strategy, we were able to deliver solid results this quarter,� said RLI Corp. Chairman�& CEO Jonathan E. Michael. �Despite experiencing increased competition in many of our products, we achieved top line growth and an 84.7 combined ratio.�
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�2014 was another profitable year for our company and marked our 10th�consecutive year of achieving a combined ratio below 90 and 19th�consecutive year below 100,� said Michael. �During the year, we continued to focus on meeting the needs of our customers, managing our business with discipline, identifying new growth opportunities and delivering value to our shareholders. I congratulate all RLI professionals for accomplishing these objectives and positioning our company for growth.�
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Underwriting income
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RLI achieved $27.5 million of underwriting income in the fourth quarter of 2014 on an 84.7 combined ratio, compared to $29.6 million of underwriting income on an 82.4 combined ratio in the same quarter for 2013.
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For the year, RLI achieved $107.0 million of underwriting income on an 84.5 combined ratio, compared to $106.8 million of underwriting income on an 83.1 combined ratio in 2013. Results for both years include favorable development in prior years� loss reserves, which totaled $62.0 million and $70.0 million for 2014 and 2013, respectively.
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�more�
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The following table highlights annual underwriting income and combined ratios by segment:
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Underwriting�Income�(1) |
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� |
� |
� |
� | ||
(in�millions) |
� |
2014 |
� |
2013 |
� | ||
Casualty |
� |
$ |
45.9 |
� |
$ |
55.6 |
� |
Property |
� |
32.9 |
� |
27.6 |
� | ||
Surety |
� |
28.2 |
� |
23.6 |
� | ||
Total |
� |
$ |
107.0 |
� |
$ |
106.8 |
� |
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Combined�Ratio |
� |
2014 |
� |
2013 |
� |
Casualty |
� |
88.0 |
� |
82.8 |
� |
Property |
� |
83.4 |
� |
86.2 |
� |
Surety |
� |
73.8 |
� |
77.9 |
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Total |
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84.5 |
� |
83.1 |
� |
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(1)�See discussion below of non-GAAP financial measures.
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Other income
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RLI�s net investment income for the quarter increased 3.1% to $13.8 million, compared to the same period in 2013. For the year ended December�31, 2014, investment income was $55.6 million versus $52.8 million for the 2013 fiscal year. The increase was primarily due to a larger invested asset base for most of the year. The investment portfolio�s total return was 2.2% for the quarter. The bond portfolio returned 1.2% in the quarter, and the equity portfolio�s return was 6.1%. For the year ended December�31, 2014, the investment portfolio�s total return was 8.3% with the bond portfolio returning 6.5% and equities returning 14.7%.
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Comprehensive earnings, which include after-tax unrealized gains/losses from the investment portfolio, were $47.5 million for the quarter ($1.08 per share) compared to $44.6 million ($1.02 per share) for the same quarter in 2013. Full-year comprehensive earnings were $170.8 million ($3.90 per share), compared to $119.1 million ($2.74 per share) in 2013.
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Equity in earnings of unconsolidated investees was $0.1 million for the quarter compared to $0.2 million from the same period last year. Results for the current quarter are related to Maui Jim,�Inc. ($0.2 million, which reflects seasonal sales results), a producer of premium sunglasses, and Prime Holdings Insurance Services,�Inc. ($-0.1 million), a specialty E&S insurance company. For the year ended December�31, 2014, equity in earnings of unconsolidated investees was $12.0 million and $0.3 million for Maui Jim and Prime, respectively, versus $10.9 million for Maui Jim in 2013. Prior year figures reflect only Maui Jim results, as our equity investment in Prime occurred in the first quarter of 2014. During the quarter, RLI received a $6.6 million dividend from Maui Jim, which resulted in a tax benefit on dividends received from affiliates of $1.8 million ($0.04 per share).
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Special and regular dividends
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On December�22, 2014, RLI paid a special cash dividend of $3.00 per share and a regular quarterly dividend of $0.18 per share, totaling $137.1 million and resulting in a tax benefit of $3.6 million ($0.08 per share) as dividends to the ESOP are fully deductible. RLI has paid dividends for 154 consecutive quarters and increased regular dividends in each of the last 39 years. Over the last 10 years, the company�s regular quarterly dividend has grown an average of 9.9% per year.
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Non-GAAP measures
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Underwriting income, operating earnings, earnings per share (EPS) from operations and other per share items are non-GAAP financial measures, and we believe that investors� understanding of RLI�s core operating performance is enhanced by our disclosure of these financial measures. Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting losses and settlement expenses, policy acquisition costs, and insurance operating expenses from net premium earned. Operating earnings and EPS from operations consist of our net earnings adjusted by net realized investment gains/(losses) and taxes related to net realized gains/(losses). Our definitions of these items may not be comparable to the definitions used by other companies. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and EPS from operations. All earnings per share data are calculated using fully diluted shares. Combined ratio refers to a GAAP combined ratio.
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Other news
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At 10�a.m. central time (CT) tomorrow, January�27, 2015, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion through the Internet at http://edge.media-server.com/m/p/g8g5a7dy.
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Except for historical information, this news release may include forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section�21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectations about the future performance of our company or our business segments or about future market conditions. These statements are subject to certain risk factors that could cause actual results to differ materially. Various risk factors that could affect future results are listed in the company�s filings with the Securities and Exchange Commission; including the Form�10-K Annual Report for the year ended December�31, 2013.
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RLI, a specialty insurance company, offers a diversified portfolio of property and casualty coverages and surety bonds serving niche or underserved markets. RLI operates in all 50 states from office locations across the country. RLI�s insurance subsidiaries � RLI Insurance Company, Mt. Hawley Insurance Company, RLI Indemnity Company and Contractors Bonding and Insurance Company � are rated A+ �Superior� by�A.M. Best Company.
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For additional information, contact Aaron Jacoby, Vice President, Corporate Development at 309-693-5880 or at [email protected] or visit our website at www.rlicorp.com.
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Supplemental disclosure regarding the earnings impact of specific items:
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Operating�Earnings�Per�Share |
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� |
� |
2014 |
� |
2013 |
� |
2014 |
� |
2013 |
� | ||||
� |
� |
4th�Qtr |
� |
4th�Qtr |
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12�Mos. |
� |
12�Mos. |
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Operating Earnings Per Share |
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$ |
0.71 |
� |
$ |
0.72 |
� |
$ |
2.61 |
� |
$ |
2.57 |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Specific items included in operating earnings per share: (1)�(2) |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
� Favorable development in casualty prior years� reserves |
� |
$ |
0.14 |
� |
$ |
0.19 |
� |
$ |
0.72 |
� |
$ |
0.87 |
� |
� Favorable development in property prior years� reserves |
� |
$ |
0.01 |
� |
$ |
0.02 |
� |
$ |
0.02 |
� |
$ |
0.07 |
� |
� Favorable development in surety prior years� reserves |
� |
$ |
0.01 |
� |
$ |
0.02 |
� |
$ |
0.16 |
� |
$ |
0.08 |
� |
� Catastrophe impact |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
� 2014 events |
� |
$ |
� |
� |
$ |
� |
� |
$ |
(0.09 |
) |
$ |
� |
� |
� 2013 and prior events |
� |
$ |
0.02 |
� |
$ |
� |
� |
$ |
0.02 |
� |
$ |
(0.10 |
) |
� Gain from tax benefit of special dividend to ESOP (3) |
� |
$ |
0.08 |
� |
$ |
0.04 |
� |
$ |
0.08 |
� |
$ |
0.04 |
� |
� Gain from change in tax rate applicable to Maui Jim (4) |
� |
$ |
0.04 |
� |
$ |
0.08 |
� |
$ |
0.04 |
� |
$ |
0.08 |
� |
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(1) |
Includes bonus and profit sharing-related impacts which affected other insurance and general corporate expenses. |
(2) |
Reserve development reflects changes from previously estimated losses. |
(3) |
Dividends paid in an ESOP on employer securities are fully deductible from taxable income and result in a 35% tax benefit. |
(4) |
As required under the accounting standard for income taxes, the gain reflects the tax benefit of applying the lower tax rate applicable to dividends received from an affiliate (7%) as compared to the corporate capital gains tax rate (35%) on which tax estimates were based. |
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RLI CORP.
2014 FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
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� |
� |
Three�Months�Ended�December�31, |
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Twelve�Months�Ended�December�31, |
� | ||||||||||||
� |
� |
2014 |
� |
2013 |
� |
%�Change |
� |
2014 |
� |
2013 |
� |
%�Change |
� | ||||
SUMMARIZED INCOME STATEMENT DATA: |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Net premiums earned |
� |
$ |
179,892 |
� |
$ |
168,396 |
� |
6.8 |
% |
$ |
687,375 |
� |
$ |
630,802 |
� |
9.0 |
% |
Net investment income |
� |
13,844 |
� |
13,432 |
� |
3.1 |
% |
55,608 |
� |
52,763 |
� |
5.4 |
% | ||||
Net realized investment gains |
� |
9,542 |
� |
3,611 |
� |
164.2 |
% |
32,182 |
� |
22,036 |
� |
46.0 |
% | ||||
Consolidated revenue |
� |
203,278 |
� |
185,439 |
� |
9.6 |
% |
775,165 |
� |
705,601 |
� |
9.9 |
% | ||||
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Loss and settlement expenses |
� |
76,229 |
� |
68,500 |
� |
11.3 |
% |
296,609 |
� |
259,801 |
� |
14.2 |
% | ||||
Policy acquisition costs |
� |
60,896 |
� |
54,637 |
� |
11.5 |
% |
229,283 |
� |
210,651 |
� |
8.8 |
% | ||||
Other insurance expenses |
� |
15,277 |
� |
15,641 |
� |
-2.3 |
% |
54,464 |
� |
53,557 |
� |
1.7 |
% | ||||
Interest expense on debt |
� |
1,856 |
� |
3,557 |
� |
-47.8 |
% |
7,438 |
� |
8,095 |
� |
-8.1 |
% | ||||
General corporate expenses |
� |
2,675 |
� |
2,511 |
� |
6.5 |
% |
10,222 |
� |
8,746 |
� |
16.9 |
% | ||||
Total expenses |
� |
156,933 |
� |
144,846 |
� |
8.3 |
% |
598,016 |
� |
540,850 |
� |
10.6 |
% | ||||
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Equity in earnings of unconsolidated investees |
� |
134 |
� |
219 |
� |
-38.8 |
% |
12,338 |
� |
10,915 |
� |
13.0 |
% | ||||
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Earnings before income taxes |
� |
46,479 |
� |
40,812 |
� |
13.9 |
% |
189,487 |
� |
175,666 |
� |
7.9 |
% | ||||
Income tax expense |
� |
8,982 |
� |
6,953 |
� |
29.2 |
% |
54,042 |
� |
49,411 |
� |
9.4 |
% | ||||
Net earnings |
� |
$ |
37,497 |
� |
$ |
33,859 |
� |
10.7 |
% |
$ |
135,445 |
� |
$ |
126,255 |
� |
7.3 |
% |
Other comprehensive earnings (loss), net of tax |
� |
10,038 |
� |
10,731 |
� |
-6.5 |
% |
35,356 |
� |
(7,143 |
) |
� |
� | ||||
Comprehensive earnings |
� |
$ |
47,535 |
� |
$ |
44,590 |
� |
6.6 |
% |
$ |
170,801 |
� |
$ |
119,112 |
� |
43.4 |
% |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Operating earnings:(1) |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Net earnings |
� |
$ |
37,497 |
� |
$ |
33,859 |
� |
10.7 |
% |
$ |
135,445 |
� |
$ |
126,255 |
� |
7.3 |
% |
Less: Realized investment gains, net of tax |
� |
6,203 |
� |
2,346 |
� |
164.4 |
% |
20,919 |
� |
14,323 |
� |
46.1 |
% | ||||
Operating earnings |
� |
$ |
31,294 |
� |
$ |
31,513 |
� |
-0.7 |
% |
$ |
114,526 |
� |
$ |
111,932 |
� |
2.3 |
% |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Return on Equity: |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Net earnings (trailing four quarters) |
� |
� |
� |
� |
� |
� |
� |
15.4 |
% |
15.3 |
% |
� |
� | ||||
Comprehensive earnings (trailing four quarters) |
� |
� |
� |
� |
� |
� |
� |
19.4 |
% |
14.4 |
% |
� |
� | ||||
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Per Share Data |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Diluted: |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Weighted average shares outstanding (in 000�s) |
� |
43,937 |
� |
43,753 |
� |
� |
� |
43,819 |
� |
43,514 |
� |
� |
� | ||||
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
EPS from operations (1) |
� |
$ |
0.71 |
� |
$ |
0.72 |
� |
-1.4 |
% |
$ |
2.61 |
� |
$ |
2.57 |
� |
1.6 |
% |
Realized gains, net of tax |
� |
0.14 |
� |
0.05 |
� |
180.0 |
% |
0.48 |
� |
0.33 |
� |
45.5 |
% | ||||
Net earnings per share |
� |
$ |
0.85 |
� |
$ |
0.77 |
� |
10.4 |
% |
$ |
3.09 |
� |
$ |
2.90 |
� |
6.6 |
% |
Comprehensive earnings per share |
� |
$ |
1.08 |
� |
$ |
1.02 |
� |
5.9 |
% |
$ |
3.90 |
� |
$ |
2.74 |
� |
42.3 |
% |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Cash dividends per share - ordinary |
� |
$ |
0.18 |
� |
$ |
0.17 |
� |
5.9 |
% |
$ |
0.71 |
� |
$ |
0.67 |
� |
6.0 |
% |
Cash dividends per share - special |
� |
$ |
3.00 |
� |
$ |
1.50 |
� |
100.0 |
% |
$ |
3.00 |
� |
$ |
1.50 |
� |
100.0 |
% |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Net Cash Flow provided by Operations |
� |
$ |
37,191 |
� |
$ |
53,230 |
� |
-30.1 |
% |
$ |
123,085 |
� |
$ |
134,966 |
� |
-8.8 |
% |
�
(1)� See discussion above of non-GAAP financial measures.
�
�
RLI CORP.
2014 FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
�
� |
� |
December�31, |
� |
December�31, |
� |
� |
� | ||
� |
� |
2014 |
� |
2013 |
� |
%�Change |
� | ||
SUMMARIZED BALANCE SHEET DATA: |
� |
� |
� |
� |
� |
� |
� | ||
Fixed income |
� |
$ |
1,495,087 |
� |
$ |
1,440,703 |
� |
3.8 |
% |
(amortized cost - $1,448,204 at 12/31/14) |
� |
� |
� |
� |
� |
� |
� | ||
(amortized cost - $1,431,700 at 12/31/13) |
� |
� |
� |
� |
� |
� |
� | ||
Equity securities |
� |
410,642 |
� |
418,654 |
� |
-1.9 |
% | ||
(cost - $193,535 at 12/31/14) |
� |
� |
� |
� |
� |
� |
� | ||
(cost - $218,848 at 12/31/13) |
� |
� |
� |
� |
� |
� |
� | ||
Other invested assets |
� |
11,597 |
� |
� |
� |
� |
� | ||
Cash and cash equivalents |
� |
46,959 |
� |
62,701 |
� |
-25.1 |
% | ||
Total investments and cash |
� |
1,964,285 |
� |
1,922,058 |
� |
2.2 |
% | ||
� |
� |
� |
� |
� |
� |
� |
� | ||
Premiums and reinsurance balances receivable |
� |
154,573 |
� |
152,509 |
� |
1.4 |
% | ||
Ceded unearned premiums |
� |
53,961 |
� |
60,407 |
� |
-10.7 |
% | ||
Reinsurance recoverable on unpaid losses |
� |
335,106 |
� |
354,924 |
� |
-5.6 |
% | ||
Deferred acquisition costs |
� |
65,123 |
� |
61,508 |
� |
5.9 |
% | ||
Property and equipment |
� |
42,549 |
� |
40,261 |
� |
5.7 |
% | ||
Investment in unconsolidated investees |
� |
60,046 |
� |
49,793 |
� |
20.6 |
% | ||
Goodwill and intangibles |
� |
72,695 |
� |
74,876 |
� |
-2.9 |
% | ||
Other assets |
� |
27,204 |
� |
23,974 |
� |
13.5 |
% | ||
Total assets |
� |
$ |
2,775,542 |
� |
$ |
2,740,310 |
� |
1.3 |
% |
� |
� |
� |
� |
� |
� |
� |
� | ||
Unpaid losses and settlement expenses |
� |
1,121,040 |
� |
1,129,433 |
� |
-0.7 |
% | ||
Unearned premiums |
� |
401,412 |
� |
392,081 |
� |
2.4 |
% | ||
Reinsurance balances payable |
� |
38,013 |
� |
47,334 |
� |
-19.7 |
% | ||
Funds held |
� |
51,481 |
� |
61,656 |
� |
-16.5 |
% | ||
Bonds payable, long term debt |
� |
149,625 |
� |
149,582 |
� |
0.0 |
% | ||
Income taxes - deferred |
� |
82,285 |
� |
57,801 |
� |
42.4 |
% | ||
Accrued expenses |
� |
63,148 |
� |
59,596 |
� |
6.0 |
% | ||
Other liabilities |
� |
23,476 |
� |
13,861 |
� |
69.4 |
% | ||
Total liabilities |
� |
1,930,480 |
� |
1,911,344 |
� |
1.0 |
% | ||
Shareholders� equity |
� |
845,062 |
� |
828,966 |
� |
1.9 |
% | ||
Total liabilities�& shareholders� equity |
� |
$ |
2,775,542 |
� |
$ |
2,740,310 |
� |
1.3 |
% |
� |
� |
� |
� |
� |
� |
� |
� | ||
OTHER DATA |
� |
� |
� |
� |
� |
� |
� | ||
Common shares outstanding (in 000�s) |
� |
43,103 |
� |
42,982 |
� |
� |
� | ||
Book value per share |
� |
$ |
19.61 |
� |
$ |
19.29 |
� |
1.7 |
% |
Closing stock price per share |
� |
$ |
49.40 |
� |
$ |
48.69 |
� |
1.5 |
% |
Cash dividends per share - ordinary |
� |
$ |
0.71 |
� |
$ |
0.67 |
� |
6.0 |
% |
Cash dividends per share - special |
� |
$ |
3.00 |
� |
$ |
1.50 |
� |
100.0 |
% |
Statutory Surplus |
� |
$ |
849,297 |
� |
$ |
859,221 |
� |
-1.2 |
% |
�
�
RLI CORP.
2014 FINANCIAL HIGHLIGHTS
UNDERWRITING SEGMENT DATA
(Unaudited)
(Dollars in thousands, except per share amounts)
�
� |
� |
� |
� |
GAAP |
� |
� |
� |
GAAP |
� |
� |
� |
GAAP |
� |
� |
� |
GAAP |
� | ||||
Three�Months�Ended�December�31, |
� |
Casualty |
� |
Ratios |
� |
Property |
� |
Ratios |
� |
Surety |
� |
Ratios |
� |
Total |
� |
Ratios |
� | ||||
2014 |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Gross premiums written |
� |
$ |
118,819 |
� |
� |
� |
$ |
45,958 |
� |
� |
� |
$ |
29,681 |
� |
� |
� |
$ |
194,458 |
� |
� |
� |
Net premiums written |
� |
96,619 |
� |
� |
� |
35,418 |
� |
� |
� |
28,084 |
� |
� |
� |
160,121 |
� |
� |
� | ||||
Net premiums earned |
� |
100,587 |
� |
� |
� |
51,524 |
� |
� |
� |
27,781 |
� |
� |
� |
179,892 |
� |
� |
� | ||||
Net loss�& settlement expenses |
� |
53,823 |
� |
53.5 |
% |
17,971 |
� |
34.9 |
% |
4,435 |
� |
16.0 |
% |
76,229 |
� |
42.4 |
% | ||||
Net operating expenses |
� |
37,154 |
� |
36.9 |
% |
20,104 |
� |
39.0 |
% |
18,915 |
� |
68.1 |
% |
76,173 |
� |
42.3 |
% | ||||
Underwriting income |
� |
$ |
9,610 |
� |
90.4 |
% |
$ |
13,449 |
� |
73.9 |
% |
$ |
4,431 |
� |
84.1 |
% |
$ |
27,490 |
� |
84.7 |
% |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
2013 |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Gross premiums written |
� |
$ |
113,774 |
� |
� |
� |
$ |
50,533 |
� |
� |
� |
$ |
27,390 |
� |
� |
� |
$ |
191,697 |
� |
� |
� |
Net premiums written |
� |
89,299 |
� |
� |
� |
37,975 |
� |
� |
� |
25,752 |
� |
� |
� |
153,026 |
� |
� |
� | ||||
Net premiums earned |
� |
88,715 |
� |
� |
� |
52,836 |
� |
� |
� |
26,845 |
� |
� |
� |
168,396 |
� |
� |
� | ||||
Net loss�& settlement expenses |
� |
39,748 |
� |
44.8 |
% |
25,507 |
� |
48.3 |
% |
3,245 |
� |
12.1 |
% |
68,500 |
� |
40.7 |
% | ||||
Net operating expenses |
� |
32,892 |
� |
37.1 |
% |
19,339 |
� |
36.6 |
% |
18,047 |
� |
67.2 |
% |
70,278 |
� |
41.7 |
% | ||||
Underwriting income |
� |
$ |
16,075 |
� |
81.9 |
% |
$ |
7,990 |
� |
84.9 |
% |
$ |
5,553 |
� |
79.3 |
% |
$ |
29,618 |
� |
82.4 |
% |
�
� |
� |
� |
� |
GAAP |
� |
� |
� |
GAAP |
� |
� |
� |
GAAP |
� |
� |
� |
GAAP |
� | ||||
Twelve�Months�Ended�December�31, |
� |
Casualty |
� |
Ratios |
� |
Property |
� |
Ratios |
� |
Surety |
� |
Ratios |
� |
Total |
� |
Ratios |
� | ||||
2014 |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Gross premiums written |
� |
$ |
482,846 |
� |
� |
� |
$ |
262,457 |
� |
� |
� |
$ |
118,545 |
� |
� |
� |
$ |
863,848 |
� |
� |
� |
Net premiums written |
� |
395,853 |
� |
� |
� |
195,580 |
� |
� |
� |
111,719 |
� |
� |
� |
703,152 |
� |
� |
� | ||||
Net premiums earned |
� |
382,105 |
� |
� |
� |
197,776 |
� |
� |
� |
107,494 |
� |
� |
� |
687,375 |
� |
� |
� | ||||
Net loss�& settlement expenses |
� |
199,133 |
� |
52.1 |
% |
89,589 |
� |
45.3 |
% |
7,887 |
� |
7.3 |
% |
296,609 |
� |
43.2 |
% | ||||
Net operating expenses |
� |
137,031 |
� |
35.9 |
% |
75,269 |
� |
38.1 |
% |
71,447 |
� |
66.5 |
% |
283,747 |
� |
41.3 |
% | ||||
Underwriting income |
� |
$ |
45,941 |
� |
88.0 |
% |
$ |
32,918 |
� |
83.4 |
% |
$ |
28,160 |
� |
73.8 |
% |
$ |
107,019 |
� |
84.5 |
% |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
2013 |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� |
� | ||||
Gross premiums written |
� |
$ |
456,953 |
� |
� |
� |
$ |
272,723 |
� |
� |
� |
$ |
113,519 |
� |
� |
� |
$ |
843,195 |
� |
� |
� |
Net premiums written |
� |
362,459 |
� |
� |
� |
196,467 |
� |
� |
� |
107,396 |
� |
� |
� |
666,322 |
� |
� |
� | ||||
Net premiums earned |
� |
324,022 |
� |
� |
� |
200,141 |
� |
� |
� |
106,639 |
� |
� |
� |
630,802 |
� |
� |
� | ||||
Net loss�& settlement expenses |
� |
148,860 |
� |
45.9 |
% |
96,271 |
� |
48.1 |
% |
14,670 |
� |
13.8 |
% |
259,801 |
� |
41.2 |
% | ||||
Net operating expenses |
� |
119,570 |
� |
36.9 |
% |
76,266 |
� |
38.1 |
% |
68,372 |
� |
64.1 |
% |
264,208 |
� |
41.9 |
% | ||||
Underwriting income |
� |
$ |
55,592 |
� |
82.8 |
% |
$ |
27,604 |
� |
86.2 |
% |
$ |
23,597 |
� |
77.9 |
% |
$ |
106,793 |
� |
83.1 |
% |
�
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