RLI Corp. (NYSE: RLI) reported Q4 EPS of $0.63, $0.04 better than the analyst estimate of $0.59. Revenue for the quarter came in at $264.75 million versus the consensus estimate of $236.06 million.

Highlights for the quarter included:

• Underwriting income(1) of $16.5 million on a combined ratio(1)of 92.4.
• 6% increase in gross premiums written.
• Net favorable development in prior years’ loss reserves, resulting in a $16.2 million net increase in underwriting income.
• Special dividend of $1.00 per share, representing $44.9 million returned to shareholders.

“RLI achieved strong financial results in 2019, surpassing $1 billion in gross premiums written and statutory surplus for the first time in our company’s history,” said RLI Corp. Chairman & CEO Jonathan E. Michael. “Favorable market and competitive conditions supported consistent top line growth during the quarter and year. Through the efforts of our talented underwriters, we achieved an overall combined ratio of 91.9, marking our 24th consecutive year of underwriting profit. Book value grew 33% in 2019, a hallmark of our financial strength that allows us to provide customers and shareholders with exceptional value. RLI continues to be a reliable insurance carrier with a consistent risk appetite that offers protection and stability to its customers during times of change. I want to thank all RLI associates for their commitment to our customers and contributions to our performance during the year. We will remain focused on continuing the positive momentum in 2020.”

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