RLI Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net premiums earned of $188,296,000 against $187,869,000 a year ago. Consolidated revenue was $207,853,000 against $212,305,000 a year ago. Earnings before income taxes were $24,972,000 against $38,006,000 a year ago. Net earnings were $57,258,000 against $32,187,000 a year ago. Operating earnings were $53,936,000 against $24,854,000 a year ago. Diluted operating earnings per share were $1.21 against $0.56 a year ago. Diluted net earnings per share were $1.29 against $0.72 a year ago. Net cash flow provided by operations was $51,592,000 against $51,463,000 a year ago. Underwriting income of $9.0 million, resulting in a combined ratio of 95.2. Gross written premium advanced 11% in the quarter and is now positive for the full year. Investment income was up a strong 10% compared to the fourth quarter of 2016, continued the trend over the last couple of quarters, driven primarily by a larger invested asset base. The positive earnings result compares to $100,000 loss in fourth quarter of 2016, reflecting seasonal sales results. For the year, the company reported net premiums earned of $737,937,000 against $728,608,000 a year ago. Consolidated revenue was $797,224,000 against $816,328,000 a year ago. Earnings before income taxes were $84,589,000 against $157,082,000 a year ago. Net earnings were $105,028,000 against $114,920,000 a year ago. Operating earnings were $102,161,000 against $92,401,000 a year ago. Diluted operating earnings per share were $2.30 against $2.08 a year ago. Diluted net earnings per share were $2.36 against $2.59 a year ago. Net cash flow provided by operations was $197,525,000 against $174,463,000 a year ago. Book value per share of $19.33, an increase of 17% from year-end 2016, inclusive of dividends. Return on equity was 12.3% against 13.2% a year ago. Underwriting income of $26.8 million, resulting in a combined ratio of 96.4. Losses from hurricanes resulting in a $31.7 million net decrease to underwriting income. The current year impact of tax reform relates to the revaluation of deferred tax items to reflect the lower future applicable tax rate as well as changes to the deductibility of certain items. In the company's case, given the company fairly significant net deferred tax liability, the decline in statutory rate from 35% to 21% resulted in net reduction to tax expense and a benefit to earnings of $32.8 million. Gross premium was up 1% for the full year.