RLI Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 22, 2014 at 09:00 pm
Share
RLI Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported consolidated revenue of $185,439,000 compared to $171,394,000 a year ago. Earnings before income taxes were $40,812,000 compared to $28,575,000 a year ago. Net earnings were $33,859,000 or $0.77 per share compared to $25,097,000 or $0.58 per share a year ago. Operating earnings were $31,513,000 compared to $19,156,000 a year ago. Earnings per share from operations were $0.72 compared to $0.44 a year ago. Net cash flow provided by operations was $53,230,000 compared to $24,211,000 a year ago. Net premium earned was $168,396,000 compared to $147,764,000 a year ago. Net investment income was $13,432,000 compared to $14,491,000 a year ago.
For the year, the company reported consolidated revenue of $705,601,000 compared to $660,774,000 a year ago. Earnings before income taxes were $175,666,000 compared to $142,732,000 a year ago. Net earnings were $126,255,000 or $2.90 per share compared to $103,346,000 or $2.39 per share a year ago. Operating earnings were $111,932,000 compared to $86,854,000 a year ago. Return on equity (net earnings-trailing four quarters) was 15.3% compared to 12.4% a year ago. Earnings per share from operations were $2.57 compared to $2.01 a year ago. Net cash flow provided by operations was $134,966,000 compared to $37,365,000 a year ago. Book value was $19.29 per share as on December 31, 2013 compared to $18.73 per share a year ago. Net premium earned was $630,802,000 compared to $576,571,000 a year ago. Investment income was $52.8 million versus $58.8 million for the 2012 fiscal year. Net investment income was $52,763,000 compared to $58,831,000 a year ago.
RLI Corp. is a specialty insurer serving niche property, casualty, and surety markets. The Company provides underwriting expertise and service to commercial and personal line customers nationwide. The Companyâs segment includes Casualty, Property and Surety. The casualty portion of its business consists largely of commercial excess, personal umbrella, general liability, transportation, and management liability coverages, as well as package business and other specialty coverages, such as professional liability and workerâs compensation for office-based professionals. Its Property segment is comprised primarily of commercial fire, hurricane, earthquake, difference in conditions and marine coverages. Its Surety segment specializes in writing small to medium-sized contract surety coverages, including payment and performance bonds. Its products are offered through its insurance subsidiaries, RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company.
RLI CORP. 
