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RLI Reports Fourth Quarter and Year-End 2021 Results

RLI Corp. (NYSE: RLI) – RLI Corp. reported fourth quarter 2021 net earnings of $95.3 million ($2.08 per share), compared to $83.8 million ($1.84 per share) for the fourth quarter of 2020. Operating earnings(1) for the fourth quarter of 2021 were $57.7 million ($1.26 per share), compared to $34.0 million ($0.75 per share) for the same period in 2020.

 

Fourth Quarter

 

 

Year to Date

 

Earnings Per Diluted Share

2021

 

 

2020

 

 

2021

 

 

2020

 

Net earnings

$

2.08

 

 

$

1.84

 

 

$

6.11

 

 

$

3.46

 

Operating earnings (1)

$

1.26

 

 

$

0.75

 

 

$

3.87

 

 

$

2.59

 

 

(1) See discussion below: Non-GAAP and Performance Measures.

Highlights for the quarter included:

  • Underwriting income(1) of $49.7 million on a combined ratio(1) of 80.7.
  • 12% increase in gross premiums written.
  • Favorable development in prior years’ loss reserves, resulting in a $24.2 million net increase in underwriting income.
  • Special dividend of $2.00 per share, representing $90.6 million returned to shareholders.

Highlights for the year included:

  • Underwriting income(1) of $129.9 million on a combined ratio(1) of 86.8.
  • 19% increase in gross premiums written.
  • Favorable development in prior years’ loss reserves, resulting in a $106.5 million net increase in underwriting income.
  • 26th consecutive year of underwriting profit(1).
  • Book value per share of $27.14, an increase of 20% (inclusive of dividends) from year-end 2020.

“We are pleased to report excellent fourth quarter and year-end results,” said RLI Corp. President & CEO Craig Kliethermes. “Our focus on organic growth resulted in a 19% increase in gross premium and an 87 combined ratio for the year. For the quarter, light catastrophe activity and favorable reserve development drove positive underwriting results, and we benefitted from solid investment returns. In 2021, we achieved our 26th consecutive year of underwriting profit, and shared our success in the form of a $2 special dividend. The total capital returned to shareholders now exceeds $1.1 billion over the last ten years, a testament to our consistent financial performance.”

“Our accomplishments are a direct result of our underwriting discipline and the dedication of our talented employee owners. We believe our people and culture have been foundational to our success and will continue to play an important role in the long-term sustainability of our company. I want to thank our Chairman, Jon Michael, for his outstanding leadership as CEO of our organization over the past 20 years. It has been an honor to work with him, and I am humbled to carry on the vision and legacy of RLI’s founder, Jerry Stephens.”

Underwriting Income

RLI achieved $49.7 million of underwriting income in the fourth quarter of 2021 on an 80.7 combined ratio, compared to $27.0 million on an 88.0 combined ratio in 2020.

For the year, RLI achieved $129.9 million of underwriting income on an 86.8 combined ratio, compared to $69.6 million on a 92.0 combined ratio in 2020. Results for both years include favorable development in prior years’ loss reserves, which resulted in a $106.5 million and $84.0 million net increase to underwriting income for 2021 and 2020, respectively. The favorable development in 2021 was partially offset by a $50.2 million net reduction to underwriting income for hurricane and storm losses, compared to $49.3 million in 2020.

The following table highlights underwriting income and combined ratios by segment for the year.

Underwriting Income (Loss)(1)

 

 

Combined Ratio(1)

 

(in millions)

 

2021

 

 

2020

 

 

 

 

2021

 

 

2020

 

Casualty

 

$

95.5

 

 

$

44.4

 

 

Casualty

 

 

84.9

 

 

 

92.2

 

Property

 

 

11.3

 

 

 

(3.2

)

 

Property

 

 

95.1

 

 

 

101.7

 

Surety

 

 

23.1

 

 

 

28.4

 

 

Surety

 

 

80.0

 

 

 

74.8

 

Total

 

$

129.9

 

 

$

69.6

 

 

Total

 

 

86.8

 

 

 

92.0

 

 

(1) See discussion below: Non-GAAP and Performance Measures.

Other Income

Net investment income for the quarter increased 7.7% to $17.9 million, compared to the same period in 2020. For the year ended December 31, 2021, net investment income was $68.9 million, compared to $67.9 million for the same period in 2020. The investment portfolio’s total return was 1.5% for the quarter and 4.7% for the year.

RLI’s comprehensive earnings were $78.2 million for the quarter ($1.71 per share), compared to $89.9 million ($1.97 per share) for the same quarter in 2020. Full-year comprehensive earnings were $220.5 million ($4.82 per share), compared to $213.3 million ($4.70 per share) in 2021. In addition to net earnings, comprehensive earnings (loss) included after-tax unrealized gains/(losses) from the fixed income portfolio.

Equity in earnings of Maui Jim, Inc. (Maui Jim), a producer of premium sunglasses, was $3.1 million for the quarter. Equity in earnings of Prime Holdings Insurance Services, Inc. (Prime), a specialty insurance company, was $5.3 million. Comparatively, for the fourth quarter of 2020, equity in earnings of unconsolidated investees from Maui Jim and Prime was ($1.1) million and $3.1 million, respectively. For the year ended December 31, 2021, equity in earnings of unconsolidated investees was $22.8 million from Maui Jim and $17.0 million from Prime, compared to $10.4 million and $10.8 million, respectively, for the prior year.

Special and Regular Dividends

On December 20, 2021, the company paid a special cash dividend of $2.00 per share and a regular quarterly dividend of $0.25 per share for a combined total of $101.9 million. RLI has paid dividends for 182 consecutive quarters and increased regular dividends in each of the last 46 years. Over the last 10 years, the company has returned $1.13 billion to shareholders and the regular quarterly dividend has grown an average of 5.2% per year.

Non-GAAP and Performance Measures

Management has included certain non-generally accepted accounting principles (non-GAAP) financial measures in presenting the company’s results. Management believes that these non-GAAP measures further explain the company’s results of operations and allow for a more complete understanding of the underlying trends in the company’s business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (GAAP). In addition, our definitions of these items may not be comparable to the definitions used by other companies.

Operating earnings and earnings per share (EPS) from operations consist of our GAAP net earnings adjusted by the net realized gains/(losses), net unrealized gains/(losses) on equity securities and taxes related thereto. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and EPS from operations. A reconciliation of the operating earnings and EPS from operations to the comparable GAAP financial measures is included in the 2021 financial highlights below.

Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting loss and settlement expenses, policy acquisition costs and insurance operating expenses from net premium earned, which are all GAAP financial measures. The combined ratio, which is derived from components of underwriting income, is a performance measure commonly used by property and casualty insurance companies and is calculated as the sum of loss and settlement expenses, policy acquisition costs and insurance operating expenses, divided by net premiums earned, which are all GAAP measures.

Other News

During the fourth quarter, the company’s A+ (Superior) financial strength rating was affirmed by AM Best Company for the company’s insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company.

At 10 a.m. central standard time (CST) tomorrow, January 27, 2022, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at https://events.q4inc.com/attendee/214990165.

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, 2020.

About RLI

RLI Corp. (NYSE: RLI) is a specialty insurer serving niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI’s products are offered through its insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI’s insurance subsidiaries are rated A+ (Superior) by AM Best Company. RLI has paid and increased regular dividends for 46 consecutive years and delivered underwriting profits for 26 consecutive years. To learn more about RLI, visit www.rlicorp.com.

Supplemental disclosure regarding the earnings impact of specific items:

 

Reserve Development and Catastrophe Losses,

Net of Reinsurance

 

 

Three Months Ended

December 31,

 

 

Year Ended December 31,

 

(Dollars in millions, except per share amounts)

2021

 

 

2020

 

 

2021

 

 

2020

 

Favorable development in casualty prior years' reserves

$

25.7

 

 

$

25.4

 

 

$

109.5

 

 

$

76.0

 

Favorable development in property prior years' reserves

$

-

 

 

$

0.6

 

 

$

8.4

 

 

$

5.8

 

Favorable development in surety prior years' reserves

$

3.2

 

 

$

1.9

 

 

$

5.8

 

 

$

12.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 storms

$

-

 

 

$

-

 

 

$

(25.0

)

 

$

-

 

2021 hurricanes

$

-

 

 

$

-

 

 

$

(34.0

)

 

$

-

 

2020 and prior events(4)

$

-

 

 

$

(18.0

)

 

$

2.2

 

 

$

(73.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings Per Share

 

 

Three Months Ended

December 31,

 

 

Year Ended December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating Earnings Per Share(1)

$

1.26

 

 

$

0.75

 

 

$

3.87

 

 

$

2.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specific items included in operating earnings per share:(2) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net favorable development in casualty prior years' reserves

$

0.40

 

 

$

0.40

 

 

$

1.72

 

 

$

1.15

 

Net favorable development in property prior years' reserves

$

-

 

 

$

-

 

 

$

0.07

 

 

$

0.05

 

Net favorable development in surety prior years' reserves

$

0.02

 

 

$

0.02

 

 

$

0.03

 

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net incurred losses related to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 storms

$

-

 

 

$

-

 

 

$

(0.37

)

 

$

-

 

2021 hurricanes

$

-

 

 

$

-

 

 

$

(0.50

)

 

$

-

 

2020 and prior events(4)

$

-

 

 

$

(0.26

)

 

$

0.03

 

 

$

(1.10

)

(1)

See discussion above: Non-GAAP and Performance Measures.

(2)

Includes incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses.

(3)

Reserve development reflects changes from previously estimated losses.

(4)

Includes COVID-19 reserves established in 2020.

RLI CORP

2021 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

SUMMARIZED INCOME STATEMENT DATA:

 

 

2021

 

 

 

2020

 

 

% Change

 

 

2021

 

 

 

 

2020

 

 

 

% Change

Net premiums earned

 

$

257,919

 

 

$

224,801

 

 

 

14.7

 

%

 

$

980,903

 

 

 

$

865,747

 

 

 

 

13.3

 

%

Net investment income

 

 

17,933

 

 

 

16,655

 

 

 

7.7

 

%

 

 

68,862

 

 

 

 

67,893

 

 

 

 

1.4

 

%

Net realized gains

 

 

11,780

 

 

 

3,330

 

 

NM

 

 

 

 

64,222

 

 

 

 

17,885

 

 

 

NM

 

 

Net unrealized gains on equity securities

 

 

35,732

 

 

 

59,665

 

 

 

(40.1

)

%

 

 

65,258

 

 

 

 

32,101

 

 

 

 

103.3

 

%

Consolidated revenue

 

$

323,364

 

 

$

304,451

 

 

 

6.2

 

%

 

$

1,179,245

 

 

 

$

983,626

 

 

 

 

19.9

 

%

Loss and settlement expenses

 

 

101,028

 

 

 

103,065

 

 

 

(2.0

)

%

 

 

456,602

 

 

 

 

442,884

 

 

 

 

3.1

 

%

Policy acquisition costs

 

 

84,794

 

 

 

73,002

 

 

 

16.2

 

%

 

 

317,468

 

 

 

 

286,438

 

 

 

 

10.8

 

%

Insurance operating expenses

 

 

22,403

 

 

 

21,691

 

 

 

3.3

 

%

 

 

76,907

 

 

 

 

66,828

 

 

 

 

15.1

 

%

Interest expense on debt

 

 

1,966

 

 

 

1,902

 

 

 

3.4

 

%

 

 

7,677

 

 

 

 

7,603

 

 

 

 

1.0

 

%

General corporate expenses

 

 

3,797

 

 

 

3,848

 

 

 

(1.3

)

%

 

 

13,330

 

 

 

 

10,265

 

 

 

 

29.9

 

%

Total expenses

 

$

213,988

 

 

$

203,508

 

 

 

5.1

 

%

 

$

871,984

 

 

 

$

814,018

 

 

 

 

7.1

 

%

Equity in earnings of unconsolidated investees

 

 

7,653

 

 

 

1,874

 

 

NM

 

 

 

 

37,060

 

 

 

 

20,233

 

 

 

 

83.2

 

%

Earnings before income taxes

 

$

117,029

 

 

$

102,817

 

 

 

13.8

 

%

 

$

344,321

 

 

 

$

189,841

 

 

 

 

81.4

 

%

Income tax expense

 

 

21,745

 

 

 

19,012

 

 

 

14.4

 

%

 

 

64,967

 

 

 

 

32,750

 

 

 

 

98.4

 

%

Net earnings

 

$

95,284

 

 

$

83,805

 

 

 

13.7

 

%

 

$

279,354

 

 

 

$

157,091

 

 

 

 

77.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive earnings (loss), net of tax

 

 

(17,078

)

 

 

6,129

 

 

NM

 

 

 

 

(58,888

)

 

 

 

56,219

 

 

 

NM

 

 

Comprehensive earnings

 

$

78,206

 

 

$

89,934

 

 

 

(13.0

)

%

 

$

220,466

 

 

 

$

213,310

 

 

 

 

3.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

95,284

 

 

$

83,805

 

 

 

13.7

 

%

 

$

279,354

 

 

 

$

157,091

 

 

 

 

77.8

 

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains

 

 

(11,780

)

 

 

(3,330

)

 

NM

 

 

 

 

(64,222

)

 

 

 

(17,885

)

 

 

NM

 

 

Income tax on realized gains

 

 

2,474

 

 

 

699

 

 

NM

 

 

 

 

13,487

 

 

 

 

3,756

 

 

 

NM

 

 

Unrealized gains on equity securities

 

 

(35,732

)

 

 

(59,665

)

 

 

(40.1

)

%

 

 

(65,258

)

 

 

 

(32,101

)

 

 

 

103.3

 

%

Income tax on unrealized gains on equity securities

 

 

7,503

 

 

 

12,531

 

 

 

(40.1

)

%

 

 

13,703

 

 

 

 

6,741

 

 

 

 

103.3

 

%

Operating earnings

 

$

57,749

 

 

$

34,040

 

 

 

69.7

 

%

 

$

177,064

 

 

 

$

117,602

 

 

 

 

50.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23.2

 

%

 

 

15.1

 

%

 

 

 

 

 

Comprehensive earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18.3

 

%

 

 

20.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (in 000's)

 

 

45,730

 

 

 

45,565

 

 

 

 

 

 

 

 

45,712

 

 

 

 

45,376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share

 

$

2.08

 

 

$

1.84

 

 

 

13.0

 

%

 

$

6.11

 

 

 

$

3.46

 

 

 

 

76.6

 

%

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains

 

 

(0.26

)

 

 

(0.07

)

 

NM

 

 

 

 

(1.40

)

 

 

 

(0.39

)

 

 

NM

 

 

Income tax on realized gains

 

 

0.05

 

 

 

0.02

 

 

 

150.0

 

%

 

 

0.30

 

 

 

 

0.08

 

 

 

NM

 

 

Unrealized gains on equity securities

 

 

(0.77

)

 

 

(1.32

)

 

 

(41.7

)

%

 

 

(1.44

)

 

 

 

(0.71

)

 

 

 

102.8

 

%

Income tax on unrealized gains on equity securities

 

 

0.16

 

 

 

0.28

 

 

 

(42.9

)

%

 

 

0.30

 

 

 

 

0.15

 

 

 

 

100.0

 

%

EPS from operations(1)

 

$

1.26

 

 

$

0.75

 

 

 

68.0

 

%

 

$

3.87

 

 

 

$

2.59

 

 

 

 

49.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive earnings per share

 

$

1.71

 

 

$

1.97

 

 

 

(13.2

)

%

 

$

4.82

 

 

 

$

4.70

 

 

 

 

2.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share - ordinary

 

$

0.25

 

 

$

0.24

 

 

 

4.2

 

%

 

$

0.99

 

 

 

$

0.95

 

 

 

 

4.2

 

%

Cash dividends per share - special

 

$

2.00

 

 

$

1.00

 

 

 

100.0

 

%

 

$

2.00

 

 

 

$

1.00

 

 

 

 

100.0

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow provided by Operations

 

$

104,464

 

 

$

100,015

 

 

 

4.4

 

%

 

$

384,905

 

 

 

$

263,259

 

 

 

 

46.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See discussion above: Non-GAAP and Performance Measures.

NM = Not Meaningful

RLI CORP

2021 FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

December 31,

 

 

December 31,

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

% Change

SUMMARIZED BALANCE SHEET DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income, at fair value

 

$

2,409,887

 

 

$

2,196,626

 

 

 

9.7

 

%

(amortized cost - $2,346,267 at 12/31/21)

 

 

 

 

 

 

 

 

 

 

 

 

 

(amortized cost - $2,061,467 at 12/31/20)

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

613,776

 

 

 

524,006

 

 

 

17.1

 

%

(cost - $324,501 at 12/31/21)

 

 

 

 

 

 

 

 

 

 

 

 

 

(cost - $293,190 at 12/31/20)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other invested assets

 

 

50,501

 

 

 

54,232

 

 

 

(6.9

)

%

Cash and cash equivalents

 

 

88,804

 

 

 

62,217

 

 

 

42.7

 

%

Total investments and cash

 

$

3,162,968

 

 

$

2,837,081

 

 

 

11.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums and reinsurance balances receivable

 

 

167,279

 

 

 

174,628

 

 

 

(4.2

)

%

Ceded unearned premiums

 

 

130,916

 

 

 

113,488

 

 

 

15.4

 

%

Reinsurance balances recoverable on unpaid losses

 

 

608,086

 

 

 

443,729

 

 

 

37.0

 

%

Deferred policy acquisition costs

 

 

103,553

 

 

 

88,425

 

 

 

17.1

 

%

Property and equipment

 

 

52,161

 

 

 

51,406

 

 

 

1.5

 

%

Investment in unconsolidated investees

 

 

171,311

 

 

 

128,382

 

 

 

33.4

 

%

Goodwill and intangibles

 

 

53,562

 

 

 

53,719

 

 

 

(0.3

)

%

Other assets

 

 

58,466

 

 

 

47,627

 

 

 

22.8

 

%

Total assets

 

$

4,508,302

 

 

$

3,938,485

 

 

 

14.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unpaid losses and settlement expenses

 

$

2,043,555

 

 

$

1,750,049

 

 

 

16.8

 

%

Unearned premiums

 

 

680,444

 

 

 

586,386

 

 

 

16.0

 

%

Reinsurance balances payable

 

 

42,851

 

 

 

42,265

 

 

 

1.4

 

%

Funds held

 

 

89,773

 

 

 

81,747

 

 

 

9.8

 

%

Income taxes - deferred

 

 

83,509

 

 

 

80,235

 

 

 

4.1

 

%

Long-term debt

 

 

199,676

 

 

 

149,489

 

 

 

33.6

 

%

Accrued expenses

 

 

98,274

 

 

 

75,925

 

 

 

29.4

 

%

Other liabilities

 

 

40,859

 

 

 

36,411

 

 

 

12.2

 

%

Total liabilities

 

$

3,278,941

 

 

$

2,802,507

 

 

 

17.0

 

%

Shareholders' equity

 

 

1,229,361

 

 

 

1,135,978

 

 

 

8.2

 

%

Total liabilities & shareholders' equity

 

$

4,508,302

 

 

$

3,938,485

 

 

 

14.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding (in 000's)

 

 

45,289

 

 

 

45,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

27.14

 

 

$

25.16

 

 

 

7.9

 

%

Closing stock price per share

 

$

112.10

 

 

$

104.15

 

 

 

7.6

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory surplus

 

$

1,240,649

 

 

$

1,121,592

 

 

 

10.6

 

%

RLI CORP

2021 FINANCIAL HIGHLIGHTS

UNDERWRITING SEGMENT DATA

(Unaudited)

(Dollars in thousands, except per share amounts)

 

Three Months Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

Casualty

 

 

Ratios

 

Property

 

 

Ratios

 

Surety

 

 

Ratios

 

Total

 

 

Ratios

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

213,563

 

 

 

 

 

 

 

$

91,270

 

 

 

 

 

 

 

$

32,396

 

 

 

 

 

 

 

$

337,229

 

 

 

 

 

 

Net premiums written

 

 

 

163,796

 

 

 

 

 

 

 

 

68,443

 

 

 

 

 

 

 

 

29,166

 

 

 

 

 

 

 

 

261,405

 

 

 

 

 

 

Net premiums earned

 

 

 

165,822

 

 

 

 

 

 

 

 

63,444

 

 

 

 

 

 

 

 

28,653

 

 

 

 

 

 

 

 

257,919

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

82,820

 

 

 

49.9

 

%

 

 

18,281

 

 

 

28.8

 

%

 

 

(73

)

 

 

-0.3

 

%

 

 

101,028

 

 

 

39.2

 

%

Net operating expenses

 

 

 

61,737

 

 

 

37.3

 

%

 

 

25,179

 

 

 

39.7

 

%

 

 

20,281

 

 

 

70.8

 

%

 

 

107,197

 

 

 

41.5

 

%

Underwriting income (loss)(1)

 

 

$

21,265

 

 

 

87.2

 

%

 

$

19,984

 

 

 

68.5

 

%

 

$

8,445

 

 

 

70.5

 

%

 

$

49,694

 

 

 

80.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

196,118

 

 

 

 

 

 

 

$

74,227

 

 

 

 

 

 

 

$

30,239

 

 

 

 

 

 

 

$

300,584

 

 

 

 

 

 

Net premiums written

 

 

 

146,623

 

 

 

 

 

 

 

 

54,718

 

 

 

 

 

 

 

 

28,506

 

 

 

 

 

 

 

 

229,847

 

 

 

 

 

 

Net premiums earned

 

 

 

147,884

 

 

 

 

 

 

 

 

48,605

 

 

 

 

 

 

 

 

28,312

 

 

 

 

 

 

 

 

224,801

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

72,107

 

 

 

48.8

 

%

 

 

26,961

 

 

 

55.5

 

%

 

 

3,997

 

 

 

14.1

 

%

 

 

103,065

 

 

 

45.8

 

%

Net operating expenses

 

 

 

53,753

 

 

 

36.3

 

%

 

 

20,950

 

 

 

43.1

 

%

 

 

19,990

 

 

 

70.6

 

%

 

 

94,693

 

 

 

42.2

 

%

Underwriting income (loss)(1)

 

 

$

22,024

 

 

 

85.1

 

%

 

$

694

 

 

 

98.6

 

%

 

$

4,325

 

 

 

84.7

 

%

 

$

27,043

 

 

 

88.0

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

 

 

GAAP

 

 

 

Casualty

 

 

Ratios

 

Property

 

 

Ratios

 

Surety

 

 

Ratios

 

Total

 

 

Ratios

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

871,584

 

 

 

 

 

 

 

$

347,866

 

 

 

 

 

 

 

$

127,904

 

 

 

 

 

 

 

$

1,347,354

 

 

 

 

 

 

Net premiums written

 

 

 

674,709

 

 

 

 

 

 

 

 

262,816

 

 

 

 

 

 

 

 

120,008

 

 

 

 

 

 

 

 

1,057,533

 

 

 

 

 

 

Net premiums earned

 

 

 

633,639

 

 

 

 

 

 

 

 

231,837

 

 

 

 

 

 

 

 

115,427

 

 

 

 

 

 

 

 

980,903

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

311,627

 

 

 

49.2

 

%

 

 

129,924

 

 

 

56.0

 

%

 

 

15,051

 

 

 

13.0

 

%

 

 

456,602

 

 

 

46.5

 

%

Net operating expenses

 

 

 

226,493

 

 

 

35.7

 

%

 

 

90,613

 

 

 

39.1

 

%

 

 

77,269

 

 

 

67.0

 

%

 

 

394,375

 

 

 

40.3

 

%

Underwriting income (loss)(1)

 

 

$

95,519

 

 

 

84.9

 

%

 

$

11,300

 

 

 

95.1

 

%

 

$

23,107

 

 

 

80.0

 

%

 

$

129,926

 

 

 

86.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

 

$

749,409

 

 

 

 

 

 

 

$

268,769

 

 

 

 

 

 

 

$

118,254

 

 

 

 

 

 

 

$

1,136,432

 

 

 

 

 

 

Net premiums written

 

 

 

583,244

 

 

 

 

 

 

 

 

196,603

 

 

 

 

 

 

 

 

112,241

 

 

 

 

 

 

 

 

892,088

 

 

 

 

 

 

Net premiums earned

 

 

 

569,521

 

 

 

 

 

 

 

 

183,720

 

 

 

 

 

 

 

 

112,506

 

 

 

 

 

 

 

 

865,747

 

 

 

 

 

 

Net loss & settlement expenses

 

 

 

322,099

 

 

 

56.6

 

%

 

 

111,356

 

 

 

60.6

 

%

 

 

9,429

 

 

 

8.4

 

%

 

 

442,884

 

 

 

51.2

 

%

Net operating expenses

 

 

 

202,995

 

 

 

35.6

 

%

 

 

75,546

 

 

 

41.1

 

%

 

 

74,725

 

 

 

66.4

 

%

 

 

353,266

 

 

 

40.8

 

%

Underwriting income (loss)(1)

 

 

$

44,427

 

 

 

92.2

 

%

 

$

(3,182

)

 

 

101.7

 

%

 

$

28,352

 

 

 

74.8

 

%

 

$

69,597

 

 

 

92.0

 

%

 

(1) See discussion above: Non-GAAP and Performance Measures.

Category: Earnings Release

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