RLI Corp., a U.S.-based specialty insurance company, reported significant financial growth for the third quarter and the first nine months of 2024, reflecting strong performance across its casualty, property, and surety segments. For the three months ended September 30, 2024, net premiums earned reached $389.5 million, a 22% increase from $318.4 million in the same period of 2023. Consolidated revenue for the quarter was $470.0 million, up from $331.7 million year-over-year. Net earnings surged to $95.0 million, compared to $13.5 million in Q3 2023, while earnings before income taxes rose to $116.8 million from $15.0 million.
For the nine months ended September 30, 2024, RLI Corp. reported net premiums earned of $1.129 billion, a 19% increase from $948.4 million in 2023. Total consolidated revenue for this period was $1.331 billion, compared to $1.078 billion in the prior year. Net earnings for the nine months were $304.9 million, up from $190.0 million, with earnings before income taxes increasing to $380.1 million from $233.8 million.
The company’s underwriting income also improved significantly, with total underwriting income for the first nine months of 2024 at $188.4 million, compared to $113.3 million in 2023. The combined ratio improved to 83.3% from 88.0%, driven by a decrease in the loss ratio to 45.5% from 48.3%, attributed to lower catastrophe losses and a stronger premium base.
RLI Corp. reported a comprehensive earnings increase to $175.3 million for Q3 2024, compared to a loss of $43.3 million in Q3 2023. The company also noted unrealized gains on equity securities of $38.4 million in Q3 2024, contrasting with unrealized losses of $25.2 million in the same quarter of the previous year.
As of September 30, 2024, total assets increased to $5.792 billion from $5.180 billion at the end of 2023. Total investments and cash rose to $4.224 billion, up from $3.676 billion. The company’s total shareholders’ equity also grew to $1.748 billion from $1.414 billion at the end of 2023.
RLI Corp. continues to maintain a strong capital structure, with $100 million in debt and a debt-to-equity ratio of approximately 5%. The company paid a quarterly cash dividend of $0.29 per share on September 20, 2024, marking 49 consecutive years of dividend increases. The effective tax rate for the nine months ended September 30, 2024, was 19.8%, compared to 18.7% for the same period in 2023.
About RLI CORP
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