RLI Q3 revenue beats estimates on underwriting performance
RLI•RLI reported third-quarter revenue of $476.96 million and adjusted EPS of $0.86, beating analyst estimates of $439.10 million and $0.54, respectively. The company repurchased 103,573 shares for $6.3 million during the quarter.
1. Quarterly results
RLI’s third-quarter net earnings were $81 million and operating earnings were $79.30 million. Strong underwriting in its property and surety segments contributed to results, while favorable development in prior years’ loss reserves increased underwriting income by $20.1 million.
2. Investment income and outlook
Net investment income grew 13% in the quarter. RLI did not provide specific guidance for future quarters or the full year.
