RLI Corp. Q2 Profit Rises - Quick Facts

(RTTNews) - RLI Corp. (RLI) reported second quarter net earnings of $37.2 million or $0.84 per share compared to $35.7 million or $0.82 per share, last year. Comprehensive earnings, which include after-tax unrealized gains/losses from the investment portfolio, were $12.3 million or $0.28 per share compared to $55.7 million or $1.27 per share, last year. Operating earnings was $34.1 million or $0.77 per share, for the quarter.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.54 for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenue was $190.57 million compared to $193.02 million, prior year. RLI's net investment income for the quarter fell 3.9% to $13.4 million, compared to the same period in 2014.

RLI Corp. Chairman & CEO Jonathan Michael, said: "We achieved a 79.8 combined ratio for the quarter, despite a continually challenging environment. While premium volume was affected by the non-renewal of our crop reinsurance business, the strength of our product portfolio is reflected in our results. Excluding the impact of crop, overall gross premiums written were up 7%. Both the casualty and surety segments produced a strong combination of growth and underwriting profit. Our property segment remained challenged, with premium down 9%, excluding crop, due to catastrophe exposed businesses experiencing significant competitive pressure."