RLI Corp. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 24, 2023 at 04:05 pm
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RLI Corp. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 381.86 million compared to USD 213.09 million a year ago. Net income was USD 77.65 million compared to net loss of USD 2.24 million a year ago. Diluted earnings per share from continuing operations was USD 1.69 compared to diluted loss per share from continuing operations of USD 0.05 a year ago.
For the six months, revenue was USD 746.79 million compared to USD 477.91 million a year ago. Net income was USD 176.46 million compared to USD 45.68 million a year ago. Diluted earnings per share from continuing operations was USD 3.83 compared to USD 1 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.