RLI Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Pays an Extraordinary Cash Dividend
January 25, 2012 at 04:00 pm
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RLI Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported operating earnings of $28.9 million or $1.35 per diluted share, versus $35.1 million or $1.66 per diluted share for the comparable period last year. Consolidated revenue was $163.958 million compared to $151.660 million a year ago. Earnings before income taxes was $41.3 million compared to $50.46 million a year ago. Net earnings were $30.69 million or $1.43 per diluted share, compared to $40.25 million or $1.90 per diluted share, a year ago. Comprehensive earnings were $58.4 million or $2.72 per diluted share, compared to $30.85 million or $1.46 per diluted share, a year ago. Net cash flow provided by operations was $2.07 million compared to $12.4 million a year ago.
For the year, operating earnings were $119.5 million or $5.58 per diluted share, compared to $112.3 million or $5.29 per diluted share for the 2010 fiscal year. Consolidated revenue was $619.169 million compared to $583.424 million a year ago. Earnings before income taxes was $189.73 million compared to $178.49 million a year ago. Net earnings were $130.59 million or $6.09 per diluted share, compared to $127.43 million or $6.00 per diluted share, a year ago. Comprehensive earnings were $151.92 million or $7.09 per diluted share, compared to $146.01 million or $6.87 per diluted share, a year ago. Net cash flow provided by operations was $117.99 million compared to $100.24 million a year ago. Book value per share was $38.69 compared to $37.75 a year ago.
On December 20, 2011, the company paid an extraordinary cash dividend of $5.00 per share which totaled $105.8 million.
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.