RLI Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>RLI Corp. has filed its Q1 2024 10-Q report detailing financial performance and operational updates.</b>

AI Summary

RLI CORP (RLI) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. RLI Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers financial information and business operations for the first quarter of 2024. Key financial statement data, including balance sheets and income statements, are presented. Details on equity, liabilities, and accumulated other comprehensive income are provided for various periods. Information regarding stock options, restricted stock units, and incentive plans is included.

Why It Matters

For investors and stakeholders tracking RLI CORP, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of RLI Corp., crucial for understanding its current financial health and operational standing. The detailed financial statements and disclosures within the report allow stakeholders to assess the company's performance against previous periods and market expectations.

Risk Assessment

Risk Level: low — RLI CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures for a company of this nature.

Analyst Insight

Review the detailed financial statements within the 10-Q to identify trends in revenue, net income, and key balance sheet items for Q1 2024.

Key Numbers

• 20240331 — Period End Date (CONFORMED PERIOD OF REPORT)
• 20240424 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• RLI CORP (company) — FILER
• 0000084246 (company) — CENTRAL INDEX KEY
• DE (company) — STATE OF INCORPORATION
• IL (company) — STATE OF INCORPORATION
• 3096921000 (company) — BUSINESS PHONE
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240424 (date) — FILED AS OF DATE

FAQ

Industry Context

RLI Corp. operates in the specialty insurance industry, providing property and casualty coverages.

Regulatory Implications

As a publicly traded company, RLI Corp. is subject to SEC regulations and reporting requirements, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to the previous quarter.
2. Review the income statement for revenue trends, underwriting results, and net income performance.
3. Examine disclosures related to equity, stock-based compensation, and incentive plans.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data presented is as of this date.
• 2024-04-24: Filing Date — The 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report (10-Q) for RLI Corp. in fiscal year 2024, following its 2023 annual report (10-K).

Key Financial Figures

• $0.01 — hange on which registered Common Stock $0.01 par value RLI New York Stock Exchan

Filing Documents

• rli-20240331x10q.htm (10-Q) — 2349KB
• rli-20240331xex31d1.htm (EX-31.1) — 10KB
• rli-20240331xex31d2.htm (EX-31.2) — 10KB
• rli-20240331xex32d1.htm (EX-32.1) — 7KB
• rli-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-005567.txt (&nbsp;) — 11170KB
• rli-20240331.xsd (EX-101.SCH) — 53KB
• rli-20240331_cal.xml (EX-101.CAL) — 88KB
• rli-20240331_def.xml (EX-101.DEF) — 196KB
• rli-20240331_lab.xml (EX-101.LAB) — 566KB
• rli-20240331_pre.xml (EX-101.PRE) — 409KB
• rli-20240331x10q_htm.xml (XML) — 2723KB

- Financial Information

Part I - Financial Information 3 Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Statements of Earnings and Comprehensive Earnings for the Three-Month Periods Ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity for the Three-Month Periods Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three-Month Periods Ended March 31, 2024 and 2023 (unaudited) 6 Notes to Unaudited Condensed Consolidated Interim Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

- Other Information

Part II - Other Information 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1a.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 32

Signatures

Signatures 33 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RLI Corp. and Subsidiaries Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) For the Three Months Ended March 31, (in thousands, except per share data) 2024 2023 Net premiums earned $ 360,676 $ 307,723 Net investment income 32,847 27,084 Net realized gains 5,994 14,620 Net unrealized gains on equity securities 45,314 15,496 Consolidated revenue $ 444,831 $ 364,923 Losses and settlement expenses 143,824 114,488 Policy acquisition costs 110,454 101,444 Insurance operating expenses 28,703 23,901 Interest expense on debt 1,618 2,008 General corporate expenses 5,010 4,214 Total expenses $ 289,609 $ 246,055 Equity in earnings of unconsolidated investees 4,769 3,923 Earnings before income taxes $ 159,991 $ 122,791 Income tax expense 32,091 23,980 Net earnings $ 127,900 $ 98,811 Other comprehensive earnings (loss), net of tax ( 12,671 ) 37,707 Comprehensive earnings $ 115,229 $ 136,518 Basic net earnings per share $ 2.80 $ 2.17 Diluted net earnings per share $ 2.77 $ 2.15 Weighted average number of common shares outstanding: Basic 45,684 45,530 Diluted 46,163 46,035 See accompanying notes to the unaudited condensed consolidated interim financial statements. 3 Table of Contents RLI Corp. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, (in thousands, except share and per share data) 2024 2023 ASSETS Investments and cash: Fixed income: Available-for-sale, at fair value $ 2,863,321 $ 2,855,849 (amortized cost of $ 3,082,273 and allowance for credit losses of $ 237 at 3/31/24) (amortized cost of $ 3,054,391 and allowance for credit losses of $ 306 at 12/31/23) Equity securities, at fair value (cost - $ 362,527 at 3/31/24 and $ 354,022 at 12/31/23) 643,367 590,041 Short-term investments, at cost which approxim

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View this 10-Q filing on SEC EDGAR