RLI Corp. Files Q2 2024 10-Q Financial Update

TL;DR

RLI Corp Q2 10-Q filed. Financials look solid.

AI Summary

RLI Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial data points such as Additional Paid-In Capital and Retained Earnings as of June 30, 2024, are presented, reflecting the company's ongoing financial activities and capital structure.

Why It Matters

This filing provides investors with a detailed look at RLI Corp.'s financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative developments indicated.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-07-24 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• RLI CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240724 (date) — Date of filing
• 0000084246 (company) — Central Index Key for RLI Corp.

FAQ

Key Financial Figures

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

Filing Documents

• rli-20240630x10q.htm (10-Q) — 3003KB
• rli-20240630xex31d1.htm (EX-31.1) — 10KB
• rli-20240630xex31d2.htm (EX-31.2) — 10KB
• rli-20240630xex32d1.htm (EX-32.1) — 7KB
• rli-20240630xex32d2.htm (EX-32.2) — 7KB
• rli-20240630xex10d1.htm (EX-10.1) — 153KB
• rli-20240630xex10d2.htm (EX-10.2) — 108KB
• rli-20240630xex10d3.htm (EX-10.3) — 94KB
• rli-20240630xex10d4.htm (EX-10.4) — 50KB
• 0001558370-24-010016.txt ( ) — 13595KB
• rli-20240630.xsd (EX-101.SCH) — 53KB
• rli-20240630_cal.xml (EX-101.CAL) — 87KB
• rli-20240630_def.xml (EX-101.DEF) — 198KB
• rli-20240630_lab.xml (EX-101.LAB) — 577KB
• rli-20240630_pre.xml (EX-101.PRE) — 414KB
• rli-20240630x10q_htm.xml (XML) — 3361KB

- 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 and Six-Month Periods Ended June 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Six-Month Periods Ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six-Month Periods Ended June 30, 2024 and 2023 (unaudited) 6 Notes to Unaudited Condensed Consolidated 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 34 Item 4.

Controls and Procedures

Controls and Procedures 34

- Other Information

Part II - Other Information 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1a.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

Signatures

Signatures 37 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 For the Six Months Ended June 30, Ended June 30, (in thousands, except per share data) 2024 2023 2024 2023 Net premiums earned $ 379,065 $ 322,280 $ 739,741 $ 630,003 Net investment income 33,961 28,788 66,808 55,872 Net realized gains (losses) ( 192 ) 5,580 5,802 20,200 Net unrealized gains on equity securities 3,608 25,214 48,922 40,710 Consolidated revenue $ 416,442 $ 381,862 $ 861,273 $ 746,785 Losses and settlement expenses 167,799 153,943 311,623 268,431 Policy acquisition costs 113,921 102,626 224,375 204,070 Insurance operating expenses 27,321 24,510 56,024 48,411 Interest expense on debt 1,604 2,047 3,222 4,055 General corporate expenses 4,140 4,219 9,150 8,433 Total expenses $ 314,785 $ 287,345 $ 604,394 $ 533,400 Equity in earnings of unconsolidated investees 1,646 1,514 6,415 5,437 Earnings before income taxes $ 103,303 $ 96,031 $ 263,294 $ 218,822 Income tax expense 21,311 18,379 53,402 42,359 Net earnings $ 81,992 $ 77,652 $ 209,892 $ 176,463 Other comprehensive earnings (loss), net of tax ( 7,843 ) ( 19,721 ) ( 20,514 ) 17,986 Comprehensive earnings $ 74,149 $ 57,931 $ 189,378 $ 194,449 Basic net earnings per share $ 1.79 $ 1.70 $ 4.59 $ 3.87 Diluted net earnings per share $ 1.78 $ 1.69 $ 4.55 $ 3.83 Weighted average number of common shares outstanding: Basic 45,737 45,591 45,709 45,560 Diluted 46,179 46,044 46,169 46,045 See accompanying notes to the unaudited condensed consolidated financial statements. 3 Table of Contents RLI Corp. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) June 30, December 31, (in thousands, except sh

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View this 10-Q filing on SEC EDGAR