RLI Corp. Files Q3 2024 10-Q Financial Report
Ticker: RLI · Form: 10-Q · Filed: Oct 23, 2024 · CIK: 84246
| Field | Detail |
|---|---|
| Company | Rli Corp (RLI) |
| Form Type | 10-Q |
| Filed Date | Oct 23, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, insurance
TL;DR
RLI Corp. Q3 2024 10-Q filed. Financials look solid.
AI Summary
RLI Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.
Why It Matters
This filing provides investors with crucial financial data and insights into RLI Corp.'s performance and operational status for the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.
Key Players & Entities
- RLI Corp. (company) — Filer of the 10-Q report
- 20240930 (date) — End of the reporting period
- 20241023 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on October 23, 2024.
What is RLI Corp.'s Standard Industrial Classification code?
RLI Corp.'s Standard Industrial Classification code is 6331, for Fire, Marine & Casualty Insurance.
What is RLI Corp.'s state of incorporation?
RLI Corp. is incorporated in Delaware (DE).
What is RLI Corp.'s fiscal year end?
RLI Corp.'s fiscal year ends on December 31.
Filing Stats: 4,490 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-10-23 14:39:11
Key Financial Figures
- $0.01 — hange on which registered Common Stock $0.01 par value RLI New York Stock Exchan
Filing Documents
- rli-20240930x10q.htm (10-Q) — 3113KB
- rli-20240930xex31d1.htm (EX-31.1) — 10KB
- rli-20240930xex31d2.htm (EX-31.2) — 10KB
- rli-20240930xex32d1.htm (EX-32.1) — 7KB
- rli-20240930xex32d2.htm (EX-32.2) — 7KB
- 0001558370-24-013506.txt ( ) — 13381KB
- rli-20240930.xsd (EX-101.SCH) — 54KB
- rli-20240930_cal.xml (EX-101.CAL) — 89KB
- rli-20240930_def.xml (EX-101.DEF) — 205KB
- rli-20240930_lab.xml (EX-101.LAB) — 591KB
- rli-20240930_pre.xml (EX-101.PRE) — 425KB
- rli-20240930x10q_htm.xml (XML) — 3400KB
- 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 Nine-Month Periods Ended September 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine-Month Periods Ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Nine-Month Periods Ended September 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 35
Signatures
Signatures 36 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 Nine Months Ended September 30, Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Net premiums earned $ 389,489 $ 318,409 $ 1,129,230 $ 948,412 Net investment income 36,694 31,963 103,502 87,835 Net realized gains 5,420 6,558 11,222 26,758 Net unrealized gains (losses) on equity securities 38,392 ( 25,236 ) 87,314 15,474 Consolidated revenue $ 469,995 $ 331,694 $ 1,331,268 $ 1,078,479 Losses and settlement expenses 202,118 189,558 513,741 457,989 Policy acquisition costs 117,811 103,013 342,186 307,083 Insurance operating expenses 28,868 21,591 84,892 70,002 Interest expense on debt 1,617 1,873 4,839 5,928 General corporate expenses 3,994 2,372 13,144 10,805 Total expenses $ 354,408 $ 318,407 $ 958,802 $ 851,807 Equity in earnings of unconsolidated investees 1,238 1,732 7,653 7,169 Earnings before income taxes $ 116,825 $ 15,019 $ 380,119 $ 233,841 Income tax expense 21,798 1,483 75,200 43,842 Net earnings $ 95,027 $ 13,536 $ 304,919 $ 189,999 Other comprehensive earnings (loss), net of tax 80,293 ( 56,834 ) 59,779 ( 38,848 ) Comprehensive earnings (loss) $ 175,320 $ ( 43,298 ) $ 364,698 $ 151,151 Basic net earnings per share $ 2.08 $ 0.30 $ 6.67 $ 4.17 Diluted net earnings per share $ 2.06 $ 0.29 $ 6.60 $ 4.12 Weighted average number of common shares outstanding: Basic 45,780 45,622 45,734 45,581 Diluted 46,220 46,065 46,185 46,067 See accompanying notes to the unaudited condensed consolidated financial statements. 3 Table of Contents RLI Corp. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 30, De