RLI CORP

Listed Company

RLICIK 0000084246NYSELarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.88B

Net Income

$403.34M

Total Assets

$6.16B

Equity

$1.80B

Shares Out

91.93M

Op. Cash Flow

$614.22M

Business

RLI CORP underwrites specialty property, casualty and surety insurance and related reinsurance through its insurance subsidiaries known collectively as RLI Insurance Group. It offers specialty admitted coverages, excess and surplus lines, portfolio-based specialty reinsurance and various surety bonds, along with selected direct and delegated underwriting programs. Its operations are organized into three primary business segments: casualty, property and surety. The company distributes products nationwide across all U.S. states and territories through wholesale and retail brokers, independent agents, carrier partners, select underwriting agencies and digital direct channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	1,614	1,526	1,294	1,144	981
Net investment income	160	142	120	86	69
Net realized gains	65	20	33	589	64
Net unrealized gains on equity securities	43	82	65	−121	65
Consolidated revenue	1,882	1,770	1,512	1,698	1,179
Losses and settlement expenses	726	739	604	514	—
Policy acquisition costs	508	464	418	370	317
Insurance operating expenses	116	112	98	82	77
Interest expense on debt	5	6	7	8	8
General corporate expenses	17	16	16	13	13
Total expenses	1,373	1,338	1,144	987	872
Equity in earnings of unconsolidated investees	−4	−5	10	10	37
Earnings before income taxes	506	428	377	721	344
Current	90	72	65	187	46
Deferred	13	10	8	−50	19
Income tax expense	103	82	73	137	65
Net earnings	403	346	305	583	279
Other comprehensive earnings (loss), net of tax	86	−7	63	−279	−59
Comprehensive earnings	489	338	367	305	220
Basic net earnings per share	4.39	3.78	3.34	6.43	6.18
Diluted net earnings per share	4.37	3.74	3.31	6.37	6.11
Basic	92	92	91	91	45
Diluted	92	92	92	92	46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Available-for-sale, at fair value (amortized cost of $3,642,362 and allowance for credit losses of $828 in 2025) (amortized cost of $3,391,159 and allowance for credit losses of $197 in 2024)	3,533	3,176	2,856	2,667	2,410
Equity securities, at fair value (cost - $534,311 in 2025 and $417,897 in 2024)	899	736	590	498	614
Short-term investments, at cost which approximates fair value	121	75	135	36	—
Other invested assets	59	58	59	48	51
Cash	52	40	36	23	89
Total investments and cash	4,664	4,085	3,676	3,272	3,163
Accrued investment income	30	28	24	21	18
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $23,673 in 2025 and $22,932 in 2024	212	231	221	190	167
Ceded unearned premium	125	125	112	138	131
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $11,107 in 2025 and $9,580 in 2024	747	755	757	740	608
Deferred policy acquisition costs	173	166	147	128	104
Property and equipment, at cost, net of accumulated depreciation of $84,459 in 2025 and $76,330 in 2024	41	43	47	50	52
Investment in unconsolidated investees	54	56	57	58	171
Goodwill and intangibles	54	54	54	54	54
Income taxes-deferred	—	8	16	40	—
Other assets	64	78	69	76	41
TOTAL ASSETS	6,161	5,629	5,180	4,767	4,508
Unpaid losses and settlement expenses	2,900	2,693	2,446	2,316	2,044
Unearned premiums	992	984	892	785	680
Reinsurance balances payable	41	45	72	61	43
Funds held	127	97	101	101	90
Income taxes-current	30	749,000	4	—	—
Income taxes-deferred	22	—	—	—	84
Short-term debt	100	100	100	—	—
Accrued expenses	129	124	109	95	98
Other liabilities	57	62	43	32	41
TOTAL LIABILITIES	4,383	4,107	3,767	3,590	3,279
Common stock ($0.01 par value) (Shares authorized - 400,000,000) (137,739,079 shares issued and 91,878,651 shares outstanding in 2025) (137,598,560 shares issued and 91,738,132 shares outstanding in 2024)	1	1	1	684,000	682,000
Paid-in capital	377	368	362	352	344
Accumulated other comprehensive earnings	−88	−174	−166	−229	50
Retained earnings	1,881	1,720	1,610	1,446	1,228
Deferred compensation	14	13	14	12	10
Treasury stock, at cost (45,860,428 shares in 2025 and 2024)	−407	−406	−407	−405	−403
TOTAL SHAREHOLDERS' EQUITY	1,800	1,522	1,414	1,177	1,229
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	6,161	5,629	5,180	4,767	4,508

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earnings	403	346	305	583	279
Depreciation	8	8	9	8	7
Other items, net	16	14	25	−20	14
Accrued investment income	−2	−4	−3	−4	−1
Premiums and reinsurance balances receivable (net of direct write-offs)	18	−9	−32	−22	7
Reinsurance balances payable	−4	−27	10	18	586,000
Funds held	30	−4	302,000	11	8
Ceded unearned premiums	286,000	−13	26	−8	−17
Reinsurance balances recoverable on unpaid losses and settlement expenses	9	2	−17	−132	−164
Deferred policy acquisition costs	−6	−20	−19	−24	−15
Accrued expenses	4	15	14	−3	22
Unpaid losses and settlement expenses	193	247	130	272	294
Unearned premiums	7	92	107	105	94
Current income taxes payable	29	−3	7	−7	4
Dividends received	—	3	—	—	—
Net cash provided by operating activities	614	560	464	250	385
Fixed income securities, available-for-sale	−1,278	−812	−662	−2,053	−734
Equity securities	−172	−98	−56	−45	−141
Property and equipment	−6	−5	−6	−6	−8
Other	−5	−11	−11	−6	−11
Fixed income securities, available-for-sale	561	150	50	53	64
Equity securities	116	65	52	62	180
Equity method investee	3	—	14	687	—
Property and equipment	—	13,000	27,000	375,000	—
Other	6	6	817,000	3	8
Fixed income, available-for-sale	458	326	504	1,394	377
Net sale (purchase) of short-term investments	−46	60	−99	−36	—
Net cash used in investing activities	−362	−319	−212	49	−275
Proceeds from issuance of debt	50	73	100	—	50
Repayment of debt	−50	−73	−200	—	—
Proceeds from stock option exercises	1	−2	1	−465,000	2
Cash dividends paid	−242	−236	−140	−365	−135
Net cash used in financing activities	−240	−238	−239	−365	−83
Net increase (decrease) in cash	12	3	14	−66	27

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