Exhibit 99.1
|
| NEWS RELEASE |
RLI Corp. |
| 9025 N. Lindbergh Drive | Peoria, IL 61615-1431 |
|
| P: 309-692-1000 | F: 309-692-1068 | www.rlicorp.com |
FOR IMMEDIATE RELEASE | CONTACT: John Robison | ||
|
| (309) 693-5846 |
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| John_Robison@rlicorp.com |
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| www.rlicorp.com |
|
RLI reports record year
PEORIA, ILLINOIS, January 22, 2008 — RLI Corp. (NYSE: RLI) — RLI Corp. reported 2007 net earnings of $175.9 million ($7.30 per share), compared to $134.6 million ($5.27 per share) reported in 2006.
Earnings Per Share |
| 2007 |
| 2006 |
|
Net earnings |
| $7.30 |
| $5.27 |
|
Operating earnings |
| $6.52 |
| $4.35 |
|
Highlights for the year included:
· Operating earnings of $157.0 million ($6.52 per share).
· Combined ratio of 71.4.
· Growth in book value per share of 12.1%, to $34.95 per share.
· Net operating cash flow of $127.0 million.
· Investment income growth of 10.6%.
· $89.5 million pretax favorable development in prior years’ loss reserves, net of bonus and profit sharing-related expenses.
· Return to shareholders of $153.5 million, through dividends and stock repurchases.
“We are very pleased with our 2007 results,” said RLI Corp. President & CEO Jonathan E. Michael. “Setting records in underwriting income, operating earnings, net earnings and book value per share is a testament to all of our talented associates, from front-line underwriters to home office support staff. Each of these individuals is a shareholder in our company. Their interests are aligned with all shareholders and the results they created speak for themselves.”
Fourth quarter results
Net earnings for the fourth quarter were $32.0 million ($1.38 per share). Highlights for the fourth quarter included:
· Operating earnings of $28.3 million ($1.22 per share).
· Combined ratio of 81.7.
· Net operating cash flow of $15.8 million.
· Investment income growth of 8.8%.
· $7.7 million pretax favorable development in prior years’ loss reserves, net of bonus and profit sharing-related expenses.
· Return to shareholders of $73.7 million, through dividends and stock repurchases.
Underwriting income for 12th straight year
RLI achieved $155.8 million of underwriting income in 2007 on a 71.4 combined ratio, compared to $84.1 million of underwriting income on an 84.1 combined ratio in 2006. For the quarter, RLI recorded underwriting income of $24.7 million on an 81.7 combined ratio versus an underwriting income of $39.9 million on a 71.3 combined ratio in the fourth quarter of 2006.
“Our 71.4 combined ratio marks the 12th consecutive year of underwriting income,” said Michael. The following table highlights annual underwriting income and combined ratios by segment:
Underwriting Income |
| 2007 |
| 2006 |
| Combined Ratio |
| 2007 |
| 2006 |
| ||
Casualty |
| $ | 101.9 |
| $ | 68.4 |
| Casualty |
| 70.3 |
| 80.4 |
|
Property |
| 30.6 |
| 5.0 |
| Property |
| 77.9 |
| 95.9 |
| ||
Surety |
| 23.3 |
| 10.7 |
| Surety |
| 62.8 |
| 82.1 |
| ||
Total |
| $ | 155.8 |
| $ | 84.1 |
| Total |
| 71.4 |
| 84.1 |
|
Other income
For the year, investment income grew 10.6% to $78.9 million. Investment income for the quarter reached $20.4 million, an 8.8% increase over the fourth quarter of last year.
The investment portfolio’s total return for 2007 was 6.0%. The bond portfolio gained 6.4% and the equity portfolio’s return was 4.8%. For the quarter, the portfolio’s total return was 1.2% based on a bond portfolio return of 2.2% and an equity portfolio loss of 2.7%.
Comprehensive earnings, which include after-tax unrealized gains/losses from the investment portfolio, were $166.4 million for the year ($6.91 per share) compared to $157.0 million ($6.14 per share) in 2006. Quarterly comprehensive earnings were $27.0 million ($1.16 per share) versus $64.6 million ($2.59 per share) last year.
During the quarter, equity in earnings of unconsolidated investees was a loss of $0.5 million, all related to Maui Jim, Inc. (Maui Jim). The fourth quarter of 2006 reflected $2.9 million in income, which included $0.5 million related to Maui Jim and $2.4 million from Taylor Bean & Whitaker Mortgage Corp. (TBW). In the fourth quarter of 2006, RLI sold its equity interest in TBW. For 2007, equity in earnings of unconsolidated investees was $7.3 million, all related to Maui Jim. In 2006, the company reported $15.1 million of earnings from these entities, of which $8.8 million was related to Maui Jim and $6.3 million from TBW.
Shareholders benefit from capital management
For the year, RLI repurchased 2,297,694 shares at an average cost of $58.00 per share ($133.3 million). During the fourth quarter, the company purchased 1,177,100 shares at an average cost of $58.27 per share ($68.6 million). As of December 31, 2007, the company has $85.7 million of remaining capacity from the $200 million repurchase program approved in 2007.
The company paid a fourth quarter cash dividend of $0.23 per share on January 15, 2008, which reflected a $0.01 increase over the prior quarter. 2007 marked the 32nd consecutive year that RLI has increased dividends. Dividends for the year increased 16.0% to $0.87 per share. In 2007, RLI declared $20.2 million in dividends to shareholders. Over the last five years, the company’s quarterly dividend has grown by an average of 20.6%, and by an average of 14.4% over the last 10 years.
At 10 a.m. CST tomorrow, January 23, 2008, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion through the Internet at RLI’s website, www.rlicorp.com.
Underwriting income, operating earnings, earnings per share (EPS) from operations and other per share items are non-GAAP financial measures, and we believe that investors’ understanding of RLI’s core operating performance is enhanced by our disclosure of these financial measures. Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting losses and settlement expenses, policy acquisition costs, and insurance operating expenses from net premium earned. Operating earnings and EPS from operations consist of our net earnings reduced by net realized investment gains
2
and taxes related to net realized gains. Our definitions of these items may not be comparable to the definitions used by other companies. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and EPS from operations. All earnings per share data are calculated using fully diluted shares. Combined ratio refers to a GAAP combined ratio.
Except for historical information, this news release may include forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectations about the future performance of our company or our business segments or about future market conditions. These statements are subject to certain risk factors that could cause actual results to differ materially. Various risk factors that could affect future results are listed in the company’s filings with the Securities and Exchange Commission, including the Form 10-K Annual Report for the year ended December 31, 2006.
RLI, a specialty insurance company, offers a diversified portfolio of property and casualty coverages and surety bonds serving “niche” or underserved markets. RLI operates in all 50 states from office locations across the country. The company’s talented associates have delivered underwriting profits in 27 of the last 31 years, including the last 12. RLI’s insurance subsidiaries — RLI Insurance Company, Mt. Hawley Insurance Company and RLI Indemnity Company — are rated A+ “Superior” by A.M. Best Company and A+ “Strong” by Standard & Poor’s.
For additional information, contact Treasurer John Robison at (309) 693-5846 or at john_robison@rlicorp.com or visit our website at www.rlicorp.com.
Supplemental disclosure regarding the earnings impact of specific items:
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| Operating Earnings Per Share |
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| 2006 |
| 2007 |
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| 4th Qtr |
| 12 mos. |
| 4th Qtr |
| 12 mos. |
| ||||
Operating Earnings Per Share |
| $ | 1.22 |
| $ | 6.52 |
| $ | 1.65 |
| $ | 4.35 |
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Specific items included in operating earnings per share: (1) (2) |
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· Gain from favorable casualty prior years’ reserve development |
| $ | 0.13 |
| $ | 2.10 |
| $ | 0.59 |
| $ | 0.90 |
|
· Gain from favorable property prior years’ reserve development |
| $ | 0.03 |
| $ | 0.02 |
| — |
| — |
| ||
· Gain from favorable surety prior years’ reserve development |
| $ | 0.04 |
| $ | 0.27 |
| $ | 0.06 |
| $ | 0.06 |
|
· Gain from favorable reserve development on 2004 and 2005 hurricanes |
| $ | 0.01 |
| $ | 0.02 |
| $ | 0.03 |
| $ | 0.12 |
|
· (Loss) on property construction coverage |
| — |
| — |
| $ | (0.12 | ) | $ | (0.31 | ) | ||
· Gain from change in tax rate applicable to the dividend from Maui Jim (3) |
| — |
| — |
| $ | 0.06 |
| $ | 0.06 |
| ||
(1) Includes bonus and profit sharing-related impacts which affected other insurance and general corporate expenses.
(2) Developments reflect revisions for previously estimated losses.
(3) As required under Statement of Financial Accounting Standards 109, “Accounting for Income Taxes,” the gain reflects the tax benefit of applying the lower tax rate applicable to affiliated dividends (7%) as compared to the corporate capital gains tax rate (35%) on which previous tax estimates were based.
3
RLI CORP.
2007 FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
|
| Three Months Ended December 31 |
| Twelve Months Ended December 31, |
| ||||||||||||
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| 2007 |
| 2006 |
| % Change |
| 2007 |
| 2006 |
| % Change |
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SUMMARIZED INCOME STATEMENT DATA: |
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Net premiums earned |
| $ | 134,902 |
| $ | 138,839 |
| -2.8 | % | $ | 544,478 |
| $ | 530,338 |
| 2.7 | % |
Net investment income |
| 20,401 |
| 18,745 |
| 8.8 | % | 78,901 |
| 71,325 |
| 10.6 | % | ||||
Net realized investment gains |
| 5,552 |
| 22,292 |
| -75.1 | % | 28,966 |
| 31,045 |
| -6.7 | % | ||||
Consolidated revenue |
| 160,855 |
| 179,876 |
| -10.6 | % | 652,345 |
| 632,708 |
| 3.1 | % | ||||
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Loss and settlement expenses |
| 59,259 |
| 45,228 |
| 31.0 | % | 190,868 |
| 256,889 |
| -25.7 | % | ||||
Policy acquisition costs |
| 40,334 |
| 39,650 |
| 1.7 | % | 155,610 |
| 145,776 |
| 6.7 | % | ||||
Other insurance expenses |
| 10,609 |
| 14,107 |
| -24.8 | % | 42,235 |
| 43,617 |
| -3.2 | % | ||||
Interest expense on debt |
| 2,029 |
| 1,527 |
| 32.9 | % | 6,997 |
| 6,581 |
| 6.3 | % | ||||
General corporate expenses |
| 2,033 |
| 2,662 |
| -23.6 | % | 9,474 |
| 8,069 |
| 17.4 | % | ||||
Total expenses |
| 114,264 |
| 103,174 |
| 10.7 | % | 405,184 |
| 460,932 |
| -12.1 | % | ||||
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Equity in earnings (loss) of unconsolidated investees |
| (455 | ) | 2,860 |
| -115.9 | % | 7,315 |
| 15,117 |
| -51.6 | % | ||||
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Earnings before income taxes |
| 46,136 |
| 79,562 |
| -42.0 | % | 254,476 |
| 186,893 |
| 36.2 | % | ||||
Income tax expense (1) |
| 14,178 |
| 23,879 |
| -40.6 | % | 78,609 |
| 52,254 |
| 50.4 | % | ||||
Net Earnings |
| $ | 31,958 |
| $ | 55,683 |
| -42.6 | % | $ | 175,867 |
| $ | 134,639 |
| 30.6 | % |
Other comprehensive earnings (loss), net of tax |
| (4,953 | ) | 8,923 |
| -155.5 | % | (9,444 | ) | 22,360 |
| -142.2 | % | ||||
Comprehensive earnings |
| $ | 27,005 |
| $ | 64,606 |
| -58.2 | % | $ | 166,423 |
| $ | 156,999 |
| 6.0 | % |
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Operating Earnings:(2) |
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Net Earnings |
| $ | 31,958 |
| $ | 55,683 |
| -42.6 | % | $ | 175,867 |
| $ | 134,639 |
| 30.6 | % |
Less: Realized investment gains, net of tax |
| 3,609 |
| 14,490 |
| -75.1 | % | 18,828 |
| 20,179 |
| -6.7 | % | ||||
Tax benefit on IRS examination |
| — |
| — |
| — |
| — |
| 3,172 |
| — |
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Operating earnings |
| $ | 28,349 |
| $ | 41,193 |
| -31.2 | % | $ | 157,039 |
| $ | 111,288 |
| 41.1 | % |
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Return on Equity: |
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Net earnings (trailing four quarters) |
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| 22.5 | % | 19.1 | % |
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Comprehensive earnings (trailing four quarters) |
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| 21.3 | % | 22.2 | % |
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Per Share Data |
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Diluted: |
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Weighted average shares outstanding (in 000’s) |
| 23,182 |
| 24,941 |
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| 24,085 |
| 25,571 |
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EPS from operations (2) |
| $ | 1.22 |
| $ | 1.65 |
| -26.1 | % | $ | 6.52 |
| $ | 4.35 |
| 49.9 | % |
Realized gains, net of tax |
| 0.16 |
| 0.58 |
| -72.4 | % | 0.78 |
| 0.79 |
| -1.3 | % | ||||
Tax benefit on IRS examination |
| — |
| — |
| — |
| — |
| 0.13 |
| — |
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Net earnings per share |
| $ | 1.38 |
| $ | 2.23 |
| -38.1 | % | $ | 7.30 |
| $ | 5.27 |
| 38.5 | % |
Comprehensive earnings per share |
| $ | 1.16 |
| $ | 2.59 |
| -55.2 | % | $ | 6.91 |
| $ | 6.14 |
| 12.5 | % |
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Cash dividends per share |
| $ | 0.23 |
| $ | 0.20 |
| 15.0 | % | $ | 0.87 |
| $ | 0.75 |
| 16.0 | % |
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Net Cash Flow from Operations |
| $ | 15,795 |
| $ | 29,010 |
| -45.6 | % | $ | 127,023 |
| $ | 171,775 |
| -26.1 | % |
(1) During the fourth quarter of 2006, we recorded a $1.7 million tax benefit on dividends from Maui Jim. Additionally, in the second quarter of 2006, the Internal Revenue Service (IRS) concluded an examination of the company’s tax years 2000 through 2004. As a result of the conclusion of this exam, our year-to-date income tax expense includes a positive impact of $3.2 million, resulting from the change in estimate for a tax exposure item relating to the sale of assets. This impact is excluded from operating earnings and EPS from operations.
(2) See discussion of use of non-GAAP financial measures on page 2.
4
RLI CORP.
2007 FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
|
| December 31, |
| December 31, |
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| 2007 |
| 2006 |
| % Change |
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SUMMARIZED BALANCE SHEET DATA: |
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Fixed income and short-term investments |
| $ | 1,446,097 |
| $ | 1,460,046 |
| -1.0 | % |
(amortized cost - $1,437,463 at 12/31/07) |
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(amortized cost - $1,465,660 at 12/31/06) |
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Equity securities |
| 359,513 |
| 368,195 |
| -2.4 | % | ||
(cost - $216,465 at 12/31/07) |
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(cost - $201,443 at 12/31/06) |
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Preferred stock |
| 34,167 |
| — |
| — |
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(cost - $39,133 at 12/31/07) |
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Total investments |
| 1,839,777 |
| 1,828,241 |
| 0.6 | % | ||
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Premiums and reinsurance balances receivable |
| 105,937 |
| 126,021 |
| -15.9 | % | ||
Ceded unearned premiums |
| 71,021 |
| 97,596 |
| -27.2 | % | ||
Reinsurance recoverable on unpaid losses |
| 417,250 |
| 525,671 |
| -20.6 | % | ||
Deferred acquisition costs |
| 78,882 |
| 73,817 |
| 6.9 | % | ||
Property and equipment |
| 20,050 |
| 20,590 |
| -2.6 | % | ||
Investment in unconsolidated investees |
| 38,162 |
| 36,667 |
| 4.1 | % | ||
Goodwill |
| 26,214 |
| 26,214 |
| — |
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Other assets |
| 29,230 |
| 36,479 |
| -19.9 | % | ||
Total assets |
| $ | 2,626,523 |
| $ | 2,771,296 |
| -5.2 | % |
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Unpaid losses and settlement expenses |
| 1,192,178 |
| 1,318,777 |
| -9.6 | % | ||
Unearned premiums |
| 355,522 |
| 387,811 |
| -8.3 | % | ||
Reinsurance balances payable |
| 53,058 |
| 69,382 |
| -23.5 | % | ||
Short-term debt |
| 27,975 |
| — |
| — |
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Long-term debt - bonds payable |
| 100,000 |
| 100,000 |
| — |
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Income taxes - deferred |
| 25,042 |
| 27,069 |
| -7.5 | % | ||
Other liabilities |
| 98,326 |
| 111,737 |
| -12.0 | % | ||
Total liabilities |
| 1,852,101 |
| 2,014,776 |
| -8.1 | % | ||
Shareholders’ equity |
| 774,422 |
| 756,520 |
| 2.4 | % | ||
Total liabilities & shareholders’ equity |
| $ | 2,626,523 |
| $ | 2,771,296 |
| -5.2 | % |
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OTHER DATA |
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Common shares outstanding (in 000’s) |
| 22,155 |
| 24,273 |
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Book Value per share |
| $ | 34.95 |
| $ | 31.17 |
| 12.1 | % |
Closing stock price per share |
| $ | 56.79 |
| $ | 56.42 |
| 0.7 | % |
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Statutory Surplus |
| $ | 752,004 |
| $ | 746,905 |
| 0.7 | % |
5
RLI CORP.
2007 FINANCIAL HIGHLIGHTS
UNDERWRITING SEGMENT DATA
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended December 31 |
| Casualty |
| GAAP |
| Property |
| GAAP |
| Surety |
| GAAP |
| Total |
| GAAP |
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2007 |
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Gross premiums written |
| $ | 109,705 |
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| $ | 42,082 |
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| $ | 15,822 |
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| $ | 167,609 |
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Net premiums written |
| 80,189 |
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| 26,754 |
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| 14,613 |
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| 121,556 |
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Net premiums earned |
| 83,351 |
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| 35,259 |
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| 16,292 |
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| 134,902 |
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Net loss & settlement expenses |
| 47,854 |
| 57.4 | % | 10,382 |
| 29.4 | % | 1,023 |
| 6.3 | % | 59,259 |
| 43.9 | % | ||||
Net operating expenses |
| 25,074 |
| 30.1 | % | 15,206 |
| 43.1 | % | 10,663 |
| 65.4 | % | 50,943 |
| 37.8 | % | ||||
Underwriting income |
| $ | 10,423 |
| 87.5 | % | $ | 9,671 |
| 72.5 | % | $ | 4,606 |
| 71.7 | % | $ | 24,700 |
| 81.7 | % |
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2006 |
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Gross premiums written |
| $ | 128,183 |
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| $ | 40,413 |
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| $ | 14,560 |
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| $ | 183,156 |
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Net premiums written |
| 86,841 |
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| 21,202 |
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| 13,533 |
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| 121,576 |
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Net premiums earned |
| 88,479 |
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| 34,998 |
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| 15,362 |
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| 138,839 |
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Net loss & settlement expenses |
| 26,347 |
| 29.8 | % | 18,536 |
| 53.0 | % | 345 |
| 2.2 | % | 45,228 |
| 32.6 | % | ||||
Net operating expenses |
| 27,971 |
| 31.6 | % | 14,972 |
| 42.8 | % | 10,814 |
| 70.4 | % | 53,757 |
| 38.7 | % | ||||
Underwriting income |
| $ | 34,161 |
| 61.4 | % | $ | 1,490 |
| 95.8 | % | $ | 4,203 |
| 72.6 | % | $ | 39,854 |
| 71.3 | % |
Twelve Months Ended December 31, |
| Casualty |
| GAAP |
| Property |
| GAAP |
| Surety |
| GAAP |
| Total |
| GAAP |
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2007 |
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|
|
|
| ||||
Gross premiums written |
| $ | 462,591 |
|
|
| $ | 206,041 |
|
|
| $ | 70,702 |
|
|
| $ | 739,334 |
|
|
|
Net premiums written |
| 335,401 |
|
|
| 137,419 |
|
|
| 65,943 |
|
|
| 538,763 |
|
|
| ||||
Net premiums earned |
| 343,402 |
|
|
| 138,367 |
|
|
| 62,709 |
|
|
| 544,478 |
|
|
| ||||
Net loss & settlement expenses |
| 135,955 |
| 39.6 | % | 55,704 |
| 40.3 | % | (791 | ) | -1.3 | % | 190,868 |
| 35.1 | % | ||||
Net operating expenses |
| 105,584 |
| 30.7 | % | 52,094 |
| 37.6 | % | 40,167 |
| 64.1 | % | 197,845 |
| 36.3 | % | ||||
Underwriting income |
| $ | 101,863 |
| 70.3 | % | $ | 30,569 |
| 77.9 | % | $ | 23,333 |
| 62.8 | % | $ | 155,765 |
| 71.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Gross premiums written |
| $ | 506,887 |
|
|
| $ | 225,610 |
|
|
| $ | 66,516 |
|
|
| $ | 799,013 |
|
|
|
Net premiums written |
| 349,834 |
|
|
| 139,061 |
|
|
| 62,641 |
|
|
| 551,536 |
|
|
| ||||
Net premiums earned |
| 348,217 |
|
|
| 122,581 |
|
|
| 59,540 |
|
|
| 530,338 |
|
|
| ||||
Net loss & settlement expenses |
| 177,926 |
| 51.1 | % | 68,668 |
| 56.0 | % | 10,295 |
| 17.3 | % | 256,889 |
| 48.4 | % | ||||
Net operating expenses |
| 101,898 |
| 29.3 | % | 48,925 |
| 39.9 | % | 38,570 |
| 64.8 | % | 189,393 |
| 35.7 | % | ||||
Underwriting income |
| $ | 68,393 |
| 80.4 | % | $ | 4,988 |
| 95.9 | % | $ | 10,675 |
| 82.1 | % | $ | 84,056 |
| 84.1 | % |
6