Exhibit 99.1
ANOTHER RECORD YEAR FOR RLI
PEORIA, Ill., Jan. 20 /PRNewswire-FirstCall/ -- RLI Corp. (NYSE: RLI) announced fourth quarter net earnings of $29.5 million ($1.13 per diluted share), which was 83% better than the $16.1 million ($0.62 per diluted share)posted in the same quarter last year. For the year 2004, RLI net earnings were$73.0 million ($2.80 per diluted share), 2% above last year’s $71.3 million($2.76 per diluted share). All net earnings results set fourth quarter and annual records.
Quarterly operating earnings of $26.8 million ($1.02 per share) were a 71% gain over last year’s $15.6 million ($0.60 per share) result. For the year, operating earnings of $64.3 million ($2.47 per share) were 10% more than the $58.7 million ($2.27 per share) reported last year. Both the per-share and total dollar results set quarterly and annual operating earnings records.
The quarter’s results include three adjustments to loss reserves. During the quarter, favorable experience on casualty business for prior accident years positively affected pretax earnings by $8.7 million, or $0.22 per share. Moreover, a re-evaluation of current accident year losses on casualty business resulted in a positive impact of $2.8 million, or $0.07 per share. Finally, third quarter hurricane loss estimates were revised, primarily influencing the property segment, and improved the final quarter’s results by $1.8 million, or $.04 per share.
For the year ended December 31, 2004, shareholders’ equity grew 13%, to $623.7 million; book value per share was up 12%, to $24.64; assets rose by 16%, to $2.5 billion; and RLI stock closed at $41.57 (a 12.4% annual return). Each of these set a year-end RLI record.
Underwriting results |
RLI reported a fourth quarter underwriting profit of $24.4 million on an 81.3 net GAAP combined ratio versus the $11.6 million gain on a 90.4 combined ratio for the same period last year. For the year, underwriting profit stood at a record $39.9 million on a 92.2 combined ratio, versus 2003’s $37.3 million on a 92.0 combined ratio. The property segment led the way with a 79.2 combined ratio. Casualty business continued to post profitable results, with a combined ratio of 94.7. The surety segment finished with a much improved 100.2 combined ratio. |
Net premiums earned grew 7% for the quarter, to $130.6 million, and resulted in consolidated revenue of $149.5 million, an increase of 11%. Gross premiums written of $178.5 million were down 3% for the quarter; the year-end result of $752.6 million was up 1% over 2003. Segment performance for the year included an increase in surety gross premiums of 5%, a rise in casualty writings of 4%, and an 8% reduction in property business.
“The insurance marketplace for 2004 was as expected -- solid, but not as robust as the prior two years,” said RLI President & CEO Jonathan E. Michael. “Our underwriters found excellent opportunities for profitable property business, and growth in surety and casualty segments. Regardless of market conditions, our business model is geared to create underwriting profits and deliver the rewards to our shareholders.
“Our property segment finished the year with an excellent quarter, which helped minimize the effects of the third quarter hurricanes on our results. Casualty experience is proving to be better than anticipated. Surety results are much improved, reflecting economic conditions and underwriting controls.”
Investment income |
Investment income for the quarter reached $14.8 million, a 29% increase over the fourth quarter of last year due to the strength of cash flows and the proceeds from the December 2003 debt offering. For the year, invested assets grew 18%, which helped push the company’s investment portfolio to $1.6 billion. |
The company’s consolidated investment portfolio generated a 6.2% total return for the year. The equity portfolio registered an 8.2% return for the quarter, 13.1% for the year. The bond portfolio grew by 1.1% in the quarter and 4.7% for the full year.
Comprehensive earnings, which include after-tax unrealized gains/losses from the investment portfolio, posted a $39.1 million gain for the quarter ($1.49 per share). At year end, comprehensive earnings were $81.4 million ($3.12 per share).
Other quarterly news |
In the fourth quarter, RLI converted warrants in a private mortgage origination company, Taylor, Bean & Whitaker Mortgage Corp., into common shares. The resulting 21% ownership was reflected as investment in unconsolidated investee, was valued at $7.5 million as of December 31, 2004, and contributed $463,000 of earnings in the fourth quarter. |
RLI named Jordan W. Graham to its board of directors on November 22, 2004. Graham, a business strategy and technology consultant, most recently was an executive with Cisco Systems, Inc.
In other action, the company paid a fourth quarter cash dividend of $0.14 per share on January 14, 2005, which reflected a $0.01 increase over the previous quarter and was the second dividend increase of 2004.
During the quarter, RLI’s transportation division announced the launching of a new commercial auto insurance unit. The new unit will write mono-line commercial auto business with its existing specialty brokers while appointing a limited number of new producers in targeted states.
At 3:15 p.m. CST today, January 20, 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, http://www.rlicorp.com.
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) which 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 for the year ended December 31, 2003.
RLI is a specialty insurance company offering a diversified portfolio of property and casualty coverages and surety bonds serving “niche” or underserved markets. RLI operates in all 50 states from 20 office locations. The company’s talented associates have delivered underwriting profits in 24 of the last 28 years, including the last nine. 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 RLI Vice President, Corporate Development Aaron Jacoby at (309) 693-5880 or at aaron_jacoby@rlicorp.com.or visit our website at http://www.rlicorp.com.
RLI CORP.
2004 FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share amounts)
|
| Three Months Ended December 31, |
| |||||||
|
|
| ||||||||
|
| 2004 |
| 2003 |
| % Change |
| |||
|
|
|
|
| ||||||
SUMMARIZED INCOME STATEMENT DATA: |
|
|
|
|
|
|
|
|
|
|
Net premiums earned |
| $ | 130,556 |
| $ | 121,872 |
|
| 7.1 | % |
Net investment income |
|
| 14,756 |
|
| 11,396 |
|
| 29.5 | % |
Net realized investment gains |
|
| 4,139 |
|
| 815 |
|
| 407.9 | % |
Consolidated revenue |
|
| 149,451 |
|
| 134,083 |
|
| 11.5 | % |
Loss and settlement expenses |
|
| 61,768 |
|
| 72,192 |
|
| -14.4 | % |
Policy acquisition costs |
|
| 34,999 |
|
| 30,656 |
|
| 14.2 | % |
Other insurance expenses |
|
| 9,369 |
|
| 7,402 |
|
| 26.6 | % |
Interest expense on debt |
|
| 1,766 |
|
| 417 |
|
| 323.5 | % |
General corporate expenses |
|
| 2,013 |
|
| 1,015 |
|
| 98.3 | % |
Total expenses |
|
| 109,915 |
|
| 111,682 |
|
| -1.6 | % |
Equity in earnings of unconsolidated investees |
|
| 1,063 |
|
| 382 |
|
| 178.3 | % |
Earnings before income taxes |
|
| 40,599 |
|
| 22,783 |
|
| 78.2 | % |
Income tax expense |
|
| 11,130 |
|
| 6,689 |
|
| 66.4 | % |
Net Earnings |
| $ | 29,469 |
| $ | 16,094 |
|
| 83.1 | % |
Other comprehensive earnings, net of tax |
|
| 9,624 |
|
| 14,085 |
|
| -31.7 | % |
Comprehensive earnings |
| $ | 39,093 |
| $ | 30,179 |
|
| 29.5 | % |
Operating Earnings: (2) |
|
|
|
|
|
|
|
|
|
|
Net Earnings |
| $ | 29,469 |
| $ | 16,094 |
|
| 83.1 | % |
Less: Realized investment gains, net of tax |
|
| 2,690 |
|
| 530 |
|
| 407.5 | % |
Realized gain on sale of insurance shell (1) |
|
| 0 |
|
| 0 |
|
| — |
|
Tax benefit on sale of insurance shell (1) |
|
| 0 |
|
| (53 | ) |
| — |
|
Operating earnings |
| $ | 26,779 |
| $ | 15,617 |
|
| 71.5 | % |
Return on Equity: |
|
|
|
|
|
|
|
|
|
|
Net earnings (trailing four quarters) |
|
|
|
|
|
|
|
|
|
|
Comprehensive earnings (trailing four quarters) |
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in 000’s) |
|
| 26,155 |
|
| 26,006 |
|
|
|
|
EPS from operations (2) |
| $ | 1.02 |
| $ | 0.60 |
|
| 70.0 | % |
Realized gains, net of tax (1) |
|
| 0.11 |
|
| 0.02 |
|
| 450.0 | % |
Net earnings per share |
| $ | 1.13 |
| $ | 0.62 |
|
| 82.3 | % |
Comprehensive earnings per share |
| $ | 1.49 |
| $ | 1.16 |
|
| 28.4 | % |
Cash dividends per share |
| $ | 0.14 |
| $ | 0.11 |
|
| 27.3 | % |
|
| Twelve Months Ended December 31, |
| |||||||
|
|
| ||||||||
|
| 2004 |
| 2003 |
| % Change |
| |||
|
|
|
|
| ||||||
SUMMARIZED INCOME STATEMENT DATA: |
|
|
|
|
|
|
|
|
|
|
Net premiums earned |
| $ | 511,348 |
| $ | 463,597 |
|
| 10.3 | % |
Net investment income |
|
| 54,087 |
|
| 44,151 |
|
| 22.5 | % |
Net realized investment gains |
|
| 13,365 |
|
| 12,138 |
|
| 10.1 | % |
Consolidated revenue |
|
| 578,800 |
|
| 519,886 |
|
| 11.3 | % |
Loss and settlement expenses |
|
| 306,131 | �� |
| 278,990 |
|
| 9.7 | % |
Policy acquisition costs |
|
| 134,595 |
|
| 119,281 |
|
| 12.8 | % |
Other insurance expenses |
|
| 30,731 |
|
| 27,989 |
|
| 9.8 | % |
Interest expense on debt |
|
| 6,894 |
|
| 1,010 |
|
| 582.6 | % |
General corporate expenses |
|
| 5,536 |
|
| 3,886 |
|
| 42.5 | % |
Total expenses |
|
| 483,887 |
|
| 431,156 |
|
| 12.2 | % |
Equity in earnings of unconsolidated investees |
|
| 5,429 |
|
| 5,548 |
|
| -2.1 | % |
Earnings before income taxes |
|
| 100,342 |
|
| 94,278 |
|
| 6.4 | % |
Income tax expense |
|
| 27,306 |
|
| 22,987 |
|
| 18.8 | % |
Net Earnings |
| $ | 73,036 |
| $ | 71,291 |
|
| 2.4 | % |
Other comprehensive earnings, net of tax |
|
| 8,318 |
|
| 26,402 |
|
| -68.5 | % |
Comprehensive earnings |
| $ | 81,354 |
| $ | 97,693 |
|
| -16.7 | % |
Operating Earnings: (2) |
|
|
|
|
|
|
|
|
|
|
Net Earnings |
| $ | 73,036 |
| $ | 71,291 |
|
| 2.4 | % |
Less: Realized investment gains, net of tax |
|
| 8,687 |
|
| 5,665 |
|
| 53.3 | % |
Realized gain on sale of insurance shell (1) |
|
| 0 |
|
| 3,422 |
|
| — |
|
Tax benefit on sale of insurance shell (1) |
|
| 0 |
|
| 3,469 |
|
| — |
|
Operating earnings |
| $ | 64,349 |
| $ | 58,735 |
|
| 9.6 | % |
Return on Equity: |
|
|
|
|
|
|
|
|
|
|
Net earnings (trailing four quarters) |
|
| 12.5 | % |
| 14.1 | % |
|
|
|
Comprehensive earnings (trailing four quarters) |
|
| 14.0 | % |
| 19.4 | % |
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in 000’s) |
|
| 26,093 |
|
| 25,846 |
|
|
|
|
EPS from operations (2) |
| $ | 2.47 |
| $ | 2.27 |
|
| 8.8 | % |
Realized gains, net of tax (1) |
|
| 0.33 |
|
| 0.49 |
|
| -32.7 | % |
Net earnings per share |
| $ | 2.80 |
| $ | 2.76 |
|
| 1.4 | % |
Comprehensive earnings per share |
| $ | 3.12 |
| $ | 3.78 |
|
| -17.5 | % |
Cash dividends per share |
| $ | 0.51 |
| $ | 0.40 |
|
| 27.5 | % |
(1) The sale of an insurance company shell during the third quarter of 2003 resulted in non-operating gain of $6.9 million ($0.27 per share), inclusive of a $3.4 million realized gain and a relating tax benefit on the sale of $3.5 million. |
|
(2) Net operating earnings and EPS from operations consist of our net earnings reduced by after-tax realized investment gains/losses. This measure is useful in gauging our core operating performance across reporting periods, but may not be comparable to the definition of operating earnings used by all companies. |
RLI CORP.
2004 FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share amounts)
|
| Three Months Ended |
| Twelve Months Ended |
| ||||||||||||||
|
|
|
| ||||||||||||||||
|
| 2004 |
| 2003 |
| % Change |
| 2004 |
| 2003 |
| % Change |
| ||||||
|
|
|
|
|
|
|
| ||||||||||||
Total Gross Revenues Gross premiums written |
| $ | 178,495 |
|
| 184,440 |
|
| -3.2 | % | $ | 752,588 |
| $ | 742,477 |
|
| 1.4 | % |
Net investment income |
|
| 14,756 |
|
| 11,396 |
|
| 29.5 | % |
| 54,087 |
|
| 44,151 |
|
| 22.5 | % |
Net realized investment gains |
|
| 4,139 |
|
| 815 |
|
| 407.9 | % |
| 13,365 |
|
| 12,138 |
|
| 10.1 | % |
Total |
| $ | 197,390 |
| $ | 196,651 |
|
| 0.4 | % | $ | 820,040 |
| $ | 798,766 |
|
| 2.7 | % |
Net Cash Flow from Operations |
| $ | 13,645 | % | $ | 41,191 |
|
| -66.9 |
| $ | 188,962 |
| $ | 191,019 |
|
| -1.1 | % |
|
| December 31, |
| December 31, |
| % Change |
| |||
|
|
|
|
| ||||||
SUMMARIZED BALANCE SHEET DATA: |
|
|
|
|
|
|
|
|
|
|
Fixed income and short-term investments |
| $ | 1,253,843 |
| $ | 1,057,339 |
|
| 18.6 | % |
(amortized cost - $1,237,843 at 12/31/04) |
|
|
|
|
|
|
|
|
|
|
(amortized cost - $1,038,855 at 12/31/03) |
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
| 315,875 |
|
| 276,021 |
|
| 14.4 | % |
(cost - $169,479 at 12/31/04) |
|
|
|
|
|
|
|
|
|
|
(cost - $144,550 at 12/31/03) |
|
|
|
|
|
|
|
|
|
|
Total investments |
|
| 1,569,718 |
|
| 1,333,360 |
|
| 17.7 | % |
Premiums and reinsurance balances receivable |
|
| 146,667 |
|
| 152,860 |
|
| -4.1 | % |
Ceded unearned premiums |
|
| 101,446 |
|
| 101,748 |
|
| -0.3 | % |
Reinsurance recoverable on unpaid losses |
|
| 464,180 |
|
| 372,048 |
|
| 24.8 | % |
Deferred acquisition costs |
|
| 67,146 |
|
| 63,737 |
|
| 5.3 | % |
Property and equipment |
|
| 18,335 |
|
| 18,616 |
|
| -1.5 | % |
Investment in unconsolidated investees |
|
| 43,398 |
|
| 30,683 |
|
| 41.4 | % |
Goodwill |
|
| 26,214 |
|
| 26,214 |
|
| 0.0 | % |
Other assets |
|
| 31,671 |
|
| 35,098 |
|
| -9.8 | % |
Total assets |
| $ | 2,468,775 |
| $ | 2,134,364 |
|
| 15.7 | % |
Unpaid losses and settlement expenses |
|
| 1,132,599 |
|
| 903,441 |
|
| 25.4 | % |
Unearned premiums |
|
| 367,205 |
|
| 367,642 |
|
| -0.1 | % |
Reinsurance balances payable |
|
| 78,062 |
|
| 92,382 |
|
| -15.5 | % |
Short-term debt |
|
| 46,839 |
|
| 47,560 |
|
| -1.5 | % |
Long-term debt - bonds payable |
|
| 100,000 |
|
| 100,000 |
|
| 0.0 | % |
Income taxes - deferred |
|
| 38,966 |
|
| 38,818 |
|
| 0.4 | % |
Other liabilities |
|
| 81,443 |
|
| 30,387 |
|
| 168.0 | % |
Total liabilities |
|
| 1,845,114 |
|
| 1,580,230 |
|
| 16.8 | % |
Shareholders’ equity |
|
| 623,661 |
|
| 554,134 |
|
| 12.5 | % |
Total liabilities & shareholders’ equity |
| $ | 2,468,775 |
| $ | 2,134,364 |
|
| 15.7 | % |
Common shares outstanding (in 000’s) |
|
| 25,316 |
|
| 25,165 |
|
|
|
|
Book Value per share |
| $ | 24.64 |
| $ | 22.02 |
|
| 11.9 | % |
Closing stock price per share |
| $ | 41.57 |
| $ | 37.46 |
|
| 11.0 | % |
Statutory Surplus |
| $ | 605,967 |
| $ | 546,586 |
|
| 10.9 | % |
RLI CORP.
2004 FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share amounts)
UNDERWRITING SEGMENT DATA
(in thousands)
Three Months Ended December 31, |
| Property |
| GAAP |
| Surety |
| GAAP |
| ||||
|
|
|
|
| |||||||||
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premium written |
| $ | 36,628 |
|
|
|
| $ | 11,270 |
|
|
|
|
Net premium written |
|
| 18,156 |
|
|
|
|
| 10,096 |
|
|
|
|
Net premium earned |
|
| 24,585 |
|
|
|
|
| 12,085 |
|
|
|
|
Net loss & settlement expenses |
|
| 5,124 |
|
| 20.8 | % |
| 4,432 |
|
| 36.7 | % |
Net operating expenses |
|
| 8,987 |
|
| 36.6 | % |
| 7,634 |
|
| 63.2 | % |
Underwriting income (loss) |
| $ | 10,474 |
|
| 57.4 | % | $ | 19 |
|
| 99.9 | % |
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premium written |
| $ | 44,421 |
|
|
|
| $ | 11,114 |
|
|
|
|
Net premium written |
|
| 22,954 |
|
|
|
|
| 9,728 |
|
|
|
|
Net premium earned |
|
| 25,590 |
|
|
|
|
| 11,005 |
|
|
|
|
Net loss & settlement expenses |
|
| 4,830 |
|
| 18.9 | % |
| 5,860 |
|
| 53.2 | % |
Net operating expenses |
|
| 8,667 |
|
| 33.9 | % |
| 7,174 |
|
| 65.2 | % |
Underwriting income (loss) |
| $ | 12,093 |
|
| 52.8 | % | $ | (2,029 | ) |
| 118.4 | % |
Three Months Ended December 31, |
| Casualty |
| GAAP |
| Total |
| GAAP |
| ||||
|
|
|
|
| |||||||||
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premium written |
| $ | 130,597 |
|
|
|
| $ | 178,495 |
|
|
|
|
Net premium written |
|
| 92,654 |
|
|
|
|
| 120,906 |
|
|
|
|
Net premium earned |
|
| 93,886 |
|
|
|
|
| 130,556 |
|
|
|
|
Net loss & settlement expenses |
|
| 52,212 |
|
| 55.6 | % |
| 61,768 |
|
| 47.3 | % |
Net operating expenses |
|
| 27,747 |
|
| 29.6 | % |
| 44,368 |
|
| 34.0 | % |
Underwriting income (loss) |
| $ | 13,927 |
|
| 85.2 | % | $ | 24,420 |
|
| 81.3 | % |
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premium written |
| $ | 128,905 |
|
|
|
| $ | 184,440 |
|
|
|
|
Net premium written |
|
| 91,410 |
|
|
|
|
| 124,092 |
|
|
|
|
Net premium earned |
|
| 85,277 |
|
|
|
|
| 121,872 |
|
|
|
|
Net loss & settlement expenses |
|
| 61,502 |
|
| 72.1 | % |
| 72,192 |
|
| 59.2 | % |
Net operating expenses |
|
| 22,217 |
|
| 26.1 | % |
| 38,058 |
|
| 31.2 | % |
Underwriting income (loss) |
| $ | 1,558 |
|
| 98.2 | % | $ | 11,622 |
|
| 90.4 | % |
UNDERWRITING SEGMENT DATA
(in thousands)
Three Months Ended December 31, |
| Property |
| GAAP |
| Surety |
| GAAP |
| ||||
|
|
|
|
| |||||||||
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premium written |
| $ | 178,625 |
|
|
|
| $ | 54,146 |
|
|
|
|
Net premium written |
|
| 91,549 |
|
|
|
|
| 49,214 |
|
|
|
|
Net premium earned |
|
| 98,043 |
|
|
|
|
| 47,688 |
|
|
|
|
Net loss & settlement expenses |
|
| 41,735 |
|
| 42.6 | % |
| 18,355 |
|
| 38.5 | % |
Net operating expenses |
|
| 35,908 |
|
| 36.6 | % |
| 29,402 |
|
| 61.7 | % |
Underwriting income (loss) |
| $ | 20,400 |
|
| 79.2 | % | $ | (69 | ) |
| 100.2 | % |
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premium written |
| $ | 193,359 |
|
|
|
| $ | 51,426 |
|
|
|
|
Net premium written |
|
| 103,508 |
|
|
|
|
| 43,704 |
|
|
|
|
Net premium earned |
|
| 107,678 |
|
|
|
|
| 46,371 |
|
|
|
|
Net loss & settlement expenses |
|
| 32,422 |
|
| 30.1 | % |
| 23,277 |
|
| 50.2 | % |
Net operating expenses |
|
| 36,297 |
|
| 33.7 | % |
| 29,684 |
|
| 64.0 | % |
Underwriting income (loss) |
| $ | 38,959 |
|
| 63.8 | % | $ | (6,590 | ) |
| 114.2 | % |
Three Months Ended December 31, |
| Casualty |
| GAAP |
| Total |
| GAAP |
| ||||
|
|
|
|
| |||||||||
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premium written |
| $ | 519,817 |
|
|
|
| $ | 752,588 |
|
|
|
|
Net premium written |
|
| 370,449 |
|
|
|
|
| 511,212 |
|
|
|
|
Net premium earned |
|
| 365,617 |
|
|
|
|
| 511,348 |
|
|
|
|
Net loss & settlement expenses |
|
| 246,041 |
|
| 67.3 | % |
| 306,131 |
|
| 59.9 | % |
Net operating expenses |
|
| 100,016 |
|
| 27.4 | % |
| 165,326 |
|
| 32.3 | % |
Underwriting income (loss) |
| $ | 19,560 |
|
| 94.7 | % | $ | 39,891 |
|
| 92.2 | % |
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross premium written |
| $ | 497,692 |
|
|
|
| $ | 742,477 |
|
|
|
|
Net premium written |
|
| 326,882 |
|
|
|
|
| 474,094 |
|
|
|
|
Net premium earned |
|
| 309,548 |
|
|
|
|
| 463,597 |
|
|
|
|
Net loss & settlement expenses |
|
| 223,291 |
|
| 72.1 | % |
| 278,990 |
|
| 60.2 | % |
Net operating expenses |
|
| 81,289 |
|
| 26.3 | % |
| 147,270 |
|
| 31.8 | % |
Underwriting income (loss) |
| $ | 4,968 |
|
| 98.4 | % | $ | 37,337 |
|
| 92.0 | % |
SOURCE RLI Corp.
-0- 01/20/2005
/CONTACT: Aaron Jacoby of RLI Corp., +1-309-693-5880,
Aaron_Jacoby@rlicorp.com /
/Web site: http://www.rlicorp.com /