RLI sees underwriting income hit $210.7m for 2024 with CoR of 86.2%

In its full-year 2024 results, RLI Corp. reported an underwriting income of $210.7 million with a combined ratio of 86.2%, an improvement from the $173.2 million underwriting income and 86.6% combined ratio recorded in 2023.

According to the firm, results for both years include favourable developments in prior years’ loss reserves.

This resulted in a net increase in underwriting income of $84.1 million and $95.3 million in 2024 and 2023, respectively.

However, this favourable development was offset by a $93.6 million net reduction in underwriting income in 2024 due to losses from Hurricanes Beryl, Helene, and Milton, as well as other storms.

In comparison, there was an $81.2 million net reduction to underwriting income for losses from Hawaiian wildfires and other storm losses in 2023.

Looking at RLI’s 2024 total underwriting income by segment, the firm’s Property line contributed $167.6 million, up from $86.3 million in 2023, while the Casualty and Surety lines contributed $17.8 million and $25.3 million, respectively.

RLI’s full-year comprehensive earnings were $338.4 million, compared to $367.4 million in 2023.

Meanwhile, net investment income was $142.3 million, compared to $120.4 million for the same period in 2023.

RLI Corp. President & CEO Craig Kliethermes, commented, “Our customer service, consistent financial performance and prudent capital management distinguished RLI in 2024.

“Despite an active hurricane season and highly competitive environment, we achieved an 86 combined ratio, marking our 29th consecutive year of underwriting profitability.”

Kliethermes continued, “Gross premiums written grew by 11%, surpassing $2 billion for the first time, with all three product segments contributing to this growth.

“Our positive underwriting and investment results allowed us to return $236 million to shareholders through special and regular dividends. I want to thank our associate-owners for their contributions throughout the year, which helped differentiate RLI.”

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