Peoria, Ill.-based insurer RLI Corp. reported fourth-quarter net earnings of 62 cents per diluted share (or $16.1 million), a 15 percent per-share improvement over the 54 cents per diluted share (or $11.2 million) reported for the same period in 2002.
For the year 2003, net earnings finished at $2.76 per share (or $71.3 million), rising 58 percent per share over last year’s $1.75 per-share ($35.9 million) result. The per-share and total dollar postings set fourth quarter and year-end net earnings records.
In the year’s final quarter, RLI earned record quarterly underwriting profits of $11.6 million on a 90.4 net GAAP combined ratio, compared to a profit of $6 million on a 94.0 combined ratio last year. For the year, RLI’s underwriting profit stood at a record $37.3 million on a 92.0 combined ratio, versus 2002’s $15.6 million on a 95.6 combined ratio. RLI’s property segment contributed the majority of the year’s gains, with a 63.8 combined ratio. Casualty writings remained in profitable territory, with a combined ratio of 98.4. The surety segment finished with a 114.2 combined ratio.
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