In its Q2 2024 results, RLI Corp has revealed that its underwriting income increased to $70 million on an 81.5 combined ratio, up from $41.2 million on an 87.2 combined ratio in Q2 of 2023.
RLI’s Property segment reportedly made up $53.2 million of the total underwriting income, while the Casualty segment made up $10.3 million, and the Surety segment made up $6.5 million, all improvements over last year.
According to RLI, results for both years include favourable development in prior years’ loss reserves, which resulted in a $19.8 million and $17 million net increase in underwriting income in 2024 and 2023, respectively.
Meanwhile, RLI’s bet investment income for Q2 increased by 18% to $34 million, compared to the same period in 2023.
RLI Corp. President & CEO Craig Kliethermes, commented, “We delivered excellent results in the second quarter and reported an 82 combined ratio, 11% growth in gross premiums written and 18% increase in investment income.”
“We are pleased with the balanced growth we achieved across our product portfolio. The casualty and surety segments continued to find opportunities for expansion, while market conditions in our property segment allowed us to demonstrate our underwriting discipline.
“Our performance during the quarter highlights the value of RLI’s underwriting-focused business model and strength of our diversified portfolio.”
