LONDON, UK / ACCESSWIRE / October 24, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on RLI Corp. (NYSE: RLI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=RLI, following the Company's posting of its third quarter fiscal 2017 operating results on October 18, 2017. The Company's net investment income grew 5% on a y-o-y basis, while revenue and income declined compared to the year-ago same period. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the three months ended September 30, 2017, RLI reported consolidated revenues of $196.25 million compared to revenues of $206.35 million in Q3 2016. The Company's revenue numbers fell short of analysts' estimates of $198 million.

The Company's net premiums earned totaled $182.03 million for the reported quarter, marginally lower compared to $183.60 million in the year-ago corresponding period, reflective of continued soft market conditions and RLI's intentional pruning of some of its underperforming products. Excluding the discontinued businesses of recreational vehicle and catastrophe treaty, the Company's top-line grew 2% on a y-o-y basis. RLI's Surety segment's premium declined due to continued competitive market conditions while the Company's Property segment was adversely impacted by product exits.

During Q3 2017, RLI's operating earnings were $1.7 million, or $0.04 per share, compared to $16.2 million, or $0.37 per share, for Q3 2016. The Company's net earnings were $1.7 million, or $0.04 per share, for the reported quarter compared to $22.3 million, or $0.50 per share, for the year-ago same period.

Underwriting Income

RLI reported $14.9 million of underwriting loss on a combined ratio of 108.2 in Q3 2017 compared to $10.6 million of underwriting income on a 94.2 combined ratio in Q3 2016. The Company was impacted by hurricane losses with a $31.7 million net decrease in underwriting income due to Hurricanes Harvey, Irma, and Maria during the reported quarter. RLI stated that the impact of a very active hurricane season contributed 17 points to the overall 108 combined ratio.

RLI noted that despite the Hurricane season, the Company's Casualty and Surety segments delivered strong results with combined ratios of 97 and 70, respectively.

Other Income

RLI's net investment income grew 5.1% to $14.2 million on a y-o-y basis for Q3 2017 compared to the same period in 2016. The investment portfolio's total return was 1.4% for the reported quarter. RLI's bond portfolio's return was 1.0% in Q3 2017, while the equity portfolio's return was 3.4%.

RLI's comprehensive earnings, which include after-tax unrealized gains/losses from the investment portfolio, were $10.2 million, or $0.23 per share, for Q3 2017 compared to $15.3 million, or $0.34 per share, for Q3 2016. The Company's equity in earnings of unconsolidated investees was $3.7 million for the reported quarter compared to $1.9 million for the year-ago corresponding period.

At the end of Q3 2017, RLI's book value per share totaled $19.95, reflecting an increase of more than 9%, inclusive of dividends, from year-end 2016.

Other News

During Q3 2017, RLI's A+ Superior Financial Strength Rating (FSR) was affirmed by A.M. Best Co. for the Company's insurance subsidiaries ? RLI Insurance Co., Mt. Hawley Insurance Co., and Contractors Bonding and Insurance Co.

Stock Performance

On Monday, October 23, 2017, the stock closed the trading session at $57.83, marginally down 0.34% from its previous closing price of $58.03. A total volume of 116.99 thousand shares have exchanged hands. RLI Corp.'s stock price advanced 4.75% in the past one month and 3.74% in the previous twelve months. The stock is trading at a PE ratio of 32.18 and has a dividend yield of 1.45%. At Monday's closing price, the stock's net capitalization stands at $2.62 billion.

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SOURCE: Pro-Trader Daily