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RLI books higher Q3 operating earnings YOY

RLI Corp. reported third-quarter operating earnings of $25.9 million, or 57 cents per share, up from $20.8 million, or 46 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the third quarter was 51 cents.

The company had net earnings of $32.3 million, or 71 cents per share, in the third quarter, lower than $39.4 million, or 88 cents per share, a year ago.

RLI recorded $13.7 million of underwriting income in the third quarter, compared with $7.8 million in the third quarter of 2018. Results for both quarters included favorable development in prior years' loss reserves which totaled $12.1 million for 2019 and $9.7 million for 2018.

The company's gross premiums written were about $277 million in the third quarter, up from $239.1 million in the prior-year period.