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Impact from hurricanes leads RLI to report underwriting loss in Q3

RLI Corp. reported third-quarter operating earnings of $1.7 million, or 4 cents per share, versus $16.2 million, or 37 cents per share, in the prior-year quarter.

The S&P Capital IQ consensus normalized estimate called for a loss of 2 cents per share.

Net earnings were $1.7 million, or 4 cents per share, compared with $22.3 million, or 50 cents per share, in the year-ago period.

Comprehensive earnings, which include after-tax unrealized gains from the investment portfolio, were $10.2 million, or 23 cents per share, compared with $15.3 million, or 34 cents per share, in the third quarter of 2016.

The company reported an underwriting loss of $14.9 million and a combined ratio of 108.2%. Losses from hurricanes Harvey, Irma and Maria resulted in a $31.7 million net decrease to underwriting income, partially offset by $14.9 million in favorable development from prior years' loss reserves.

Investment income for the period increased 5.1% year over year to $14.2 million.