RLI Reports Fourth Quarter and Year-End 2018 Results
| Fourth Quarter | Year to Date | |||||||||||||
| Earnings Per Diluted Share | 2018 | 2017 | 2018 | 2017 | ||||||||||
| Net earnings (loss) (2) | $ | (0.46 | ) | $ | 1.29 | $ | 1.43 | $ | 2.36 | |||||
| Operating earnings (1) | $ | 0.40 | $ | 1.21 | $ | 2.05 | $ | 2.30 | ||||||
| (1) | See discussion below: Non-GAAP and Performance Measures. | |
| (2) | Unrealized losses on equity securities and the related taxes were included in net earnings in 2018. See discussion below: Adopted Accounting Standard and Tax Reform. | |
Highlights for the quarter included:
- Underwriting income(1) of
$2.2 million , resulting in a combined ratio(1) of 98.9. - 12% increase in gross premiums written and 17% increase in investment income.
- Favorable development in prior years’ loss reserves resulting in a
$9.6 million net increase in underwriting income. - Losses from Hurricane Michael resulting in a
$19.6 million net decrease to underwriting income. - Special dividend of
$1.00 per share, representing$44.5 million returned to shareholders.
Highlights for the year included:
- Underwriting income(1) of
$41.6 million , resulting in a combined ratio(1) of 94.7. - 11% increase in gross premiums written and 13% increase in investment income.
- Favorable development in prior years’ loss reserves resulting in a
$44.3 million net increase in underwriting income. - Losses from accumulated catastrophe activity resulting in a
$34.4 million net decrease to underwriting income. - 23rd consecutive year of a combined ratio(1) below 100.
- Book value per share of
$18.13 , an increase of 3% from year-end 2017, inclusive of dividends.
“The industry experienced another active year of natural catastrophes, but RLI’s underwriting discipline and product diversification once again distinguished our company,” said
Underwriting Income
RLI had
For the year, RLI achieved
The following table highlights underwriting income and combined ratios by segment.
| Underwriting Income(1) | Combined Ratio(1) | |||||||||||||
| (in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||
| Casualty | $ | 11.1 | $ | 3.9 | Casualty | 97.9 | 99.2 | |||||||
| Property | 0.9 | (11.9 | ) | Property | 99.4 | 108.6 | ||||||||
| Surety | 29.6 | 34.8 | Surety | 75.0 | 71.2 | |||||||||
| Total | $ | 41.6 | $ | 26.8 | Total | 94.7 | 96.4 | |||||||
| (1) | See discussion below: Non-GAAP and Performance Measures. | |
Other Income
RLI’s net investment income for the quarter increased 17.4% to
Comprehensive earnings were -
Equity in earnings of
Special and Regular Dividends
On
Adopted Accounting Standard and Tax Reform
As disclosed in RLI’s Annual Report on Form 10-K for the year ended
The change in the federal corporate tax rate from 35% to 21% commencing
Non-GAAP and Performance Measures
Management has included certain non-generally accepted accounting principles (“non-GAAP”) financial measures in presenting the company’s results. Management believes that these non-GAAP measures better explain the company’s results of operations and allow for a more complete understanding of the underlying trends in the company’s business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (“GAAP”). In addition, our definitions of these items may not be comparable to the definitions used by other companies.
Operating earnings and earnings per share (EPS) from operations consist of our GAAP net earnings adjusted by the net realized gains/(losses), net unrealized gains/(losses) on equity securities for 2018 only and taxes related thereto. The adjustment for net unrealized gains/(losses) on equity securities is only applicable for 2018 due to the adoption of the above mentioned accounting standard update. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and EPS from operations. A reconciliation of the operating earnings and EPS from operations to the comparable GAAP financial measures is included in the 2018 financial highlights below.
Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting loss and settlement expenses, policy acquisition costs and insurance operating expenses from net premium earned, which are all GAAP financial measures. The combined ratio, which is derived from components of underwriting income, is a performance measure commonly used by property and casualty insurance companies and is calculated as the sum of loss and settlement expenses, policy acquisition costs and insurance operating expenses, divided by net premiums earned, which are all GAAP measures.
Other News
During the fourth quarter, the company’s A+ (Superior) financial strength rating was affirmed by
At
Except for historical information, this news release may include forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectations about the future performance of our company or our business segments or about future market conditions. These statements are subject to certain risk factors that could cause actual results to differ materially. Various risk factors that could affect future results are listed in the company's filings with the
About RLI
Supplemental disclosure regarding the earnings impact of specific items:
| Operating Earnings Per Share | ||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||
| 4th Qtr | 4th Qtr | 12 Mos. | 12 Mos. | |||||||||||||||
| Operating Earnings Per Share(1) | $ | 0.40 | $ | 1.21 | $ | 2.05 | $ | 2.30 | ||||||||||
| Specific items included in operating earnings per share:(2) (3) | ||||||||||||||||||
|
• |
Favorable development in casualty prior years' reserves | $ | 0.20 | $ | 0.05 | $ | 0.55 | $ | 0.28 | |||||||||
|
• |
Favorable development in property prior years' reserves | $ | - | $ | 0.02 | $ | 0.07 | $ | 0.08 | |||||||||
|
• |
Favorable (unfavorable) development in surety prior years' reserves | $ | (0.04 | ) | $ | - | $ | 0.12 | $ | 0.16 | ||||||||
|
• |
Catastrophe impact | |||||||||||||||||
| ▪ | Hurricane Michael | $ | (0.35 | ) | $ | - | $ | (0.34 | ) | $ | - | |||||||
| ▪ | Hurricane Florence | $ | - | $ | - | $ | (0.11 | ) | $ | - | ||||||||
| ▪ | 2018 Hawaii volcanic activity | $ | 0.01 | $ | - | $ | (0.09 | ) | $ | - | ||||||||
| ▪ | 2018 storms | $ | (0.01 | ) | $ | - | $ | (0.06 | ) | $ | - | |||||||
| ▪ | Hurricanes Harvey, Irma and Maria | $ | - | $ | - | $ | - | $ | (0.46 | ) | ||||||||
| ▪ | 2017 and prior events | $ | 0.01 | $ | - | $ | 0.03 | $ | (0.02 | ) | ||||||||
|
• |
Gain from tax benefit of special dividend to ESOP(4) | $ | 0.01 | $ | 0.04 | $ | 0.01 | $ | 0.04 | |||||||||
|
• |
Gain from tax benefit applicable to |
$ | - | $ | 0.03 | $ | - | $ | 0.03 | |||||||||
|
• |
Gain from tax benefit of change in corporate tax law(6) | $ | 0.05 | $ | 0.63 | $ | 0.05 | $ | 0.63 | |||||||||
| (1) | See discussion above: Non-GAAP and Performance Measures. | |
| (2) | Includes incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses. | |
| (3) | Reserve development reflects changes from previously estimated losses. | |
| (4) | Dividends paid on employer securities in an ESOP are fully deductible from taxable income and resulted in a 21% tax benefit in 2018 and 35% tax benefit in 2017. See Adopted Accounting Standard and Tax Reform discussion above. | |
| (5) | As required under the accounting standard for income taxes, the gain reflects the tax benefit of applying the lower tax rate applicable to dividends received from an affiliate (7.35%) as compared to the corporate capital gains tax rate (21%) on which tax estimates were based. | |
| (6) | The gain reflects the tax benefit of applying the rules enacted under the TCJA of 2017. | |
| |
|||||||||||||||||||||||||||
| 2018 FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||
|
(Unaudited) |
|||||||||||||||||||||||||||
|
(Dollars in thousands, except per share amounts) |
|||||||||||||||||||||||||||
| Three Months Ended |
Twelve Months Ended |
||||||||||||||||||||||||||
|
SUMMARIZED INCOME STATEMENT DATA: |
2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||||||
| Net premiums earned | $ | 204,002 | $ | 188,296 | 8.3 | % | $ | 791,366 | $ | 737,937 | 7.2 | % | |||||||||||||||
| Net investment income | 16,962 | 14,446 | 17.4 | % | 62,085 | 54,876 | 13.1 | % | |||||||||||||||||||
| Net realized gains | 15,507 | 5,111 | 203.4 | % | 63,407 | 4,411 | - | ||||||||||||||||||||
| Net unrealized losses on equity securities | (64,200 | ) | - | - | (98,735 | ) | - | - | |||||||||||||||||||
| Consolidated revenue | $ | 172,271 | $ | 207,853 | (17.1 | ) | % | $ | 818,123 | $ | 797,224 | 2.6 | % | ||||||||||||||
| Loss and settlement expenses | $ | 123,888 | $ | 94,657 | 30.9 | % | $ | 428,193 | $ | 401,584 | 6.6 | % | |||||||||||||||
| Policy acquisition costs | 66,265 | 66,251 | 0.0 | % | 267,738 | 252,515 | 6.0 | % | |||||||||||||||||||
| Insurance operating expenses | 11,612 | 18,412 | (36.9 | ) | % | 53,803 | 56,994 | (5.6 | ) | % | |||||||||||||||||
| Interest expense on debt | 1,861 | 1,857 | 0.2 | % | 7,437 | 7,426 | 0.1 | % | |||||||||||||||||||
| General corporate expenses | 1,556 | 3,524 | (55.8 | ) | % | 9,427 | 11,340 | (16.9 | ) | % | |||||||||||||||||
| Total expenses | $ | 205,182 | $ | 184,701 | 11.1 | % | $ | 766,598 | $ | 729,859 | 5.0 | % | |||||||||||||||
| Equity in earnings of unconsolidated investees | 203 | 1,820 | (88.8 | ) | % | 16,056 | 17,224 | (6.8 | ) | % | |||||||||||||||||
| Earnings (loss) before income taxes | $ | (32,708 | ) | $ | 24,972 | - | $ | 67,581 | $ | 84,589 | (20.1 | ) | % | ||||||||||||||
| Income tax expense (benefit) | (12,048 | ) | (32,286 | ) | (62.7 | ) | % | 3,402 | (20,439 | ) | - | ||||||||||||||||
| Net earnings (loss) | $ | (20,660 | ) | $ | 57,258 | - | $ | 64,179 | $ | 105,028 | (38.9 | ) | % | ||||||||||||||
| Other comprehensive earnings (loss), net of tax | 7,772 | 4,497 | 72.8 | % | (33,997 | ) | 35,309 | - | |||||||||||||||||||
| Comprehensive earnings (loss) | $ | (12,888 | ) | $ | 61,755 | - | $ | 30,182 | $ | 140,337 | (78.5 | ) | % | ||||||||||||||
| Operating earnings(1): | |||||||||||||||||||||||||||
| Net earnings (loss) | $ | (20,660 | ) | $ | 57,258 | - | $ | 64,179 | $ | 105,028 | (38.9 | ) | % | ||||||||||||||
| Less: | |||||||||||||||||||||||||||
| Realized gains | (15,507 | ) | (5,111 | ) | 203.4 | % | (63,407 | ) | (4,411 | ) | - | ||||||||||||||||
| Income tax on realized gains | 3,256 | 1,789 | 82.0 | % | 13,315 | 1,544 | - | ||||||||||||||||||||
| Unrealized losses on equity securities | 64,200 | - | - | 98,735 | - | - | |||||||||||||||||||||
| Income tax on unrealized losses on equity securities | (13,482 | ) | - | - | (20,734 | ) | - | - | |||||||||||||||||||
| Operating earnings | $ | 17,807 | $ | 53,936 | (67.0 | ) | % | $ | 92,088 | $ | 102,161 | (9.9 | ) | % | |||||||||||||
|
Return on Equity: |
|||||||||||||||||||||||||||
| Net earnings | 7.6 | % | 12.3 | % | |||||||||||||||||||||||
| Comprehensive earnings | 3.6 | % | 16.4 | % | |||||||||||||||||||||||
| Per Share Data: | |||||||||||||||||||||||||||
|
Diluted: |
|||||||||||||||||||||||||||
| Weighted average shares outstanding (in 000's) | 44,497 | 44,549 | 44,835 | 44,500 | |||||||||||||||||||||||
| Net earnings per share | $ | (0.46 | ) | $ | 1.29 | - | $ | 1.43 | $ | 2.36 | (39.4 | ) | % | ||||||||||||||
| Less: | |||||||||||||||||||||||||||
| Realized gains | (0.35 | ) | (0.12 | ) | 191.7 | % | (1.42 | ) | (0.09 | ) | - | ||||||||||||||||
| Income tax on realized gains | 0.07 | 0.04 | 75.0 | % | 0.30 | 0.03 | - | ||||||||||||||||||||
| Unrealized losses on equity securities | 1.44 | - | - | 2.20 | - | - | |||||||||||||||||||||
| Income tax on unrealized losses on equity securities | (0.30 | ) | - | - | (0.46 | ) | - | - | |||||||||||||||||||
| EPS from operations(1) | $ | 0.40 | $ | 1.21 | (66.9 | ) | % | $ | 2.05 | $ | 2.30 | (10.9 | ) | % | |||||||||||||
| Comprehensive earnings (loss) per share | $ | (0.29 | ) | $ | 1.39 | - | $ | 0.67 | $ | 3.15 | (78.7 | ) | % | ||||||||||||||
| Cash dividends per share - ordinary | $ | 0.22 | $ | $ | 0.21 | 4.8 | % | $ | 0.87 | $ | 0.83 | 4.8 | % | ||||||||||||||
| Cash dividends per share - special | $ | 1.00 | $ | 1.75 | (42.9 | ) | % | $ | 1.00 | $ | 1.75 | (42.9 | ) | % | |||||||||||||
| |
$ | 53,733 | $ | 51,592 | 4.1 | % | $ | 217,102 | $ | 197,525 | 9.9 | % | |||||||||||||||
| (1) | See discussion above: Non-GAAP and Performance Measures. | |
| |
||||||||||
| 2018 FINANCIAL HIGHLIGHTS | ||||||||||
|
(Unaudited) |
||||||||||
|
(Dollars in thousands, except per share amounts) |
||||||||||
| |
|
|||||||||
| 2018 | 2017 | % Change | ||||||||
|
SUMMARIZED BALANCE SHEET DATA: |
||||||||||
| Fixed income | $ | 1,760,515 | $ | 1,672,239 | 5.3 | % | ||||
| (amortized cost - |
||||||||||
| (amortized cost - |
||||||||||
| Equity securities | 340,483 | 400,492 | (15.0 | ) | % | |||||
| (cost - |
||||||||||
| (cost - |
||||||||||
| Other invested assets | 51,542 | 33,808 | 52.5 | % | ||||||
| Cash and cash equivalents | 41,690 | 34,251 | 21.7 | % | ||||||
| Total investments and cash | $ | 2,194,230 | $ | 2,140,790 | 2.5 | % | ||||
| Premiums and reinsurance balances receivable | 152,576 | 134,351 | 13.6 | % | ||||||
| Ceded unearned premiums | 71,174 | 57,928 | 22.9 | % | ||||||
| Reinsurance balances recoverable on unpaid losses | 364,999 | 301,991 | 20.9 | % | ||||||
| Deferred policy acquisition costs | 84,934 | 77,716 | 9.3 | % | ||||||
| Property and equipment | 54,692 | 55,849 | (2.1 | ) | % | |||||
| Investment in unconsolidated investees | 94,967 | 90,067 | 5.4 | % | ||||||
| |
54,534 | 59,302 | (8.0 | ) | % | |||||
| Other assets | 32,959 | 29,250 | 12.7 | % | ||||||
| Total assets | $ | 3,105,065 | $ | 2,947,244 | 5.4 | % | ||||
| Unpaid losses and settlement expenses | $ | 1,461,348 | $ | 1,271,503 | 14.9 | % | ||||
| Unearned premiums | 496,505 | 451,449 | 10.0 | % | ||||||
| Reinsurance balances payable | 22,591 | 21,624 | 4.5 | % | ||||||
| Funds held | 72,309 | 74,560 | (3.0 | ) | % | |||||
| Income taxes - deferred | 24,238 | 53,768 | (54.9 | ) | % | |||||
| Bonds payable, long-term debt | 149,115 | 148,928 | 0.1 | % | ||||||
| Accrued expenses | 45,124 | 52,848 | (14.6 | ) | % | |||||
| Other liabilities | 26,993 | 18,966 | 42.3 | % | ||||||
| Total liabilities | $ | 2,298,223 | $ | 2,093,646 | 9.8 | % | ||||
| Shareholders' equity | 806,842 | 853,598 | (5.5 | ) | % | |||||
| Total liabilities & shareholders' equity | $ | 3,105,065 | $ | 2,947,244 | 5.4 | % | ||||
|
OTHER DATA: |
||||||||||
| Common shares outstanding (in 000's) | 44,504 | 44,148 | ||||||||
| Book value per share | $ | 18.13 | $ | 19.33 | (6.2 | ) | % | |||
| Closing stock price per share | $ | 68.99 | $ | 60.66 | 13.7 | % | ||||
| Cash dividends per share - ordinary | $ | 0.87 | $ | 0.83 | 4.8 | % | ||||
| Cash dividends per share - special | $ | 1.00 | $ | 1.75 | (42.9 | ) | % | |||
| Statutory surplus | $ | 829,775 | $ | 864,554 | (4.0 | ) | % | |||
| |
||||||||||||||||||||||||||
| 2018 FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||
|
UNDERWRITING SEGMENT DATA |
||||||||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||||||||
|
(Dollars in thousands, except per share amounts) |
||||||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||||||
| GAAP | GAAP | GAAP | GAAP | |||||||||||||||||||||||
| Casualty | Ratios | Property | Ratios | Surety | Ratios | Total | Ratios | |||||||||||||||||||
|
2018 |
||||||||||||||||||||||||||
| Gross premiums written | $ | 177,665 | $ | 47,822 | $ | 31,916 | $ | 257,403 | ||||||||||||||||||
| Net premiums written | 147,615 | 34,710 | 30,103 | 212,428 | ||||||||||||||||||||||
| Net premiums earned | 136,404 | 37,822 | 29,776 | 204,002 | ||||||||||||||||||||||
| Net loss & settlement expenses | 83,372 | 61.1 | % | 33,429 | 88.4 | % | 7,087 | 23.8 | % | 123,888 | 60.7 | % | ||||||||||||||
| Net operating expenses | 44,333 | 32.5 | % | 15,659 | 41.4 | % | 17,885 | 60.1 | % | 77,877 | 38.2 | % | ||||||||||||||
| Underwriting income (loss) (1) | $ | 8,699 | 93.6 | % | $ | (11,266 | ) | 129.8 | % | $ | 4,804 | 83.9 | % | $ | 2,237 | 98.9 | % | |||||||||
|
2017 |
||||||||||||||||||||||||||
| Gross premiums written | $ | 153,575 | $ | 43,747 | $ | 31,743 | $ | 229,065 | ||||||||||||||||||
| Net premiums written | 128,996 | 34,015 | 29,881 | 192,892 | ||||||||||||||||||||||
| Net premiums earned | 123,967 | 34,497 | 29,832 | 188,296 | ||||||||||||||||||||||
| Net loss & settlement expenses | 78,576 | 63.4 | % | 12,977 | 37.6 | % | 3,104 | 10.4 | % | 94,657 | 50.3 | % | ||||||||||||||
| Net operating expenses | 46,808 | 37.8 | % | 17,527 | 50.8 | % | 20,328 | 68.1 | % | 84,663 | 44.9 | % | ||||||||||||||
| Underwriting income (loss) (1) | $ | (1,417 | ) | 101.2 | % | $ | 3,993 | 88.4 | % | $ | 6,400 | 78.5 | % | $ | 8,976 | 95.2 | % | |||||||||
|
Twelve Months Ended |
||||||||||||||||||||||||||
| GAAP | GAAP | GAAP | GAAP | |||||||||||||||||||||||
| Casualty | Ratios | Property | Ratios | Surety | Ratios | Total | Ratios | |||||||||||||||||||
|
2018 |
||||||||||||||||||||||||||
| Gross premiums written | $ | 654,194 | $ | 202,917 | $ | 126,105 | $ | 983,216 | ||||||||||||||||||
| Net premiums written | 547,177 | 155,601 | 120,397 | 823,175 | ||||||||||||||||||||||
| Net premiums earned | 523,472 | 149,261 | 118,633 | 791,366 | ||||||||||||||||||||||
| Net loss & settlement expenses | 329,763 | 63.0 | % | 83,822 | 56.2 | % | 14,608 | 12.3 | % | 428,193 | 54.1 | % | ||||||||||||||
| Net operating expenses | 182,569 | 34.9 | % | 64,555 | 43.2 | % | 74,417 | 62.7 | % | 321,541 | 40.6 | % | ||||||||||||||
| Underwriting income (loss) (1) | $ | 11,140 | 97.9 | % | $ | 884 | 99.4 | % | $ | 29,608 | 75.0 | % | $ | 41,632 | 94.7 | % | ||||||||||
|
2017 |
||||||||||||||||||||||||||
| Gross premiums written | $ | 585,449 | $ | 175,538 | $ | 124,325 | $ | 885,312 | ||||||||||||||||||
| Net premiums written | 494,649 | 137,031 | 118,174 | 749,854 | ||||||||||||||||||||||
| Net premiums earned | 478,603 | 138,346 | 120,988 | 737,937 | ||||||||||||||||||||||
| Net loss & settlement expenses | 305,679 | 63.9 | % | 85,027 | 61.5 | % | 10,878 | 9.0 | % | 401,584 | 54.4 | % | ||||||||||||||
| Net operating expenses | 169,020 | 35.3 | % | 65,178 | 47.1 | % | 75,311 | 62.2 | % | 309,509 | 42.0 | % | ||||||||||||||
| Underwriting income (loss) (1) | $ | 3,904 | 99.2 | % | $ | (11,859 | ) | 108.6 | % | $ | 34,799 | 71.2 | % | $ | 26,844 | 96.4 | % | |||||||||
| (1) | See discussion above: Non-GAAP and Performance Measures. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20190123005727/en/
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