RLI Reports Third Quarter 2022 Results
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Third Quarter |
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Year to Date |
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Earnings Per Diluted Share |
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2022 |
|
2021 |
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2022 |
|
2021 |
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Net earnings |
|
$ |
9.61 |
|
$ |
0.64 |
|
$ |
10.61 |
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$ |
4.03 |
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Operating earnings (1) (2) |
|
$ |
0.50 |
|
$ |
0.56 |
|
$ |
3.15 |
|
$ |
2.27 |
(1) |
See discussion below: Non-GAAP and Performance Measures. |
|
(2) |
Equity in earnings of |
Highlights for the quarter included:
-
Underwriting income(1) of
$8.8 million on a combined ratio(1) of 97.0. - 13% increase in gross premiums written.
- 19% increase in net investment income.
-
Net earnings include
$437.7 million ($9.56 per diluted share) related to the sale ofMaui Jim, Inc. -
Favorable development in prior years’ loss reserves, resulting in a
$29.0 million net increase in underwriting income. -
Losses from third quarter hurricanes, resulting in a
$34.8 million net decrease in underwriting income. -
Book value per share of
$30.72 , an increase of 16% (inclusive of dividends) from year-end 2021.
“After a fairly quiet start to the storm season, Hurricane Ian had an impact on our third quarter results,” said
Underwriting Income
RLI achieved
Results for the third quarter of both years include favorable development in prior years’ loss reserves, which resulted in a
The following table highlights underwriting income and combined ratios by segment.
Underwriting Income (Loss)(1) |
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Combined Ratio(1) |
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(in millions) |
|
2022 |
|
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2021 |
|
|
|
|
2022 |
|
2021 |
|||
Casualty |
|
$ |
11.3 |
|
|
$ |
22.9 |
|
|
Casualty |
|
93.7 |
|
85.9 |
|
Property |
|
|
(8.3 |
) |
|
|
(16.5 |
) |
|
Property |
|
110.3 |
|
127.2 |
|
Surety |
|
|
5.8 |
|
|
|
7.3 |
|
|
Surety |
|
81.4 |
|
75.3 |
|
Total |
|
$ |
8.8 |
|
|
$ |
13.7 |
|
|
Total |
|
97.0 |
|
94.6 |
(1) |
See discussion below: Non-GAAP and Performance Measures. |
Other Income
Net investment income for the quarter increased 19.2% to
RLI’s comprehensive earnings was
Equity in earnings (loss) of
Dividends Paid in Third Quarter of 2022
On
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 further 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 operating earnings per share (EPS) consist of our GAAP net earnings adjusted by net realized gains/(losses), net unrealized gains/(losses) on equity securities and taxes related thereto. Additionally, equity in earnings of
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
As previously announced, RLI completed the sale of its minority interest in
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:
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Net of Reinsurance |
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Three Months Ended |
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Nine Months Ended |
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(Dollars in millions, except per share amounts) |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Favorable development in casualty prior years' reserves |
|
$ |
28.2 |
|
|
$ |
26.4 |
|
|
$ |
72.9 |
|
|
$ |
83.8 |
|
Favorable development in property prior years' reserves |
|
$ |
3.3 |
|
|
$ |
0.5 |
|
|
$ |
20.8 |
|
|
$ |
8.4 |
|
Favorable development in surety prior years' reserves |
|
$ |
1.8 |
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|
$ |
2.5 |
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$ |
9.3 |
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$ |
2.6 |
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|
|
|
|
|
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Net incurred losses related to: |
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|
|
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2022 storms |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(5.0 |
) |
|
$ |
— |
|
2022 hurricanes |
|
$ |
(40.0 |
) |
|
$ |
— |
|
|
$ |
(40.0 |
) |
|
$ |
— |
|
2021 and prior events |
|
$ |
— |
|
|
$ |
(34.9 |
) |
|
$ |
— |
|
|
$ |
(56.9 |
) |
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Operating Earnings Per Share |
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Three Months Ended |
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Nine Months Ended |
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|
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2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Operating Earnings Per Share(1) (2) |
|
$ |
0.50 |
|
|
$ |
0.56 |
|
|
$ |
3.15 |
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$ |
2.27 |
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Specific items included in operating earnings per share:(3) (4) |
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Net favorable development in casualty prior years' reserves |
|
$ |
0.44 |
|
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$ |
0.40 |
|
|
$ |
1.11 |
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$ |
1.30 |
|
Net favorable development in property prior years' reserves |
|
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
0.31 |
|
|
$ |
0.09 |
|
Net favorable development in surety prior years' reserves |
|
$ |
0.02 |
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|
$ |
0.03 |
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$ |
0.13 |
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$ |
0.01 |
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Net incurred losses related to: |
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2022 storms |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.08 |
) |
|
$ |
— |
|
2022 hurricanes |
|
$ |
(0.60 |
) |
|
$ |
— |
|
|
$ |
(0.60 |
) |
|
$ |
— |
|
2021 and prior events |
|
$ |
— |
|
|
$ |
(0.51 |
) |
|
$ |
— |
|
|
$ |
(0.84 |
) |
(1) |
See discussion above: Non-GAAP and Performance Measures. |
|
(2) |
Equity in earnings of |
|
(3) |
Includes incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses. |
|
(4) |
Reserve development reflects changes from previously estimated losses. |
2022 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share amounts) |
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Three Months Ended |
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Nine Months Ended |
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SUMMARIZED INCOME STATEMENT DATA: |
|
2022 |
|
2021 |
|
% Change |
|
2022 |
2021 |
|
% Change |
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Net premiums earned |
|
$ |
291,468 |
|
|
$ |
253,389 |
|
|
15.0 |
|
% |
|
$ |
843,430 |
|
|
$ |
722,984 |
|
|
|
16.7 |
|
% |
|
Net investment income |
|
|
21,270 |
|
|
|
17,844 |
|
|
19.2 |
|
% |
|
|
57,625 |
|
|
|
50,929 |
|
|
|
13.1 |
|
% |
|
Net realized gains |
|
|
573,170 |
|
|
|
1,829 |
|
|
NM |
|
|
|
|
591,562 |
|
|
|
52,442 |
|
|
|
NM |
|
|
|
Net unrealized gains (losses) on equity securities |
|
|
(26,414 |
) |
|
|
(2,592 |
) |
|
NM |
|
|
|
|
(155,218 |
) |
|
|
29,526 |
|
|
|
NM |
|
|
|
Consolidated revenue |
|
$ |
859,494 |
|
|
$ |
270,470 |
|
|
NM |
|
|
|
$ |
1,337,399 |
|
|
$ |
855,881 |
|
|
|
56.3 |
|
% |
|
Loss and settlement expenses |
|
|
165,089 |
|
|
|
143,656 |
|
|
14.9 |
|
% |
|
|
388,527 |
|
|
|
355,574 |
|
|
|
9.3 |
|
% |
|
Policy acquisition costs |
|
|
96,977 |
|
|
|
80,449 |
|
|
20.5 |
|
% |
|
|
271,879 |
|
|
|
232,674 |
|
|
|
16.8 |
|
% |
|
Insurance operating expenses |
|
|
20,606 |
|
|
|
15,560 |
|
|
32.4 |
|
% |
|
|
58,794 |
|
|
|
54,504 |
|
|
|
7.9 |
|
% |
|
Interest expense on debt |
|
|
2,013 |
|
|
|
1,906 |
|
|
5.6 |
|
% |
|
|
6,034 |
|
|
|
5,711 |
|
|
|
5.7 |
|
% |
|
General corporate expenses |
|
|
2,755 |
|
|
|
2,505 |
|
|
10.0 |
|
% |
|
|
8,553 |
|
|
|
9,533 |
|
|
|
(10.3 |
) |
% |
|
Total expenses |
|
$ |
287,440 |
|
|
$ |
244,076 |
|
|
17.8 |
|
% |
|
$ |
733,787 |
|
|
$ |
657,996 |
|
|
|
11.5 |
|
% |
|
Equity in earnings (loss) of unconsolidated investees |
|
|
(17,352 |
) |
|
|
9,043 |
|
|
NM |
|
|
|
|
3,061 |
|
|
|
29,407 |
|
|
|
(89.6 |
) |
% |
|
Earnings before income taxes |
|
$ |
554,702 |
|
|
$ |
35,437 |
|
|
NM |
|
|
|
$ |
606,673 |
|
|
$ |
227,292 |
|
|
|
166.9 |
|
% |
|
Income tax expense |
|
|
114,809 |
|
|
|
6,194 |
|
|
NM |
|
|
|
|
121,096 |
|
|
|
43,222 |
|
|
|
180.2 |
|
% |
|
Net earnings(3) |
|
$ |
439,893 |
|
|
$ |
29,243 |
|
|
NM |
|
|
|
$ |
485,577 |
|
|
$ |
184,070 |
|
|
|
163.8 |
|
% |
|
|
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|
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|
|
|
|
|
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Other comprehensive earnings (loss), net of tax |
|
|
(81,248 |
) |
|
|
(12,240 |
) |
|
NM |
|
|
|
|
(294,392 |
) |
|
|
(41,810 |
) |
|
|
NM |
|
|
|
Comprehensive earnings |
|
$ |
358,645 |
|
|
$ |
17,003 |
|
|
NM |
|
|
|
$ |
191,185 |
|
|
$ |
142,260 |
|
|
|
NM |
|
|
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Operating earnings(1): |
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|
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Net earnings(3) |
|
$ |
439,893 |
|
|
$ |
29,243 |
|
|
NM |
|
|
|
$ |
485,577 |
|
|
$ |
184,070 |
|
|
|
163.8 |
|
% |
|
Less: |
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|
|
|
|
|
|
|
|
|
|
|
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Net realized gains |
|
|
(573,170 |
) |
|
|
(1,829 |
) |
|
NM |
|
|
|
|
(591,562 |
) |
|
|
(52,442 |
) |
|
|
NM |
|
|
|
Income tax on realized gains |
|
|
121,199 |
|
|
|
385 |
|
|
NM |
|
|
|
|
125,061 |
|
|
|
11,013 |
|
|
|
NM |
|
|
|
Net unrealized (gains) losses on equity securities |
|
|
26,414 |
|
|
|
2,592 |
|
|
NM |
|
|
|
|
155,218 |
|
|
|
(29,526 |
) |
|
|
NM |
|
|
|
Income tax on unrealized gains (losses) on equity securities |
|
|
(5,547 |
) |
|
|
(544 |
) |
|
NM |
|
|
|
|
(32,596 |
) |
|
|
6,200 |
|
|
|
NM |
|
|
|
Equity in (earnings) loss of |
|
|
17,993 |
|
|
|
(5,376 |
) |
|
NM |
|
|
|
|
3,121 |
|
|
|
(19,691 |
) |
|
|
NM |
|
|
|
Income tax on equity in earnings (loss) of |
|
|
(3,779 |
) |
|
|
1,129 |
|
|
NM |
|
|
|
|
(655 |
) |
|
|
4,135 |
|
|
|
NM |
|
|
|
Operating earnings(2) |
|
$ |
23,004 |
|
|
$ |
25,600 |
|
|
(10.1 |
) |
% |
|
$ |
144,164 |
|
|
$ |
103,759 |
|
|
|
38.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Return on Equity: |
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|
|
|
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|
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Net earnings (trailing four quarters) |
|
|
|
|
|
|
|
|
|
|
|
47.8 |
|
% |
|
22.8 |
|
% |
|
|
|
|||||
Comprehensive earnings (trailing four quarters) |
|
|
|
|
|
|
|
|
|
|
|
22.2 |
|
% |
|
19.7 |
|
% |
|
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|
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Per Share Data: |
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Diluted: |
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Weighted average shares outstanding (in 000's) |
|
|
45,775 |
|
|
|
45,689 |
|
|
|
|
|
|
45,775 |
|
|
|
45,714 |
|
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|
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|||
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Net earnings per share(2) |
|
$ |
9.61 |
|
|
$ |
0.64 |
|
|
NM |
|
|
|
$ |
10.61 |
|
|
$ |
4.03 |
|
|
|
163.3 |
|
% |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net realized gains |
|
|
(12.53 |
) |
|
|
(0.04 |
) |
|
NM |
|
|
|
|
(12.93 |
) |
|
|
(1.15 |
) |
|
|
NM |
|
|
|
Income tax on realized gains |
|
|
2.65 |
|
|
|
0.01 |
|
|
NM |
|
|
|
|
2.73 |
|
|
|
0.24 |
|
|
|
NM |
|
|
|
Net unrealized (gains) losses on equity securities |
|
|
0.58 |
|
|
|
0.05 |
|
|
NM |
|
|
|
|
3.39 |
|
|
|
(0.65 |
) |
|
|
NM |
|
|
|
Income tax on unrealized gains (losses) on equity securities |
|
|
(0.12 |
) |
|
|
(0.01 |
) |
|
NM |
|
|
|
|
(0.71 |
) |
|
|
0.14 |
|
|
|
NM |
|
|
|
Equity in (earnings) loss of |
|
|
0.39 |
|
|
|
(0.11 |
) |
|
NM |
|
|
|
|
0.07 |
|
|
|
(0.43 |
) |
|
|
NM |
|
|
|
Income tax on equity in earnings (loss) of |
|
|
(0.08 |
) |
|
|
0.02 |
|
|
NM |
|
|
|
|
(0.01 |
) |
|
|
0.09 |
|
|
|
NM |
|
|
|
Operating earnings per share(1)(2) |
|
$ |
0.50 |
|
|
$ |
0.56 |
|
|
(10.7 |
) |
% |
|
$ |
3.15 |
|
|
$ |
2.27 |
|
|
|
38.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|||||||
Comprehensive earnings per share |
|
$ |
7.84 |
|
|
$ |
0.37 |
|
|
NM |
|
|
|
$ |
4.18 |
|
|
$ |
3.11 |
|
|
|
34.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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Cash dividends per share - ordinary |
|
$ |
0.26 |
|
|
$ |
0.25 |
|
|
4.0 |
|
% |
|
$ |
0.77 |
|
|
$ |
0.74 |
|
|
|
4.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
$ |
112,241 |
|
|
$ |
115,932 |
|
|
(3.2 |
) |
% |
|
$ |
282,886 |
|
|
$ |
280,441 |
|
|
|
0.9 |
|
% |
(1) |
See discussion above: Non-GAAP and Performance Measures. |
|
(2) |
Equity in earnings of |
|
(3) |
Net earnings include |
|
|
||
NM = Not Meaningful |
2022 FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share amounts) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
2022 |
|
2021 |
|
% Change |
||||
SUMMARIZED BALANCE SHEET DATA: |
|
|
|
|
|
|
|
|
|
|
Fixed income, at fair value |
|
$ |
2,452,039 |
|
$ |
2,409,887 |
|
1.7 |
|
% |
(amortized cost - |
|
|
|
|
|
|
|
|
|
|
(amortized cost - |
|
|
|
|
|
|
|
|
|
|
Equity securities, at fair value |
|
|
462,988 |
|
|
613,776 |
|
(24.6 |
) |
% |
(cost - |
|
|
|
|
|
|
|
|
|
|
(cost - |
|
|
|
|
|
|
|
|
|
|
Other invested assets |
|
|
48,837 |
|
|
50,501 |
|
(3.3 |
) |
% |
Cash and cash equivalents |
|
|
723,511 |
|
|
88,804 |
|
NM |
|
|
Total investments and cash |
|
$ |
3,687,375 |
|
$ |
3,162,968 |
|
16.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Premiums and reinsurance balances receivable |
|
|
201,781 |
|
|
167,279 |
|
20.6 |
|
% |
Ceded unearned premiums |
|
|
137,346 |
|
|
130,916 |
|
4.9 |
|
% |
Reinsurance balances recoverable on unpaid losses |
|
|
770,858 |
|
|
608,086 |
|
26.8 |
|
% |
Deferred policy acquisition costs |
|
|
128,979 |
|
|
103,553 |
|
24.6 |
|
% |
Property and equipment |
|
|
50,385 |
|
|
52,161 |
|
(3.4 |
) |
% |
Investment in unconsolidated investees |
|
|
58,105 |
|
|
171,311 |
|
(66.1 |
) |
% |
|
|
|
53,562 |
|
|
53,562 |
|
0.0 |
|
% |
Income taxes - deferred |
|
|
51,791 |
|
|
— |
|
NM |
|
|
Other assets |
|
|
71,483 |
|
|
58,466 |
|
22.3 |
|
% |
Total assets |
|
$ |
5,211,665 |
|
$ |
4,508,302 |
|
15.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Unpaid losses and settlement expenses |
|
$ |
2,322,737 |
|
$ |
2,043,555 |
|
13.7 |
|
% |
Unearned premiums |
|
|
786,485 |
|
|
680,444 |
|
15.6 |
|
% |
Reinsurance balances payable |
|
|
50,349 |
|
|
42,851 |
|
17.5 |
|
% |
Funds held |
|
|
100,547 |
|
|
89,773 |
|
12.0 |
|
% |
Income taxes - current |
|
|
132,446 |
|
|
3,092 |
|
NM |
|
|
Income taxes - deferred |
|
|
— |
|
|
83,509 |
|
(100.0 |
) |
% |
Current portion of long-term debt |
|
|
149,816 |
|
|
— |
|
NM |
|
|
Long-term debt |
|
|
50,000 |
|
|
199,676 |
|
(75.0 |
) |
% |
Accrued expenses |
|
|
81,066 |
|
|
98,274 |
|
(17.5 |
) |
% |
Other liabilities |
|
|
144,226 |
|
|
37,767 |
|
NM |
|
|
Total liabilities |
|
$ |
3,817,672 |
|
$ |
3,278,941 |
|
16.4 |
|
% |
Shareholders' equity |
|
|
1,393,993 |
|
|
1,229,361 |
|
13.4 |
|
% |
Total liabilities & shareholders' equity |
|
$ |
5,211,665 |
|
$ |
4,508,302 |
|
15.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA: |
|
|
|
|
|
|
|
|
|
|
Common shares outstanding (in 000's) |
|
|
45,378 |
|
|
45,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
30.72 |
|
$ |
27.14 |
|
13.2 |
|
% |
Closing stock price per share |
|
$ |
102.38 |
|
$ |
112.10 |
|
(8.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
Statutory surplus |
|
$ |
1,195,898 |
|
$ |
1,240,649 |
|
(3.6 |
) |
% |
2022 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 |
|||||||||||||
2022 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gross premiums written |
|
$ |
240,366 |
|
|
|
$ |
126,083 |
|
|
|
|
$ |
37,301 |
|
|
|
$ |
403,750 |
|
|
|
||||
Net premiums written |
|
|
192,615 |
|
|
|
|
90,961 |
|
|
|
|
|
35,256 |
|
|
|
|
318,832 |
|
|
|
||||
Net premiums earned |
|
|
179,615 |
|
|
|
|
80,844 |
|
|
|
|
|
31,009 |
|
|
|
|
291,468 |
|
|
|
||||
Net loss & settlement expenses |
|
|
100,714 |
|
56.1 |
% |
|
59,347 |
|
|
73.4 |
% |
|
5,028 |
|
16.2 |
% |
|
165,089 |
|
56.6 |
% |
||||
Net operating expenses |
|
|
67,572 |
|
37.6 |
% |
|
29,805 |
|
|
36.9 |
% |
|
20,206 |
|
65.2 |
% |
|
117,583 |
|
40.4 |
% |
||||
Underwriting income (loss)(1) |
|
$ |
11,329 |
|
93.7 |
% |
$ |
(8,308 |
) |
|
110.3 |
% |
$ |
5,775 |
|
81.4 |
% |
$ |
8,796 |
|
97.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
2021 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gross premiums written |
|
$ |
232,796 |
|
|
|
$ |
90,148 |
|
|
|
|
$ |
33,302 |
|
|
|
$ |
356,246 |
|
|
|
||||
Net premiums written |
|
|
178,586 |
|
|
|
|
68,444 |
|
|
|
|
|
31,623 |
|
|
|
|
278,653 |
|
|
|
||||
Net premiums earned |
|
|
162,852 |
|
|
|
|
60,886 |
|
|
|
|
|
29,651 |
|
|
|
|
253,389 |
|
|
|
||||
Net loss & settlement expenses |
|
|
84,139 |
|
51.7 |
% |
|
55,695 |
|
|
91.5 |
% |
|
3,822 |
|
12.9 |
% |
|
143,656 |
|
56.7 |
% |
||||
Net operating expenses |
|
|
55,764 |
|
34.2 |
% |
|
21,749 |
|
|
35.7 |
% |
|
18,496 |
|
62.4 |
% |
|
96,009 |
|
37.9 |
% |
||||
Underwriting income (loss)(1) |
|
$ |
22,949 |
|
85.9 |
% |
$ |
(16,558 |
) |
|
127.2 |
% |
$ |
7,333 |
|
75.3 |
% |
$ |
13,724 |
|
94.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
GAAP |
|
|
GAAP |
|
|
GAAP |
|
|
GAAP |
|||||||||||||
|
|
Casualty |
|
Ratios |
Property |
|
Ratios |
Surety |
|
Ratios |
Total |
|
Ratios |
|||||||||||||
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gross premiums written |
|
$ |
704,502 |
|
|
|
$ |
371,529 |
|
|
|
|
$ |
105,667 |
|
|
|
$ |
1,181,698 |
|
|
|
||||
Net premiums written |
|
|
569,475 |
|
|
|
|
273,312 |
|
|
|
|
|
100,254 |
|
|
|
|
943,041 |
|
|
|
||||
Net premiums earned |
|
|
528,494 |
|
|
|
|
222,974 |
|
|
|
|
|
91,962 |
|
|
|
|
843,430 |
|
|
|
||||
Net loss & settlement expenses |
|
|
278,813 |
|
52.8 |
% |
|
100,187 |
|
|
44.9 |
% |
|
9,527 |
|
10.4 |
% |
|
388,527 |
|
46.1 |
% |
||||
Net operating expenses |
|
|
189,263 |
|
35.8 |
% |
|
82,514 |
|
|
37.0 |
% |
|
58,896 |
|
64.0 |
% |
|
330,673 |
|
39.2 |
% |
||||
Underwriting income (loss)(1) |
|
$ |
60,418 |
|
88.6 |
% |
$ |
40,273 |
|
|
81.9 |
% |
$ |
23,539 |
|
74.4 |
% |
$ |
124,230 |
|
85.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross premiums written |
|
$ |
658,021 |
|
|
|
$ |
256,596 |
|
|
|
|
$ |
95,508 |
|
|
|
$ |
1,010,125 |
|
|
|
||||
Net premiums written |
|
|
510,913 |
|
|
|
|
194,373 |
|
|
|
|
|
90,842 |
|
|
|
|
796,128 |
|
|
|
||||
Net premiums earned |
|
|
467,817 |
|
|
|
|
168,393 |
|
|
|
|
|
86,774 |
|
|
|
|
722,984 |
|
|
|
||||
Net loss & settlement expenses |
|
|
228,807 |
|
48.9 |
% |
|
111,643 |
|
|
66.3 |
% |
|
15,124 |
|
17.4 |
% |
|
355,574 |
|
49.2 |
% |
||||
Net operating expenses |
|
|
164,756 |
|
35.2 |
% |
|
65,434 |
|
|
38.9 |
% |
|
56,988 |
|
65.7 |
% |
|
287,178 |
|
39.7 |
% |
||||
Underwriting income (loss)(1) |
|
$ |
74,254 |
|
84.1 |
% |
$ |
(8,684 |
) |
|
105.2 |
% |
$ |
14,662 |
|
83.1 |
% |
$ |
80,232 |
|
88.9 |
% |
(1) |
See discussion above: Non-GAAP and Performance Measures. |
Category: Earnings Release
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309-693-5846
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Source:
Cyber Insurance Market Projected to Hit USD 64.49 Billion at a 26.57% CAGR by 2030 – Report by Market Research Future (MRFR)
SiriusPoint Announces Date for Third Quarter 2022 Earnings Release
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