RLI Corp. (RLI) 10-Year Financial Performance & Capital Metrics

RLI • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceSpecialty & Excess Lines InsuranceExcess & Surplus Lines

AboutRLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile. It also offers coverages for security guards and in the areas of onshore energy-related businesses and environmental liability for underground storage tanks, contractors and asbestos, and environmental remediation specialists; and professional liability coverages focuses on providing errors and omission coverage to small to medium-sized design, technical, computer, and miscellaneous professionals. This segment provides commercial automobile liability and physical damage insurance to local, intermediate and long haul truckers, public transportation entities, and other types of specialty commercial automobile risks; incidental and related insurance coverages; inland marine coverages; management liability coverages, such as directors and officers liability insurance, fiduciary liability and coverages, employment practice liability, and for various classes of risks, including public and private businesses; and healthcare liability and home business insurance products. The company's Property segment offers commercial property, cargo, hull, protection and indemnity, marine liability, inland marine, homeowners' and dwelling fire, and other property insurance products. Its Surety segment offers commercial surety bonds for medium to large-sized businesses; small bonds for businesses and individuals; and bonds for small to medium-sized contractors. The company also underwrites various reinsurance coverages. It markets its products through branch offices, brokers, carrier partners, and underwriting and independent agents. RLI Corp. was founded in 1965 and is headquartered in Peoria, Illinois.Show more

Revenue $1.77B +17.1%
Combined Ratio 75.85% +1.1%
Net Income $346M +13.5%
Return on Equity 23.56% +0.2%
Medical Cost Ratio 74.32% +0.2%
Operating Margin 24.15% -3.2%
Net Margin 19.53% -3.1%
ROA 6.4% +4.5%
Equity / Assets 27.04% -0.9%
Book Value per Share 16.46 +7.3%
Tangible BV/Share 15.88 +7.6%
Debt/Equity 0.07 -53.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Profitable underwriting: 75.8% combined ratio
✓Excellent 3Y average ROE of 31.9%
✓Strong Piotroski F-Score: 7/9

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.58%

5Y11.95%

3Y14.37%

TTM4.46%

Profit (Net Income) CAGR

10Y9.83%

5Y12.53%

3Y7.37%

TTM-15.85%

EPS CAGR

10Y9.24%

5Y12.02%

3Y6.92%

TTM-16.45%

ROCE

10Y Avg10.31%

5Y Avg8.9%

3Y Avg10.42%

Latest8.13%

Peer Comparison

Excess & Surplus Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNSLKinsale Capital Group, Inc.	9.08B	390.33	21.95	29.65%	26.3%	25.42%	10.49%	0.12
RLIRLI Corp.	5.45B	59.38	15.88	17.09%	19.02%	18.84%	10.19%	0.07
MKLMarkel Corporation	26.73B	2119.42	10.63	6.6%	12.73%	11.18%	8.75%	0.25
GBLIGlobal Indemnity Group, LLC	305.17M	28.98	9.29	-16.46%	6.31%	3.96%	12.73%	0.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	796.47M	817.85M	800.8M	820.36M	1.01B	987.68M	1.18B	1.7B	1.51B	1.77B
Revenue Growth %	0.02%	0.03%	-0.02%	0.02%	0.23%	-0.02%	0.2%	0.43%	-0.11%	0.17%
Medical Costs & Claims+	486.01M	544.21M	605.29M	640.94M	651.15M	679.92M	723.95M	966.22M	1.12B	1.32B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	310.46M	273.64M	195.51M	179.43M	355.47M	307.76M	459.6M	731.77M	390.87M	454.63M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.05%	-0.12%	-0.29%	-0.08%	0.98%	-0.13%	0.49%	0.59%	-0.47%	0.16%
Operating Expenses+	113.78M	116.56M	110.92M	111.84M	122.74M	117.92M	115.28M	11.09M	13.61M	27.08M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	5.41M	6.43M	6.94M	7.04M	8.16M	7.43M	7.39M	7.98M	8.54M	7.66M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	196.68M	157.08M	84.59M	67.58M	232.73M	189.84M	344.32M	720.68M	377.26M	427.55M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.04%	-0.2%	-0.46%	-0.2%	2.44%	-0.18%	0.81%	1.09%	-0.48%	0.13%
EBITDA+	202.09M	163.51M	91.53M	74.62M	240.9M	197.27M	351.71M	728.66M	385.81M	435.21M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	7.43M	7.43M	7.43M	7.44M	7.59M	7.6M	7.68M	8.05M	7.3M	6.33M
Non-Operating Income	-7.43M	-7.43M	-7.43M	-7.44M	-7.59M	-7.6M	-7.68M	-8.05M	-7.3M	-6.33M
Pretax Income+	196.68M	157.08M	84.59M	67.58M	232.73M	189.84M	344.32M	720.68M	377.26M	427.55M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	59.14M	42.16M	-20.44M	3.4M	41.09M	32.75M	64.97M	137.27M	72.65M	81.77M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	137.54M	114.92M	105.03M	64.18M	191.64M	157.09M	279.35M	583.41M	304.61M	345.78M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.02%	-0.16%	-0.09%	-0.39%	1.99%	-0.18%	0.78%	1.09%	-0.48%	0.14%
EPS (Diluted)+	1.56	1.30	1.18	0.72	2.12	1.73	3.06	6.37	3.31	3.74
EPS Growth %	0.01%	-0.17%	-0.09%	-0.39%	1.97%	-0.18%	0.77%	1.08%	-0.48%	0.13%
EPS (Basic)	1.56	1.31	1.19	0.72	2.14	1.75	3.09	6.43	3.34	3.78
Diluted Shares Outstanding	88.26M	88.86M	89M	89.67M	90.51M	90.75M	91.42M	91.59M	92.15M	92.45M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.74B	2.78B	2.95B	3.11B	3.55B	3.94B	4.51B	4.77B	5.18B	5.63B
Asset Growth %	-0.01%	0.02%	0.06%	0.05%	0.14%	0.11%	0.14%	0.06%	0.09%	0.09%
Total Investment Assets+	1.98B	2.05B	2.16B	2.2B	2.62B	2.9B	3.25B	3.31B	3.7B	74.92M
Long-Term Investments	1.98B	2.05B	2.16B	2.2B	2.55B	2.85B	3.19B	3.26B	3.64B	0
Short-Term Investments	0	0	0	0	1.98B	2.2B	2.41B	2.7B	2.99B	74.92M
Total Current Assets+	1.95B	2.02B	2.14B	2.19B	0	0	0	0	0	114.7M
Cash & Equivalents	17.34M	23.28M	34.25M	41.69M	46.2M	62.22M	88.8M	22.82M	36.42M	39.79M
Receivables	0	1000K	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	184.33M	0	0	-2.67B	-2.99B	-3.4B	-3.79B	-4.12B	-230.53M
Goodwill & Intangibles+	71.29M	64.37M	59.3M	54.53M	54.13M	53.72M	53.56M	53.56M	53.56M	53.56M
Goodwill	58.5M	51.27M	49.66M	46.06M	46.06M	46.06M	46.06M	46.06M	46.06M	46.06M
Intangible Assets	12.8M	13.1M	9.64M	8.47M	8.06M	7.66M	7.5M	7.5M	7.5M	7.5M
PP&E (Net)	47.1M	54.61M	55.85M	54.69M	53.12M	51.41M	52.16M	49.57M	46.72M	43.17M
Other Assets	-1.41B	-1.47B	-1.53B	-1.42B	-2.65B	-2.95B	-3.3B	-3.36B	-3.74B	0
Total Liabilities	1.91B	1.95B	2.09B	2.3B	2.55B	2.8B	3.28B	3.59B	3.77B	4.11B
Total Debt+	149.67M	148.74M	148.93M	149.12M	149.3M	149.49M	199.68M	399.73M	200M	100M
Net Debt	132.32M	125.46M	114.68M	107.42M	103.1M	87.27M	110.87M	376.91M	163.58M	60.21M
Long-Term Debt	148.55M	148.74M	148.93M	149.12M	149.3M	149.49M	199.68M	199.86M	100M	0
Short-Term Debt	0	0	0	0	0	0	0	199.86M	100M	100M
Total Current Liabilities+	1.76B	1.81B	1.94B	2.15B	0	0	0	0	0	145.43M
Accounts Payable	37.56M	17.93M	21.62M	22.59M	25.69M	42.27M	42.85M	61.1M	71.51M	44.68M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-93.3M	-69.92M	-74.47M	-67.72M	-92.32M	-118.19M	-141.13M	-355.83M	-284.14M	-124.24M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Other Liabilities	0	0	0	0	-206.03M	-229.72M	-283.19M	-199.86M	-100M	4.01B
Total Equity+	823.47M	823.57M	853.6M	806.84M	995.39M	1.14B	1.23B	1.18B	1.41B	1.52B
Equity Growth %	-0.03%	0%	0.04%	-0.05%	0.23%	0.14%	0.08%	-0.04%	0.2%	0.08%
Shareholders Equity	823.47M	823.57M	853.6M	806.84M	995.39M	1.14B	1.23B	1.18B	1.41B	1.52B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	804.88M	797.31M	788.52M	908.08M	1.01B	1.08B	1.23B	1.45B	1.61B	1.72B
Common Stock	66.47M	66.88M	67.08M	674K	678K	681K	682K	684K	1.37M	1.38M
Accumulated OCI	123.77M	122.61M	157.92M	-14.57M	52.47M	108.71M	49.83M	-229.08M	-166.3M	-173.72M
Return on Equity (ROE)	0.16%	0.14%	0.13%	0.08%	0.21%	0.15%	0.24%	0.48%	0.24%	0.24%
Return on Assets (ROA)	0.05%	0.04%	0.04%	0.02%	0.06%	0.04%	0.07%	0.13%	0.06%	0.06%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.18x	0.18x	0.17x	0.18x	0.15x	0.13x	0.16x	0.34x	0.14x	0.07x
Book Value per Share	9.33	9.27	9.59	9.00	11.00	12.52	13.45	12.85	15.34	16.46
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	152.59M	174.46M	197.53M	217.1M	276.92M	263.26M	384.9M	250.45M	464.26M	560.22M
Operating CF Growth %	0.24%	0.14%	0.13%	0.1%	0.28%	-0.05%	0.46%	-0.35%	0.85%	0.21%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	137.54M	114.92M	105.03M	64.18M	191.64M	157.09M	279.35M	583.41M	304.61M	345.78M
Depreciation & Amortization	5.41M	6.43M	6.94M	7.04M	8.16M	7.43M	7.39M	7.98M	8.54M	7.66M
Stock-Based Compensation	4.1M	4.1M	4.8M	5.5M	6M	5.4M	6M	9M	9M	8M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-16.46M	-6.17M	-25.16M	60.11M	-27.09M	-8.4M	-41.37M	-458.42M	31.27M	10.87M
Working Capital Changes	22M	55.18M	105.91M	80.27M	98.2M	101.74M	133.52M	108.47M	110.83M	187.91M
Cash from Investing+	-60.6M	-53.62M	-81.21M	-134.21M	-184.75M	-167.99M	-274.83M	48.88M	-211.8M	-318.87M
Capital Expenditures	-10.04M	-16.16M	-9.24M	-6.09M	-6.96M	-5.77M	-8.31M	-5.89M	-5.91M	0
Acquisitions	5.79M	-850K	408K	167K	0	-4.53M	-8.98M	682.85M	14.28M	0
Purchase of Investments	-705.33M	-593.4M	-456.41M	-843.17M	-617.66M	-596.23M	-874.53M	-2.13B	-816.42M	-909.85M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Investing	-4.43M	-6.03M	-16.92M	-15.36M	-20.25M	-8.52M	-3.82M	-2.67M	-24.23M	590.98M
Cash from Financing+	-111.53M	-113.65M	-110.31M	-77.02M	-76.1M	-79.26M	-83.49M	-365.31M	-238.85M	-237.98M
Dividends Paid	-119.58M	-122.49M	-113.81M	-83.1M	-85.59M	-87.91M	-135.33M	-364.85M	-140.09M	-235.66M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Stock Issued	8.05M	8.84M	3.5M	6.08M	9.49M	8.65M	1.84M	-465K	1.25M	-2.33M
Debt Issuance (Net)	0	0	0	0	0	0	1000K	0	-1000K	0
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash+	-19.54M	7.19M	6M	5.87M	16.06M	16.01M	26.59M	-65.99M	13.61M	3.37M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	30.62M	11.08M	18.27M	24.27M	30.14M	46.2M	62.22M	88.8M	22.82M	36.42M
Cash at End	11.08M	18.27M	24.27M	30.14M	46.2M	62.22M	88.8M	22.82M	36.42M	39.79M
Free Cash Flow+	142.55M	158.31M	188.29M	211.01M	269.96M	257.49M	376.6M	244.56M	458.34M	555.51M
FCF Growth %	0.23%	0.11%	0.19%	0.12%	0.28%	-0.05%	0.46%	-0.35%	0.87%	0.21%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	1.62	1.78	2.12	2.35	2.98	2.84	4.12	2.67	4.97	6.01

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	75.31%	80.79%	89.44%	91.76%	76.88%	80.78%	70.91%	57.56%	75.05%	75.85%
Medical Cost Ratio	61.02%	66.54%	75.59%	78.13%	64.69%	68.84%	61.17%	56.9%	74.15%	74.32%
Return on Equity (ROE)	16.49%	13.95%	12.52%	7.73%	21.27%	14.74%	23.62%	48.48%	23.51%	23.56%
Return on Assets (ROA)	4.99%	4.17%	3.67%	2.12%	5.76%	4.2%	6.61%	12.58%	6.12%	6.4%
Equity / Assets	30.09%	29.65%	28.96%	25.98%	28.07%	28.84%	27.27%	24.7%	27.29%	27.04%
Book Value / Share	9.33	9.27	9.59	9	11	12.52	13.45	12.85	15.34	16.46
Debt / Equity	0.18x	0.18x	0.17x	0.18x	0.15x	0.13x	0.16x	0.34x	0.14x	0.07x
Revenue Growth	2.49%	2.68%	-2.09%	2.44%	22.7%	-1.88%	19.83%	43.47%	-10.95%	17.09%

Revenue by Segment

	2013	2016	2017	2018	2019	2020	2021	2022	2023	2024
Casualty	324.02M	454.84M	478.6M	523.47M	558.46M	569.52M	633.64M	711.83M	758.35M	852.84M
Casualty Growth	-	40.37%	5.22%	9.37%	6.68%	1.98%	11.26%	12.34%	6.53%	12.46%
Property Insurance	-	152.17M	138.35M	149.26M	164.02M	183.72M	231.84M	307.89M	401.53M	531.38M
Property Insurance Growth	-	-	-9.08%	7.89%	9.89%	12.01%	26.19%	32.80%	30.42%	32.34%
Surety Insurance	-	121.6M	120.99M	118.63M	116.63M	112.51M	115.43M	124.72M	134.43M	142.19M
Surety Insurance Growth	-	-	-0.50%	-1.95%	-1.69%	-3.54%	2.60%	8.05%	7.79%	5.77%
Property Insurance Product Line	200.14M	-	-	-	-	-	-	-	-	-
Property Insurance Product Line Growth	-	-	-	-	-	-	-	-	-	-
Surety Product Line	106.64M	-	-	-	-	-	-	-	-	-
Surety Product Line Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

RLI Corp. (RLI) has a price-to-earnings (P/E) ratio of 15.9x. This is roughly in line with market averages.

Growth & Financials

RLI Corp. (RLI) grew revenue by 17.1% over the past year. This is strong growth.

Yes, RLI Corp. (RLI) is profitable, generating $353.0M in net income for fiscal year 2024 (19.5% net margin).

Dividend & Returns

RLI Corp. (RLI) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

RLI Corp. (RLI) has a return on equity (ROE) of 23.6%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

RLI Corp. (RLI) has a combined ratio of 75.8%. A ratio below 100% indicates underwriting profitability.

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