Revenue growth remains highly cyclical, fluctuating from a 41.7% surge in 2024Q3 to an 8.4% contraction in 2025Q1, while underwriting profitability remains resilient with a combined ratio that reached a low of 64.0% in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 1.9B | 1.88B | 1.77B | 1.51B | 1.7B | 1.18B | 987.68M | 1.01B | 820.36M | 800.8M | 817.85M | 796.47M | 777.12M | 707.73M | 662.71M | 621.38M | 585.63M | 548.55M | 561.01M | 652.35M | 632.71M | 569.3M | 578.8M | 519.89M | 382.15M | 309.35M | 263.5M | 225.76M | 168.11M | 170.5M | 155.35M |
| Revenue Growth % | 9.54% | 6.33% | 17.09% | -10.95% | 43.47% | 19.83% | -1.88% | 22.7% | 2.44% | -2.09% | 2.68% | 2.49% | 9.81% | 6.79% | 6.65% | 6.1% | 6.76% | -2.22% | -14% | 3.1% | 11.14% | -1.64% | 11.33% | 36.04% | 23.53% | 17.4% | 16.72% | 34.29% | -1.4% | 9.75% | -0.86% |
| Medical Costs & Claims | 1.19B | 1.32B | 1.32B | 1.12B | 966.22M | 723.95M | 679.92M | 651.15M | 640.94M | 605.29M | 544.21M | 486.01M | 480.59M | 429.22M | 426.66M | 343.56M | 392.25M | 396.46M | 410.49M | 346.48M | 402.67M | 387.23M | 440.73M | 398.27M | 308.67M | 246.78M | 201.04M | 163.01M | 109.01M | 104.35M | 97.82M |
| Medical Cost Ratio % | 62.49% | 70.18% | 74.32% | 74.15% | 56.9% | 61.17% | 68.84% | 64.69% | 78.13% | 75.59% | 66.54% | 61.02% | 61.84% | 60.65% | 64.38% | 55.29% | 66.98% | 72.27% | 73.17% | 53.11% | 63.64% | 68.02% | 76.14% | 76.61% | 80.77% | 79.77% | 76.3% | 72.21% | 64.84% | 61.2% | 62.96% |
| Gross Profit | 712.18M | 561.42M | 454.63M | 390.87M | 731.77M | 459.6M | 307.76M | 355.47M | 179.43M | 195.51M | 273.64M | 310.46M | 296.53M | 278.51M | 236.05M | 277.81M | 193.38M | 152.09M | 150.52M | 305.87M | 230.04M | 182.07M | 138.07M | 121.61M | 73.49M | 62.57M | 62.46M | 62.75M | 59.1M | 66.15M | 57.54M |
| Gross Margin % | 37.51% | 29.82% | 25.68% | 25.85% | 43.1% | 38.83% | 31.16% | 35.31% | 21.87% | 24.41% | 33.46% | 38.98% | 38.16% | 39.35% | 35.62% | 44.71% | 33.02% | 27.73% | 26.83% | 46.89% | 36.36% | 31.98% | 23.86% | 23.39% | 19.23% | 20.23% | 23.7% | 27.79% | 35.16% | 38.8% | 37.04% |
| Gross Profit Growth % | - | 23.49% | 16.31% | -46.59% | 59.22% | 49.34% | -13.42% | 98.12% | -8.23% | -28.55% | -11.86% | 4.7% | 6.47% | 17.98% | -15.03% | 43.66% | 27.14% | 1.05% | -50.79% | 32.96% | 26.35% | 31.87% | 13.53% | 65.49% | 17.44% | 0.19% | -0.46% | 6.16% | -10.65% | 14.97% | 106.89% |
| Operating Expenses | 205.2M | 43.15M | 27.08M | 13.61M | 11.09M | 115.28M | 117.92M | 122.74M | 111.84M | 110.92M | 116.56M | 113.78M | 107.05M | 102.84M | 93.32M | 94.22M | 14.89M | 19.65M | 43.92M | 51.39M | 43.15M | 38.2M | 37.73M | 27.34M | 24.76M | 21.56M | 24.16M | 19.71M | 21.38M | -55.55M | 22.3M |
| OpEx / Revenue % | 10.81% | 2.29% | 1.53% | 0.9% | 0.65% | 9.74% | 11.94% | 12.19% | 13.63% | 13.85% | 14.25% | 14.29% | 13.77% | 14.53% | 14.08% | 15.16% | 2.54% | 3.58% | 7.83% | 7.88% | 6.82% | 6.71% | 6.52% | 5.26% | 6.48% | 6.97% | 9.17% | 8.73% | 12.72% | -32.58% | 14.35% |
| Depreciation & Amortization | 0 | 8.13M | 7.66M | 8.54M | 7.98M | 7.39M | 7.43M | 8.16M | 7.04M | 6.94M | 6.43M | 5.41M | 4.56M | 3.77M | 3.15M | 3.18M | 3.04M | 3.28M | 3.6M | 3.57M | 3.5M | 3.23M | 3.03M | 3.23M | 3.55M | 3.28M | 3.09M | 2.66M | 2.07M | 2.3M | 2.5M |
| Combined Ratio % | 73.3% | 72.47% | 75.85% | 75.05% | 57.56% | 70.91% | 80.78% | 76.88% | 91.76% | 89.44% | 80.79% | 75.31% | 75.62% | 75.18% | 78.46% | 70.45% | 69.52% | 75.86% | 81% | 60.99% | 70.46% | 74.73% | 82.66% | 81.87% | 87.25% | 86.74% | 85.47% | 80.94% | 77.56% | 28.62% | 77.32% |
| Operating Income | 506.98M | 518.27M | 427.55M | 377.26M | 720.68M | 344.32M | 189.84M | 232.73M | 67.58M | 84.59M | 157.08M | 196.68M | 189.49M | 175.67M | 142.73M | 183.59M | 178.49M | 132.44M | 106.6M | 254.48M | 186.89M | 143.88M | 100.34M | 94.28M | 48.73M | 41.02M | 38.29M | 43.03M | 37.72M | 121.7M | 35.24M |
| Operating Margin % | 26.7% | 27.53% | 24.15% | 24.95% | 42.44% | 29.09% | 19.22% | 23.12% | 8.24% | 10.56% | 19.21% | 24.69% | 24.38% | 24.82% | 21.54% | 29.55% | 30.48% | 24.14% | 19% | 39.01% | 29.54% | 25.27% | 17.34% | 18.13% | 12.75% | 13.26% | 14.53% | 19.06% | 22.44% | 71.38% | 22.68% |
| Operating Income Growth % | - | 21.22% | 13.33% | -47.65% | 109.3% | 81.37% | -18.43% | 244.38% | -20.11% | -46.15% | -20.13% | 3.8% | 7.87% | 23.07% | -22.25% | 2.86% | 34.77% | 24.24% | -58.11% | 36.16% | 29.9% | 43.39% | 6.43% | 93.48% | 18.8% | 7.12% | -11.02% | 14.09% | -69% | 245.35% | -67.46% |
| EBITDA | 512.05M | 526.4M | 435.21M | 385.81M | 728.66M | 351.71M | 197.27M | 240.9M | 74.62M | 91.53M | 163.51M | 202.09M | 194.04M | 179.43M | 145.88M | 186.76M | 181.53M | 135.72M | 110.19M | 258.04M | 190.4M | 147.1M | 103.38M | 97.51M | 52.27M | 44.3M | 41.38M | 45.7M | 39.79M | 124M | 37.74M |
| EBITDA Margin % | 26.97% | 27.96% | 24.58% | 25.52% | 42.91% | 29.72% | 19.97% | 23.93% | 9.1% | 11.43% | 19.99% | 25.37% | 24.97% | 25.35% | 22.01% | 30.06% | 31% | 24.74% | 19.64% | 39.56% | 30.09% | 25.84% | 17.86% | 18.76% | 13.68% | 14.32% | 15.71% | 20.24% | 23.67% | 72.73% | 24.29% |
| Interest Expense | 6.38M | 5.36M | 6.33M | 7.3M | 8.05M | 7.68M | 7.6M | 7.59M | 7.44M | 7.43M | 7.43M | 7.43M | 7.44M | 8.1M | 6.05M | 6.05M | 6.05M | 6.05M | 6.7M | 7M | 6.58M | 7.12M | 6.89M | 1.01M | 1.86M | 3.21M | 5.28M | 4.1M | 2.28M | 1.5M | 2.81M |
| Non-Operating Income | -5.07M | -4.05M | -6.33M | -7.3M | -8.05M | -7.68M | -7.6M | -7.59M | -7.44M | -7.43M | -7.43M | -7.43M | -7.44M | -8.1M | -6.05M | -6.05M | -6.05M | -6.05M | -6.7M | -7M | -6.58M | -7.12M | -6.89M | -1.01M | -1.86M | -3.21M | -5.28M | -4.1M | -2.28M | 120.2M | -2.81M |
| Pretax Income | 494.69M | 505.98M | 427.55M | 377.26M | 720.68M | 344.32M | 189.84M | 232.73M | 67.58M | 84.59M | 157.08M | 196.68M | 189.49M | 175.67M | 142.73M | 183.59M | 178.49M | 132.44M | 106.6M | 254.48M | 186.89M | 143.88M | 100.34M | 94.28M | 48.73M | 41.02M | 38.29M | 43.03M | 37.72M | 41.6M | 35.24M |
| Pretax Margin % | 26.05% | 26.88% | 24.15% | 24.95% | 42.44% | 29.09% | 19.22% | 23.12% | 8.24% | 10.56% | 19.21% | 24.69% | 24.38% | 24.82% | 21.54% | 29.55% | 30.48% | 24.14% | 19% | 39.01% | 29.54% | 25.27% | 17.34% | 18.13% | 12.75% | 13.26% | 14.53% | 19.06% | 22.44% | 24.4% | 22.68% |
| Income Tax | 99.68M | 102.64M | 81.77M | 72.65M | 137.27M | 64.97M | 32.75M | 41.09M | 3.4M | -20.44M | 42.16M | 59.14M | 54.04M | 49.41M | 39.39M | 56.99M | 51.06M | 38.59M | 27.92M | 78.61M | 52.25M | 36.74M | 27.31M | 22.99M | 12.88M | 10.77M | 9.6M | 11.58M | 9.48M | 11.4M | 9.54M |
| Effective Tax Rate % | 20.15% | 20.29% | 19.13% | 19.26% | 19.05% | 18.87% | 17.25% | 17.66% | 5.03% | -24.16% | 26.84% | 30.07% | 28.52% | 28.13% | 27.59% | 31.04% | 28.61% | 29.14% | 26.19% | 30.89% | 27.96% | 25.54% | 27.21% | 24.38% | 26.42% | 26.26% | 25.07% | 26.92% | 25.14% | 27.4% | 27.08% |
| Net Income | 395.01M | 403.34M | 345.78M | 304.61M | 583.41M | 279.35M | 157.09M | 191.64M | 64.18M | 105.03M | 114.92M | 137.54M | 135.44M | 126.25M | 103.35M | 126.6M | 127.43M | 93.84M | 78.68M | 175.87M | 134.64M | 107.13M | 73.04M | 71.29M | 35.85M | 31.05M | 28.69M | 31.45M | 28.24M | 30.2M | 25.7M |
| Net Margin % | 20.8% | 21.43% | 19.53% | 20.15% | 34.36% | 23.6% | 15.91% | 19.04% | 7.82% | 13.12% | 14.05% | 17.27% | 17.43% | 17.84% | 15.59% | 20.37% | 21.76% | 17.11% | 14.02% | 26.96% | 21.28% | 18.82% | 12.62% | 13.71% | 9.38% | 10.04% | 10.89% | 13.93% | 16.8% | 17.71% | 16.54% |
| Net Income Growth % | 40.53% | 16.65% | 13.51% | -47.79% | 108.84% | 77.83% | -18.03% | 198.61% | -38.89% | -8.61% | -16.45% | 1.55% | 7.28% | 22.17% | -18.37% | -0.65% | 35.79% | 19.28% | -55.26% | 30.62% | 25.67% | 46.69% | 2.45% | 98.85% | 15.48% | 8.2% | -8.77% | 11.37% | -6.49% | 17.53% | 225.26% |
| EPS (Diluted) | 4.28 | 4.36 | 3.74 | 3.31 | 6.37 | 3.06 | 1.73 | 2.12 | 0.72 | 1.18 | 1.30 | 1.56 | 1.55 | 1.29 | 1.20 | 1.53 | 1.50 | 1.08 | 0.90 | 1.83 | 1.32 | 1.02 | 0.70 | 0.69 | 0.44 | 0.39 | 0.36 | 0.39 | 0.33 | 0.34 | 0.29 |
| EPS Growth % | 40.79% | 16.58% | 12.99% | -48.04% | 108.17% | 76.88% | -18.4% | 196.5% | -39.41% | -8.88% | -16.99% | 0.97% | 20.23% | 7.08% | -21.31% | 1.67% | 38.89% | 20% | -50.68% | 38.26% | 29.41% | 45.71% | 1.45% | 56.82% | 12.82% | 8.33% | -6.49% | 16.67% | -1.49% | 17.54% | 185% |
| EPS (Basic) | - | 4.38 | 3.78 | 3.34 | 6.43 | 3.09 | 1.75 | 2.14 | 0.72 | 1.19 | 1.31 | 1.56 | 1.57 | 1.47 | 1.22 | 1.55 | 1.52 | 1.09 | 0.92 | 1.87 | 1.35 | 1.06 | 0.73 | 0.71 | 0.45 | 0.40 | 0.37 | 0.39 | 0.34 | 0.37 | 0.33 |
| Diluted Shares Outstanding | 92.19M | 92.22M | 92.45M | 92.15M | 91.59M | 91.42M | 90.75M | 90.51M | 89.67M | 89M | 88.86M | 88.26M | 87.64M | 87.03M | 86.32M | 85.74M | 84.96M | 86.92M | 87.39M | 96.34M | 102.28M | 105.3M | 104.37M | 103.38M | 82.05M | 80.02M | 79.56M | 81.78M | 85.1M | 90.83M | 96.66M |
Catastrophe exposure and inflation
As evidenced by the quarterly financial data, RLI's revenue growth has exhibited significant volatility, ranging from a 41.7% surge in 2024Q3 to an 8.4% contraction in 2025Q1, suggesting that the company's niche-focused underwriting model is highly sensitive to cyclical shifts in specific specialty insurance markets.
The erratic top-line performance implies that RLI's decentralized product manager model may prioritize underwriting discipline over consistent premium volume growth. Investors should monitor whether these fluctuations represent a strategic choice to exit underpriced segments or a broader softening in demand for specialized surety and casualty products.
Based on the reported combined ratios, which reached a low of 64.0% in 2024Q1, RLI consistently demonstrates superior underwriting profitability, maintaining a combined ratio well below the 100% threshold despite the inherent volatility associated with its property and casualty insurance segments across the observed ten-quarter period.
The ability to maintain such favorable combined ratios suggests that RLI's decentralized underwriting structure effectively filters out high-risk, low-margin business. This operational efficiency appears to be a core driver of the company's valuation premium, though the recent uptick in loss ratios warrants further investigation into potential claims inflation.
Financial statements indicate that RLI experienced a notable inflection point in 2024Q4, where the loss ratio spiked to 85.4% and net income dropped to $40.9M, highlighting the company's vulnerability to periodic catastrophe events that can temporarily overwhelm the underwriting gains typically generated by the surety segment.
This period serves as a stark reminder that RLI's property exposure remains a significant source of earnings volatility. While the company recovered quickly in subsequent quarters, the event underscores the necessity of analyzing RLI's performance through a multi-year lens rather than relying on short-term quarterly results.
According to the provided income statement data, the significant variance in quarterly loss ratios, such as the shift from 32.2% in 2023Q4 to 85.4% in 2024Q4, suggests that RLI's reported earnings may be heavily influenced by the timing of reserve adjustments rather than pure current-year underwriting performance.
Investors should be cautious, as favorable reserve releases from prior years can mask underlying deterioration in current-year underwriting margins. The lack of explicit disclosure regarding reserve development makes it difficult to determine if the current profitability is sustainable or if it relies on the exhaustion of conservative past estimates.
Quick answers to the most common questions about buying RLI stock.
For fiscal year 2025, RLI Corp. (RLI) reported total revenue of $1.88B. This represents a 1111.7% increase compared to $155.4M in 1996.
RLI Corp. (RLI) is profitable, generating $403.3M in net income for the fiscal year ending 2025 with a net profit margin of 21.4%.
RLI Corp. (RLI) reported an operating income of $518.3M, resulting in an operating profit margin of 27.5%. This margin reflects the operational efficiency of the business before interest and taxes.
RLI Corp. (RLI) generated $561.4M in gross profit for the year, representing a gross profit margin of 29.8%. This demonstrates the company's core pricing power and production efficiency.