RLI保险 2025年季度报告

(Mark One)☒☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “largeaccelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2of the Exchange Act.Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reportingcompany☐Emerging growthcompany☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct). Yes☐No☒APPLICABLE ONLY TO CORPORATE ISSUERS:As of July 15, 2025, the number of shares outstanding of the registrant’s Common Stock was 91,829,470. Table of ContentsCondensed Consolidated Statements of Earnings and Comprehensive Earnings for the Threeand Six-Month Periods Ended June 30, 2025 and 2024 (unaudited)Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024Condensed Consolidated Statements of Shareholders’ Equity for the Three and Six-MonthPeriods Ended June 30, 2025 and 2024 (unaudited)Condensed Consolidated Statements of Cash Flows for the Six-Month Periods Ended June 30,Notes to Unaudited Condensed Consolidated Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures about Market RiskItem 2.Unregistered Sales of Equity Securities and Use of Proceeds PagePart I - Financial Information3Item 1.Financial Statements33(unaudited)452025 and 2024 (unaudited)672336Item 4.Controls and Procedures36Part II - Other Information37Item 1.Legal Proceedings37Item 1a. Risk Factors3737Item 3.Defaults upon Senior Securities37Item 4.Mine Safety Disclosures37Item 5.Other Information37Item 6.Exhibits38Signatures39 PART I - FINANCIAL INFORMATIONRLI Corp. and SubsidiariesCondensed Consolidated Statements of Earnings and Comprehensive Earnings(Unaudited)For the Three MonthsEnded June 30,2025$401,90439,41815,004Net unrealized gains on equity securities43,500$499,826184,578125,50229,5941,3504,754$345,778Equity in earnings of unconsolidated investees2,467$156,51532,179$124,336Other comprehensive earnings (loss), net of tax18,701$143,037$1.35$1.34Weighted average number of common shares outstanding:91,82792,518See accompanying notes to the unaudited condensed consolidated financial statements.3 For the Six Months(in thousands, except per share data)20242025Net premiums earned$379,065$800,249Net investment income33,96176,144Net realized gains (losses)(192)29,9163,6081,182Consolidated revenue$416,442$907,491Losses and settlement expenses167,799361,816Policy acquisition costs113,921249,189Insurance operating expenses27,32156,468Interest expense on debt1,6042,685General corporate expenses4,1407,702$314,785$677,8601,6465,515Earnings before income taxes$103,303$235,146Income tax expense21,31147,596$ 81,992$187,550(7,843)48,731Comprehensive earnings$ 74,149$236,281Basic net earnings per share$0.90$Diluted net earnings per share$0.89$91,47491,79992,35892,512 RLI Corp. and SubsidiariesCondensed Consolidated Balance Sheets(Unaudited)(in thousands, except share and per share data)(amortized cost of $3,573,679 and allowance for credit losses of $245 at 6/30/25)(amortized cost of $3,391,159 and allowance for credit losses of $197 at 12/31/24)Equity securities, at fair value (cost - $487,656 at 6/30/25 and $417,897 at 12/31/24)Short-term investments, at cost which approximates fair valuePremiums and reinsurance balances receivable, net of allowances for uncollectible amountsof $23,325 at 6/30/25 and $22,932 at 12/31/24Reinsurance balances recoverable on unpaid losses and settlement expenses, net ofallowances for uncollectible amounts of $10,174 at 6/30/25 and $9,580 at 12/31/24Property and equipment, at cost, net of accumulated depreciation of $80,332 at 6/30/25 andLIABILITIES AND SHAREHOLDERS’ EQUITY(137,689,898 shares issued, 91,829,470 shares outstanding at 6/30/25)(137,598,560 shares issued, 91,738,132 shares outstanding at 12/31/24)Accumulated other comprehensive earnings (loss)Less: Treasury shares, at cost (45,860,428 shares at 6/30/25 and 12/31/24) See accompanying notes to the unaudited condensed consolidated financial statements.4 RLI Corp. and SubsidiariesCondensed Consolidated Statements of Shareholders’ Equity(Unaudited)AccumulatedOtherTotalComprehensiveCommonShareholders’CommonPaid-inEarningsRetainedSharesEquityStockCapital(Loss)Earnings91,280,094$1,413,514$1,371$361,660$(166,303)$1,609,785—127,900———127,900Other comprehensive earnings (loss), net—(12,671)——(12,671)—————139,6684,35724,355——(12,348)———(12,348)91,419,762$1,520,752$1,373$366,015$(178,974)$1,725,337—81,992———Other co