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RLI Corp. (RLI) has reported a 36.84 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $19.83 million, or $0.45 a share in the quarter, compared with $31.39 million, or $0.71 a share for the same period last year. On an adjusted basis, earnings per share were at $0.44 for the quarter compared with $0.54 in the same period last year.
Revenue during the quarter went down marginally by 2.37 percent to $196.91 million from $201.69 million in the previous year period. Net premium earned for the quarter increased 3.60 percent or $6.37 million to $183.28 million.
Total expenses move up
Operating income for the quarter was $21.50 million, compared with $41.84 million in the previous year period. Net investment income was at $13 million for the quarter, down 2.73 percent or $0.36 million from year-ago period. The company has recorded a gain on investments of $0.62 million in the quarter compared with a gain of $11.40 million for the previous year period.
"Although our casualty segment posted a 106 combined ratio, primarily due to some lingering effects from elevated commercial auto loss experience, our property and surety segments delivered outstanding results with combined ratios of 76 and 64, respectively," said RLI Corp. chairman & chief executive officer Jonathan E. Michael. "From a premium perspective, our casualty and surety segments posted modest top-line growth, which is a testament to our ability to meet customer needs and capitalize on newer products within our portfolio. Our property segment’s premium, however, continued to trend downward due to soft market conditions and previously announced reductions in select, smaller products. We remain confident that our underwriting discipline, claim expertise and superior service will continue to differentiate RLI in the markets we serve."
Total assets stood at $2,801.14million as on Mar. 31, 2017. On the other hand, total liabilities were at $1,953.27 million as on Mar. 31, 2017.
Return on assets was at 0.77 percent in the quarter. At the same time, return on equity was at 2.34 percent in the quarter.
Net premiums and other receivables were at $121.86 million on Mar. 31, 2017.
Shareholders equity was at $847.88 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 0.26 percent in the quarter.
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