# RLI Corp. (RLI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/RLI/thesis · /stocks/RLI/memo

## Financial Snapshot

---
ticker: RLI
step: 04
generated: 2026-05-13
source: quick-research
---

### RLI Corp. (RLI) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$1.3B | ~$1.5B | $1.770B | +17.1% |
| Underwriting Income | $178.2M | $173.2M | $210.7M | +21.7% |
| Combined Ratio | 84.4% | 86.6% | 86.2% | improving |
| Net Investment Income | — | — | $142.3M | — |

*FY2025 (record year): Revenue $1.882B (+6.3%); underwriting income $264.2M (+25.4%); combined ratio 83.6% (best in recent history); net investment income $159.7M; net income $403M total; special dividend $2.00/share ($183.7M returned). 30th consecutive year of underwriting income. Gross premiums written >$2B for first time in 2024 (sustained 2025). Book value per share grew 33% (inclusive of dividends) in FY2025. Q4 2025 net earnings $91.2M ($0.99/share). Q2 2025 EPS $1.34 (+50% YoY) on 84.5 combined ratio.*

#### Cash Flow & Balance Sheet

| Metric | Value |
|--------|-------|
| Consecutive Underwriting Profit Years | 30 (as of FY2025) |
| Consecutive Dividend Increases | 50 years |
| Special Dividends | Frequent (Q4 2025: $2.00/share) |
| E&S Gross Premiums | $783M (39% of total gross premiums) |
| Specialty Admitted | $1.2B (60% of total gross premiums) |

*RLI's float (premiums held before claims paid) is invested in fixed income, providing investment income in addition to underwriting income. Unlike catastrophe-exposed P&C insurers, RLI's combined ratio rarely spikes above 95% because it actively avoids excessive catastrophe concentrations while still participating in E&S property market hardening.*

#### Key Ratios (approximate)
- P/E: ~13–15x (net income $403M / ~92M shares = ~$4.38 EPS; stock ~$56–65)
- Combined Ratio: 83.6% (FY2025) vs. industry avg ~96%
- Revenue Growth: +17.1% (FY2024); +6.3% (FY2025, moderating as market softens)
- Underwriting Margin: ~14% (264M / 1.882B revenue)

#### Growth Profile
RLI has grown from ~$1.3B (FY2022) to $1.882B (FY2025) revenue — 45% growth in 3 years — largely driven by specialty market hardening (rate increases across all lines post-COVID). Premium growth is moderating (1% in 2025) as market conditions normalize, but the combined ratio improvement (86.6% → 83.6%) shows underwriting quality improving even as volume moderates. The 30-year consecutive underwriting profit streak is the clearest indicator of long-term quality.

#### Forward Estimates
- FY2026: Revenue moderate growth (1–5%); combined ratio ~84–87% range; EPS $4–5
- Analyst consensus PT: $91.13 (12 analysts; wide range $52 Jefferies to $182 Wolfe Research)
- More recent consensus: 7 analysts Hold, avg PT $66 (+17%)
- Key watch: Property segment premium trends; casualty reserve development

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/RLI/fundamental

## Navigation

- Overview: /stocks/RLI
- Financials (this page): /stocks/RLI/financials
- Thesis: /stocks/RLI/thesis
- Investment Memo: /stocks/RLI/memo
- Coverage universe: /stocks