10-Q · July 24, 2026
RLI delivered strong Q2 GAAP results, with consolidated revenue up 15.2% to $575.569 million and net earnings up to $168.028 million, aided by $103.024 million of unrealized equity gains and a 17% increase in investment…
Earnings analysis · 10-Q
RLI earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
RLI delivered a Q3 EPS and revenue beat, with $0.86 of diluted EPS and $476.963 million of revenue, aided by higher investment income, premium growth, and $20.1 million of favorable reserve development. However, revenue…
Read full summary
RLI delivered a Q3 EPS and revenue beat, with $0.86 of diluted EPS and $476.963 million of revenue, aided by higher investment income, premium growth, and $20.1 million of favorable reserve development. However, revenue and EPS declined materially from both Q2 2026 and Q3 2025, while $117.809 million of fixed-income OCI losses weighed on comprehensive results. The 10-Q provides no quantitative forward guidance and reports no material changes to risk factors or market-risk exposure.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.86
What stood out
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Revenue and EPS beat consensus
Q3 revenue was $476.963 million and diluted EPS was $0.86, exceeding consensus revenue of $467.004 million and EPS of $0.54.
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Share repurchases commenced
The company authorized a $250 million share-repurchase program; during September it repurchased 103,573 shares at an average price of $60.51, leaving $232.000 million available under the plan.
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Investment income and reserves supported results
Results included $20.1 million of favorable reserve development and 13.1% growth in net investment income, supporting quarterly profitability.
What to watch
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Revenue declined sequentially and year over year
Revenue declined to $476.963 million from $576.000 million in Q2 2026, a decrease of approximately 17.2%, and from $509.000 million in Q3 2025, a decrease of approximately 6.3%.
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Earnings declined from elevated prior periods
Diluted EPS fell to $0.86 from $1.82 in Q2 2026 and $1.35 in Q3 2025, declines of approximately 52.7% and 36.3%, respectively.
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Fixed-income valuation losses remain a headwind
Fixed-income OCI losses reduced comprehensive results by $117.809 million, demonstrating continued sensitivity to interest-rate movements despite the filing stating that market-risk exposure had not materially changed from the 2025 Form 10-K.
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Underwriting and casualty pressure
The filing reports no material changes to risk factors, but Q3 underwriting margins weakened modestly and casualty performance deteriorated versus the prior period.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q; the filing does not provide a revised outlook.
Earlier filings 4
10-Q · April 24, 2026
RLI reported consolidated revenue of $423,870,000 and underwriting income of $57,787,000 for Q1 2026, while net earnings declined to $54,885,000. Investment income rose 15% to $42,321,000 and the company maintained…
10-K · February 20, 2026
RLI describes a disciplined specialty insurer strategy focused on underwriting profitability across casualty, property and surety, with multi-channel distribution and selective excess & surplus appetite. Net premiums…
10-Q · October 22, 2025
RLI reported a stronger quarter: consolidated revenue increased to $509,264,000 and diluted EPS rose to $1.35 (Q3 2025 vs Q3 2024). Pre-tax earnings were $157,245,000 and operating cash flow remains robust with net cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.