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Get filing alertsRLI reports Q2 2026 operating EPS of $0.83, 86 combined ratio, and returns $184M to shareholders
Filed July 28, 2026 · Period ending July 23, 2026 · ~2 min read
Key Changes
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Operating EPS of $0.83 essentially flat versus $0.82 in Q2 2025; GAAP EPS of $1.82 driven by $103M unrealized equity gains. Combined ratio of 85.6 (up 1.1 points) reflects improved 45.5 loss ratio offset by higher 40.1 expense ratio from personnel, acquisition, and technology costs.
Exhibit 99.1 view on EDGAR → -
high
Net investment income increased 17% to $46M on 3.4% quarterly portfolio return. Operating cashflow of $145M funded fixed-income purchases averaging 4.9% yields. Total investments and cash reached $4.9B at quarter-end.
Exhibit 99.1 view on EDGAR → -
high
Returned $184M to shareholders via $2 special dividend plus $0.18 regular quarterly dividend. Repurchased approximately 235,000 shares at average price of $51.25 under newly authorized $250M buyback program.
Exhibit 99.1 view on EDGAR → -
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Gross premiums grew 3%, led by Casualty segment up 11% (Personal Umbrella and Transportation driving growth). Property down 6% on competitive E&S dynamics; Surety down 6% on renewable energy slowdown.
Exhibit 99.1 view on EDGAR → -
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Quarter included $39.8M favorable prior-year reserve development (versus $27.6M in Q2 2025) and $10M of 2026 catastrophe losses. Book value per share increased 11% from year-end 2025; 25% return on equity.
Exhibit 99.1 view on EDGAR →
Summary
RLI Corp. furnished the transcript of its July 23, 2026 analyst call discussing second quarter 2026 results. The company reported operating earnings of $0.83 per share, essentially unchanged from $0.82 in the prior-year quarter, while producing an 85.6 combined ratio.
Underwriting income totaled $59.9 million despite a 1.5-point increase in the expense ratio to 40.1, driven by personnel, acquisition, and technology investments. The loss ratio improved 0.4 points to 45.5, supported by $39.8 million of favorable prior-year reserve development.
Net investment income rose 17% to $46 million as the portfolio generated a 3.4% total return and operating cashflow of $145 million funded fixed-income purchases at 4.9% average yields. RLI returned $184 million to shareholders through a $2 special dividend, an $0.18 regular quarterly dividend, and the repurchase of approximately 235,000 shares at an average price of $51.25 under a newly authorized $250 million buyback program. Gross premiums grew 3%, led by 11% growth in Casualty (Personal Umbrella and Transportation), while Property and Surety each declined 6% on competitive dynamics and renewable energy headwinds respectively. The company achieved a 25% return on equity and 11% book value per share growth from year-end 2025, earning Ward's Top 50 recognition for the 36th consecutive year.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
RLI Corp. furnished a transcript of its Q2 2026 analyst conference call discussing financial results.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On July 23, 2026, RLI Corp. held an analyst conference call regarding its financial results for the second quarter 2026. A copy of the conference call transcript is attached and furnished as Exhibit 99.1 to this Form 8-K Current Report and is incorporated herein by reference.
RLI Corp. disclosed that it held an analyst conference call on July 23, 2026 to discuss its second quarter 2026 financial results. The company furnished the full transcript of that call as Exhibit 99.1. The filing explicitly states this furnishing is not intended to constitute a representation that it is required by Regulation FD or that the transcript includes material investor information not otherwise publicly available.
Event · Exhibit 99.1
RLI reported Q2 2026 operating EPS of $0.83, 86 combined ratio, 3% premium growth, 17% investment income increase, and returned $184M via special dividend.
Added in current filing · view on EDGAR →
Yesterday, we reported second quarter operating earnings of $0.83 per share versus $0.82 last year.
RLI reported Q2 2026 operating earnings of $0.83 per share, essentially flat versus $0.82 in Q2 2025. On a GAAP basis, net earnings totaled $1.82 per share, compared with $1.34 in the year-ago period, driven by $103 million of unrealized gains on equity securities during the quarter.
Added in current filing · view on EDGAR →
Underwriting income totaled $59.9 million for the quarter, and our overall combined ratio was 85.6, compared to 84.5 last year. The loss ratio improved 0.4% to 45.5, while the expense ratio increased 1.5% to 40.1 due to personnel related costs, acquisition expense, and investments in technology. Results benefited from $39.8 million of favorable development on prior years’ loss reserves, compared with $27.6 million in the second quarter of 2025. The quarter also included $10 million of net incurred losses from 2026 catastrophe events.
RLI produced an 85.6 combined ratio in Q2 2026, up 1.1 points from 84.5 in Q2 2025. The loss ratio improved 0.4 points to 45.5, while the expense ratio increased 1.5 points to 40.1 due to personnel costs, acquisition expense, and technology investments. The quarter included $39.8 million of favorable prior-year reserve development and $10 million of 2026 catastrophe losses.
Added in current filing · view on EDGAR →
Net investment income increased 17% to $46 million and continued to be an important contributor to our results. The investment portfolio produced a 3.4% total return for the quarter and a 3% return for the first six months of the year. At quarter-end, total investments and cash were approximately $4.9 billion.
Net investment income increased 17% to $46 million in Q2 2026, supported by $145 million of operating cashflow and accretive fixed-income purchases averaging 4.9% yields. RLI paid a $2 special dividend plus an 18-cent regular quarterly dividend, returning approximately $184 million to shareholders. The company also repurchased approximately 235,000 shares at an average price of $51.25 under a newly authorized $250 million share repurchase program.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 29, 2026 · How we verify