On this page of StockholderLetter.com we present the latest annual shareholder letter from RLI CORP — ticker symbol RLI. Reading current and past RLI letters to shareholders can bring important insights into the investment thesis.

 •  2/20/2026 Letter Continued (Full PDF)
 •  2/24/2023 RLI Stockholder Letter
 •  2/23/2024 RLI Stockholder Letter
 •  2/21/2025 RLI Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  RLI Benford's Law Stock Score = 98

RLI Shareholder/Stockholder Letter Transcript:

2025 RLI CORP.
ANNUAL REPORT ON FORM 10K


02 OUR PURPOSE, VISION, MISSION & VALUES
03 FINANCIAL HIGHLIGHTS
04 LETTER TO SHAREHOLDERS
08 OUR LEADERSHIP TEAM
10 SELECTED FINANCIAL DATA
12 INVESTOR INFORMATION

OUR PURPOSE
OUR VISION
OUR MISSION
OUR VALUES
2
Protect people and organizations
from life   s uncertainties to help them
explore, create, build and thrive.
Be the recognized performance
leader of the U.S. specialty
insurance industry.
Provide industry-leading specialty
risk management solutions that are
convenient, tailored and fill unmet
customer needs.
Ownership
Customer Focus
Drive
Innovation
Integrity

FINANCIAL
HIGHLIGHTS
In thousands, except combined ratio, per-share data and return on equity
2025

Gross premiums written
2,026,846

2024
% Change
2,013,048
1%
Net premiums written
1,622,129
1,605,521
1%
Consolidated revenue
1,882,448
1,770,384
6%
Net earnings
403,337
345,779
17%
Operating earnings(1) (2)
320,831
269,283
19%
83.6
86.2
-3%
1,778,196
1,521,967
17%


3.74
17%
3.47
2.91
19%
Regular
0.63
0.57
11%
Special
2.00
2.00
0%
Book value(3)
19.35
16.59
17%
Year-end closing stock price
63.98
82.42
-22%
23.7%
22.2%
7%
GAAP combined ratio
Total shareholders    equity
Per-share data:
Net earnings (diluted)
Operating earnings (diluted)
(1)
4.37
Cash dividends paid:
Return on equity
(1)
See discussion of non-GAAP measures in note 1 of the SELECTED FINANCIAL DATA on page 11 of the 2025
YEAR IN REVIEW wrap.
(2)
Effective in 2025, equity in earnings of unconsolidated investees and the related taxes were excluded from
operating earnings and operating earnings per share, resulting in consistent exclusion of unrealized changes in
equity investments from operating results. Prior period amounts have been restated to reflect the adjustment.
(3)
With the inclusion of dividends paid (regular and special), book value per share growth was 33% year over year.
3

2/20/2026 Letter Continued (Full PDF)

 

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