RLI Reports Record-High Profits
NU Online News Service, Jan. 23, 9:22 a.m. EST?
The Peoria, Ill.-based insurer's underwriting profit for the 2003 fourth quarter was $11.6 million, with a 90.4 combined ratio. That compares favorably with profit of $6 million on a 94 combined ratio from 2002 fourth quarter.
For 2003 overall, net earnings came in at $71.3 million, doubling the $35.9 million in net income from 2002. For the year, the insurer's underwriting profit was a record $37.3 million, with a 92.0 combined ratio, versus $15.6 million on a 95.6 combined ratio in 2002.
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