Oct. 18 (Reuters)—Property and casualty insurer RLI Corp. posted a quarterly profit that beat market expectations, helped by a jump in casualty underwriting income.
On an operating basis, the Peoria, Ill.-based company earned $26.2 million, or $1.23 a share, compared with $25 million, or $1.18 a share, last year.
Consolidated revenue rose 9 percent to $162.3 million.
Analysts, on average, were expecting earnings of 98 cents a share, according to Thomson Reuters I/B/E/S.
Casualty underwriting income almost tripled to $23.8 million, while combined ratio—the percentage of premiums an insurer has to pay out in claims and expenses—was unchanged at 83.1 percent.
The company's shares closed at $70.17 on Tuesday on the New York Stock Exchange.
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