Shares of specialty insurer RLI Corp. (RLI) are rising more than 8% Thurssday morning after reporting better-than-expected results for the first quarter.
Net earnings were $98.81 million or $2.15 per share for the first quarter, higher than $47.92 million or $1.05 per share last year.
Excluding one-time items, operating EPS was $1.63, that beat the average estimate of analysts polled by Thomson-Reuters of $1.16 per share.
Quarterly revenue increased 37.8% to $364.92 million. The consenus estimate was for $345.35 million.
Net premiums earnied increased 14.3% to $307.72 million from $269.15 illion last year.
Net investment income for the quarter increased 51.5% year-on-year to $27.08 million.
RLI, currently at $146.10, has traded in the range of $100.96-$147.54 in the last 1 year.
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