By Connor Hart
Shares of RLI fell after the specialty insurer posted fourth-quarter earnings that missed expectations, dragged down by losses stemming from Hurricane Milton.
The stock was down 5.2%, to $74.01, in after-hours trading Wednesday. Shares ended the day mostly flat at $78.07, putting them up 7.3% in the past 52 weeks.
The Peoria, Ill., company reported a profit of $40.9 million, or 44 cents a share, compared with $114.6 million, or $1.29 a share, in the same quarter last year.
Adjusted per-share earnings came in at 41 cents, missing analyst expectations for 52 cents a share, according to FactSet.
The recent quarter's per-share earnings account for a two-for-one stock split that occurred on Jan. 15, the company said.
Underwriting income--which represents the pretax profitability of insurance operations, and is derived by subtracting loss and settlement expenses, policy-acquisition costs and insurance operating expenses from net premium earned--fell to $22.2 million from $59.8 million a year earlier.
Losses stemming from Hurricane Milton resulted in a $42.4 million net decrease in underwriting income, the company said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 22, 2025 18:48 ET (23:48 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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