RLI Corp (RLI) experienced a significant pre-market plunge of 5.94% on Thursday, following the company's release of lower-than-expected fourth-quarter earnings results on Wednesday after the market close.
According to reports, RLI Corp reported a profit of $40.9 million, or 44 cents per share, for the fourth quarter of 2024, a significant decline from $114.6 million, or $1.29 per share, in the same period a year earlier. Adjusted earnings per share of 41 cents missed analyst expectations of 52 cents per share.
The company's underwriting income, which reflects the profitability of its insurance operations, fell to $22.2 million from $59.8 million a year earlier. A major contributor to this decline was the impact of losses stemming from Hurricane Milton, which resulted in a $42.4 million net decrease in underwriting income.
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