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RLI OPERATING EARNINGS INCREASE 32 PERCENT IN FIRST QUARTER

 RLI OPERATING EARNINGS INCREASE 32 PERCENT IN FIRST QUARTER
 PEORIA, Ill., April 30 /PRNewswire/ -- RLI Corp. (NYSE: RLI) reported today net income for the first quarter 1992 of $2.9 million ($.52 per share) on gross sales (consisting of gross premiums written, non-insurance sales revenue and net investment income) of $55.8 million. For the same period in 1991, net income was $2.5 million ($.45 per share) on gross sales of $51.8 million. Operating earnings, net of realized capital gains, were $.50 per share compared to $.38 per share during the first quarter last year.
 Net investment income for the first quarter 1992 reached $3.1 million, rising 8.9 percent above last year's first quarter $2.9 million.
 Commenting on the quarter's results, Gerald D. Stephens, president and chief executive officer, remarked, "Our business plan remains on course. Expense reductions in our ophthalmic segment are making a difference and we are beginning to see the positive results of reducing our reinsurance costs in the specialty property and casualty segment. Underwriting results remain profitable and our conservative approach to investment operations again proved quite rewarding." He stated further, "RLI remains committed to offering its customers high quality, specialized products within defined markets. We believe our continued growth lies in our specialized underwriting talent and experienced back office staff, each deeply committed to providing quality products and enhanced customer satisfaction."
 Other financial highlights for the first quarter include:
 -- Gross sales grew 7.6 percent to $55.8 million from $51.8 million the same quarter the year before. Gross insurance premiums written expanded 8.3 percent to $49.7 million from $45.9 million. Net premiums written increased 23 percent to $25.9 million from $21.0 million, reflecting our plan to purchase less reinsurance.
 -- Realized investment gains during the first quarter were $155,000 ($.02 per share after tax) compared with $568,000 ($.07 per share after tax) posted last year.
 -- The insurance operations combined ratio was 95.6 percent for the first quarter 1992 compared to 91.6 percent reported for the year 1991. The 1992 loss ratio increased to 59 percent 56.8 percent at year end 1991, and the expense ratio also increased to 36.6 percent from 34.8 percent during the same period.
 -- As of March 31, 1992, shareholder' equity was $95.2 million ($16.72 per share) up 2.6 percent compared to year-end 1991.
 -- The recent California earthquakes and Chicago floods will have minimal impact to RLI.
 RLI Corp. underwrites selected property and casualty insurance products, and markets practice automation systems, contact lenses and related products to the ophthalmic industry.
 RLI CORP.
 Operating Results
 Percent
 First quarter ended March 31 1992 1991 Change
 Gross sales $55,766,745 $51,812,532 8
 Total revenue 28,092,477 25,864,248 9
 Total earnings 2,956,301 2,534,544 17
 Net earnings per share $.52 $.45 16
 Average shares 5,679,240 5,658,974
 -0- 4/30/92
 /CONTACT: James E. Zogby, treasurer of RLI, 309-693-5880/
 (RLI) CO: RLI Corp. ST: Illinois IN: INS SU: ERN


KD-SM -- NY095 -- 5095 04/30/92 15:52 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
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