RLI Corp. RLI – RLI Corp. reported third quarter 2018 net earnings of $39.4 million ($0.88 per share), compared to $1.7 million ($0.04 per share) for the third quarter of 2017. Operating earnings(1) for the third quarter of 2018 were $20.8 million ($0.46 per share) compared to $1.7 million ($0.04 per share) for the same period in 2017.
| Third Quarter | Year to Date | |||||||||||||||
| Earnings Per Diluted Share | 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Net earnings (2) | $ | 0.88 | $ | 0.04 | $ | 1.90 | $ | 1.07 | ||||||||
| Operating earnings (1) | $ | 0.46 | $ | 0.04 | $ | 1.66 | $ | 1.08 | ||||||||
| (1) | See discussion below: Non-GAAP and Performance Measures. | |
| (2) | Unrealized losses on equity securities and the related taxes were included in net earnings in 2018. See discussion below: Recently Adopted Accounting Standard and Tax Reform. |
Highlights for the quarter included:
- Underwriting income(1) of $7.8 million, resulting in a combined ratio(1) of 96.1.
- 8% increase in gross premiums written and 15% increase in investment income.
- Favorable development in prior years' loss reserves resulting in a $9.7 million net increase in underwriting income.
- Losses from Hurricane Florence resulting in a $6.4 million net decrease to underwriting income.
- Book value per share of $19.60, an increase of 5% from year-end 2017, inclusive of dividends.
"In the third quarter, our business continued to exhibit strong momentum," said RLI Corp. Chairman & CEO Jonathan E. Michael. "Premium was up across much of our product portfolio, while underwriting results were modestly impacted by Hurricane Florence. Investment income growth supported our underwriting results and contributed to our $0.46 of operating income per share in the quarter. We have expanded our presence in new niches and markets that value our underwriting expertise, continue to successfully grow our more established products and remain consistently focused on our trademark underwriting discipline."
Underwriting Income
RLI achieved $7.8 million of underwriting income in the third quarter of 2018 on a 96.1 combined ratio, compared to $14.9 million of underwriting loss on a 108.2 combined ratio in the same quarter for 2017. Results for both years include favorable development in prior years' loss reserves which totaled $9.7 million and $14.9 million for 2018 and 2017, respectively.
The following table highlights underwriting income and combined ratios by segment.
| Underwriting Income(1) | Third Quarter | Combined Ratio(1) | Third Quarter | |||||||||||||
| (in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Casualty | $ | (1.9 | ) | $ | 3.6 | Casualty | 101.5 | 97.0 | ||||||||
| Property | 2.6 | (27.5 | ) | Property | 93.3 | 182.0 | ||||||||||
| Surety | 7.1 | 9.0 | Surety | 76.4 | 69.9 | |||||||||||
| Total | $ | 7.8 | $ | (14.9 | ) | Total | 96.1 | 108.2 | ||||||||
| (1) | See discussion below: Non-GAAP and Performance Measures. |
Other Income
RLI's net investment income for the quarter increased 15.0% to $16.3 million, compared to the same period in 2017. For the nine-month period ended September 30, 2018, investment income was $45.1 million versus $40.4 million for the same period in 2017. The investment portfolio's total return was 1.5% for the quarter and 0.7% through the nine-month period.
Comprehensive earnings were $31.7 million for the quarter ($0.70 per share) compared to $10.2 million ($0.23 per share) for the same quarter in 2017. In addition to net earnings, comprehensive earnings included after-tax unrealized gains/losses from the fixed income portfolio in 2018 and after-tax unrealized gains/losses from the fixed income and equity portfolios in 2017. See Recently Adopted Accounting Standard and Tax Reform discussion below.
Equity in earnings of unconsolidated investees was $3.6 million for the quarter compared to $3.7 million from the same period last year. These results are related to Maui Jim, Inc. ($2.6 million), a producer of premium sunglasses, and Prime Holdings Insurance Services, Inc. ($1.0 million), a specialty insurance company. For the third quarter of 2017, equity in earnings of unconsolidated investees from Maui Jim and Prime was $3.1 million and $0.6 million, respectively. For the nine-month period ended September 30, 2018, equity in earnings of unconsolidated investees was $15.9 million versus $15.4 million in 2017.
Dividends Paid in the Third Quarter of 2018
On September 20, 2018, the company paid an ordinary dividend of $0.22 per share, the same amount as the prior quarter. RLI's cumulative dividends total more than $616 million paid over the last five years.
Recently Adopted Accounting Standard and Tax Reform
As disclosed in RLI's Annual Report on Form 10-K for the year ended December 31, 2017, accounting guidance for financial instruments changed in 2018 under ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. We adopted this accounting standard update, effective January 1, 2018, using a cumulative-effect adjustment. This adjustment moved the historical unrealized gains and losses, net of tax, on the equity portfolio from accumulated other comprehensive earnings to retained earnings, but had no impact on overall shareholders' equity. In addition, for 2018 and forward, the change in fair value for equity securities is required to be recognized through net earnings rather than through other comprehensive income. As defined below, we exclude these unrealized gains and losses in arriving at operating earnings and earnings per share from operations. For the third quarter of 2018, $4.8 million of unrealized gains, gross of tax, were recognized within pre-tax earnings and the income tax expense was increased by $1.0 million. The impact to our income statement will vary depending upon the level of volatility in the performance of the securities held in our equity portfolio and the overall market.
The change in the federal corporate tax rate from 35% to 21% commencing January 1, 2018, as enacted by the Tax Cuts and Jobs Act of 2017 (TCJA), contributed to a lower effective tax rate for 2018 as compared to 2017.
Non-GAAP and Performance Measures
Management has included certain non-generally accepted accounting principles ("non-GAAP") financial measures in presenting the Company's results. Management believes that these non-GAAP measures better explain the Company's results of operations and allow for a more complete understanding of the underlying trends in the Company's business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles ("GAAP"). In addition, our definitions of these items may not be comparable to the definitions used by other companies.
Operating earnings and earnings per share (EPS) from operations consist of our GAAP net earnings adjusted by the net realized gains/(losses), net unrealized gains/(losses) on equity securities for 2018 only and taxes related thereto. The adjustment for net unrealized gains/(losses) on equity securities is only applicable for 2018 due to the adoption of the above mentioned accounting standard update. Net earnings and net earnings per share are the GAAP financial measures that are most directly comparable to operating earnings and EPS from operations. A reconciliation of the operating earnings and EPS from operations to the comparable GAAP financial measures is included in the 2018 financial highlights below.
Underwriting income or profit represents the pretax profitability of our insurance operations and is derived by subtracting loss and settlement expenses, policy acquisition costs and insurance operating expenses from net premium earned, which are all GAAP financial measures. The combined ratio, which is derived from components of underwriting income, is a performance measure commonly used by property and casualty insurance companies and is calculated as the sum of loss and settlement expenses, policy acquisition costs and insurance operating expenses, divided by net premiums earned, which are all GAAP measures.
Other News
On July 18, 2018, RLI was named as one of the insurance industry's top performing companies by Ward Group for the 28th consecutive year. RLI is one of only two property-casualty insurers to be recognized as a Ward's 50® Top P&C Performer every year since the list's inception in 1991.
At 10 a.m. central daylight time (CDT) tomorrow, October 18, 2018, RLI management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion through the Internet at https://edge.media-server.com/m6/p/pb3a8j4k.
Except for historical information, this news release may include forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectations about the future performance of our company or our business segments or about future market conditions. These statements are subject to certain risk factors that could cause actual results to differ materially. Various risk factors that could affect future results are listed in the company's filings with the Securities and Exchange Commission, including the Form 10-K Annual Report for the year ended December 31, 2017.
About RLI
RLI Corp. RLI is a specialty insurer serving diverse, niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI's products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI's insurance subsidiaries are rated A+ (Superior) by A.M. Best Company. RLI has paid and increased regular dividends for 43 consecutive years and delivered underwriting profits for 22 consecutive years. To learn more about RLI, visit www.rlicorp.com.
Supplemental disclosure regarding the earnings impact of specific items:
|
|
Operating Earnings Per Share |
|||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||
| 3rd Qtr | 3rd Qtr | 9 Mos. | 9 Mos. | |||||||||||||||
| Operating Earnings Per Share(1) | $ | 0.46 | $ | 0.04 | $ | 1.66 | $ | 1.08 | ||||||||||
| Specific items included in operating earnings per share:(2) (3) | ||||||||||||||||||
|
• |
Favorable development in casualty prior years' reserves | $ | 0.11 | $ | 0.15 | $ | 0.36 | $ | 0.23 | |||||||||
|
• |
Favorable development in property prior years' reserves | $ | 0.01 | $ | 0.02 | $ | 0.07 | $ | 0.06 | |||||||||
|
• |
Favorable development in surety prior years' reserves | $ | 0.03 | $ | 0.04 | $ | 0.16 | $ | 0.16 | |||||||||
|
• |
Catastrophe impact | |||||||||||||||||
| ▪ | Hurricane Florence | $ | (0.11 | ) | $ | - | $ | (0.11 | ) | $ | - | |||||||
| ▪ | 2018 Hawaii volcanic activity | $ | - | $ | - | $ | (0.10 | ) | $ | - | ||||||||
| ▪ | 2018 storms | $ | - | $ | - | $ | (0.05 | ) | $ | - | ||||||||
| ▪ | Hurricanes Harvey, Irma and Maria | $ | - | $ | (0.46 | ) | $ | - | $ | (0.46 | ) | |||||||
| ▪ | 2017 and prior events | $ | 0.02 | $ | 0.01 | $ | 0.02 | $ | (0.02 | ) | ||||||||
| (1) | See discussion above: Non-GAAP and Performance Measures. | |
| (2) | Includes incentive and profit sharing-related impacts which affected policy acquisition, insurance operating and general corporate expenses. | |
| (3) | Reserve development reflects changes from previously estimated losses. |
| RLI CORP. | |||||||||||||||||||||||||||
| 2018 FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
|
SUMMARIZED INCOME STATEMENT DATA: |
2018 | 2017 | % Change | 2018 | 2017 | % Change | |||||||||||||||||||||
| Net premiums earned | $ | 200,815 | $ | 182,025 | 10.3 | % | $ | 587,364 | $ | 549,641 | 6.9 | % | |||||||||||||||
| Net investment income | 16,314 | 14,187 | 15.0 | % | 45,123 | 40,430 | 11.6 | % | |||||||||||||||||||
| Net realized gains (losses) | 18,647 | 35 | - | 47,900 | (700 | ) | - | ||||||||||||||||||||
| Net unrealized gains (losses) on equity securities | 4,848 | - | - | (34,535 | ) | - | - | ||||||||||||||||||||
| Consolidated revenue | $ | 240,624 | $ | 196,247 | 22.6 | % | $ | 645,852 | $ | 589,371 | 9.6 | % | |||||||||||||||
| Loss and settlement expenses | $ | 110,231 | $ | 123,190 | (10.5 | ) | % | $ | 304,305 | $ | 306,927 | (0.9 | ) | % | |||||||||||||
| Policy acquisition costs | 68,414 | 62,066 | 10.2 | % | 201,473 | 186,264 | 8.2 | % | |||||||||||||||||||
| Insurance operating expenses | 14,408 | 11,701 | 23.1 | % | 42,191 | 38,582 | 9.4 | % | |||||||||||||||||||
| Interest expense on debt | 1,862 | 1,856 | 0.3 | % | 5,576 | 5,569 | 0.1 | % | |||||||||||||||||||
| General corporate expenses | 2,947 | 1,956 | 50.7 | % | 7,871 | 7,816 | 0.7 | % | |||||||||||||||||||
| Total expenses | $ | 197,862 | $ | 200,769 | (1.4 | ) | % | $ | 561,416 | $ | 545,158 | 3.0 | % | ||||||||||||||
| Equity in earnings of unconsolidated investees | 3,587 | 3,660 | (2.0 | ) | % | 15,853 | 15,404 | 2.9 | % | ||||||||||||||||||
| Earnings (loss) before income taxes | $ | 46,349 | $ | (862 | ) | - | $ | 100,289 | $ | 59,617 | 68.2 | % | |||||||||||||||
| Income tax expense (benefit) | 6,977 | (2,596 | ) | - | 15,450 | 11,847 | 30.4 | % | |||||||||||||||||||
| Net earnings | $ | 39,372 | $ | 1,734 | - | $ | 84,839 | $ | 47,770 | 77.6 | % | ||||||||||||||||
| Other comprehensive earnings (loss), net of tax | (7,696 | ) | 8,444 | - | (41,769 | ) | 30,812 | - | |||||||||||||||||||
| Comprehensive earnings | $ | 31,676 | $ | 10,178 | 211.2 | % | $ | 43,070 | $ | 78,582 | (45.2 | ) | % | ||||||||||||||
|
Operating earnings(1): |
|||||||||||||||||||||||||||
| Net earnings | $ | 39,372 | $ | 1,734 | - | $ | 84,839 | $ | 47,770 | 77.6 | % | ||||||||||||||||
| Less: | |||||||||||||||||||||||||||
| Realized (gains) losses | (18,647 | ) | (35 | ) | - | (47,900 | ) | 700 | - | ||||||||||||||||||
| Income tax on realized gains (losses) | 3,916 | 12 | - | 10,059 | (245 | ) | - | ||||||||||||||||||||
| Unrealized (gains) losses on equity securities | (4,848 | ) | - | - | 34,535 | - | - | ||||||||||||||||||||
| Income tax on unrealized gains (losses) on equity securities | 1,018 | - | - | (7,252 | ) | - | - | ||||||||||||||||||||
| Operating earnings | $ | 20,811 | $ | 1,711 | - | $ | 74,281 | $ | 48,225 | 54.0 | % | ||||||||||||||||
| Return on Equity: | |||||||||||||||||||||||||||
| Net earnings (trailing four quarters) | 16.6 | % | 9.2 | % | |||||||||||||||||||||||
| Comprehensive earnings (trailing four quarters) | 12.2 | % | 8.7 | % | |||||||||||||||||||||||
| Per Share Data: | |||||||||||||||||||||||||||
|
Diluted: |
|||||||||||||||||||||||||||
| Weighted average shares outstanding (in 000's) | 44,940 | 44,515 | 44,760 | 44,517 | |||||||||||||||||||||||
| Net earnings per share | $ | 0.88 | $ | 0.04 | - | $ | 1.90 | $ | 1.07 | 77.6 | % | ||||||||||||||||
| Less: | |||||||||||||||||||||||||||
| Realized (gains) losses | (0.42 | ) | - | - | (1.07 | ) | 0.02 | - | |||||||||||||||||||
| Income tax on realized gains (losses) | 0.09 | - | - | 0.22 | (0.01 | ) | - | ||||||||||||||||||||
| Unrealized (gains) losses on equity securities | (0.11 | ) | - | - | 0.77 | - | - | ||||||||||||||||||||
| Income tax on unrealized gains (losses) on equity securities | 0.02 | - | - | (0.16 | ) | - | - | ||||||||||||||||||||
|
EPS from operations(1) |
$ | 0.46 | $ | 0.04 | - | $ | 1.66 | $ | 1.08 | 53.7 | % | ||||||||||||||||
| Comprehensive earnings per share | $ | 0.70 | $ | 0.23 | 204.3 | % | $ | 0.96 | $ | 1.77 | (45.8 | ) | % | ||||||||||||||
| Cash dividends per share - ordinary | $ | 0.22 | $ |
0.21 |
4.8 | % | $ | 0.65 | $ | 0.62 | 4.8 | % | |||||||||||||||
| Net Cash Flow provided by Operations | $ | 63,369 | $ | 71,363 | (11.2 | ) | % | $ | 163,369 | $ | 145,933 | 11.9 | % | ||||||||||||||
|
(1) See discussion above: Non-GAAP and Performance Measures. |
|||||||||||||||||||||||||||
| RLI CORP. | |||||||||
| 2018 FINANCIAL HIGHLIGHTS | |||||||||
| (Unaudited) | |||||||||
| (Dollars in thousands, except per share amounts) | |||||||||
| September 30, | December 31, | ||||||||
| 2018 | 2017 | % Change | |||||||
|
SUMMARIZED BALANCE SHEET DATA: |
|||||||||
| Fixed income | $ | 1,719,617 | $ | 1,672,239 | 2.8 | % | |||
| (amortized cost - $1,745,648 at 9/30/18) | |||||||||
| (amortized cost - $1,646,411 at 12/31/17) | |||||||||
| Equity securities | 394,375 | 400,492 | (1.5) | % | |||||
| (cost - $210,119 at 9/30/18) | |||||||||
| (cost - $182,002 at 12/31/17) | |||||||||
| Other invested assets | 38,777 | 33,808 | 14.7 | % | |||||
| Cash and cash equivalents | 77,995 | 34,251 | 127.7 | % | |||||
| Total investments and cash | $ | 2,230,764 | $ | 2,140,790 | 4.2 | % | |||
| Premiums and reinsurance balances receivable | 138,480 | 134,351 | 3.1 | % | |||||
| Ceded unearned premiums | 66,400 | 57,928 | 14.6 | % | |||||
| Reinsurance balances recoverable on unpaid losses | 320,027 | 301,991 | 6.0 | % | |||||
| Deferred policy acquisition costs | 84,232 | 77,716 | 8.4 | % | |||||
| Property and equipment | 55,469 | 55,849 | (0.7) | % | |||||
| Investment in unconsolidated investees | 95,007 | 90,067 | 5.5 | % | |||||
| Goodwill and intangibles | 54,626 | 59,302 | (7.9) | % | |||||
| Other assets | 28,517 | 29,250 | (2.5) | % | |||||
| Total assets | $ | 3,073,522 | $ | 2,947,244 | 4.3 | % | |||
| Unpaid losses and settlement expenses | $ | 1,377,111 | $ | 1,271,503 | 8.3 | % | |||
| Unearned premiums | 483,305 | 451,449 | 7.1 | % | |||||
| Reinsurance balances payable | 18,396 | 21,624 | (14.9) | % | |||||
| Funds held | 73,304 | 74,560 | (1.7) | % | |||||
| Income taxes - deferred | 38,260 | 53,768 | (28.8) | % | |||||
| Bonds payable, long-term debt | 149,068 | 148,928 | 0.1 | % | |||||
| Accrued expenses | 45,420 | 52,848 | (14.1) | % | |||||
| Other liabilities | 16,802 | 18,966 | (11.4) | % | |||||
| Total liabilities | $ | 2,201,666 | $ | 2,093,646 | 5.2 | % | |||
| Shareholders' equity | 871,856 | 853,598 | 2.1 | % | |||||
| Total liabilities & shareholders' equity | $ | 3,073,522 | $ | 2,947,244 | 4.3 | % | |||
|
OTHER DATA: |
|||||||||
| Common shares outstanding (in 000's) | 44,485 | 44,148 | |||||||
| Book value per share | $ | 19.60 | $ | 19.33 | 1.4 | % | |||
| Closing stock price per share | $ | 78.58 | $ | 60.66 | 29.5 | % | |||
| Cash dividends per share - ordinary (annualized) | $ | 0.87 | $ | 0.83 | 4.8 | % | |||
| Cash dividends per share - special | $ | - | $ | 1.75 | - | ||||
| Statutory surplus | $ | 978,886 | $ | 864,554 | 13.2 | % | |||
| RLI CORP. | ||||||||||||||||||||||||
| 2018 FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||
| UNDERWRITING SEGMENT DATA | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||
|
Three Months Ended September 30, |
||||||||||||||||||||||||
| GAAP | GAAP | GAAP | GAAP | |||||||||||||||||||||
| Casualty | Ratios | Property | Ratios | Surety | Ratios | Total | Ratios | |||||||||||||||||
|
2018 |
||||||||||||||||||||||||
| Gross premiums written | $ | 157,553 | $ | 50,933 | $ | 30,648 | $ | 239,134 | ||||||||||||||||
| Net premiums written | 131,611 | 39,606 | 29,353 | 200,570 | ||||||||||||||||||||
| Net premiums earned | 131,605 | 39,067 | 30,143 | 200,815 | ||||||||||||||||||||
| Net loss & settlement expenses | 85,992 | 65.3 | % | 20,144 | 51.6 | % | 4,095 | 13.6 | % | 110,231 | 54.9 | % | ||||||||||||
| Net operating expenses | 47,587 | 36.2 | % | 16,302 | 41.7 | % | 18,933 | 62.8 | % | 82,822 | 41.2 | % | ||||||||||||
|
Underwriting income (loss) (1) |
$ | (1,974) | 101.5 | % | $ | 2,621 | 93.3 | % | $ | 7,115 | 76.4 | % | $ | 7,762 | 96.1 | % | ||||||||
|
|
||||||||||||||||||||||||
|
2017 |
||||||||||||||||||||||||
| Gross premiums written | $ | 145,016 | $ | 44,613 | $ | 30,804 | $ | 220,433 | ||||||||||||||||
| Net premiums written | 122,421 | 35,207 | 29,499 | 187,127 | ||||||||||||||||||||
| Net premiums earned | 118,393 | 33,559 | 30,073 | 182,025 | ||||||||||||||||||||
| Net loss & settlement expenses | 73,895 | 62.4 | % | 46,037 | 137.2 | % | 3,258 | 10.8 | % | 123,190 | 67.7 | % | ||||||||||||
| Net operating expenses | 40,944 | 34.6 | % | 15,041 | 44.8 | % | 17,782 | 59.1 | % | 73,767 | 40.5 | % | ||||||||||||
|
Underwriting income (loss) (1) |
$ | 3,554 | 97.0 | % | $ | (27,519) | 182.0 | % | $ | 9,033 | 69.9 | % | $ | (14,932) | 108.2 | % | ||||||||
|
Nine Months Ended September 30, |
||||||||||||||||||||||||
| GAAP | GAAP | GAAP | GAAP | |||||||||||||||||||||
| Casualty | Ratios | Property | Ratios | Surety | Ratios | Total | Ratios | |||||||||||||||||
|
2018 |
||||||||||||||||||||||||
| Gross premiums written | $ | 476,529 | $ | 155,095 | $ | 94,189 | $ | 725,813 | ||||||||||||||||
| Net premiums written | 399,562 | 120,891 | 90,294 | 610,747 | ||||||||||||||||||||
| Net premiums earned | 387,068 | 111,439 | 88,857 | 587,364 | ||||||||||||||||||||
| Net loss & settlement expenses | 246,391 | 63.7 | % | 50,393 | 45.2 | % | 7,521 | 8.5 | % | 304,305 | 51.8 | % | ||||||||||||
| Net operating expenses | 138,236 | 35.7 | % | 48,896 | 43.9 | % | 56,532 | 63.6 | % | 243,664 | 41.5 | % | ||||||||||||
|
Underwriting income (loss) (1) |
$ | 2,441 | 99.4 | % | $ | 12,150 | 89.1 | % | $ | 24,804 | 72.1 | % | $ | 39,395 | 93.3 | % | ||||||||
|
2017 |
||||||||||||||||||||||||
| Gross premiums written | $ | 431,874 | $ | 131,791 | $ | 92,582 | $ | 656,247 | ||||||||||||||||
| Net premiums written | 365,653 | 103,016 | 88,293 | 556,962 | ||||||||||||||||||||
| Net premiums earned | 354,636 | 103,849 | 91,156 | 549,641 | ||||||||||||||||||||
| Net loss & settlement expenses | 227,103 | 64.0 | % | 72,050 | 69.4 | % | 7,774 | 8.5 | % | 306,927 | 55.8 | % | ||||||||||||
| Net operating expenses | 122,212 | 34.5 | % | 47,651 | 45.9 | % | 54,983 | 60.3 | % | 224,846 | 40.9 | % | ||||||||||||
|
Underwriting income (loss) (1) |
$ | 5,321 | 98.5 | % | $ | (15,852) | 115.3 | % | $ | 28,399 | 68.8 | % | $ | 17,868 | 96.7 | % | ||||||||
|
(1) See discussion above: Non-GAAP and Performance Measures. |
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