RLI CORP

For the period ended Dec 31, 2025. Filed Feb 20, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 20, 2026

RLI$68.87+1.4%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows


· · Years ended December 31,
(in thousands)	2025		2024		2023
Cash flows from operating activities:
Net earnings		$403,337		$345,779		$304,611
Adjustments to reconcile net earnings to net cash provided by operating activities:
Net realized gains		(65,116)		(19,966)		(32,518)
Net unrealized gains on equity securities		(43,247)		(81,734)		(64,787)
Depreciation		8,129		7,664		8,545
Deferred income tax expense		12,627		10,052		7,710
Other items, net		15,552		13,725		24,947
Change in:
Accrued investment income		(1,707)		(4,257)		(2,803)
Premiums and reinsurance balances receivable (net of direct write-offs)		18,308		(9,328)		(31,705)
Reinsurance balances payable		(4,101)		(26,826)		10,407
Funds held		29,862		(4,066)		302
Ceded unearned premiums		286		(12,698)		26,200
Reinsurance balances recoverable on unpaid losses and settlement expenses		8,627		1,924		(17,260)
Deferred policy acquisition costs		(6,434)		(19,648)		(18,707)
Accrued expenses		4,355		15,362		14,011
Unpaid losses and settlement expenses		193,349		247,445		130,388
Unearned premiums		7,496		91,814		107,241
Current income taxes payable		28,974		(3,008)		7,285
Changes in investment in unconsolidated investees:
Undistributed earnings		3,924		4,869		(9,610)
Dividends received		—		3,116		—
Net cash provided by operating activities		$614,221		$560,219		$464,257

Cash flows from investing activities:
Purchase of:
Fixed income securities, available-for-sale		$(1,278,007)		$(811,926)		$(662,070)
Equity securities		(171,520)		(97,922)		(55,652)
Property and equipment		(5,523)		(4,710)		(5,913)
Other		(4,721)		(10,956)		(10,786)
Proceeds from sale of:
Fixed income securities, available-for-sale		561,397		149,939		50,135
Equity securities		115,731		64,839		51,881
Equity method investee		2,611		—		14,284
Property and equipment		—		13		27
Other		6,044		5,548		817
Proceeds from call or maturity of:
Fixed income, available-for-sale		457,507		326,297		504,168
Net sale (purchase) of short-term investments		(45,647)		60,008		(98,694)
Net cash used in investing activities		$(362,128)		$(318,870)		$(211,803)

Cash flows from financing activities:
Proceeds from issuance of debt		$50,000		$73,000		$100,000
Repayment of debt		(50,000)		(73,000)		(200,000)
Proceeds from stock option exercises		1,244		(2,327)		1,245
Cash dividends paid		(241,562)		(235,656)		(140,093)
Net cash used in financing activities		$(240,318)		$(237,983)		$(238,848)

Net increase in cash		$11,775		$3,366		$13,606
Cash at beginning of year		39,790		36,424		22,818
Cash at end of year		$51,565		$39,790		$36,424

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.