RLI CORP

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

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.

FY2023 · Filed Feb 23, 2024

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)	2023		2022		2021
Cash flows from operating activities:
Net earnings		$304,611		$583,411		$279,354
Adjustments to reconcile net earnings to net cash provided by operating activities:
Net realized gains		(32,518)		(588,515)		(64,222)
Net unrealized (gains) losses on equity securities		(64,787)		121,037		(65,258)
Depreciation		8,545		7,981		7,394
Deferred income tax expense (benefit)		7,710		(49,639)		18,927
Other items, net		24,947		(20,467)		14,141
Change in:
Accrued investment income		(2,803)		(3,754)		(1,379)
Premiums and reinsurance balances receivable (net of direct write-offs and commutations)		(31,705)		(22,222)		7,349
Reinsurance balances payable		10,407		18,249		586
Funds held		302		11,371		8,026
Ceded unearned premiums		26,200		(7,541)		(17,428)
Reinsurance balances recoverable on unpaid losses and settlement expenses		(17,260)		(132,003)		(164,357)
Deferred policy acquisition costs		(18,707)		(24,306)		(15,128)
Accrued expenses		14,011		(3,405)		22,349
Unpaid losses and settlement expenses		130,388		272,082		293,506
Unearned premiums		107,241		104,641		94,058
Current income taxes payable		7,285		(6,619)		4,047
Changes in investment in unconsolidated investees:
Undistributed earnings		(9,610)		(9,853)		(37,060)
Net cash provided by operating activities		$464,257		$250,448		$384,905

Cash flows from investing activities:
Purchase of:
Fixed income securities, available-for-sale		$(662,070)		$(2,053,359)		$(733,811)
Equity securities		(55,652)		(45,007)		(140,721)
Property and equipment		(5,913)		(5,889)		(8,310)
Equity method investee		—		(3,819)		(8,978)
Other		(10,786)		(5,704)		(11,428)
Proceeds from sale of:
Fixed income securities, available-for-sale		50,135		53,300		63,811
Equity securities		51,881		62,212		180,256
Equity method investee		14,284		686,666		—
Property and equipment		27		375		—
Other		817		2,659		7,605
Proceeds from call or maturity of:
Fixed income, available-for-sale		504,168		1,393,674		376,750
Net purchase of short-term investments		(98,694)		(36,229)		—
Net cash provided by (used in) investing activities		$(211,803)		$48,879		$(274,826)

Cash flows from financing activities:
Proceeds from issuance of debt		$100,000		$—		$50,000
Repayment of debt		(200,000)		—		—
Proceeds from stock option exercises		1,245		(465)		1,838
Cash dividends paid		(140,093)		(364,848)		(135,330)
Net cash used in financing activities		$(238,848)		$(365,313)		$(83,492)

Net increase (decrease) in cash		$13,606		$(65,986)		$26,587
Cash at beginning of year		22,818		88,804		62,217
Cash at end of year		$36,424		$22,818		$88,804

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.