The RLI Story
OPERATING RETURN ON EQUITY 1
Over the previous 10 full years, RLI has averaged a 12.9% operating return on
equity including Maui Jim earnings and a 12.1% operating return on equity
exclusive of Maui Jim earnings.
Inclusive of Maui Jim earnings
Exclusive of Maui Jim earnings
13.5%³
13.0%
13.0%
12.5%
11.9%
11.3%
10.6%
10.9%
14.7%
12.7%²
13.2%
12.1%
12.3%
10.8%
11.3%
10.5%
9.9%
9.8%
2013
2014
2015
2016
2017
2018
2019
2020
2021
18.9%
17.9%
18.9%
17.9%
20224
Q1 235
Operating earnings is a non-GAAP financial measure and consists of our GAAP net earnings adjusted by net realized gains/(losses), net unrealized gains/(losses) on equity securities
that are recognized through net earnings in 2018 and forward and taxes related thereto. Net earnings is the most directly comparable financial measure to operating earnings. See our
quarterly earnings releases for a reconciliation of net earnings to operating earnings.
2Solid bars represent operating ROE associated with RLI's core insurance operations and exclude RLI's non-core investee earnings from Maui Jim, which was sold in 2022.
3 Solid bars plus shaded areas represent operating ROE as reported in prior periods and include investee earnings from Maui Jim.
Earnings from Maui Jim were negligible in 2022.
STrailing 12 months.
RLI
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