RLI Corp. (NYSE:RLI) Q2 2023 Earnings Conference Call July 25, 2023 ET
Company Participants
Aaron Diefenthaler - Chief Investment Officer & Treasurer
Todd Bryant - Chief Financial Officer
Craig Kliethermes - President & Chief Executive Officer
Jennifer Klobnak - Chief Operating Officer
Conference Call Participants
Gregory Peters - Raymond James
Meyer Shields - Stifel
Scott Heleniak - RBC
Operator
Good morning, and welcome to the RLI Corp. Second Quarter Earnings Teleconference. After management’s prepared remarks, we will open the conference up for questions and answers.
Before we get started, let me remind everyone that through the course of the teleconference, RLI management may take comments that reflect their intentions, beliefs and expectations for the future. As always, these forward-looking statements are subject to certain factors and uncertainties, which could cause actual results to differ materially. Please refer to the risk factors described in the company’s various SEC filings, including in the annual report on Form 10-K as supplemented in Forms 10-Q, all of which should be reviewed carefully. The Company has filed a Form 8-K with the Securities and Exchange Commission that contains the press release announcing third quarter results.
During the call, RLI management may refer to operating earnings and earnings per share from operations, which are non-GAAP measures of financial results. RLI operating earnings and earnings per share from operations consist of net earnings after the elimination of after-tax realized gain or loses and after-tax unrealized gains or losses on equity securities. Additionally, equity in earnings of Maui Jim and the related tax were excluded from operating earnings and operating EPS for 2022 due to the sales of RLI investment in the third quarter of 2022.
RLI’s management believes these measures are usual in gauging core operating performance across reporting periods but may not be comparable to other companies’ definitions of operating earnings. The Form 8-K contains a reconciliation between operating earnings and net earnings. The Form 8-K and press release are available at the company’s website at www.rlicorp.com.
I will now turn the conference over to RLI Chief Investment Officer and Treasurer, Mr. Aaron Diefenthaler. Please go ahead.
Aaron Diefenthaler
Good morning. Thank you for joining us to review RLI’s results for the second quarter and first half of 2023. As usual, we are joined by Craig Kliethermes, President and CEO; Jen Klobnak, Chief Operating Officer; and Todd Bryant, Chief Financial Officer.
Craig is going to start us off with some introductory remarks. Todd will offer a play-by-play of the financial results. Jen will then comment on market conditions and further details on our product portfolio. We can then open things up for questions, and Craig will close with some final thoughts.