RLI Corp. (NYSE:RLI) Q4 2022 Earnings Conference Call January 26, 2023 11:00 AM ET
Company Participants
Aaron Diefenthaler - Chief Investment Officer and Treasurer
Todd Bryant - CFO
Craig Kliethermes - President and CEO
Jen Klobnak - COO
Conference Call Participants
Greg Peters - Raymond James
Casey Alexander - Compass Point
Meyer Shields - KBW
Mark Dwelle - RBC Capital Markets
Matt Carletti - JMP
Operator
Good morning and welcome to the RLI Corp Fourth Quarter Earnings Teleconference. After management's prepared remarks, we'll be opening the conference up for question-and-answer session.
Before we get started, let me remind everyone that through the course of the teleconference, RLI management may make 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 operating -- and earnings per share from operations, which are non-GAAP measures of financial results. RLI's operating earnings and earnings per share from operations consist of net earnings after the elimination of after tax realized gains or losses and after tax, unrealized gains or losses on equity securities.
Additionally, operating earnings and operating EPS exclude equity and earnings of Maui Jim and related taxes due to the sales of RLI's investment. RLI's management believes these measures are useful in gauging core operating performance across reporting periods that 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 on the company's website at www.rlicorp.com.
I'll now turn the conference over to RLI's Chief Investment Officer and Treasurer, Mr. Aaron Diefenthaler. Please go-ahead.
Aaron Diefenthaler
Thank you, Drew. Good morning, everyone. Thanks for joining us to close-out 2022 with RLI's fourth quarter earnings call.
Participating with me are Craig Kliethermes, President and CEO; Jen Klobnak, Chief Operating Officer; Todd Bryant, Chief Financial Officer. Todd, will kick things off with the financial results for the quarter. Craig and Jen will offer some commentary on current market conditions, our product portfolio and possibly reinsurance just to get there. After our prepared remarks, we'll take your questions. Then Craig, will close with some final thoughts.