RLI Corp. (NYSE:RLI) Q3 2022 Earnings Conference Call October 20, 2022 11:00 AM ET
Company Participants
Aaron Diefenthaler - Chief Investment Officer and Treasurer
Todd Bryant - CFO
Craig Kliethermes - President, CEO
Jen Klobnak - COO
Conference Call Participants
Matt Carletti - JPMorgan
Sid Parameswar - Raymond James
Mark Dwelle - RBC Capital Markets
Meyer Shields - KBW
Operator
Good morning and welcome to the RLI Corp. Third 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 make comments -- 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'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 tax issued to sale of RLI's investments, RLI's management believes that measures are useful 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 on the company's website at www.rlicorp.com.
I will now turn the conference over to RLI's Chief Investment Officer and Treasurer, Mr. Aaron Diefenthaler. Please, go ahead.
Aaron Diefenthaler
Thank you, Victoria. Good morning everyone. Welcome to RLI's third quarter earnings call for 2022. Joining us today are Craig Kliethermes, President and CEO; Jen Klobnak, Chief Operating Officer; and Todd Bryant, Chief Financial Officer.
Per our usual process, Todd will lead off and walk through financial results for the quarter. Craig and Jen will offer commentary on our product portfolio and current market condition. We will then take your questions, then Craig will close with some final thoughts.