RLI Corp. (NYSE:RLI) Q3 2023 Earnings Conference Call October 24, 2023 11:00 AM 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
Andrew Andersen - Jefferies
Meyer Shields - KBW
Scott Heleniak - RBC Capital Markets
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 question and answers.
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 Form 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 gains or losses and after tax unrealized gains or losses on equity securities.
Additionally, equity and earnings of Maui Jim and the related taxes were excluded from operating earnings and operating EPS for 2022 due to the sale of RLI's investment in the third quarter of 2022. RLI management believes these measures are useful in gauging core operating performance across reporting periods, but may not be comparable to other companies' definition 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's Chief Investment Officer and Treasurer, Mr. Aaron Diefenthaler. Please go ahead whenever you're ready.
Aaron Diefenthaler
Good morning. Thank you for joining RLI's third quarter earnings call for 2023. Joining us are Craig Kliethermes, President and CEO; Jen Klobnak, Chief Operating Officer; Todd Bryant, Chief Financial Officer. Today's agenda will include Craig opening up the call with some high-level remarks. Todd will add detail on our financial results for the quarter. Jen will offer additional commentary on market conditions in our product portfolio. The operator will then open the line for questions, and Craig will close with some final thoughts. Craig?