Illinois-based specialty insurance company RLI Corp has reported a net income of $30.7m, or $1.43 per share, for the fourth quarter of 2011, compared to $40.3m, or $1.90 per share, for the same period in 2010.
Operating earnings for fourth quarter of 2011 were $28.9m, compared to $35.1m for the same period a year go.
Consolidated revenues rose 8% to $164m, compared to $151.6m for the same period in the last year.
The company posted underwriting income of $26.8m on an 81.5 combined ratio, compared to $30.2m on a 76.3 combined ratio for the same period in 2010.
RLI chairman & CEO Jonathan Michael said that they ended 2011 in a position of financial and operational strength. Their successful acquisition and integration of CBIC, coupled with new product initiatives pursued over the past few years, contributed greatly to their premium growth.