RLI has reported revenues of $139.3m for the first quarter of 2010, an increase of 26.8% compared to $109.8m for the same period last year.

The company’s net premiums earned were $116.2m, a decrease of 7.5% compared to $125.6m for the same quarter in 2009.

The company posted $12.7m of underwriting income in the first quarter of 2010 on an 89.1 combined ratio, compared to $15.2m of underwriting income on an 87.9 combined ratio in the same quarter for 2009.

For the quarter, investment income decreased 6.2% to $16.6m. The investment portfolio’s total return was 2.4%, bond portfolio gained 1.9% and equity portfolio’s return was 4.9%.

The company posted a net income of $24.2m for the first quarter of 2010, or $1.13 per share compared to net loss of $1.8m, or $0.08 per share for the same period in 2009.

Jonathan Michael, president and CEO of RLI, said: Our outstanding combined ratio demonstrates our ability to navigate in challenging market conditions, which carried through the 1st quarter. We continue our efforts to diversify RLI’s products, reflected in premium growth in our property and surety segments. Our investment in talented people and systems capabilities will serve us well as we remain committed to future opportunities for market and product expansion.