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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
RLI reported revenue of $1.9B in the fiscal year ended Dec 2025, up 6.3% from the year before. Operating income was $511M, an operating margin of 27.2%, and net income was $403M. Operating cash flow of $614M less capital expenditure of $6M left free cash flow of $609M.
Ranks among the 30 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,179 | 1,698 | 1,512 | 1,770 | 1,882 |
| Operating incomederived: pre-tax income + interest | 352 | 729 | 385 | 434 | 511 |
| Interest expense | 7.7 | 8.0 | 7.3 | 6.3 | 5.4 |
| Pre-tax income | 344 | 721 | 377 | 428 | 506 |
| Income tax | 65.0 | 137 | 72.7 | 81.8 | 103 |
| Net income | 279 | 583 | 305 | 346 | 403 |
| Diluted EPS | 6.11 | 6.37 | 3.31 | 3.74 | 4.37 |
| Diluted shares | 45.7 | 91.6 | 92.2 | 92.5 | 92.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 88.8 | 22.8 | 36.4 | 39.8 | 51.6 |
| Net PP&E | 52.2 | 49.6 | 46.7 | 43.2 | 40.7 |
| Goodwill | 46.1 | 46.1 | 46.1 | 46.1 | 46.1 |
| Total assets | 4,508 | 4,767 | 5,180 | 5,629 | 6,161 |
| Short-term debt | – | – | 100 | 100 | 100 |
| Long-term debt | 200 | 200 | 100 | 100 | – |
| Total liabilities | 3,279 | 3,590 | 3,767 | 4,107 | 4,383 |
| Shareholders' equity | 1,229 | 1,177 | 1,414 | 1,522 | 1,778 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 385 | 250 | 464 | 560 | 614 |
| Capital expenditure | 8.3 | 5.9 | 5.9 | 4.7 | 5.5 |
| Free cash flow | 377 | 245 | 458 | 556 | 609 |
| Depreciation & amortisation | 7.4 | 8.0 | 8.5 | 7.7 | 8.1 |
| Dividends paid | 135 | 365 | 140 | 236 | 242 |
| Dividend per share | 2.99 | 4.02 | 1.54 | 2.57 | 2.63 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 44.0% | −11.0% | 17.1% | 6.3% |
| Operating income growth (YoY) | – | 107.0% | −47.2% | 12.8% | 17.9% |
| EPS growth (YoY) | – | 4.3% | −48.0% | 13.0% | 16.8% |
| Operating margin | 29.8% | 42.9% | 25.4% | 24.5% | 27.2% |
| Net margin | 23.7% | 34.4% | 20.1% | 19.5% | 21.4% |
| Return on equityBlank when equity is negative | 22.7% | 49.6% | 21.5% | 22.7% | 22.7% |
| Free cash flow margin | 31.9% | 14.4% | 30.3% | 31.4% | 32.3% |
| Cash conversion (CFO ÷ net income) | 1.38x | 0.43x | 1.52x | 1.62x | 1.52x |
| Interest cover | 45.9x | 90.6x | 52.7x | 68.5x | 95.4x |
| Debt ÷ equity | 0.16x | 0.17x | 0.14x | 0.13x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 111 | 177 | 164 | 160 | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.