RLI Corp. 2026 年第二季 10-Q 業績摘要

RLI Corp_June 30, 2026
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Table of Contents

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​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
​
FORM 10-Q
​
(Mark One)
​
☒
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

​
For the quarterly period ended June 30, 2026
​
or
​
☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

​
For the transition period from                 to
​
Commission File Number:       001-09463
​
RLI Corp.
(Exact name of registrant as specified in its charter)
​
Delaware
​
37-0889946

(State or other jurisdiction of incorporation or organization)
​
(I.R.S. Employer Identification Number)

​
​
​

9025 North Lindbergh Drive, Peoria, IL
​
61615

(Address of principal executive offices)
​
(Zip Code)

​
(309) 692-1000
(Registrant’s telephone number, including area code)
​
Securities registered pursuant to Section 12(b) of the Act:
​
​

​

​

Title of each class
Trading Symbol
Name of each exchange on which registered

Common Stock $0.01 par value
RLI
New York Stock Exchange

​
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒    No ☐
​
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒    No ☐
​
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
​
​

​

​

​

Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐

​
​
​
Emerging growth company ☐

​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
​
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ☒
​
APPLICABLE ONLY TO CORPORATE ISSUERS:
​
As of July 15, 2026, the number of shares outstanding of the registrant’s Common Stock was 91,772,970.
​
​
​
​
​

Table of Contents

Table of Contents
​
​
​
​

​
​
Page

Part I - Financial Information
3

Item 1.
Financial Statements
3

​
Condensed Consolidated Statements of Earnings and Comprehensive Earnings for the Three and Six-Month Periods Ended June 30, 2026 and 2025 (unaudited)
3

​
Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (unaudited)
4

​
Condensed Consolidated Statements of Shareholders’ Equity for the Three and Six-Month Periods Ended June 30, 2026 and 2025 (unaudited)
5

​
Condensed Consolidated Statements of Cash Flows for the Six-Month Periods Ended June 30, 2026 and 2025 (unaudited)
6

​
Notes to Unaudited Condensed Consolidated Financial Statements
7

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
24

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
36

Item 4.
Controls and Procedures
36

Part II - Other Information
37

Item 1.
Legal Proceedings
37

Item 1a.
Risk Factors
37

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
37

Item 3.
Defaults upon Senior Securities
37

Item 4.
Mine Safety Disclosures
37

Item 5.
Other Information
37

Item 6.
Exhibits
38

Signatures
39

​
​
​

Table of Contents

PART I - FINANCIAL INFORMATION
​
Item 1.Financial Statements
​
RLI Corp. and Subsidiaries
Condensed Consolidated Statements of Earnings and Comprehensive Earnings
(Unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
For the Three Months
​
For the Six Months

​
​
Ended June 30,
​
Ended June 30,

(in thousands, except per share data)
 
2026
 
2025
 
2026
 
2025

Net premiums earned
​
$
 417,096
​
$
 401,904
​
$
 828,482
​
$
 800,249

Net investment income
​
​
 46,042
​
​
 39,418
​
​
 88,363
​
​
 76,144

Net realized gains
​
​
 9,407
​
​
 15,004
​
​
 18,966
​
​
 29,916

Net unrealized gains on equity securities
​
​
 103,024
​
​
 43,500
​
​
 63,628
​
​
 1,182

Consolidated revenue
​
$
 575,569
​
$
 499,826
​
$
 999,439
​
$
 907,491

Losses and settlement expenses
​
​
 189,895
​
​
 184,578
​
​
 383,139
​
​
 361,816

Policy acquisition costs
​
​
 134,675
​
​
 125,502
​
​
 266,750
​
​
 249,189

Insurance operating expenses
​
​
 32,617
​
​
 29,594
​
​
 60,897
​
​
 56,468

Interest expense on debt
​
​
 4,441
​
​
 1,350
​
​
 6,794
​
​
 2,685

General corporate expenses
​
​
 6,223
​
​
 4,754
​
​
 8,947
​
​
 7,702

Total expenses
​
$
 367,851
​
$
 345,778
​
$
 726,527
​
$
 677,860

Equity in earnings of unconsolidated investees
​
​
 2,970
​
​
 2,467
​
​
 5,117
​
​
 5,515

Earnings before income taxes
​
$
 210,688
​
$
 156,515
​
$
 278,029
​
$
 235,146

Income tax expense
​
​
 42,660
​
​
 32,179
​
​
 55,116
​
​
 47,596

Net earnings
​
$
 168,028
​
$
 124,336
​
$
 222,913
​
$
 187,550

 ​
​
​
​
​
​
​
​
​
​
​
​
​

Other comprehensive earnings (loss), net of tax
​
​
 (2,314)
​
​
 18,701
​
​
 (27,680)
​
​
 48,731

Comprehensive earnings
​
$
 165,714
​
$
 143,037
​
$
 195,233
​
$
 236,281

 ​
​
​
​
​
​
​
​
​
​
​
​
​

Basic net earnings per share
​
$
 1.83
​
$
 1.35
​
$
 2.42
​
$
 2.04

Diluted net earnings per share
​
$
 1.82
​
$
 1.34
​
$
 2.42
​
$
 2.03

 ​
​
​
​
​
​
​
​
​
​
​
​
​

Weighted average number of common shares outstanding:
​
​
​
​
​
​
​
​
​
​
​
​

Basic
​
​
 91,922
​
​
 91,827
​
​
 91,924
​
​
 91,799

Diluted
​
​
 92,160
​
​
 92,518
​
​
 92,257
​
​
 92,512

​
See accompanying notes to the unaudited condensed consolidated financial statements.
​

3
​

Table of Contents

RLI Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
​
​

​

​

​

​

​

​

​
​
June 30,
​
December 31,

(in thousands, except share and per share data)
 
2026
 
2025

ASSETS
​
​
​
​
​
​

Investments and cash:
​
​
​
​
​
​

Fixed income:
​
​
​
​
​
​

Available-for-sale, at fair value
​
$
 3,617,942
​
$
 3,533,336

(amortized cost of $3,760,876 and allowance for credit losses of $463 at 6/30/26)
​
​
​
​
​
​

(amortized cost of $3,642,362 and allowance for credit losses of $828 at 12/31/25)
​
​
​
​
​
​

Equity securities, at fair value (cost - $530,730 at 6/30/26 and $534,311 at 12/31/25)
​
​
 959,377
​
​
 898,876

Short-term investments, at cost which approximates fair value
​
​
 206,119
​
​
 120,562

Other invested assets
​
​
 58,661
​
​
 59,281

Cash
​
​
 32,101
​
​
 51,565

Total investments and cash
​
$
 4,874,200
​
$
 4,663,620

Accrued investment income
​
​
 32,117
​
​
 30,026

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $21,044 at 6/30/26 and $23,673 at 12/31/25
​
​
 267,018
​
​
 212,226

Ceded unearned premium
​
​
 122,327
​
​
 124,669

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $10,953 at 6/30/26 and $11,107 at 12/31/25
​
​
 718,487
​
​
 746,798

Deferred policy acquisition costs
​
​
 188,857
​
​
 172,648

Property and equipment, at cost, net of accumulated depreciation of $88,555 at 6/30/26 and $84,459 at 12/31/25
​
​
 40,712
​
​
 40,733

Investment in unconsolidated investees
​
​
 57,872
​
​
 53,521

Goodwill and intangibles
​
​
 53,562
​
​
 53,562

Other assets
​
​
 57,853
​
​
 63,683

TOTAL ASSETS
​
$
 6,413,005
​
$
 6,161,486

​
​
​
​
​
​
​

LIABILITIES AND SHAREHOLDERS’ EQUITY
​
​
​
​
​
​

Liabilities
​
​
​
​
​
​

Unpaid losses and settlement expenses
​
$
 2,937,211
​
$
 2,886,819

Unearned premiums
​
​
 1,063,167
​
​
 991,636

Reinsurance balances payable
​
​
 25,013
​
​
 40,580

Funds held 
​
​
 131,881
​
​
 127,242

Income taxes-current
​
​
 1,648
​
​
 29,724

Income taxes-deferred
​
​
 25,795
​
​
 21,769

Short-term debt
​
​
 —
​
​
 100,000

Long-term debt
​
​
 296,968
​
​
 —

Accrued expenses
​
​
 92,466
​
​
 128,597

Other liabilities
​
​
 86,741
​
​
 56,923

TOTAL LIABILITIES
​
$
 4,660,890
​
$
 4,383,290

 ​
​
​
​
​
​
​

Shareholders’ Equity
​
​
​
​
​
​

Common stock ($0.01 par value)
​
​
​
​
​
​

(Shares authorized - 400,000,000)
​
​
​
​
​
​

(137,868,035 shares issued, 91,772,634 shares outstanding at 6/30/26)
​
​
​
​
​
​

(137,739,079 shares issued, 91,878,651 shares outstanding at 12/31/25)
​
$
 1,378
​
$
 1,377

Paid-in capital
​
​
 382,909
​
​
 376,679

Accumulated other comprehensive earnings (loss)
​
​
 (115,754)
​
​
 (88,074)

Retained earnings
​
​
 1,888,627
​
​
 1,881,213

Deferred compensation
​
​
 13,152
​
​
 14,082

Less: Treasury shares, at cost (46,095,401 shares at 6/30/26 and 45,860,428 shares at 12/31/25)
​
​
 (418,197)
​
​
 (407,081)

TOTAL SHAREHOLDERS’ EQUITY
​
$
 1,752,115
​
$
 1,778,196

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
​
$
 6,413,005
​
$
 6,161,486

​
See accompanying notes to the unaudited condensed consolidated financial statements.
​

4
​

Table of Contents

RLI Corp. and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
 
​
​
 
​
​
 
​
​
Accumulated
​
 
​
​
 
​
​
 
​

​
​
​
​
​
​
​
​
​
​
​
​
​
Other
​
​
​
​
​
​
​
​
​

​
​
​
​
Total
​
​
​
​
​
​
​
Comprehensive
​
​
​
​
​
​
​
Treasury

​
​
Common
​
Shareholders’
​
Common
​
Paid-in
​
Earnings
​
Retained
​
Deferred
​
Shares

(in thousands, except share and per share data)
 
Shares
 
Equity
 
Stock
 
Capital
 
(Loss)
 
Earnings
 
Compensation
 
at Cost

Balance, January 1, 2025
​
 91,738,132
​
$
 1,521,967
​
$
 1,376
​
$
 367,645
​
$
 (173,723)
​
$
 1,719,668
​
$
 13,498
​
$
 (406,497)

Net earnings
​
 —
​
​
 63,214
​
​
 —
​
​
 —
​
​
 —
​
​
 63,214
​
​
 —
​
​
 —

Other comprehensive earnings (loss), net of tax
​
 —
​
​
 30,030
​
​
 —
​
​
 —
​
​
 30,030
​
​
 —
​
​
 —
​
​
 —

Deferred compensation
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (1,686)
​
​
 1,686

Share-based compensation
​
 34,602
​
​
 2,777
​
​
 —
​
​
 2,777
​
​
 —
​
​
 —
​
​
 —
​
​
 —

Dividends and dividend equivalents ($0.15 per share)
​
 —
​
​
 (13,776)
​
​
 —
​
​
 —
​
​
 —
​
​
 (13,776)
​
​
 —
​
​
 —

Balance, March 31, 2025
​
 91,772,734
​
$
 1,604,212
​
$
 1,376
​
$
 370,422
​
$
 (143,693)
​
$
 1,769,106
​
$
 11,812
​
$
 (404,811)

Net earnings
​
 —
​
​
 124,336
​
​
 —
​
​
 —
​
​
 —
​
​
 124,336
​
​
 —
​
​
 —

Other comprehensive earnings (loss), net of tax
​
 —
​
​
 18,701
​
​
 —
​
​
 —
​
​
 18,701
​
​
 —
​
​
 —
​
​
 —

Deferred compensation
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 799
​
​
 (799)

Share-based compensation
​
 56,736
​
​
 2,118
​
​
 1
​
​
 2,117
​
​
 —
​
​
 —
​
​
 —
​
​
 —

Dividends and dividend equivalents ($0.16 per share)
​
 —
​
​
 (14,706)
​
​
 —
​
​
 —
​
​
 —
​
​
 (14,706)
​
​
 —
​
​
 —

Balance, June 30, 2025
​
 91,829,470
​
$
 1,734,661
​
$
 1,377
​
$
 372,539
​
$
 (124,992)
​
$
 1,878,736
​
$
 12,611
​
$
 (405,610)

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
Other
​
​
​
​
​
​
​
​
​

​
​
​
​
Total
​
​
​
​
​
​
​
Comprehensive
​
​
​
​
​
​
​
Treasury

​
​
Common
​
Shareholders’
​
Common
​
Paid-in
​
Earnings
​
Retained
​
Deferred
​
Shares

(in thousands, except share and per share data)
​
Shares
​
Equity
​
Stock
​
Capital
​
(Loss)
​
Earnings
​
Compensation
​
at Cost

Balance, January 1, 2026
​
 91,878,651
​
$
 1,778,196
​
$
 1,377
​
$
 376,679
​
$
 (88,074)
​
$
 1,881,213
​
$
 14,082
​
$
 (407,081)

Net earnings
​
 —
​
​
 54,885
​
​
 —
​
​
 —
​
​
 —
​
​
 54,885
​
​
 —
​
​
 —

Other comprehensive earnings (loss), net of tax
​
 —
​
​
 (25,366)
​
​
 —
​
​
 —
​
​
 (25,366)
​
​
 —
​
​
 —
​
​
 —

Deferred compensation
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (2,546)
​
​
 2,546

Share-based compensation
​
 55,280
​
​
 3,397
​
​
 1
​
​
 3,396
​
​
 —
​
​
 —
​
​
 —
​
​
 —

Dividends and dividend equivalents ($0.16 per share)
​
 —
​
​
 (14,722)
​
​
 —
​
​
 —
​
​
 —
​
​
 (14,722)
​
​
 —
​
​
 —

Balance, March 31, 2026
​
 91,933,931
​
$
 1,796,390
​
$
 1,378
​
$
 380,075
​
$
 (113,440)
​
$
 1,921,376
​
$
 11,536
​
$
 (404,535)

Net earnings
​
 —
​
​
 168,028
​
​
 —
​
​
 —
​
​
 —
​
​
 168,028
​
​
 —
​
​
 —

Other comprehensive earnings (loss), net of tax
​
 —
​
​
 (2,314)
​
​
 —
​
​
 —
​
​
 (2,314)
​
​
 —
​
​
 —
​
​
 —

Deferred compensation
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 1,616
​
​
 (1,616)

Purchases of treasury shares
​
 (234,973)
​
​
 (12,046)
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (12,046)

Share-based compensation
​
 73,676
​
​
 2,834
​
​
 —
​
​
 2,834
​
​
 —
​
​
 —
​
​
 —
​
​
 —

Dividends and dividend equivalents ($2.18 per share)
​
 —
​
​
 (200,777)
​
​
 —
​
​
 —
​
​
 —
​
​
 (200,777)
​
​
 —
​
​
 —

Balance, June 30, 2026
​
 91,772,634
​
$
 1,752,115
​
$
 1,378
​
$
 382,909
​
$
 (115,754)
​
$
 1,888,627
​
$
 13,152
​
$
 (418,197)

​
See accompanying notes to the unaudited condensed consolidated financial statements.
​

5
​

Table of Contents

RLI Corp. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
​
​

​

​

​

​

​

​

​
​
For the Six Months

​
​
Ended June 30,

(in thousands)
 
2026
 
2025

Net cash provided by operating activities 
​
$
 188,049
​
$
 278,233

Cash Flows from Investing Activities
​
​
​
​
​
​

Purchase of:
​
​
​
​
​
​

Fixed income securities, available-for-sale
​
$
 (469,460)
​
$
 (455,880)

Equity securities
​
​
 (14,750)
​
​
 (95,537)

Property and equipment
​
​
 (3,856)
​
​
 (2,358)

Other
​
​
 (5,884)
​
​
 (3,610)

Proceeds from sale of:
​
​
​
​
​
​

Fixed income securities, available-for-sale
​
​
 126,582
​
​
 29,970

Equity securities
​
​
 38,426
​
​
 55,251

Other
​
​
 4,216
​
​
 2,467

Proceeds from call or maturity of:
​
​
​
​
​
​

Fixed income securities, available-for-sale
​
​
 230,669
​
​
 241,362

Net proceeds from purchase of short-term investments
​
​
 (85,557)
​
​
 (40,747)

Net cash used in investing activities
​
$
 (179,614)
​
$
 (269,082)

Cash Flows from Financing Activities
​
​
​
​
​
​

Proceeds from issuance of debt
​
$
 296,866
​
$
 —

Payment of debt
​
​
 (100,000)
​
​
 —

Cash dividends paid
​
​
 (215,255)
​
​
 (28,453)

Proceeds from stock option exercises
​
​
 2,536
​
​
 926

Purchases of treasury shares
​
​
 (12,046)
​
​
 —

Net cash used in financing activities
​
$
 (27,899)
​
$
 (27,527)

Net increase in cash
​
$
 (19,464)
​
$
 (18,376)

Cash at the beginning of the period
​
​
 51,565
​
​
 39,790

Cash at June 30,
​
$
 32,101
​
$
 21,414

​
See accompanying notes to the unaudited condensed consolidated financial statements.
​

6
​

Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
​
1.BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
​
A. BASIS OF PRESENTATION
​
The unaudited interim condensed consolidated financial statements of RLI Corp. (the Company) and subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP). These condensed consolidated financial statements do not include all the disclosures required by GAAP for annual financial statements and should be read in conjunction with our 2025 Annual Report on Form 10-K. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments of a normal and recurring nature that are necessary for fair financial statement presentation. The results of operations for any interim period are not necessarily indicative of the operating results for a full year. Certain reclassifications were made to 2025 to conform to the classifications used in the current year.
​
The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenue and expenses during the period. These estimates are inherently subject to change and actual results could differ significantly from these estimates.
​
B. ADOPTED ACCOUNTING STANDARDS
​
No new accounting standards applicable in 2026 materially impact our financial statements.
​
C. PROSPECTIVE ACCOUNTING STANDARDS
​
2024-03—Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
​
The guidance in ASU 2024-03 requires disaggregation of certain expenses into specified categories in the notes to the financial statements. Each relevant expense caption on the face of the statement of earnings that includes specific expenses, such as employee compensation, depreciation and intangible asset amortization, are required to be separately disclosed in a tabular presentation. Additionally, a separate total of selling expenses is required to be disclosed, along with a definition of what is included in selling expenses.
​
This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and should not have a material impact on our financial statements.
​
2025-06—Intangibles-Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal -Use Software
​
The guidance in ASU 2025-06 removes the concept of project stages and requires the capitalization of software costs when management has committed to funding the software project and it is probable that the project will be completed. This ASU is effective for fiscal years beginning after December 15, 2027, but early adoption is permitted as of the beginning of an annual reporting period. The Company continues to evaluate the impact of adopting this new accounting standard, but does not expect the standard will have a material impact on our financial statements.
​
D. REINSURANCE
​
Ceded unearned premiums and reinsurance balances recoverable on unpaid losses and settlement expenses are reported separately as an asset, rather than being netted with the related liability, since reinsurance does not relieve the Company of our liability to policyholders. Such balances are subject to the credit risk associated with the individual reinsurer. We continually monitor the financial condition of our reinsurers and actively follow up on any past due or disputed amounts. As part of our monitoring efforts, we review reinsurers’ annual financial statements and Securities and Exchange Commission filings for those that are publicly traded. We also review insurance industry developments that may impact the financial condition of our reinsurers. We analyze the credit risk associated with our reinsurance balances recoverable by monitoring the AM Best and 

7
​

Table of Contents

Standard & Poor’s (S&P) ratings of our reinsurers. We subject our reinsurance balances recoverable to detailed recoverability tests, including a segment-based analysis using the average default rating percentage by S&P rating, which assists the Company in assessing the sufficiency of its allowance. Additionally, we perform an in-depth reinsurer financial condition analysis prior to the renewal of our reinsurance placements.
​
Our policy is to charge to earnings, in the form of an allowance, an estimate of unrecoverable amounts from reinsurers. This allowance is reviewed on an ongoing basis to ensure that the amount makes a reasonable provision for reinsurance balances that we may be unable to recover. Once regulatory action (such as receivership, finding of insolvency, order of conservation or order of liquidation) is taken against a reinsurer, the paid and unpaid recoverable balances for the reinsurer are specifically identified and written off through the use of our allowance for estimated unrecoverable amounts from reinsurers. When we write off such a balance, it is done in full. We then re-evaluate the overall allowance and determine whether the balance is sufficient and, if needed, an additional allowance is recognized.
​
The allowance for uncollectible amounts on paid reinsurance balances receivable was $17 million at June 30, 2026 and December 31, 2025. The allowance for uncollectible amounts on unpaid reinsurance balances recoverable was $11 million at June 30, 2026 and December 31, 2025. Changes in the allowances were due to changes in the amount of reinsurance balances outstanding, the composition of reinsurers from whom the balances were recoverable and their associated S&P default ratings. No write-offs were applied to the allowances in the first six months of 2026 and less than $1 million was recovered.
​
E. INTANGIBLE ASSETS
​
The composition of goodwill and intangible assets is detailed in the following table:
​
​

​

​

​

​

​

​

​
​
June 30,
​
December 31,

(in thousands)
 
2026
 
2025

Goodwill
​
​
​
​
​
​

Surety
​
$
 40,816
​
$
 40,816

Casualty
​
​
 5,246
​
​
 5,246

Total goodwill
​
$
 46,062
​
$
 46,062

Indefinite-lived intangibles
​
​
 7,500
​
​
 7,500

Total goodwill and intangibles
​
$
 53,562
​
$
 53,562

​
Annual impairment assessments were performed on our goodwill and state insurance license indefinite-lived intangible assets during the second quarter of 2026. Based upon these reviews, none of the assets were impaired. In addition, there were no triggering events as of June 30, 2026 that would suggest an updated impairment test would be needed for our goodwill and intangible assets.
​
F. EARNINGS PER SHARE
​
Basic earnings per share (EPS) is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock or common stock equivalents were exercised or converted into common stock. When inclusion of these items increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive. Under these circumstances, the diluted net earnings or net loss per share is computed excluding these items. The following represents a reconciliation of the numerator and denominator of the basic and diluted EPS computations contained in the unaudited condensed consolidated financial statements:
​

8
​

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
For the Three Months
​
For the Three Months

​
​
Ended June 30, 2026
​
Ended June 30, 2025

​
​
Income
​
Shares
​
Per Share
​
Income
​
Shares
​
Per Share

(in thousands, except per share data)
 
(Numerator)
 
(Denominator)
 
Amount
 
(Numerator)
 
(Denominator)
 
Amount

Basic EPS
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Earnings available to common shareholders
​
$
 168,028
​
 
 91,922
​
$
 1.83
​
$
 124,336
​
 
 91,827
​
$
 1.35

Effect of Dilutive Securities
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Stock options and restricted stock units
​
​
 —
​
 
 238
​
​
​
​
​
 —
​
 
 691
​
​
​

Diluted EPS
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Earnings available to common shareholders
​
$
 168,028
​
 
 92,160
​
$
 1.82
​
$
 124,336
​
 
 92,518
​
$
 1.34

Anti-dilutive securities excluded from diluted EPS
​
​
​
​
​
 1,150
​
​
​
​
​
​
​
​
 48
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
For the Six Months
​
For the Six Months

​
​
Ended June 30, 2026
​
Ended June 30, 2025

​
​
Income
​
Shares
​
Per Share
​
Income
​
Shares
​
Per Share

(in thousands, except per share data)
 
(Numerator)
 
(Denominator)
 
Amount
 
(Numerator)
 
(Denominator)
 
Amount

Basic EPS
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Earnings available to common shareholders
​
$
 222,913
​
 
 91,924
​
$
 2.42
​
$
 187,550
​
 
 91,799
​
$
 2.04

Effect of Dilutive Securities
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Stock options and restricted stock units
​
​
 —
​
 
 333
​
​
​
​
​
 —
​
 
 713
​
​
​

Diluted EPS
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Earnings available to common shareholders
​
$
 222,913
​
 
 92,257
​
$
 2.42
​
$
 187,550
​
 
 92,512
​
$
 2.03

Anti-dilutive securities excluded from diluted EPS
​
​
​
​
​
 1,062
​
​
​
​
​
​
​
​
 48
​
​
​

​
G. COMPREHENSIVE EARNINGS
​
Our comprehensive earnings include net earnings plus after-tax unrealized gains and losses on our available-for-sale fixed income portfolio. In reporting the components of comprehensive earnings, we used the federal statutory tax rate of 21 percent. Other comprehensive earnings (loss), as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax benefit of $1 million for the second quarter of 2026, compared to $5 million of tax expense for the same period in 2025. For the six-month period ended June 30, 2026, other comprehensive earnings (loss) is net of tax benefit of $7 million, compared to $13 million of tax expense for the same period in 2025.
​
Unrealized losses, net of tax, recognized in other comprehensive earnings (loss) were $28 million for the first six months of 2026, compared to $49 million of unrealized gains, net of tax, in the first six months of 2025. The unrealized loss