Slide 1: Investor Presentation
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Slide 2: Disclaimer
DISCLAIMER Except for historical information, this presentation may include forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) including, without limitation, statements reflecting our current expectation
Slide 3: Our Purpose, Vision, Mission & Strategy
OUR PURPOSE, VISION, MISSION & STRATEGY Our purpose, vision, mission and strategy serve as the foundation of our balanced growth plan. Purpose Vision Mission Strategy Protect people and Be the recognized Provide industry-leading Create sustainable value organizations from life’s performance leader o
Slide 4: RLI Overview
RLI OVERVIEW RLI is a domestic, specialty insurance company that handles its own underwriting and claims. Ownership Diversified Underwriting Growth through Culture & Insurance Product Capital Company Discipline Compensation Portfolio Management __________________ __________________ _________________
Slide 5: Our Strategy
OUR STRATEGY How We Create Value By sharing our expertise and offering exceptional service Customer Focus to our customers, our highly engaged employees create • Customer Experience • Growth Adjacencies lasting relationships and can see the impact they make on our business. We incorporate our custom
Slide 6: Competitive Advantages
COMPETITIVE ADVANTAGES RLI will capitalize on our competitive advantages to drive profitable growth. WE CARE • Relationship oriented SERVICE ORIENTED • Community minded • Responsible • Innovative problem solvers • Sustainable • Dedicated • Continuously improve • Transparent • Authentic • Humble EMPO
Slide 7: Financial Strength and Stability
FINANCIAL STRENGTH AND STABILITY Our financial track record has been stellar for decades — a testament to our ownership culture and reputation as an excellent underwriting company. A++SUPERIOR1 A STRONG WARD’S 50 TOP P&C PERFORMER FOR 35 YEARS2 (2)Only insurer to be recognized every year since incep
Slide 8: Select Market Information
SELECT MARKET INFORMATION RLI has a rich history as a publicly traded company and has consistently created value for its shareholders. Ticker / Exchange RLI / NYSE Share Price (as of 3/31/2026) $57.04 Annual Dividend / Yield (as of 3/31/2026) $0.64 / 1.12% Market Cap $5.24 billion Annual Gross Premi
Slide 9: Q1 2026 Financial Update
Q1 2026 FINANCIAL UPDATE First Quarter 2026 2025 % Change Earnings Per Diluted Share Net earnings $ 0.60 $ 0.68 (11.8)% Operating earnings $ 0.83 $ 0.89 (6.7)% Net Premiums Earned (in millions) Casualty $ 248.6 $ 229.0 8.6% Property $ 126.4 $ 132.5 (4.6)% Surety $ 36.4 $ 36.8 (1.1)% Total $ 411.4 $
Slide 10: Diversified Product Portfolio: Net Premium
DIVERSIFIED PRODUCT PORTFOLIO: NET PREMIUM 1 Product diversification has fueled our growth & financial success. E&S: 34% of NWP1 General Liability2 Excess Liability2 Specialty Admitted: 66% of NWP1 Other E&S Property2 Executive Products Transportation Earthquake2 Casualty Professional Services Prope
Slide 11: Product Distribution
PRODUCT DISTRIBUTION Our strong customer relationships extend across a diverse distribution network. General Agency / Casualty Retail Agent / Broker Wholesale Broker Carrier Partner General liability Excess liability Personal umbrella Transportation Executive products Professional services Commercia
Slide 12: Market Cycle Management
MARKET CYCLE MANAGEMENT RLI’s strong people, products & processes allow us to effectively manage through different market cycles, which vary by product. • INVEST in people, $600 products & processes Gross Premium (in millions) $2,000 in all markets $500 • EMPOWER RLI Total (LHS) underwriters to Tran
Slide 13: Reserve Development
RESERVE DEVELOPMENT RLI has a history of disciplined and prudent reserving. Total Development Favorable/(Unfavorable) (LHS) % of Earned Premium (RHS) $140M 14.0% $120M 12.0% $100M 10.0% $80M 8.0% $60M 6.0% $40M 4.0% Favorable $20M 2.0% $0M 0.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (Unfa
Slide 14: Underwriting Profit
UNDERWRITING PROFIT RLI has achieved 30 straight years of a combined ratio below 100 and has beaten the industry ratio by an average of 11 points1 over the last 10 years. 120 RLI RLI Industry 2(1) (2) Industry 110 100 90 80 RLI Industry2,3 3-year average 84.9% 97.0% 70 5-year average 84.6% 98.7% 10-
Slide 15: Investment Portfolio
INVESTMENT PORTFOLIO Investing for the long term: A diversified, highly-rated bond portfolio complemented by active and passive equities. • Target Asset Allocation: 80% Bonds / 20% Equities Portfolio Allocation • Bonds: AA- quality; 4.7 duration (as of 3/31/2026) • Equities: ETFs and active large-ca
Slide 16: Measurements of Our Success
MEASUREMENTS OF OUR SUCCESS Combined Book Value Operating Capital Reserve Ratio Growth3 Return on Management Consistency Equity3 30 22.2% 13.3% 50 $461 consecutive years under 100 average annual growth in book average OROE consecutive years of increased million combined ratio1 value per share divide
Slide 17: Operating Return on Equity
OPERATING RETURN ON EQUITY 1 Over the previous 10 calendar years, RLI has averaged a 13.3% operating return on equity. 18.8% 17.9% 17.3% 17.3% 16.8% 12.3% 10.6% 10.7% 9.8% 9.4% 9.8% 2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 (1) Operating return on equity (operating ROE) is operatin
Slide 18: Dividend Growth
DIVIDEND GROWTH 1 RLI has a distinguished track record of sharing our success: 50 straight years of dividend increases2, a 5% annualized growth rate over the last 10 calendar years, and 16 years of special dividends. $3.50 Regular Dividend $2.50 $2.00 $2.00 Special Dividend $2.00 $1.75 $1.50 $1.50 $
Slide 19: Total Shareholder Return
TOTAL SHAREHOLDER RETURN 1 Shareholder returns validate the RLI story. $2,000 RLI S&P 500 S&P P&C Index RLI S&P 500 1 year -26.0% 17.8% -5.6% 5 year 4.2% 12.0% 16.1% $1,500 10 year 9.1% 14.1% 14.2% 20 year 12.1% 10.5% 10.5% through 3/31/26 $1,000 $500 $- 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 20: Value Creation Opportunities
VALUE CREATION OPPORTUNITIES RLI is pursuing multiple initiatives designed to create value. Disciplined Cycle Platform Talent pursuit of Management Enhancements Acquisition opportunities in adjacent products Maximize margins Invest in Growth supported Capitalize on throughout the cycle, technology b
Slide 21: Selected Financial Data
SELECTED FINANCIAL DATA (Amounts in millions) OPERATING RESULTS 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Gross premiums written 874.9 885.3 983.2 1,065.0 1,136.4 1,347.4 1,565.5 1,806.7 2,013.0 2,026.8 503.9 Consolidated revenue 816.3 797.2 818.1 1,003.6 983.6 1,179.2 1,698.0 1,512.
Slide 22: Selected Financial Data
SELECTED FINANCIAL DATA (Amounts in thousands, except per share data) SHARE INFORMATION1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Net earnings per share: Diluted 1.29 1.18 0.72 2.12 1.73 3.06 6.37 3.31 3.74 4.37 0.60 Comprehensive earning (losses) 1.28 1.58 0.34 2.86 2.35 2.41 3.32
Slide 23: Appendix – Non-GAAP Reconciliation
APPENDIX – NON-GAAP RECONCILIATION (Amounts in thousands, except per share data) First Quarter OPERATING EARNINGS: 2026 2025 Net earnings 54,885 63,214 Less: Net realized (gains) losses (9,559) (14,912) Income tax on realized gains (losses) 2,007 3,132 Net unrealized (gains) losses on equity securit
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