[144] Airbnb, Inc. SEC Filing

Rhea-AI Filing Summary

RLI Corp. (Q2 2025 Form 10-Q) delivered a strong quarter.

• Revenue: $499.8 m, +20% YoY driven by 6% higher net premiums earned ($401.9 m) and a 16% rise in investment income.
• Underwriting & investment gains: Net realized gains swung to +$15.0 m (vs. –$0.2 m); equity portfolio added $43.5 m of unrealized gains.
• Profitability: Net earnings jumped 52% to $124.3 m; diluted EPS $1.34 vs. $0.89. Combined expense items grew 10%, slower than revenue growth, expanding pre-tax margin to 31% (vs. 25%).
• Six-month view: Premiums up 8% to $800.3 m but YTD net earnings fell 11% to $187.6 m, reflecting softer Q1 results. Diluted EPS $2.03 vs. $2.27.
• Balance sheet: Assets $5.99 bn (+6% YTD); shareholders’ equity $1.73 bn (+14%) aided by AOCI improvement (-$125 m vs. -$174 m). Book value benefited from falling rates.
• Cash flow: Operating cash flow rose 31% to $278.2 m; cash ended at $21.4 m after sizable securities purchases.
• Capital actions: Two-for-one stock split effected 15 Jan 2025; quarterly dividend raised to $0.16/share.

Key risks include $177 m unrealized losses on fixed-income holdings (5% of cost basis) and higher loss & acquisition expenses (+10% YoY). Overall, Q2 momentum offsets a still-negative YTD comparison.

Positive

• Net earnings up 52% YoY to $124 m with diluted EPS $1.34.
• Revenue grew 20% on stronger premiums and investment income.
• Shareholders’ equity increased 14% YTD, improving capital strength.
• Operating cash flow up 31% to $278 m, supporting dividends.
• Two-for-one stock split completed, enhancing liquidity.

Negative

• YTD net earnings down 11% despite strong Q2 rebound.
• $177 m unrealized loss remains in fixed-income portfolio (5% of cost).
• Losses & settlement expenses rose 10%, outpacing premium growth.
• Cash balance declined by $18 m due to heavy securities purchases.

Insights

Financial Analyst

TL;DR – Q2 beat on premiums & investments; book value rises, YTD still lag.

RLI posted a textbook insurance earnings beat: top-line premium growth, benign loss development and sizeable investment gains pushed EPS up 50%. Pre-tax margin expansion (31% vs. 25%) underscores underwriting discipline despite a modest uptick in loss and acquisition ratios. Equity and bond portfolio marks added ~$59 m, lifting AOCI and driving a 14% increase in tangible equity. Operating cash generation comfortably funded dividends and share-based comp. However, first-half earnings remain below last year and the fixed-income book retains $177 m of unrealized losses—rate reversals could compress capital. Overall impact: positive; outlook improves if premium momentum continues.

Insurance Industry Specialist

TL;DR – Underwriting solid; investment tailwinds key driver.

Growth came largely from core underwriting: premiums +6% while loss costs rose 10%, implying stable combined ratio in the low-80s. Segment mix not disclosed here, yet casualty & surety remain dominant. Investment income benefited from reinvestment at higher yields; equity book rode market strength. Management continues conservative reserving—allowance for credit losses only $0.2 m. Dividend creep and split enhance retail appeal but don’t strain capital. Watch exposure growth versus reserving adequacy and sensitivity of AOCI to rate volatility. In context of peers, RLI maintains its reputation for superior ROE generation.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	5000	710000.00	431602213	07/24/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A	07/24/2025	Option Granted - 03/24/2020	Issuer			5000	07/24/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
David C. Bernstein 888 Brannan Street San Francisco, CA 94103	Class A	06/05/2025	6000	820000.00
David C. Bernstein 888 Brannan Street, San Francisco, CA 94103	Class A	06/11/2025	5000	701200.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How much did RLI (RLI) earn per share in Q2 2025?

Diluted EPS was $1.34, up from $0.89 in Q2 2024.

What drove RLI’s revenue growth in the quarter?

Higher net premiums (+6%) and a 16% jump in investment income lifted revenue 20% to $499.8 m.

How has RLI’s book value changed in 2025?

Shareholders’ equity rose 14% to $1.73 bn since year-end, aided by market gains in the investment portfolio.

What is the size of RLI’s unrealized bond losses?

Fixed-income securities carry $177 m of unrealized losses, equal to 5% of their cost basis.

Did RLI increase its dividend?

Yes, the quarterly dividend paid in Q2 2025 was $0.16 per share, up from $0.15 in the prior quarter.