You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: As usual, we have Jon Michael, Chairman and CEO; Craig Kliethermes, President and COO; and Todd Bryant, CFO.
Jon is going to begin with some opening comments.
In many respects, we're ready to move on to 2021.
But I would be remiss if I didn't mention that RLI overcame many challenges during the last 12 months and delivered strong results.
There is much to be proud of for 2020.
Our gross premiums were up 7%.
GAAP equity grew to $1.1 billion after returning more than $87 million to shareholders during the year.
And we achieved a 92 combined ratio.
That 92 combined marks the 25th consecutive year of underwriting profit for RLI.
These results could not have been possible without the hard work of our talented associates who persevered through tremendous uncertainty and change to keep our business and, more importantly, our customers' business moving forward.
I'm proud of our entire team for their outstanding efforts.
And before we move on, I want to take a moment to congratulate Craig.
In December, I announced my plan to retire at the end of this year and that Craig will be assuming the CEO role at the end of -- or at the beginning of 2022.
Craig is a proven executive and I have complete confidence in his ability to continue leading RLI to achieve success.
Congratulations to Craig as well.
Last night, we reported fourth quarter operating earnings of $0.75 per share.
The quarter's result reflects elevated catastrophe losses, which were offset by favorable benefits on prior year's loss reserves as well as improving current year casualty results.
We achieved 10% top line growth and posted an 88 combined ratio.
Investment income declined modestly, while unrealized returns on the investment portfolio continued to rebound from adverse trends earlier in the year.
Overall, strong net and comprehensive earnings drove book value per share up 22% for the year, inclusive of dividends, to end the year at $25.16.
Pricing momentum continued in a number of our products and the pandemic's influence was muted in the quarter, with casualty posting 9% top line growth, while property and surety were up 15% and 2%, respectively.
Craig will talk more about individual products and market conditions in a minute, but overall, growth in gross premiums written was driven largely by rate increases and expanded distribution.
From an underwriting perspective, we posted a fourth quarter combined ratio of 88.0 compared to 92.4 a year ago.
Our loss ratio declined 3.5 points to 45.8 as reserve benefits offset 6.5 points of hurricane losses posted in the quarter.
In addition to catastrophe losses, we maintained the elevated current year loss booking ratios discussed the last few quarters on certain financial-related products where heightened exposure to pandemic-related losses exist.
This resulted in recording another $3.5 million in COVID-19-related pre-tax losses, $2.5 million in casualty and $1 million in surety.
Year-to-date, reserves established for COVID-19 totaled $18 million.
By segment, amounts recorded totaled $2 million for property, $3 million for surety and $13 million for casualty.
To date, we have paid less than $10,000 in actual indemnity losses on what we deem as COVID-related.
Over 90% of claims received have been closed without payment, but we continue to investigate and review all claims submitted.
Offsetting reserve additions in the quarter were approximately $25 million in net benefits from prior year's reserve releases, largely within the casualty segment, where the majority of products posted favorable experience.
Our quarterly expense ratio remained below last year, down 0.9 points to 42.2.
Relative to last quarter, however, this ratio moved higher as metrics that drive various incentive plans, combined ratio, operating return on equity and book value growth, all improved significantly during the fourth quarter.
I would note, however, on a year-to-date basis, our expense ratio was 40.8, down 1.8 points compared to last year.
The decline was aided by growth in revenue, modestly lower amounts earned under incentive plans as well as targeted expense reduction and deferral initiatives that began at the onset of the pandemic.
As mentioned last quarter, we continue to evaluate areas of opportunity for efficiency gains and expense savings, while increasing our investment in technology, particularly those related to customer experience and ease of doing business.
Capital markets made up lost ground in the quarter with robust returns in the last two months of the year.
Public equities were responsible for most of the quarter's 3.2% return.
However, bonds put in a positive result even with higher risk-free rates.
While total return was a significant contributor to the increase in shareholders' equity, investment income remains under some pressure from the current rate environment.
It is not our preference to reach for risk to make up for lower rates, but to keep putting money to work, letting portfolio growth stem the tide.
The majority of operating cash flow is being invested in high-quality fixed income securities.
Outside of the core portfolio, our share in investee earnings was down in the quarter.
Maui Jim results were influenced by normal seasonality as well as certain mark-to-market adjustments on loan to live assets.
For Prime, the investee earnings continued to advance, reflective of growth in revenue and earnings they are experiencing.
All in all, a very good quarter and solid year.
We ended the year with $1.1 billion in shareholders' equity, our combined ratio was 92.0 for 2020, which, as Jon mentioned, represents our 25th consecutive year of reporting an underwriting profit.
Once again, operating income and solid investment performance resulted in capital generation in excess of current needs, which was returned to shareholders in the form of $1 special dividend in December.
In 2020, we marked our 45th consecutive year of paying or increasing our quarterly dividend.
With special dividends, we have returned over $1.1 billion in dividends to our shareholders over the last decade.
Given all the challenges faced in 2020, we are proud of our success.
We reported our 25th consecutive year of underwriting profit and grew top line by 7%.
A great quarter overall, with an 88 combined ratio on 10% top line growth.
Large parts of the market appeared to be shifting in our favor with retrenchment of some competitors, rates increasing and terms tightening.
We still see some uneven fees ahead but are confident that with our diverse portfolio of products and underwriting discipline, we are well positioned to take advantage of opportunities presented.
Now I'd like to go into a little more detail by segment.
In our casualty segment, we saw 9% top line growth for the quarter and ended the year up 6%.
We were able to achieve a very good underwriting result for the quarter and the year with an 85 and 92 combined ratio, respectively.
Growth has been fairly widespread across the segment with our excess liability businesses leading the way.
We continue to see opportunities in both our personal and commercial umbrella businesses where we focus on the first excess layer.
Our executive products group is also growing at a relatively good clip but mostly from needed rate increases.
Our transportation insureds are still struggling.
And as a result, we realized a 25% revenue decline for the quarter and 40% for the year.
Overall, in the casualty segment, rates were up 11% for the quarter and 10% year-to-date, which is outpacing our expectations for loss cost inflation.
We believe double-digit rate increases are still achievable in auto liability, excess liability and the directors and officers product lines, which, for us, make up about half of the net premium in this segment.
The market remains very competitive in primary limit liability and package businesses where we target small and medium-sized professionals and contractors.
In property, we grew 15% in the quarter and 11% year-to-date.
We achieved an underwriting profit in the quarter but did end up in a loss position in this segment for the year.
Obviously, a tough year with a dozen name storms making landfall in the U.S. Property business is where the market is hardening most broadly, with rates up 11% across the segment for the quarter and the year.
Our catastrophe-focused wind and quake businesses led the way and year-to-date rates were up 35% and 18%, respectively.
Our Marine business continues to find opportunities from disruption at Lloyd's, with rates up 9% for the quarter and year-to-date.
Our Hawaii Homeowners book also continues to grow profitably.
Surety remains the most competitive segment for us.
We were able to grow the top line 2% this quarter but did end up the year down 1%.
The combined ratio continues to outperform at an 85 for the quarter and 75 year-to-date.
Given some of the headwinds this segment has faced, both from the fallout of the pandemic and intense competition in the surety markets we serve, our underwriters have done a great job staying disciplined and working with our producers to manage risk and produce great results.
Our focus on customers with strong balance sheets and good management has been beneficial during the financial stress and economic uncertainty resulting from the pandemic.
We believe that keeping the powder dry will serve us well as we are optimistic this market will eventually swing in our favor.
Overall, a great quarter and a very good year.
When I think about everything that has happened over 2020, it reminds me of stories my grandmother used to tell me when I was young.
I remember she would tell anecdotes about growing up poor in rural Missouri.
During her first 25 years on earth, she grew up with the Spanish flu, the first World War, the spread of polio and The Great Depression.
It was unimaginable to me at the time, but it now seems like we have all lived a quarter century in the past year.
Like my grandmother who lived to the age of 92, we have also been resilient and will persevere.
Our company has overcome many extraordinary challenges over the last 25 years of its existence but still delivered underwriting profit every year.
To get where we are today, we have adapted, adding many diverse products, building out our surety business and sizing our catastrophe business based on market conditions.
What has not changed is our focus on hiring narrow and deep talent who are champions of our ownership culture, empowering them to serve our customers and reinforcing disciplined underwriting through a compensation structure that rewards underwriting profit and is paid out on real results over time.
We feel good about where we are and where we are going.
We will focus on our customers, look outward, adapt to the change around us and continue to deliver value to our shareholders.
We are comfortable being different because being different has worked for RLI and all its stakeholders.
Our company has a rich history of success because of the quality of people who work here.

user
q4 operating earnings per share $0.75.

assistant