A month has gone by since the last earnings report for RLI Corp. (RLI). Shares have added about 3.9% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is RLI Corp. due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. RLI's Q2 Earnings and Revenues Surpass Estimates, Rise Y/YRLI Corp.’s second-quarter 2021 operating earnings of $1.09 per share outpaced the Zacks Consensus Estimate by 49.3%. The bottom line also improved 41.6% from the prior-year quarter.RLI witnessed improved premiums from Casualty, Surety and Property segments along with improving combined ratio in the reported quarter.Operational PerformanceOperating revenues for the reported quarter totaled $258 million, up 14.1% year over year. This upside can be attributed to higher net premiums earned, partially offset by reduced net investment income. Moreover, the top line beat the Zacks Consensus Estimate by 1.9%.Gross premiums written increased 25% year over year to $358.9 million. This uptick can be attributed to solid performance of Casualty, Property and Surety segments. Moreover, net premiums written of $282.5 million increased 22.8% on a year-over-year basis, which was primarily due to higher premiums written in the Casualty, Property and Surety segments.However, net investment income declined 1.5% year over year to $16.7 million.Total expenses increased 11.4% year over year to $209.9 million, primarily due to higher loss and settlement expenses, policy acquisition costs, insurance operating expenses and general corporate expenses.The company reported underwriting income of $36.6 million, which surged 51.2% from the year-ago period, courtesy of robust performance of Casualty and Property segments, partially offset by weak performance of the Surety segment.Combined ratio improved 360 basis points (bps) year over year to 84.8%.Financial UpdateThe company exited the second quarter with total investments and cash of $3 billion, up 7% from 2020 end.Book value was $27.46 per share as of Jun 30, 2021, up 9.1% from the figure as of Dec 31, 2020.Long-term debt was $149.6 million, which inched up 0.1% from 2020 end.Statutory surplus increased 9.5% to $1.2 billion as of Jun 30, 2021 from the figure as of Dec 31, 2020.Return on equity was 23.5%, reflecting an expansion of 650 bps year over year.Net cash flow from operations was $104.2 million in the quarter under review, up 16.4% from the year-ago period.Dividend UpdateOn Jun 18, the company paid out a cash dividend of 25 cents per share, which reflects a hike of 4.2% from the prior dividend payout of 24 cents. Dividends totaled more than $500 million in the last five years. How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month.VGM ScoresCurrently, RLI Corp. has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, RLI Corp. has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RLI Corp. (RLI): Free Stock Analysis Report To read this article on Zacks.com click here.