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Net Income: $8.2 million or $0.27 per share, compared to a net loss of $7.4 million or a loss of $0.28 per share in the prior year quarter.
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Total Revenue: $211.9 million, up 13.7% from $186.3 million in the prior year quarter.
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Gross Premiums Earned: $354.2 million, up 5.1% from $337 million in the prior year quarter.
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Net Premiums Earned: $198.8 million, up 12.6% from $176.6 million in the prior year quarter.
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Net Investment Income: $9.8 million, an increase of 42% from $6.9 million in the prior year quarter.
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Net Loss Ratio: Improved to 65.4%, down from 74.4% in the same quarter last year.
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Net Expense Ratio: 35.2%, a decrease from 36.4% in the prior year’s quarter.
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Net Combined Ratio: 100.6%, down from 110.8% in the prior year quarter.
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Book Value Per Share: Increased to $9.10, up 61.1% from $5.65 in the prior year quarter.
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Annualized Return on Equity: 12.2%, an improvement from a negative 19% in the prior year quarter.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Heritage Insurance Holdings Inc (NYSE:HRTG) reported a net income of $8.2 million or $0.27 per share, a significant improvement from a net loss of $7.4 million or a $0.28 loss per share in the same quarter last year.
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The company achieved a 13.7% increase in total revenues, reaching $211.9 million, driven by higher net earned premiums and investment income.
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Heritage Insurance Holdings Inc (NYSE:HRTG) has maintained a stable indemnity-based reinsurance program, ensuring robust coverage through year-end 2024.
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The company has strategically reduced policy count by 14.2% while increasing premium in force by $80.6 million or 6%, focusing on profitable geographies and products.
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The Commercial Residential business segment saw a 23.6% increase in premium in force, contributing to a diversified and balanced portfolio.
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Heritage Insurance Holdings Inc (NYSE:HRTG) faced $48 million in hurricane losses from Hurricanes Debbie and Helen during the quarter.
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The net loss ratio for the quarter, although improved, was still at 65.4%, indicating ongoing challenges in managing losses.
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The company experienced net unfavorable loss development of $6.3 million during the third quarter of 2024.
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Despite improvements, the net combined ratio for the quarter was 100.6%, indicating that expenses and losses still matched revenues.
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The Board of Directors decided to continue the suspension of the quarterly dividend, reflecting ongoing caution in capital management.
