PR Newswire
CLEARWATER, Fla., May 7, 2018
CLEARWATER, Fla., May 7, 2018 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a property and casualty insurance holding company, today reported its financial results for the fiscal quarter ended March 31, 2018.
First Quarter Highlights
Bruce Lucas, the Company's Chairman and CEO, said, "We believe our diversified business plan is paying off, as evidenced by our results. Year-over-year, our consolidated gross loss ratio declined 6.8 points to 23.4%. Our vertically integrated claims model and diversification away from AOB prone areas are favorably impacting our consolidated loss ratio, and were key factors in lowering our net combined ratio from 94.8% to 82.2% year-over-year. We are taking active steps to expand Contractors Alliance Network to all states, which we believe will positively impact future consolidated loss ratios. Additionally, we began an initiative in 2015 to diversify our business, which has been highly successful. We are no longer a Florida-only insurer and have transformed the company into a Super Regional Insurer, which is evident when looking at our consolidated total insured value by region, especially Florida, where the percentage of Florida TIV declined from 70.1% to 31.8% year-over-year. Finally, we have completed our 2018-2019 reinsurance program with favorable results. Year-over-year, our reinsurance costs only increased less than 1% on a risk adjusted basis, substantially better than our initial projections."
Results of Operations
The following table summarizes our results of operations for the three months ended March 31, 2018 and 2017 (in thousands, except percentages and per share amounts):
| | Three Months Ended March 31, | | ||||||||||
| | 2018 | | 2017 | | Change | | ||||||
Revenue | | | | | | | | ||||||
Gross premiums written | $ | | 204,366 | | $ | | 142,235 | | | | 44% | | |
Gross premiums earned | $ | | 227,163 | | $ | | 154,608 | | | | 47% | | |
Ceded premiums | $ | | (121,055) | | $ | | (62,432) | | | | 94% | | |
Net premiums earned | $ | | 106,108 | | $ | | 92,176 | | | | 15% | | |
| | | | | | | | | | | | | |
Total revenues | $ | | 112,026 | | $ | | 99,293 | | | | 13% | | |
Operating income | $ | | 24,817 | | $ | | 11,890 | | | | 109% | | |
Income before income taxes | $ | | 19,997 | | $ | | 9,709 | | | | 106% | | |
Net income | $ | | 14,829 | | $ | | 5,983 | | | | 148% | | |
| | | | | | | | | | | | | |
Per Share Data: | | | | | | | | | | | | | |
Book value per share | $ | | 15.09 | | $ | | 12.67 | | | | 19% | | |
Earnings per diluted share | $ | | 0.55 | | $ | | 0.21 | | | | 162% | | |
| | | | | | | | | | | | | |
Return on average equity - Net Income | | | 15.4% | | | | 6.7% | | | | 8.7 | pts | |
| | | | | | | | | | | | | |
Ratios to Gross Premiums Earned: | | | | | | | | | | | | | |
Ceded premium ratio | | | 53.3% | | | | 40.3% | | | | 13.0 | pts | |
Gross loss ratio | | | 23.4% | | | | 30.2% | | | | (6.8) | pts | |
Gross expense ratio | | | 15.0% | | | | 26.4% | | | | (11.4) | pts | |
Combined expense ratio - Gross | | | 91.7% | | | | 96.9% | | | | (5.2) | pts Werbung Mehr Nachrichten zur Heritage Insurance Holdings Aktie kostenlos abonnieren
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