Q2 2024 Goosehead Insurance Inc Earnings Call Transcript
Key Points
- Total written premium increased by 30% year over year in Q2, indicating strong growth.
- Core revenue grew by 20% year over year, showing an acceleration from the previous quarter.
- Franchise agent productivity reached the highest level in company history with same-store sales up 29% year over year.
- The company successfully added new high-quality agents, with corporate agents increasing from 292 in Q1 to 313 in Q2.
- Significant investments in technology have begun to show results, improving agent productivity and client experience.
- The personal lines industry remains in a challenging cycle, impacting carrier profitability and product availability.
- Client retention decreased slightly to 84% from 85% in the previous quarter, indicating some customer churn.
- Contingent commissions declined by 44% year over year due to challenging carrier profitability.
- The company faces significant macro and industry challenges, including inflation and severe weather events.
- There is uncertainty about the pace of market recovery, particularly in the home insurance sector.
Good day and thank you for standing by, and welcome to the Goosehead Insurance second quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Dan Farrell, Vice President of Capital Markets. Please go ahead.
Thank you and good afternoon. Before we begin our formal remarks, I need to remind everyone that part of our discussion today may include forward-looking statements, which are based on the expectations, estimates and projections of management as of today.
Forward looking statements in our discussion are subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements.
These statements are not guarantees of future performance and therefore, undue reliance should not be
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