Q2 2024 Heritage Insurance Holdings Inc Earnings Call Transcript
Key Points
- Heritage Insurance Holdings Inc (HRTG) reported a substantial increase in net income, growing by $11 million or 143% compared to the second quarter of 2023.
- The company achieved a 7.1% growth in gross written premium, amounting to an increase of $28 million.
- Heritage's E&S business experienced significant growth, with premiums increasing by nearly $30 million or 177% compared to the previous year.
- The company's commercial residential business saw a 29.4% growth in in-force premium, contributing positively to overall profitability.
- Heritage Insurance Holdings Inc (HRTG) reported a 32.7% increase in book value per share, reflecting strong net income and reduced unrealized losses on fixed income securities.
- The company experienced a net unfavorable loss development of $8.7 million during the second quarter of 2024.
- Heritage Insurance Holdings Inc (HRTG) faced higher operating expenses, which partially offset the increase in net income.
- The net expense ratio increased to 36.8%, up from 34.8% in the prior year quarter, due to higher acquisition costs and general administrative expenses.
- The company incurred reinstatement premiums from Hurricane Ian, totaling $18.7 million for the first half of the year.
- Heritage Insurance Holdings Inc (HRTG) continues to face challenges with reserve development, particularly related to outstanding claims from Hurricane Irma.
Good morning, and welcome to the Heritage Insurance Holdings second-quarter 2024 earnings call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to Kirk Lusk, Chief Financial Officer for the company. Please go ahead sir.
Good morning, and thank you for joining us today. We invite you to visit the Investors section of our website, investors.heritagepci.com, where the earnings release and our earnings call will be archived. These materials are available for replay or review at your convenience.
Today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and subject to uncertainty and changes in circumstances. In our earnings press release and our SEC filings, we detail material risks that may cause our future results to differ from our expectations.
Our statements are as of today,
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