Q3 2024 Heritage Insurance Holdings Inc Earnings Call Transcript
Key Points
- Heritage Insurance Holdings Inc (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.
- The company achieved a 13.7% increase in total revenues, reaching $211.9 million, driven by higher net earned premiums and investment income.
- Heritage Insurance Holdings Inc (HRTG) has maintained a stable indemnity-based reinsurance program, ensuring robust coverage through year-end 2024.
- 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.
- The Commercial Residential business segment saw a 23.6% increase in premium in force, contributing to a diversified and balanced portfolio.
- Heritage Insurance Holdings Inc (HRTG) faced $48 million in hurricane losses from Hurricanes Debbie and Helen during the quarter.
- The net loss ratio for the quarter, although improved, was still at 65.4%, indicating ongoing challenges in managing losses.
- The company experienced net unfavorable loss development of $6.3 million during the third quarter of 2024.
- Despite improvements, the net combined ratio for the quarter was 100.6%, indicating that expenses and losses still matched revenues.
- The Board of Directors decided to continue the suspension of the quarterly dividend, reflecting ongoing caution in capital management.
Good afternoon, and welcome to the Heritage Insurance Holdings third-quarter 2024 earnings conference call. 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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