Heritage Insurance WKN: A113GG ISIN: US42727J1025 Kürzel: HRTG Forum: Aktien User: Standard

https://finance.yahoo.com/news/heritage-reports-second-quarter-2023-200700403.html Report zu Q2 2023. Second Quarter 2023 Result Highlights Second quarter net income of $7.8 million or $0.30 per diluted share, up from a net loss of $87.9 million or ($3.32) per diluted share in the prior year quarter primarily driven by growth in net premiums earned, and higher investment income, which resulted in an improved net combined ratio. The net loss in the prior year quarter was due to a $90.8 million, net of tax, or $3.43 per diluted share non-cash goodwill impairment charge, resulting in no remaining goodwill on the Company's balance sheet as of June 30, 2022. Second quarter adjusted net income of $8.3 million or $0.32 per diluted share, up from adjusted net income of $2.9 million, or $0.11 per diluted share in the prior year quarter driven by an improvement in the net combined ratio and higher net investment income. Gross premiums written of $396.6 million, up 8.6% from $365.3 million in the prior year quarter. Gross premiums earned of $330.0 million, up 11.4% from $296.2 million in the prior year quarter. Net loss ratio of 60.3%, an improvement of 3.8 points from 64.1% in the prior year quarter. Net expense ratio of 34.8%, an improvement of 0.5 points from 35.3% in the prior year quarter. Net combined ratio of 95.1%, an improvement of 4.3 points from 99.4% in the prior year quarter. Continued successful exposure management with Florida personal lines policies-in-force intentionally declining by 15.8%, as compared to the prior year period.