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Jun 30, 2020
American Coastal Insurance Q2 2020 Earnings Report
Reported financial results for the second quarter ended June 30, 2020.
Key Takeaways
United Insurance Holdings Corp. reported a net income of $24.3 million, or $0.56 per diluted share, for the second quarter of 2020, compared to a net loss of $2.9 million, or $(0.07) per diluted share, for the second quarter of 2019. The increase in net income was primarily due to an increase in unrealized gains on equity securities, in conjunction with a decrease in loss and loss adjustment expenses (LAE) and a decrease in policy acquisition costs.
The Company's total gross written premium decreased by $10.1 million, or (2.2)%, to $439.7 million.
Loss and LAE decreased by $14.6 million, or 12.6%, to $101.7 million.
Policy acquisition costs decreased by $9 million, or 14.6%, to $52.6 million.
Book value per share increased 5.0% from $11.69 at December 31, 2019, to $12.27 at June 30, 2020.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
A hardening property insurance market provides UPC with a great opportunity to be more selective and optimize our risk portfolio for long-term profitability, so that’s what we intend to focus on.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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