Hallmark Financial Services, Inc. reported a net loss of $21.5 million for the third quarter of 2023, which includes a $4.8 million loss from discontinued operations. The net loss from continuing operations was $16.7 million, impacted by $13.6 million in catastrophe-related activity, primarily from the Maui wildfire. The net combined ratio was 150.1%, and the underlying combined ratio was 103.6%.
Hallmark Financial Services, Inc. reported a net loss of $11.9 million for the second quarter of 2023, which includes a $3.1 million write-off related to the DARAG settlement. The net combined ratio was 157.3%, improved from 240.9% in the same period last year. Net investment income increased to $4.0 million from $3.1 million in the prior year. The company had $150.5 million in cash and cash equivalents as of June 30, 2023.
Hallmark Financial Services, Inc. reported a net loss of $28.2 million, or $1.55 per share, for the third quarter of 2022, compared to a net income of $3.4 million, or $0.19 per share, for the same period in 2021. The results were affected by a $12.4 million after-tax impact from the previously exited contract binding business and a net combined ratio of 177.1%.
Hallmark Financial Services, Inc. reported a net loss of $69.4 million for the second quarter of 2022, compared to a net loss of $0.8 million for the same period in 2021. The net loss was impacted by a full valuation allowance of $23.9 million against net deferred tax assets and a $42.7 million after-tax impact from the exited contract binding business.
Hallmark Financial Services, Inc. reported a net loss of ($2.5) million for Q4 2021, an improvement from the ($7.8) million loss in Q4 2020. The net combined ratio was 106.1% compared to 117.7% in the same period last year. Net catastrophe losses were $5.9 million, significantly higher than the $0.8 million in the prior year. For fiscal year 2021, the company reported a net income of $9.0 million, a substantial turnaround from the net loss of ($94.4) million in fiscal year 2020.
Hallmark Financial Services reported a net income of $3.4 million, or $0.19 per diluted share, for the third quarter of 2021, compared to a net loss of $28.4 million, or $1.56 per diluted share, for the same period in 2020. The net combined ratio improved to 95.9% from 132.7% in the prior year. Pre-tax income was $4.4 million, a significant improvement from the pre-tax loss of $37.8 million in Q3 2020.
Hallmark Financial Services, Inc. reported a net loss of $0.5 million for the second quarter of 2021, compared to a net income of $6.7 million for the same period in 2020. The net combined ratio was 105.7%, compared to 98.4% in the prior year. Gross premiums written decreased by 8%, and net premiums written decreased by 18%.
Hallmark Financial Services, Inc. reported a net loss of $6.0 million for the fourth quarter of 2020, primarily driven by adverse prior year reserve development. However, the company achieved substantial rate increases, particularly in the Specialty Commercial Segment.
Hallmark Financial Services, Inc. reported a net loss of $28.0 million for the third quarter of 2020, compared to a net income of $5.3 million for the same period in 2019. The decline was primarily driven by a $21.7 million charge for the loss portfolio transfer reinsurance contract, unfavorable prior year net loss reserve development of $13.9 million, and net catastrophe losses of $9.6 million.
Hallmark Financial reported a net loss of $64.3 million for the first quarter of 2020, compared to a net income of $15.0 million for the same period in 2019. The decline was primarily driven by the impairment of goodwill and other intangible assets, as well as net investment losses.