Loading...
•
Jun 30, 2023
Hallmark Financial Q2 2023 Earnings Report
Hallmark Financial reported a net loss for the second quarter of 2023, influenced by a write-off related to DARAG and ongoing challenges in the Runoff Specialty segment.
Key Takeaways
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.
Net loss from continuing operations was $17.8 million, or $9.78 per share, compared to a net loss of $67.0 million, or $36.85 per share in Q2 2022.
Net income from discontinued operations was $5.9 million, or $3.23 per share, compared to a net loss from discontinued operations of $2.4 million, or $1.31 per share in Q2 2022.
Net loss of $11.9 million included $3.1 million related to the DARAG write-off.
Net combined ratio improved to 157.3% from 240.9% in the prior year.
Revenue by Segment
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...