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Mar 31, 2024
Palomar Holdings Q1 2024 Earnings Report
Palomar Holdings reported strong first quarter results driven by premium growth and underwriting profitability.
Key Takeaways
Palomar Holdings reported a net income of $26.4 million, or $1.04 per diluted share, for the first quarter of 2024. Gross written premiums increased by 47.2% to $368.1 million. The combined ratio was 76.9% and the adjusted combined ratio was 73.0%.
Gross written premiums increased by 47.2% to $368.1 million.
Net income was $26.4 million, compared to $17.3 million in the first quarter of 2023.
The total loss ratio was 24.9% and the combined ratio was 76.9%.
The company raised its full year 2024 adjusted net income guidance to $113 million to $118 million.
Palomar Holdings
Palomar Holdings
Palomar Holdings Revenue by Segment
Palomar Holdings Revenue by Geographic Location
Revenue by Segment
Earthquake Revenue
CapyFin.comCasualty Revenue
CapyFin.comInland Marine and Other Property Revenue
CapyFin.comFronting Revenue
CapyFin.comCrop Revenue
CapyFin.comRevenue by Geographic Location
California Revenue
CapyFin.comTexas Revenue
CapyFin.comHawaii Revenue
CapyFin.comFlorida Revenue
CapyFin.comNew York Revenue
CapyFin.comWashington Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The Company is increasing its guidance range and now expects to achieve adjusted net income of $113 million to $118 million for the full year 2024. This range includes $3.4 million of catastrophe losses incurred during the three months ended March 31, 2024.
Positive Outlook
- Increased guidance for adjusted net income to $113 million - $118 million for full year 2024.
- Strong first quarter results driven by profitable growth.
- Demonstrated ability to grow where they want to and deliver predictable earnings.
- Gross written premium growth of 47.2% with strong contributions from Crop and Casualty products.
- Adjusted return on equity of 22.9%.
Challenges Ahead
- Includes $3.4 million of catastrophe losses incurred during the three months ended March 31, 2024.
- Effective tax rate for the three months ended March 31, 2024 was 23.2% due primarily to non-deductible executive compensation expense.
- Net unrealized losses on securities available for sale.
- No share repurchases during the three months ended March 31, 2024.
- The company cautions that statements contained in the press release may regard matters that are not historical facts but are forward-looking statements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income