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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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