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Mar 31, 2020
Hci Group Q1 2020 Earnings Report
HCI Group reported mixed results due to net unrealized losses on equity securities, while core insurance operations showed growth.
Key Takeaways
HCI Group's first quarter results for 2020 showed a net income of $0.5 million, or $0.07 diluted earnings per share, which was lower than the $6.7 million, or $0.82 diluted earnings per share, reported in the first quarter of 2019. However, adjusted net income, excluding net unrealized gains or losses on equity securities, was $4.2 million, or $0.54 diluted earnings per share, compared to $2.8 million, or $0.35 diluted earnings per share, in the same quarter of the previous year. The combined ratio improved to 88.8% from 100.3% in the prior year period, and consolidated gross written premiums increased by 13.2% to $76.5 million, driven by the growth of TypTap Insurance Company.
Net income totaled $0.5 million, or $0.07 diluted earnings per share.
Adjusted net income was $4.2 million, or $0.54 diluted earnings per share.
Combined ratio improved to 88.8% compared to 100.3% in the prior year.
Consolidated gross written premiums increased by 13.2% to $76.5 million.
Forward Guidance
Management expressed optimism about the company's performance, highlighting healthy cash flow and a strong balance sheet, despite the impact of unrealized investment losses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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