Loading...
•
Mar 31, 2023
Hci Group Q1 2023 Earnings Report
Reported net income and adjusted net income increased due to underwriting and rate actions.
Key Takeaways
HCI Group reported a significant increase in net income for Q1 2023, driven by benefits from underwriting and rate actions, as well as legislative changes in Florida. Net income rose to $17.8 million, or $1.54 per diluted share, compared to $2.8 million, or $0.09 per diluted share, in Q1 2022. Adjusted net income also saw a substantial increase, reaching $17.4 million, or $1.50 per diluted share, compared to $5.5 million, or $0.34 per diluted share in the previous year.
Net income reached $17.8 million, or $1.54 diluted earnings per share, compared to $2.8 million, or $0.09 diluted earnings per share in Q1 2022.
Adjusted net income was $17.4 million, or $1.50 diluted earnings per share, compared to $5.5 million, or $0.34 diluted earnings per share in Q1 2022.
Gross premiums earned increased to $180.1 million from $178.9 million in Q1 2022.
Gross loss ratio improved to 33.6% from 40.6% in Q1 2022 due to lower claims and litigation frequency in Florida.
Hci Group
Hci Group
Hci Group Revenue by Segment
Revenue by Segment
Homeowners Choice Revenue
CapyFin.comTypTap Insurance Company Revenue
CapyFin.com Forward Guidance
HCI Group will hold a conference call on May 9, 2023, to discuss the financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income