Loading...
•
Jun 30, 2020
Hci Group Q2 2020 Earnings Report
Reported an increase in net income and gross written premiums, driven by TypTap's growth and policies transitioned from Anchor Property & Casualty Insurance Company.
Key Takeaways
HCI Group reported a net income of $8.9 million, or $1.08 diluted earnings per share, for the second quarter of 2020, compared to $7.6 million, or $0.90 diluted earnings per share, in the second quarter of 2019. Consolidated gross written premiums for the second quarter of 2020 were $171.9 million, up 28.9% from $133.4 million in the second quarter of 2019.
Net income for the second quarter of 2020 totaled $8.9 million or $1.08 diluted earnings per share.
Adjusted net income for the quarter was $6.8 million or $0.86 diluted earnings per share.
Consolidated gross written premiums of $171.9 million for the second quarter of 2020, up 28.9%.
Consolidated gross premiums earned of $107.8 million for the second quarter of 2020, up 29.4%.
Revenue by Segment
Forward Guidance
HCI Group expects revenue and income growth to accelerate in the coming years as TypTap expands into additional states and gains more users.
Positive Outlook
- Expansion of TypTap into additional states.
- Increased awareness of TypTap's user experience among agents.
- Increased awareness of TypTap's user experience among prospective policyholders.
- Continued growth of TypTap Insurance Company.
- Policies transitioned from Anchor Property & Casualty Insurance Company.
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...