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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%.
Hci Group
Hci Group
Hci Group Revenue by Segment
Revenue by Segment
Gross Premiums Earned Revenue
CapyFin.com 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.