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Jun 30, 2023
Hci Group Q2 2023 Earnings Report
Reported a strong quarter with improved loss trends, higher average premium per policy, and benefited from the interest rate environment.
Key Takeaways
HCI Group reported a strong second quarter in 2023, with pre-tax income of $20.3 million and net income of $14.9 million, or $1.28 diluted earnings per share. This compares favorably to the second quarter of 2022, which saw a net loss of $8.5 million, or $1.04 loss per share. The positive results were driven by improved loss trends, higher average premium per policy, and benefits from the interest rate environment.
Pre-tax income was $20.3 million.
Net income was $14.9 million, or $1.28 diluted earnings per share.
Adjusted net income was $14.2 million, or $1.22 diluted earnings per share.
Consolidated gross premiums earned increased to $182.0 million.
Revenue by Segment
Forward Guidance
HCI Group anticipates continuing positive trends, including improved loss trends, higher average premium per policy, and benefits from the interest rate environment. They are committed to Florida and look forward to expanding in the state.
Positive Outlook
- Loss trends are expected to continue improving.
- Average premium per policy is expected to remain higher.
- The interest rate environment is expected to continue benefiting investment income.
- Actions taken by the Florida Legislature and the Governor in 2022 are expected to result in greater stability in the Florida homeowners’ market.
- HCI Group remains committed to Florida and looks forward to expanding in the state in the future.
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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