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Jun 30, 2020
Heritage Insurance Q2 2020 Earnings Report
Heritage reported an increase in net income and gross premiums written, with a decrease in the net combined ratio.
Key Takeaways
Heritage Insurance Holdings reported a net income of $4.1 million, or $0.15 per diluted share, for the second quarter of 2020. Gross premiums written increased by 14.0% year-over-year. The company also saw an improvement in its net combined ratio, which decreased by 5.0 points to 100.0%.
Net income for the quarter was $4.1 million, or $0.15 per diluted share.
Book value per share increased to $16.67, up 11.2% from June 30, 2019.
Gross premiums written of $290.4 million, up 14.0% year-over-year.
Net current accident quarter weather losses of $26.8 million, including $17.6 million of net current accident quarter catastrophe losses.
Forward Guidance
Company is monitoring the short- and long-term impacts of COVID-19, expecting no material impact to the business going forward.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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