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Jun 30, 2022
Heritage Insurance Q2 2022 Earnings Report
Reported a net loss due to a non-cash goodwill impairment charge, but adjusted net income increased driven by an improved combined ratio.
Key Takeaways
Heritage Insurance Holdings reported a net loss of $87.9 million for Q2 2022, primarily due to a $90.8 million non-cash goodwill impairment charge. However, adjusted net income improved to $2.9 million, driven by an improved net combined ratio of 99.4%. The company's exposure management efforts resulted in a reduction of policies in Florida and increased diversification outside of Florida.
Net loss of $87.9 million, or $3.32 per diluted share, due to a $90.8 million non-cash goodwill impairment charge.
Adjusted net income of $2.9 million, or $0.11 per diluted share, driven by an improvement in the net combined ratio to 99.4%.
Net loss ratio decreased by 4.7 points to 64.1%, driven by higher net earned premium.
Premiums-in-force increased by 3.4% year-over-year to $1.2 billion, driven by higher average premium per policy.
Revenue by Geographic Location
Forward Guidance
Heritage is cautiously optimistic about the impact of Florida legislative actions on its results and the claims environment but believes more legislative action is needed.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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