HCI Group Q1 net income $17.8M ($1.54 EPS) vs $2.8M year ago; loss ratio improves to 33.6%

HCI Group, Inc.

2023-Q1 EPS reported $1.54 revenue$129,029,000

Net income of $17.8M, diluted EPS $1.54; adjusted net income $17.4M ($1.50 EPS).
Gross premiums earned $180.1M, up from $178.9M YoY; ceded premiums rose to 39.2% of gross.
Loss ratio improved to 33.6% from 40.6% on lower claims and litigation frequency in Florida.
Net investment income $17.7M, including $8.9M gain from two Greenleaf property sales.
Policy acquisition costs fell to 12.6% of premiums from 16.4% on higher renewal mix.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HCI Group, Inc. reported first quarter ended March 31, 2023 results: revenue $180.1 million, net income $17.8 million, EPS $1.54 diluted earnings per share.

Period: first quarter ended March 31, 2023
Revenue: $180.1 million
Net income: $17.8 million
EPS: $1.54 diluted earnings per share
Result: reported results

Exact text from the filing

said HCI Group Chairman and Chief Executive Officer Paresh Patel. First Quarter 2023 Commentary Consolidated gross premiums earned in the first quarter of 2023 increased to $180.1 million from $178.9 million in the first quarter of 2022. The increase was primarily due to higher average premium per policy offset by a decline in the number of policies in force.

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Source: SEC EDGAR

accession 0000950170-23-019745

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