HCI Group swings to Q2 net income of $14.9M from prior-year loss; gross loss ratio improves to 34%

Group remains committed to Florida and we look forward to expanding in the state in the future.” Second Quarter 2023 Commentary Consolidated gross premiums earned increased to $182.0 million from $181.1 million in the second quarter of 2022. The increase was primarily due to higher average premium per policy offset by attrition in the number of policies in force.

Year-to-Date 2023 Results For the six months ended June 30, 2023, the company reported net income of $32.7 million, or $2.81 diluted earnings per share, compared with net loss of $5.8 million, or $0.92 loss per share, for the six months ended June 30, 2022. Adjusted net income (a non-GAAP measure which excludes net unrealized gains or losses on equity securities) for the six-month period was $31.6 million, or $2.72 diluted earnings per share compared with adjusted net income of $0.08 million, or $0.33 loss per share, in the same period of 2022. An explanation of this non-GAAP financial measure and reconciliations to the applicable GAAP numbers accompany this press release. 1 Consolidated gross premiums earned of $362.0 million increased from $360.0 million in the first six months of 2022. The increase was primarily due to higher average premium per policy offset by attrition in the number of policies in force. Premiums ceded for reinsurance of $136.9 million increased from $109.4 milli