HCI Group Q4 net income $40.9M ($3.40 EPS); full year net income $89.3M vs loss in 2022

HCI Group, Inc.

Q4 net income $40.9M ($3.40 diluted EPS) vs $2.7M ($0.18) a year ago; adjusted EPS $3.22.
Q4 gross premiums earned $215.2M (+18% YoY); gross loss ratio improved to 30.4% from 39.4%.
Full year 2023 net income $89.3M ($7.62 EPS) vs net loss $54.6M ($6.24 loss) in 2022.
Full year gross loss ratio 33% vs adjusted 42% in 2022; premiums ceded ratio 35.2%.
CEO: ~30% premium-in-force growth, four Citizens assumptions, new carrier launch, $85M secondary offering.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HCI Group, Inc. reported the year ended December 31, 2023 results: revenue $765.5 million, net income $89.3 million, EPS $7.62 diluted earnings per share.

Period: the year ended December 31, 2023
Revenue: $765.5 million
Net income: $89.3 million
EPS: $7.62 diluted earnings per share
Result: reported results

Exact text from the filing

measure and reconciliations to the applicable GAAP numbers accompany this press release. 1 Consolidated gross premiums earned for the twelve months of 2023 increased to $765.5 million from $724.7 million in the year ended December 31, 2022. Gross premiums earned for the twelve months of 2023 include $23 million of premium from the assumption of policies from

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HCI Group, Inc. reported the fourth quarter of 2023 results: revenue $215.2 million, net income $40.9 million, EPS $3.40 diluted earnings per share.

Period: the fourth quarter of 2023
Revenue: $215.2 million
Net income: $40.9 million
EPS: $3.40 diluted earnings per share
Result: reported results

Exact text from the filing

completed a secondary common stock offering for proceeds of $85 million.” Fourth Quarter 2023 Commentary Consolidated gross premiums earned in the fourth quarter increased to $215.2 million from $183.0 million in the fourth quarter of 2022. Gross premiums earned in the fourth quarter of 2023 include $23 million of premium from the assumption of policies from

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Source: SEC EDGAR

accession 0000950170-24-028021

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