Heritage Insurance reports Q3 net income of $8.2M vs loss; premiums up 12.6%

Heritage Insurance Holdings, Inc.

2024-Q3 EPS reported $1.35 revenue$606,721,000

Net income $8.2M ($0.27 diluted) vs net loss $7.4M ($0.28 loss) in Q3 2023.
Net premiums earned $198.8M (+12.6% YoY); gross premiums earned $354.2M (+5.1%).
Net combined ratio improved to 100.6% from 110.8%; net loss ratio 65.4% improved 9.0 pts.
Book value per share $9.10, up 61.1% YoY; dividend suspended for strategic growth.
Retained $48M hurricane losses in quarter; pivot to controlled growth with rate adequacy in >80% territories.

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