United Insurance Holdings Reports Q1 2023 Net Income of $260.9M, Core Income Up 419%

AMERICAN COASTAL INSURANCE Corp

2023-Q1 EPS reported $5.99 revenue$90,320,000

GAAP net income from continuing operations $30.5M, up 563% from $4.6M in Q1 2022.
Core income (non-GAAP) of $30.9M, or $0.71 per diluted share, up 419% year-over-year.
Combined ratio improved to 70.5% from 191.7%, driven by strong commercial lines performance.
Stockholders' equity restored to $83.5M ($1.93 per share) after de-consolidation of former subsidiary UPC.
Company secured 100% capacity for 2023-24 catastrophe reinsurance program for ACIC.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMERICAN COASTAL INSURANCE Corp reported the first quarter ended March 31, 2023 results: revenue Total revenues $ 104,047, net income Consolidated net income (loss) attributable to UIHC $ 260,878, EPS $5.99.

Period: the first quarter ended March 31, 2023
Revenue: Total revenues $ 104,047
Net income: Consolidated net income (loss) attributable to UIHC $ 260,878
EPS: $5.99
Result: reported results

Exact text from the filing

2023 2022 Change Gross premiums written $ 187,123 $ 142,414 31.4 % Gross premiums earned $ 144,476 $ 122,733 17.7 % Net premiums earned $ 87,324 $ 57,746 51.2 % Total revenues $ 104,047 $ 117,361 (11.3) % Earnings from continuing operations, before income tax $ 40,428 $ 5,627 618.5 % Income (loss) from discontinued operations, net of tax $ 230,305 $ (37,904) NM

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Source: SEC EDGAR

accession 0001401521-23-000053

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