Palomar Q1 net income rises to $26.4M from $17.3M; raises full-year 2024 guidance

Palomar Holdings, Inc.

2024-Q1 EPS reported $1.04 revenue$118,535,000

Net income $26.4M ($1.04 diluted EPS) vs $17.3M ($0.68) YoY; adjusted net income $27.8M ($1.09).
Gross written premiums surged 47.2% to $368.1M, led by Crop and Casualty, Earthquake same-store up 18%.
Combined ratio improved to 76.9% (adj. 73.0%) vs 77.9% (adj. 73.3%); annualized ROE 21.7%.
Raised FY2024 adjusted net income guidance to $113M-$118M from prior range; includes $3.4M Q1 flood losses.
No share repurchases in Q1.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Palomar Holdings, Inc. reported the fiscal quarter ended March 31, 2024 results: revenue $368.1 million, net income $26.4 million, EPS $1.04 per diluted share. Guidance raised.

Period: the fiscal quarter ended March 31, 2024
Revenue: $368.1 million
Net income: $26.4 million
EPS: $1.04 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

of 2024 as compared to $20.4 million, or $0.80 per diluted share, for the first quarter of 2023 . First Quarter 2024 Highlights ● Gross written premiums increased by 47.2% to $368.1 million compared to $250.1 million in the first quarter of 2023 ● Net income of $26.4 million, compared to $17.3 million in the first quarter of 2023 ● Adjusted net income (1) of $27.8

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Source: SEC EDGAR

accession 0001437749-24-014368

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