Hagerty FY2023 revenue $1.0B (+27%), net income $28.2M; guides 15-17% revenue growth in 2024

Hagerty, Inc.

FY2023 total revenue $1.0B (+27% YoY); Q4 revenue $245M (+24%).
FY2023 net income $28.2M (vs $2.4M in 2022); Adjusted EBITDA $88.2M (vs -$1.9M).
Written premiums $907.2M (+17%); Policies retention 88.7% vs 88.0%; loss ratio improved to 41.5%.
2024 Outlook: total revenue growth 15-17%, net income growth 116-148%, Adj EBITDA growth 41-53%.
AM Best assigned A- (Excellent) rating to Hagerty Re; HDC paid members +8% to ~815k.

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Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Hagerty, Inc. reported the fiscal year ended December 31, 2023 results: revenue $1.0 billion. Guidance initiated.

Period: the fiscal year ended December 31, 2023
Revenue: $1.0 billion
Guidance: initiated
Result: reported results

Exact text from the filing

full year 2023 Total Revenue increased 27% to $1.0 billion compared to the prior year periods.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Hagerty, Inc. reported the fiscal quarter ended December 31, 2023 results: net income $9.0 million. Guidance initiated.

Period: the fiscal quarter ended December 31, 2023
Net income: $9.0 million
Guidance: initiated
Result: reported results

Exact text from the filing

Fourth quarter 2023 Net Income of $9.0 million, an increase of $41.3 million

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708 earnings releases filed in the last 30 days. Browse all earnings releases →

Hagerty, Inc. filing history →

Source: SEC EDGAR

accession 0001840776-24-000019

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