Heritage Insurance Holdings Releases Positive Financial Results for Third Quarter 2024

On November 6, 2024, Heritage Insurance Holdings, Inc. (NYSE: HRTG) issued a press release detailing its financial performance for the fiscal quarter ending September 30, 2024. The company reported a net income of $8.2 million or $0.27 per diluted share, a significant improvement from the net loss of ($7.4) million or ($0.28) per diluted share in the same quarter of the previous year.

Highlights of the Third Quarter 2024 Results include gross premiums earned of $354.2 million, reflecting a 5.1% increase from the previous year. Net premiums earned saw a notable 12.6% growth to $198.8 million. The net loss ratio improved to 65.4%, a 9.0 point decrease from the prior year, while the net expense ratio decreased to 35.2%. The net combined ratio also showed improvement at 100.6%, a 10.2 point decrease from the previous year.

Ernie Garateix, CEO of Heritage, highlighted the company’s commitment to supporting policyholders affected by hurricanes and expressed pride in achieving controlled growth and sustained profitability. The press release also outlined Heritage’s strategic initiatives focusing on underwriting profit, capital allocation, and portfolio diversification, which have contributed to achieving rate adequacy and improved financial performance.

Key financial metrics for the quarter included net investment income of $9.8 million, up from $6.9 million in the previous year. The effective tax rate was reported at 9.4%, down from 38.3% in the previous year quarter. The company’s book value per share stood at $9.10 as of September 30, 2024, showcasing a significant increase from previous periods.

Heritage emphasized its strategic focus on controlling growth and maintaining profitability while prioritizing shareholder value. They announced the suspension of the quarterly shareholder dividend to support strategic growth and ensure robust return on equity. The Board of Directors will reassess dividend distribution and stock repurchases quarterly.

Heritage Insurance Holdings continues to emerge as a super-regional property and casualty insurance holding company, aiming to sustain growth and profitability amidst changing market dynamics and evolving customer needs.

For further details and comprehensive financial information, interested parties can access the complete report on Heritage Insurance Holdings’ website or review their 8-K filing available to the public.

Contact:
Kirk Lusk
Chief Financial Officer
[email protected]
[email protected]
[email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Heritage Insurance’s 8K filing here.

About Heritage Insurance

Heritage Insurance Holdings, Inc, through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance.