Intel stock spikes after report of possible US government stake
NEW YORK - Heritage Insurance Holdings Inc (NYSE:HRTG) reported fourth quarter earnings and revenue that exceeded analyst expectations, sending shares up 5% in after-hours trading Tuesday.
The property and casualty insurer posted adjusted earnings per share of $0.66, beating the consensus estimate of $0.33. Revenue came in at $210.26 million, topping expectations of $208.37 million.
Net income for the quarter was $20.3 million, down from $30.9 million in the same period last year. The company said results were impacted by a $57 million pre-tax hit related to losses from Hurricane Milton.
"Our fourth quarter results clearly demonstrate our efforts over the last several years to attain rate adequacy, manage exposure, and enhance our underwriting discipline," said CEO Ernie Garateix.
Gross premiums written rose 3.7% YoY to $338.7 million, reflecting growth in commercial residential and surplus lines business. The net combined ratio increased to 89.7% from 84.9% a year ago.
Heritage said it plans to strategically re-open territories for new personal lines business in 2025 as it aims to deliver profitable growth. The company’s book value per share increased 30.3% YoY to $9.50.
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