- Heritage Insurance (NYSE:HRTG) stock is climbing 3.8% in after-hours trading on Monday after its Q4 earnings beat the consensus estimate with the company showing Y/Y improvement in gross premiums earned, net loss ratio, and net combined ratio.
- Q4 adjusted EPS of $0.41 easily surpassed the average analyst estimate of $0.16 and jumped from $0.10 in the year-ago quarter, reflecting stronger underwriting profitability.
- Net combined ratio of 93.2% improved from 108.7% in Q4 2020 and stood at its lowest level in two years.
- Net loss ratio of 61.9% improved 8.5 points from the year-ago quarter.
- Net expense ratio also showed improvement, falling 7.0 points to 31.3%.
- Premiums-in-force of $1.2B rose 8.3% Y/Y.
- Gross premiums earned of $293.7M rose 11% Y/Y; gross premiums written of $278.8M, slipped 1.2% as intentional exposure-management and re-underwriting efforts resulted in a 17.8% reduction in Florida, largely offset by growth in other regions.
- Q4 total expenses of $209.6M increased from $164.6M a year ago.
- Conference call on March 8 at 9:30 AM ET.
- Earlier, Heritage Insurance non-GAAP EPS of $0.41 beats by $0.25, revenue of $166.71M beats by $1.39M
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