HRTG - Heritage Insurance Q4 earnings beat as gross premiums earned increase
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
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Heritage Insurance Q4 earnings beat as gross premiums earned increase