First Acceptance Corporation Reports Operating Results for the Quarter and Year Ended December 31, 2024
First Acceptance (OTCQX:FACO) reported its Q4 and full-year 2024 financial results. Q4 2024 income before taxes was $9.5M with net income of $8.2M, compared to $84.0M and $62.4M respectively in Q4 2023 (which included a $73.0M gain from insurance agency sale).
For full-year 2024, income before taxes reached $33.4M with net income of $26.3M. The company achieved record gross premiums written of $542.7M in 2024, a 101% increase from 2022. Investment income grew significantly from $3.9M in 2022 to $18.4M in 2024, while cash and invested assets increased to $407.8M.
Notable developments include a new reinsurance agreement effective July 1, 2024, resulting in $47.4M in ceded premiums earned. The company's tangible book value per share rose from $0.85 in 2022 to $4.41 in 2024, with diluted earnings per share of $0.67 for 2024.
First Acceptance (OTCQX:FACO) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Nel quarto trimestre 2024, il reddito prima delle tasse è stato di 9,5 milioni di dollari con un reddito netto di 8,2 milioni di dollari, rispetto a 84,0 milioni di dollari e 62,4 milioni di dollari rispettivamente nel quarto trimestre 2023 (che includeva un guadagno di 73,0 milioni di dollari dalla vendita di un'agenzia assicurativa).
Per l'intero anno 2024, il reddito prima delle tasse ha raggiunto 33,4 milioni di dollari con un reddito netto di 26,3 milioni di dollari. L'azienda ha registrato premi lordi scritti record di 542,7 milioni di dollari nel 2024, con un aumento del 101% rispetto al 2022. Il reddito da investimenti è cresciuto significativamente da 3,9 milioni di dollari nel 2022 a 18,4 milioni di dollari nel 2024, mentre la liquidità e gli attivi investiti sono aumentati a 407,8 milioni di dollari.
Sviluppi notevoli includono un nuovo accordo di riassicurazione che entrerà in vigore il 1° luglio 2024, con un risultato di 47,4 milioni di dollari in premi ceduti guadagnati. Il valore contabile tangibile per azione dell'azienda è aumentato da 0,85 dollari nel 2022 a 4,41 dollari nel 2024, con utili per azione diluiti di 0,67 dollari per il 2024.
First Acceptance (OTCQX:FACO) informó sus resultados financieros del cuarto trimestre y del año completo 2024. En el cuarto trimestre de 2024, los ingresos antes de impuestos fueron de 9,5 millones de dólares con un ingreso neto de 8,2 millones de dólares, en comparación con 84,0 millones de dólares y 62,4 millones de dólares respectivamente en el cuarto trimestre de 2023 (que incluyó una ganancia de 73,0 millones de dólares por la venta de una agencia de seguros).
Para el año completo 2024, los ingresos antes de impuestos alcanzaron los 33,4 millones de dólares con un ingreso neto de 26,3 millones de dólares. La compañía logró un récord de primas brutas escritas de 542,7 millones de dólares en 2024, un aumento del 101% en comparación con 2022. Los ingresos por inversiones crecieron significativamente de 3,9 millones de dólares en 2022 a 18,4 millones de dólares en 2024, mientras que el efectivo y los activos invertidos aumentaron a 407,8 millones de dólares.
Desarrollos notables incluyen un nuevo acuerdo de reaseguro que entrará en vigencia el 1 de julio de 2024, resultando en 47,4 millones de dólares en primas cedidas ganadas. El valor contable tangible por acción de la compañía aumentó de 0,85 dólares en 2022 a 4,41 dólares en 2024, con ganancias por acción diluidas de 0,67 dólares para 2024.
퍼스트 어셉턴스 (OTCQX:FACO)는 2024년 4분기 및 연간 재무 결과를 보고했습니다. 2024년 4분기 세전 수익은 950만 달러였고, 순이익은 820만 달러로, 2023년 4분기에는 각각 8400만 달러와 6240만 달러였으며 (여기에는 보험 에이전시 매각으로 인한 7300만 달러의 이익이 포함됨)
2024년 전체 연도에 대해 세전 수익은 3340만 달러, 순이익은 2630만 달러에 도달했습니다. 회사는 2024년에 542.7백만 달러의 총 보험료 기록을 달성했으며, 이는 2022년 대비 101% 증가한 수치입니다. 투자 수익은 2022년 390만 달러에서 2024년 1840만 달러로 크게 증가했으며, 현금 및 투자 자산은 4억 780만 달러로 증가했습니다.
주요 개발 사항으로는 2024년 7월 1일부터 발효되는 새로운 재보험 계약이 있으며, 이에 따라 4740만 달러의 양도된 보험료 수익이 발생합니다. 회사의 주당 실질 장부 가치는 2022년 0.85달러에서 2024년 4.41달러로 증가했으며, 2024년 희석 주당 이익은 0.67달러입니다.
First Acceptance (OTCQX:FACO) a annoncé ses résultats financiers pour le quatrième trimestre et l'année complète 2024. Pour le quatrième trimestre 2024, le revenu avant impôts s'est élevé à 9,5 millions de dollars, avec un revenu net de 8,2 millions de dollars, comparé à 84,0 millions de dollars et 62,4 millions de dollars respectivement au quatrième trimestre 2023 (qui comprenait un gain de 73,0 millions de dollars provenant de la vente d'une agence d'assurance).
Pour l'année complète 2024, le revenu avant impôts a atteint 33,4 millions de dollars avec un revenu net de 26,3 millions de dollars. L'entreprise a réalisé un record de primes brutes souscrites de 542,7 millions de dollars en 2024, soit une augmentation de 101 % par rapport à 2022. Les revenus d'investissement ont considérablement augmenté, passant de 3,9 millions de dollars en 2022 à 18,4 millions de dollars en 2024, tandis que les liquidités et les actifs investis ont augmenté à 407,8 millions de dollars.
Les développements notables incluent un nouvel accord de réassurance qui entrera en vigueur le 1er juillet 2024, entraînant 47,4 millions de dollars de primes cédées acquises. La valeur comptable tangible par action de l'entreprise est passée de 0,85 dollar en 2022 à 4,41 dollars en 2024, avec un bénéfice dilué par action de 0,67 dollar pour 2024.
First Acceptance (OTCQX:FACO) hat seine Finanzzahlen für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Im vierten Quartal 2024 betrugen die Einkünfte vor Steuern 9,5 Millionen Dollar mit einem Nettogewinn von 8,2 Millionen Dollar, im Vergleich zu 84,0 Millionen Dollar und 62,4 Millionen Dollar im vierten Quartal 2023 (das einen Gewinn von 73,0 Millionen Dollar aus dem Verkauf einer Versicherungsagentur beinhaltete).
Für das Gesamtjahr 2024 erreichten die Einkünfte vor Steuern 33,4 Millionen Dollar mit einem Nettogewinn von 26,3 Millionen Dollar. Das Unternehmen erzielte einen Rekord von 542,7 Millionen Dollar an geschriebenen Bruttoprämien im Jahr 2024, was einem Anstieg von 101 % im Vergleich zu 2022 entspricht. Die Anlageerträge stiegen erheblich von 3,9 Millionen Dollar im Jahr 2022 auf 18,4 Millionen Dollar im Jahr 2024, während die liquiden Mittel und investierten Vermögenswerte auf 407,8 Millionen Dollar anstiegen.
Bemerkenswerte Entwicklungen umfassen eine neue Rückversicherungsvereinbarung, die am 1. Juli 2024 in Kraft tritt und zu 47,4 Millionen Dollar an abgegebenen Prämien führt. Der greifbare Buchwert pro Aktie des Unternehmens stieg von 0,85 Dollar im Jahr 2022 auf 4,41 Dollar im Jahr 2024, mit einem verwässerten Gewinn pro Aktie von 0,67 Dollar für 2024.
- Record gross premiums written of $542.7M in 2024 (+101% vs 2022)
- Investment income grew 372% to $18.4M in 2024
- Tangible book value per share increased to $4.41 from $0.85 in 2022
- Eight consecutive quarters of profitable operations
- Income before taxes increased to $33.4M in 2024 from $26.0M in 2023
- Q4 2024 net income declined to $8.2M vs $62.4M in Q4 2023
- $13.3M unfavorable prior period loss development in 2024
- $47.4M reduction in revenues from ceded premiums due to new reinsurance agreement
- Loss of commission and fee income from sold insurance agency
NASHVILLE, TN / ACCESS Newswire / March 4, 2025 / First Acceptance Corporation (OTCQX:FACO) today reported its financial results for the quarter and year ended December 31, 2024. A quarterly report can be found at www.otcmarkets.com/stock/FACO/disclosure.
Income before income taxes, for the three months ended December 31, 2024 was
Income before income taxes, for the year ended December 31, 2024 was
For the three months ended December 31, 2024, we recognized favorable prior period loss and LAE development of
Revenues for the year ended December 31, 2024 were reduced by ceded premiums earned of
The Company's President and Chief Executive Officer, Ken Russell commented "After rebounding from negative insurance industry conditions following the COVID pandemic, First Acceptance management is proud of our financial accomplishments over the past two fiscal years.
In 2022, our financial results were negatively impacted by a nationwide increase in used car prices and vehicle repair costs resulting from post-pandemic market reactions and supply chain disruptions. However, since the end of 2022, the Company has experienced eight consecutive quarters of profitable operations. This turnaround was achieved primarily through growth in premiums written along with necessary regulatory rate increases and the continuous monitoring and adjusting of underwriting standards. Additionally, our investment management team was able to take advantage of favorable market and interest rate changes in concert with our continually increasing investable assets.
The sale of our insurance agency operations in December 2023 provided the Company with sufficient statutory capital to generate gross premiums written in 2024 in excess of
Income before income taxes were
$26.0 million in 2023 (after excluding the$73.0 million gain on the sale of the insurance agency) and increased to$33.4 million in 2024.Gross premiums written (before reinsurance) were
$542.7 million in 2024 reflecting an increase of101% from$269.6 million in 2022.Investment income increased from
$3.9 million in 2022 to$18.4 million in 2024 driven by favorable market conditions and the increase in cash and invested assets from$176.8 at December 31, 2022 to$407.8 million at December 31, 2024.Tangible book value per share increased from
$0.85 at December 31, 2022 to$4.41 at December 31, 2024, primarily the result of diluted earnings per share of$1.92 in 2023 (or$0.51 excluding the after-tax gain on the sale of the insurance agency) and$0.69 in 2024.
These positive accomplishments should provide our stockholders with confidence in the resilience of First Acceptance and its leadership to weather through challenging conditions and protect the value of their investment."
About First Acceptance Corporation
First Acceptance Corporation is an insurance holding company headquartered in Nashville that underwrites non-standard personal automobile insurance through insurance companies known as the First Acceptance Insurance Group. Subsequent to December 1, 2023, we solely offer our own underwritten insurance policies through independent agents.
Additional information about First Acceptance Corporation can be found online at www.firstacceptance.com.
Forward-Looking Statements
This press release contains forward-looking statements. All statements made other than statements of historical fact are forward-looking statements. You can identify these statements from our use of the words "believe," "expect," "look," or the negative of these objective terms and similar expressions. These statements, which have been included in reliance on the "safe harbor" provisions of the federal securities laws, involve risks and uncertainties. Investors are hereby cautioned that these statements may be affected by important factors, including, among others, the factors set forth under the caption "Risk Factors" in our Annual Report for the year ended December 31, 2024, filed by the Company with the OTCQX. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
First Acceptance Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(amounts in thousands, except per share data)
| Three Months Ended |
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| Year Ended |
| |||||||||||
| December 31, |
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| December 31, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
| |||||
Revenues |
| $ | 127,231 |
|
| $ | 216,395 |
|
| $ | 559,427 |
|
| $ | 560,576 |
|
Income before income taxes |
| $ | 9,548 |
|
| $ | 84,021 |
|
| $ | 33,418 |
|
| $ | 99,033 |
|
Net income |
| $ | 8,173 |
|
| $ | 62,395 |
|
| $ | 26,291 |
|
| $ | 73,912 |
|
Net income per diluted share |
| $ | 0.21 |
|
| $ | 1.62 |
|
| $ | 0.67 |
|
| $ | 1.92 |
|
Average diluted shares outstanding |
|
| 39,138 |
|
|
| 38,553 |
|
|
| 39,095 |
|
|
| 38,409 |
|
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| |
Combined Ratio for Insurance Companies: |
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Loss |
|
| 76.7 | % |
|
| 67.3 | % |
|
| 73.6 | % |
|
| 69.6 | % |
Expense |
|
| 16.9 | % |
|
| 29.5 | % |
|
| 22.1 | % |
|
| 27.6 | % |
Combined |
|
| 93.6 | % |
|
| 96.8 | % |
|
| 95.7 | % |
|
| 97.2 | % |
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Book Value per Common Share |
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|
|
|
|
|
|
| $ | 4.44 |
|
| $ | 3.71 |
|
INVESTOR RELATIONS CONTACT:
Michael J. Bodayle
mbodayle@firstacceptance.com
SOURCE: First Acceptance Corporation
View the original press release on ACCESS Newswire
FAQ
What was FACO's gross premium written growth from 2022 to 2024?
How much did FACO's investment income increase in 2024?
What impact did the 2023 insurance agency sale have on FACO's earnings?
How did FACO's tangible book value per share change from 2022 to 2024?
What was the impact of FACO's new reinsurance agreement in 2024?
