First Acceptance Corporation Reports Operating Results for the Three and Six Months Ended June 30, 2024
First Acceptance (OTCQX:FACO) reported strong financial results for Q2 2024. Income before taxes reached $8.1 million, up from $4.2 million in Q2 2023. Net income increased to $5.8 million from $3.2 million year-over-year. Diluted earnings per share rose to $0.15 from $0.08. For the first half of 2024, income before taxes was $17.0 million, compared to $5.6 million in H1 2023. Net income for H1 2024 reached $12.7 million, up from $4.3 million. The company recognized unfavorable prior period loss and LAE development of $4.8 million in Q2 2024. CEO Ken Russell highlighted six consecutive profitable quarters, sustained premium growth, and improved investment income as key factors in the company's performance.
First Acceptance (OTCQX:FACO) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. Il reddito prima delle tasse ha raggiunto i 8,1 milioni di dollari, rispetto ai 4,2 milioni del secondo trimestre del 2023. Il reddito netto è aumentato a 5,8 milioni di dollari, passando da 3,2 milioni nell'anno precedente. Gli utili per azione diluiti sono saliti a 0,15 dollari rispetto a 0,08 dollari. Per la prima metà del 2024, il reddito prima delle tasse è stato di 17,0 milioni di dollari, rispetto ai 5,6 milioni nella prima metà del 2023. Il reddito netto per H1 2024 ha raggiunto 12,7 milioni di dollari, in aumento rispetto ai 4,3 milioni. L'azienda ha riconosciuto una perdita sfavorevole del periodo precedente e uno sviluppo LAE di 4,8 milioni di dollari nel secondo trimestre del 2024. Il CEO Ken Russell ha evidenziato sei trimestri consecutivi redditizi, una crescita costante dei premi e un miglioramento del reddito da investimenti come fattori chiave delle performance dell'azienda.
First Acceptance (OTCQX:FACO) informó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos antes de impuestos alcanzaron los 8.1 millones de dólares, en comparación con 4.2 millones en el segundo trimestre de 2023. El ingreso neto aumentó a 5.8 millones de dólares desde 3.2 millones en el mismo período del año anterior. Las ganancias por acción diluidas se elevaron a 0.15 dólares desde 0.08 dólares. Para la primera mitad de 2024, los ingresos antes de impuestos fueron de 17.0 millones de dólares, en comparación con 5.6 millones en la primera mitad de 2023. El ingreso neto para H1 2024 alcanzó los 12.7 millones de dólares, aumentando desde 4.3 millones. La compañía reconoció una pérdida desfavorable del período anterior y un desarrollo de LAE de 4.8 millones de dólares en el segundo trimestre de 2024. El CEO Ken Russell destacó seis trimestres consecutivos de ganancias, un crecimiento sostenido de primas y una mejora en los ingresos por inversiones como factores clave en el rendimiento de la compañía.
First Acceptance (OTCQX:FACO)는 2024년 2분기 강력한 재무 결과를 보고했습니다. 세전 수익은 810만 달러로 2023년 2분기의 420만 달러에서 증가했습니다. 순익은 320만 달러에서 580만 달러로 증가했습니다. 희석주당순이익 역시 0.08달러에서 0.15달러로 상승했습니다. 2024년 상반기 동안 세전 소득은 1,700만 달러로 2023년 상반기의 560만 달러와 비교됩니다. 2024년 상반기의 순익은 430만 달러에서 1,270만 달러로 증가했습니다. 이 회사는 2024년 2분기에 480만 달러에 달하는 불리한 이전 기간 손실 및 LAE 개발을 인식했습니다. CEO Ken Russell은 회사 성과의 주요 요소로 여섯 번의 연속적인 수익성 분기, 지속적인 보험료 성장, 개선된 투자 수익성을 강조했습니다.
First Acceptance (OTCQX:FACO) a annoncé de solides résultats financiers pour le deuxième trimestre 2024. Le revenu avant impôts a atteint 8,1 millions de dollars, contre 4,2 millions de dollars au deuxième trimestre 2023. Le revenu net a augmenté à 5,8 millions de dollars, contre 3,2 millions de dollars d'une année sur l'autre. Le bénéfice par action dilué a grimpé à 0,15 dollar contre 0,08 dollar. Pour le premier semestre 2024, le revenu avant impôts s'élevait à 17,0 millions de dollars, contre 5,6 millions de dollars au H1 2023. Le revenu net pour H1 2024 a atteint 12,7 millions de dollars, en hausse par rapport à 4,3 millions de dollars. L'entreprise a reconnu une perte défavorable de la période précédente et un développement des LAE de 4,8 millions de dollars au deuxième trimestre 2024. Le PDG Ken Russell a souligné six trimestres consécutifs de rentabilité, une croissance soutenue des primes et une amélioration des revenus d'investissement comme des facteurs clés de la performance de l'entreprise.
First Acceptance (OTCQX:FACO) hat starke finanzielle Ergebnisse für das zweite Quartal 2024 vermeldet. Das Einkommen vor Steuern belief sich auf 8,1 Millionen Dollar, im Vergleich zu 4,2 Millionen Dollar im zweiten Quartal 2023. Das Netto-Einkommen stieg auf 5,8 Millionen Dollar von 3,2 Millionen Dollar im Vorjahr. Der verwässerte Gewinn pro Aktie erhöhte sich auf 0,15 Dollar von 0,08 Dollar. Für die erste Hälfte von 2024 betrug das Einkommen vor Steuern 17,0 Millionen Dollar, verglichen mit 5,6 Millionen Dollar in der ersten Hälfte von 2023. Das Netto-Einkommen für H1 2024 erreichte 12,7 Millionen Dollar, ein Anstieg von 4,3 Millionen Dollar. Das Unternehmen erkannte einen ungünstigen Verlust aus dem Vorzeitraum und eine Entwicklung bei LAE von 4,8 Millionen Dollar im zweiten Quartal 2024 an. CEO Ken Russell hob sechs aufeinanderfolgende gewinnbringende Quartale, nachhaltiges Prämienwachstum und verbesserte Anlageerträge als Schlüsselfaktoren für die Unternehmensleistung hervor.
- Income before taxes increased by 92.9% to $8.1 million in Q2 2024
- Net income grew by 81.3% to $5.8 million in Q2 2024
- Diluted earnings per share rose by 87.5% to $0.15 in Q2 2024
- Six consecutive profitable quarters reported
- Sustained premium growth across all distribution channels
- Improved investment income contributing significantly to net income
- Expense ratio favorably impacted by the sale of insurance agency operations
- Unfavorable prior period loss and LAE development of $4.8 million in Q2 2024
- Increased unfavorable prior period loss and LAE development of $8.8 million for H1 2024
NASHVILLE, TN / ACCESSWIRE / August 13, 2024 / First Acceptance Corporation (OTCQX:FACO) today reported its financial results for the three and six months ended June 30, 2024. A quarterly report can be found at www.otcmarkets.com/stock/FACO/disclosure.
Income before income taxes, for the three months ended June 30, 2024 was
Income before income taxes, for the six months ended June 30, 2024 was
For the three months ended June 30, 2024, we recognized unfavorable prior period loss and LAE development of
The Company's President and Chief Executive Officer, Ken Russell, commented "The quarter ended June 30, 2024 marks the Company's sixth consecutive profitable quarter reflecting a steady continuation of the favorable market trends we have experienced since the fourth quarter of 2022. Since then, premium growth has sustained across all our distribution channels through a combination of rate increases and increased production. Throughout, our loss ratio has remained within our expectations, as has our expense ratio, which was favorably impacted by the sale of our insurance agency operations in December 2023. Investment income has also grown to become a more significant component of our net income. Going forward, I remain confident that our Company is well positioned to continue this profitable success ".
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.
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, 2023, 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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| Six Months Ended |
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| June 30, |
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| June 30, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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Revenues |
| $ | 157,675 |
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| $ | 112,645 |
|
| $ | 302,939 |
|
| $ | 210,555 |
|
Income before income taxes |
| $ | 8,079 |
|
| $ | 4,198 |
|
| $ | 17,017 |
|
| $ | 5,616 |
|
Net income |
| $ | 5,789 |
|
| $ | 3,154 |
|
| $ | 12,717 |
|
| $ | 4,312 |
|
Net income per diluted share |
| $ | 0.15 |
|
| $ | 0.08 |
|
| $ | 0.33 |
|
| $ | 0.11 |
|
Average diluted shares outstanding |
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| 38,987 |
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| 38,211 |
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| 38,898 |
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| 38,119 |
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Combined Ratio for Insurance Companies: |
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Loss |
|
| 72.4 | % |
|
| 69.7 | % |
|
| 71.3 | % |
|
| 72.3 | % |
Expense |
|
| 27.5 | % |
|
| 30.5 | % |
|
| 26.8 | % |
|
| 29.0 | % |
Combined |
|
| 99.9 | % |
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| 100.2 | % |
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| 98.1 | % |
|
| 101.3 | % |
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Book Value per Common Share |
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| $ | 4.01 |
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| $ | 1.83 |
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INVESTOR RELATIONS CONTACT:
Michael J. Bodayle
mbodayle@firstacceptance.com
SOURCE: First Acceptance Corporation
View the original press release on accesswire.com
FAQ
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