Heritage Reports Fourth Quarter 2023 Results
- Positive: Net income of $30.9 million in Q4 2023, up from $12.5 million in the previous year.
- Positive: Gross premiums earned increased by 7.0% to $339.6 million.
- Positive: Net loss ratio improved by 11.4 points to 51.0%.
- Positive: Continued exposure management strategy with a decline in personal lines policies-in-force by 15.0%.
- Negative: Suspension of quarterly dividends to shareholders.
- Negative: No shares of common stock were repurchased during the quarter.
- None.
Insights
The reported financial results by Heritage Insurance Holdings, Inc. show a substantial improvement in profitability, with a notable increase in net income and earnings per share. The net income leap from $12.5 million to $30.9 million, representing a 147.5% year-over-year increase, is particularly significant. This enhancement is likely attributed to strategic underwriting and rate adjustments, which have led to an increase in net premiums earned by 6.9%. Additionally, the net combined ratio's improvement to 84.9% from 96.1% suggests more efficient operations, as this metric indicates the profitability of the insurance operations after accounting for claims and expenses.
Investors should note the intentional decrease in personal lines policies-in-force by 15%, which reflects a strategic shift to improve the quality of the business and manage reinsurance costs. While this may reduce short-term revenue potential, it could lead to a more stable and profitable business model in the long run. The book value per share increase by 42.1% year-over-year also indicates a stronger balance sheet, which could be a positive signal for investor confidence and company stability.
Heritage's focus on selective growth and diversification is evident in their strategy to increase commercial residential premium by 63.9% year over year. This move is likely to reduce volatility in their portfolio, as commercial lines can offer more stable returns compared to personal lines, which are often more susceptible to loss events such as natural disasters. The strategic reduction in personal lines exposure in Florida by 16.3% aligns with the company's risk management strategy, given the state's high exposure to catastrophic events.
Investors should be aware of the impact of these strategic decisions on the company's long-term growth prospects. By concentrating on underwriting profitability and rate adequacy, Heritage is positioning itself to potentially deliver consistent returns. However, the decline in policy count could impact market share and investor perceptions of growth potential in the short term.
The capital raise through a primary offering and the suspension of the quarterly dividend are indicative of a shift in capital allocation strategy. The injection of capital might be aimed at supporting growth initiatives or strengthening the balance sheet. However, the suspension of dividends could be perceived negatively by income-focused investors, as it suggests that the company is prioritizing internal investments over direct shareholder returns.
From an economic perspective, the company's ability to raise capital in a potentially tightening monetary environment could signal confidence from investors in the company's strategic direction. The increase in book value per share and the positive trajectory of net income could contribute to a more favorable credit profile, which may lower the cost of capital for future endeavors.
Fourth Quarter 2024 Highlights
- Fourth quarter net income of
$30.9 million $1.15 $12.5 million $0.48 - Gross premiums earned of
$339.6 million 7.0% from$317.3 million - Net premiums earned of
$177.7 million 6.9% from$166.2 million - Net loss ratio of
51.0% , an improvement of 11.4 points from62.4% in the prior year quarter. - Net expense ratio of
33.9% , relatively flat from33.7% in the prior year quarter. - Net combined ratio of
84.9% , an improvement of 11.2 points from96.1% in the prior year quarter. - Continued successful exposure management strategy with intentional decline in personal lines policies-in-force of
15.0% , and a decline in personal lines total insured value ("TIV") of6.9% as compared to the prior year period.
"Our strategic focus on achieving rate adequacy across our portfolio and driving superior underwriting results has been steadfast. Our deliberate efforts over the past two years resulted in a better quality and more diversified book of business, which more effectively manages reinsurance costs and drives lower claims related losses. Our commitment to enhanced and long-term relationships with our reinsurers, who are pivotal to our success, has also been a key aspect of our strategy," remarked Ernie Garateix, CEO of Heritage. "These actions, the subsequent results and our recent capital raise position us well for selective growth going forward. As we look ahead, I am confident in our ability to maintain this momentum across our sixteen-state platform, driven by our solid foundation, strategic clarity, and the dedication of experienced workforce."
Strategic Profitability Initiatives
The following provides an update to the Company's strategic initiatives that are expected for Heritage to achieve consistent long-term quarterly earnings and drive shareholder value. The Supplemental Information table included in this earnings release demonstrates progress made since fourth quarter 2022.
- Generate underwriting profit though rate adequacy and more selective underwriting.
- Significant rating actions across the book of business have favorably impacted it, resulting in an increase in average premium per policy of
24.2% over the prior year quarter and4.5% over third quarter 2023. - Gross premiums earned increased
7.0% over the prior year quarter, driven by rate actions taken in 2022 and 2023 across the book of business, as well as growth in commercial residential business, which helps drive the higher average premium. - Premiums-in-force of
$1.4 billion 5.6% from the prior year quarter while policy count is down15.0% due to continued underwriting efforts aimed at rate adequacy, managing the reinsurance cost and improving the quality of the book of business. - Continued focus on timely rate actions, tightening underwriting criteria, and expanding restrictions on new business written in over-concentrated markets or products.
- Significant rating actions across the book of business have favorably impacted it, resulting in an increase in average premium per policy of
- Allocate capital to products and geographies that maximize long-term returns.
- Selectively, we increased the commercial residential premium in force by
63.9% year over year, while the TIV only increased by20.7% , and policies in force saw a modest increase of3.0% . The commercial residential business, which tends to have a significantly lower attritional loss ratio, generates materially higher premiums. The increase in TIV, spurred by growth of the commercial residential business, is offset by a reduction in personal lines exposure, managing reinsurance costs effectively and contributing to underwriting income and return on equity. Commercial residential business accounts for18.7% of the in-force premium, compared to12.0% in the prior year period. - As part of our exposure management strategy, reduced policy count for
Florida personal lines business by16.3% as compared to the prior year period. The disciplined underwriting and rating actions have reducedFlorida personal lines TIV by9.4% while reducing premiums in force by only0.7% and improved the quality of ourFlorida book of business. - This disciplined underwriting approach resulted in a policy count reduction of
14.4% in other states, with a reduction in TIV by6.3% , resulting in a reduction in premiums in force of only3.4% .
- Selectively, we increased the commercial residential premium in force by
- Maintain a balanced and diversified portfolio.
- Selective diversification of the portfolio by product and state, which can change based on market conditions, serves to reduce performance volatility.
- No state represents over
26.5% of the Company's TIV. - TIV for the top four states declined by
18.4% , while TIV for all other states increased by88.0% . - In-force premium for the four states with the highest TIV decreased by
4.6% while in-force premium for all other states grew by89.4% . - As a result of diversification efforts, personal lines TIV for the five states with the highest TIV decreased by
5.2% from the prior year period and represented71.6% of all TIV at fourth quarter 2023 compared to71.9% of all TIV at fourth quarter 2022.
- Provide coverage suitable to the market and return targets.
- Offering Excess & Surplus lines ("E&S") policies in
California ,Florida , andSouth Carolina . This product allows greater flexibility in product terms as well as speed to market. - Continuing to evaluate other states for E&S and other products.
- Offering Excess & Surplus lines ("E&S") policies in
Capital Management
On December 14, 2023, the Company completed a primary offering of 3,703,703 shares of its common stock at a public offer price of
Heritage's Board of Directors has decided to continue its suspension of the quarterly dividend to shareholders. The Board of Directors will continue to evaluate dividend distribution and stock repurchases on a quarterly basis. No shares of common stock were repurchased during the quarter.
Results of Operations
The following table summarizes results of operations for the three months and year ended December 31, 2023 and 2022 (amounts in thousands, except percentages and per share amounts):
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||
Total revenue | $ | 186,967 | $ | 174,588 | 7.1 | % | $ | 735,498 | $ | 662,460 | 11.03 | % | |||||||||||||||
Net income (loss) | $ | 30,943 | $ | 12,501 | 147.5 | % | $ | 45,307 | $ | (154,363) | (129.4) | % | |||||||||||||||
Earnings Per Diluted Share | $ | 1.15 | $ | 0.48 | 139.6 | % | $ | 1.73 | $ | (5.86) | (129.5) | % | |||||||||||||||
Book value per share | $ | 7.29 | $ | 5.13 | 42.1 | % | $ | 7.29 | $ | 5.13 | 42.1 | % | |||||||||||||||
Return on equity* | 66.6 | % | 40.2 | % | 26.4 | pts | 25.8 | % | (65.1) | % | 90.9 | pts | |||||||||||||||
Underwriting summary | |||||||||||||||||||||||||||
Gross premiums written | $ | 326,723 | $ | 322,050 | 1.5 | % | $ | 1,343,101 | $ | 1,275,031 | 5.3 | % | |||||||||||||||
Gross premiums earned | $ | 339,631 | $ | 317,285 | 7.0 | % | $ | 1,323,643 | $ | 1,208,824 | 9.5 | % | |||||||||||||||
Ceded premiums | $ | (161,919) | $ | (151,114) | 7.2 | % | $ | (626,458) | $ | (571,759) | 9.6 | % | |||||||||||||||
Net premiums earned | $ | 177,713 | $ | 166,171 | 6.9 | % | $ | 697,185 | $ | 637,065 | 9.4 | % | |||||||||||||||
Ceded premium ratio | 47.7 | % | 47.6 | % | 0.1 | pt | 47.3 | % | 47.3 | % | 0.0 | pts | |||||||||||||||
Ratios to Net Premiums Earned: | |||||||||||||||||||||||||||
Loss ratio | 51.0 | % | 62.4 | % | (11.4) | pts | 61.1 | % | 78.7 | % | (17.6) | pts | |||||||||||||||
Expense ratio | 33.9 | % | 33.7 | % | 0.2 | pts | 35.2 | % | 35.6 | % | (0.4) | pts | |||||||||||||||
Combined ratio | 84.9 | % | 96.1 | % | (11.2) | pts | 96.3 | % | 114.3 | % | (18.0) | pts | |||||||||||||||
* Return on equity represents annualized net income for the period divided by average stockholders' equity during the period.
Note: Percentages and sums in the table may not recalculate precisely due to rounding.
Ratios
Ceded premium ratio represents ceded premiums as a percentage of gross premiums earned.
Net loss ratio represents net losses and loss adjustment expenses ("LAE") as a percentage of net premiums earned.
Net expense ratio represents policy acquisition costs ("PAC") and general and administrative ("G&A") expenses as a percentage of net premiums earned. Ceding commission income is reported as a reduction of PAC and G&A expenses.
Net combined ratio represents the sum of net losses and LAE, PAC and G&A expenses as a percentage of net premiums earned. The net combined ratio is a key measure of underwriting performance traditionally used in the property and casualty industry. A net combined ratio under
Fourth quarter 2023 Results
- Fourth quarter 2023 net income of
$30.9 million $1.15 $12.5 million $0.48 6.9% in net premiums earned, an increase of36.1% in net investment income, and a reduction of12.6% in net losses and LAE, described below, which was partly offset by elevated policy administration and general and administrative costs from the increase in gross premiums written over the prior year quarter as well as costs associated with a new claims system as described below. - Premiums-in-force were
$1.4 billion 5.6% increase from fourth quarter 2022 due to continued proactive underwriting and rate actions as well as growth in commercial lines business, despite an intentional reduction of approximately 79,000 personal lines policies. - Gross premiums written of
$326.7 million 1.5% from$322.1 million Florida commercial residential lines business and a higher average premium per policy throughout the book of business from rating actions and use of inflation guard, which ensures appropriate property values, mostly offset by targeted exposure management. - Gross premiums earned of
$339.6 million 7.0% from$317.3 million - Net premiums earned of
$177.7 million 6.9% from$166.2 million - Ceded premium ratio of
47.7% , up 0.1 point from47.6% in the prior year quarter driven by higher catastrophe excess of loss reinsurance costs that were partly offset by growth in gross premiums earned. - Net loss ratio decreased to
51.0% , a 11.4 point decline from62.4% in the same quarter last year reflecting higher net premiums earned and lower net losses and LAE. The improvement in net losses and LAE was largely due to diminished weather and attritional losses. Net weather losses for the current accident quarter were$11.0 million $27.5 million $3.1 million $15.3 million $7.9 million $12.2 million $1.8 million $2.2 million - The net expense ratio was
33.9% , a 0.2 point increase from the prior year quarter amount of33.7% , driven largely by higher general and administrative costs related to software and associated costs with the implementation of a new claims system aimed at driving future efficiencies, which was mostly offset by higher net premiums earned. The Company's implementation of enhanced and updated claims, policy, and billing systems is expected to achieve human capital efficiencies and improve the timeliness and quality of data analytics used to drive underwriting income. - Net combined ratio of
84.9% improved 11.2 points from96.1% in the prior year quarter, driven by a lower net loss ratio and partly offset by a higher net expense ratio as described above. - Net investment income, inclusive of realized investment losses and unrealized losses on equity securities, was
$5.8 million $1.0 million $4.8 million - The effective tax rate was
6.7% compared to (5.5)% in the prior year quarter. The change in the effective tax rate for each quarter benefited from adjustments to the valuation allowance. Specifically, there was a reduction in the valuation allowance for a deferred tax asset by$1.9 million $4.3 million
Supplemental Information:
At December 31, | |||||||||||||
Policies in force: | 2023 | 2022 | % Change | ||||||||||
153,387 | 182,673 | (16.0) | % | ||||||||||
Other States | 297,288 | 347,234 | (14.4) | % | |||||||||
Total | 450,675 | 529,907 | (15.0) | % | |||||||||
Premiums in force: | |||||||||||||
$ | 695,010,638 | $ | 599,596,526 | 15.9 | % | ||||||||
Other States | 661,392,787 | 684,469,189 | (3.4) | % | |||||||||
Total | $ | 1,356,403,425 | $ | 1,284,065,715 | 5.6 | % | |||||||
Total Insured Value: | |||||||||||||
$ | 103,535,162,876 | $ | 103,752,777,168 | (0.2) | % | ||||||||
Other States | 286,860,809,967 | 306,070,446,229 | (6.3) | % | |||||||||
Total | $ | 390,395,972,843 | $ | 409,823,223,397 | (4.7) | % | |||||||
Book Value Analysis
As Of | ||||||||||||
Book Value Per Share | December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||
Numerator: | ||||||||||||
Common stockholders' equity | $ | 220,280 | $ | 131,039 | $ | 343,051 | ||||||
Denominator: | ||||||||||||
Total Shares Outstanding | 30,218,938 | 25,539,433 | 26,753,511 | |||||||||
Book Value Per Common Share | $ | 7.29 | $ | 5.13 | $ | 12.82 | ||||||
Book value per share of
Conference Call Details:
Tuesday, March 12, 2023 – 9 a.m. ET
Participant Dial-in Numbers Toll Free: 1-888-346-3095
Participant International Dial In: 1-412-902-4258
Canada Toll Free: 1-855-669-9657
Webcast:
To listen to the live webcast, please go to http://investors.heritagepci.com/. This webcast will be archived and accessible on the Company's website.
HERITAGE INSURANCE HOLDINGS, INC. Condensed Consolidated Balance Sheets (Amounts in thousands) | ||||||||
December 31, | ||||||||
2023 | 2022 | |||||||
ASSETS | ||||||||
Fixed maturities, available-for-sale, at fair value | $ | 560,682 | $ | 635,572 | ||||
Equity securities, at fair value | 1,666 | 1,514 | ||||||
Other investments, net | 7,067 | 16,484 | ||||||
Total investments | 569,415 | 653,570 | ||||||
Cash and cash equivalents | 463,640 | 280,881 | ||||||
Restricted cash | 9,699 | 6,691 | ||||||
Accrued investment income | 4,068 | 3,817 | ||||||
Premiums receivable, net | 89,490 | 92,749 | ||||||
Reinsurance recoverable on paid and unpaid claims, net | 482,429 | 805,059 | ||||||
Prepaid reinsurance premiums | 294,222 | 306,977 | ||||||
Income taxes receivable | 13,354 | 12,118 | ||||||
Deferred income tax asset, net | 11,111 | 16,841 | ||||||
Deferred policy acquisition costs, net | 102,884 | 99,617 | ||||||
Property and equipment, net | 33,218 | 25,729 | ||||||
Right-of-use lease asset, finance | 17,606 | 20,132 | ||||||
Right-of-use lease asset, operating | 6,835 | 7,335 | ||||||
Intangibles, net | 42,555 | 49,575 | ||||||
Other assets | 12,674 | 11,509 | ||||||
Total Assets | $ | 2,153,200 | $ | 2,392,600 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Unpaid losses and loss adjustment expenses | $ | 845,955 | $ | 1,131,807 | ||||
Unearned premiums | 675,921 | 656,641 | ||||||
Reinsurance payable | 159,823 | 199,803 | ||||||
Long-term debt, net | 119,732 | 128,943 | ||||||
Advance premiums | 23,900 | 26,516 | ||||||
Accrued compensation | 9,461 | 6,594 | ||||||
Lease liability, finance | 20,386 | 22,557 | ||||||
Lease liability, operating | 8,076 | 8,690 | ||||||
Accounts payable and other liabilities | 69,666 | 80,010 | ||||||
Total Liabilities | $ | 1,932,920 | $ | 2,261,561 | ||||
Stockholders' Equity: | ||||||||
Common stock, | 3 | 3 | ||||||
Additional paid-in capital | 360,310 | 334,711 | ||||||
Accumulated other comprehensive income, net of taxes | (35,250) | (53,585) | ||||||
Treasury stock, at cost | (130,900) | (130,900) | ||||||
Retained earnings (deficit) | 26,117 | (19,190) | ||||||
Total Stockholders' Equity | 220,280 | 131,039 | ||||||
Total Liabilities and Stockholders' Equity | $ | 2,153,200 | $ | 2,392,600 | ||||
HERITAGE INSURANCE HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||||||
Consolidated Statements of Income and Other Comprehensive Income (Loss) | |||||||||||||||
(Amounts in thousands, except per share and share amounts) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
REVENUE: | |||||||||||||||
Gross premiums written | $ | 326,723 | $ | 322,050 | $ | 1,343,101 | $ | 1,275,031 | |||||||
Change in gross unearned premiums | 12,908 | (4,765) | (19,458) | (66,207) | |||||||||||
Gross premiums earned | 339,631 | 317,285 | 1,323,643 | 1,208,824 | |||||||||||
Ceded premiums | (161,919) | (151,114) | (626,458) | (571,759) | |||||||||||
Net premiums earned | 177,713 | 166,171 | 697,185 | 637,065 | |||||||||||
Net investment income | 6,708 | 4,927 | 25,756 | 11,977 | |||||||||||
Net realized losses and impairment losses | (923) | (137) | (972) | (258) | |||||||||||
Other revenue | 3,469 | 3,627 | 13,529 | 13,676 | |||||||||||
Total revenue | 186,967 | 174,588 | 735,498 | 662,460 | |||||||||||
EXPENSES: | |||||||||||||||
Losses and loss adjustment expenses | 90,634 | 103,753 | 426,129 | 501,162 | |||||||||||
Policy acquisition costs | 43,408 | 40,478 | 167,610 | 156,304 | |||||||||||
General and administrative expenses | 16,755 | 15,449 | 77,777 | 70,396 | |||||||||||
Goodwill or intangible asset impairment | — | — | 767 | 91,959 | |||||||||||
Total expenses | 150,797 | 159,680 | 672,283 | 819,821 | |||||||||||
Operating income (loss) | $ | 36,170 | $ | 14,908 | $ | 63,215 | $ | (157,361) | |||||||
Interest expense, net | 2,999 | 3,059 | 11,210 | 8,809 | |||||||||||
Income (loss) before taxes | $ | 33,169 | $ | 11,849 | $ | 52,005 | $ | (166,170) | |||||||
Provision (benefit) for income taxes | 2,226 | (652) | 6,698 | (11,807) | |||||||||||
Net income (loss) | $ | 30,943 | $ | 12,501 | $ | 45,307 | $ | (154,363) | |||||||
OTHER COMPREHENSIVE INCOME (LOSS): | |||||||||||||||
Change in net unrealized gains (losses) on investments | 18,724 | 1,068 | 23,388 | (64,335) | |||||||||||
Reclassification adjustment for net realized investment losses | 246 | 137 | 636 | 258 | |||||||||||
Income tax (expense) benefit related to items of other comprehensive income (loss) | (4,502) | (217) | (5,690) | 15,065 | |||||||||||
Total comprehensive income (loss) | $ | 45,412 | $ | 13,489 | $ | 63,641 | $ | (203,375) | |||||||
Weighted average shares outstanding | |||||||||||||||
Basic | 26,823,399 | 25,765,204 | 26,193,065 | 26,343,826 | |||||||||||
Diluted | 26,882,661 | 25,849,467 | 26,252,328 | 26,343,826 | |||||||||||
Earnings (loss) per share | |||||||||||||||
Basic | $ | 1.15 | $ | 0.49 | $ | 1.73 | $ | (5.86) | |||||||
Diluted | $ | 1.15 | $ | 0.48 | $ | 1.73 | $ | (5.86) | |||||||
About Heritage
Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes approximately
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "or "continue" or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. This release includes forward-looking statements relating to the expected positive impact of our strategic initiatives on our future financial results, including focus on profitability through rating action, selective underwriting and selective growth, capital allocation, exposure management and strategic reduction of policy count in certain geographies; impact of rate increases; impact of our focus on long-term relationships with reinsurers; ability to achieve human capital efficiencies and improve the timeliness and quality of data analytics used to drive underwriting income through our enhanced claims, policy, and billing systems; continued increase in average premium per policy; and future dividend payments and stock repurchases. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, without limitation: the success of the Company's underwriting and profitability initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial and real estate markets), including changes that may impact demand for our products and our operations; lack of effectiveness of exclusions and loss limitation methods in the insurance policies we assume or write; inherent uncertainty of our models and our reliance on such models as a tool to evaluate risk; the impact of macroeconomic and geopolitical conditions, including the impact of supply chain constraints, inflationary pressures, and labor availability; the impact of new federal and state regulations that affect the property and casualty insurance market and our failure to meet increased regulatory requirements, including minimum capital and surplus requirements; continued and increased impact of abusive and unwarranted claims; the cost of reinsurance, the collectability of reinsurance and our ability to obtain reinsurance coverage on terms and at a cost acceptable to us; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; dependence on investment income and the composition of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; our ability to build and maintain relationships with insurance agents; claims experience; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes and hail); changes in loss trends; acts of war and terrorist activities; court decisions and trends in litigation; and other matters described from time to time by us in our filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 13, 2023, and subsequent filings. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.
Investor Contact:
Kirk Lusk
Chief Financial Officer
klusk@heritagepci.com
investors@heritagepci.com
Mike
Lambert
HRTG@lambert.com
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SOURCE Heritage Insurance Holdings, Inc.
FAQ
What was Heritage Insurance Holdings, Inc.'s net income in the fourth quarter of 2023?
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Did Heritage Insurance Holdings, Inc. repurchase any shares of common stock during the quarter?
