TAMPA, Fla., Aug. 6, 2024 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, today reported second quarter of 2024 financial results. Second Quarter 2024 Result Highlights Net income of $18.9 million or $0.61 per diluted share, improved from net income of $7.8 million or $0.30 per diluted share in the prior year quarter. Gross premiums earned of $350.1 million, up 6.1% from $330.0 million in the prio ...

TAMPA, Fla., July 18, 2024 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, will announce second quarter 2024 financial results after the market closes on Tuesday, August 6, 2024, followed by a 9:00 am ET conference call and webcast on Wednesday, August 7, 2024. Conference Call Details: Participant Dial-in Numbers Toll Free: 1-888-346-3095 Telephone participants should ask to be joined into the Her ...

Core Insights - Three stocks under $10 are identified as having significant profit potential by 2026 due to their unique advantages and strategic plans [1] Company Summaries Immersion (IMMR) - In Q1 2024, Immersion reported a GAAP net income of $18.7 million, or $0.59 per diluted share, compared to $8.3 million, or $0.25 per diluted share, in Q1 2023 [5] - Non-GAAP net income for Q1 2024 reached $19.8 million, or $0.63 per diluted share, up from $9.5 million, or $0.29 per diluted share, in Q1 2023, indicating strong expense control and operational efficiency [6] - The company managed to keep operational expenditures (OpEx) at $27.2 million in Q1 2024, compared to $3.8 million in Q1 2023, showcasing effective management despite revenue growth [7] Heritage (HRTG) - Heritage's strategic focus on rate adequacy and underwriting discipline led to an 8.1% increase in net premiums in Q1 2024 compared to Q1 2023 [9] - Gross premiums received rose by 7.7% from Q1 2023 to Q1 2024 due to significant rating measures implemented across its business [10] - The company increased its commercial and residential premium in force by 44.4% compared to Q1 2023, effectively managing its portfolio and reducing the attritional loss ratio [11] Zenvia (ZENV) - Zenvia's normalized EBITDA for FY 2023 was BRL 76.1 million, more than three times the BRL 23.5 million reported in FY 2022, reflecting improved profitability and operational efficiency [13] - General and administrative expenditures as a percentage of revenue decreased from 19.5% in 2022 to 16% in 2023, indicating successful cost management initiatives [14] - The company secured nearly BRL 50 million in funding through strategic financial renegotiations, enhancing its capital structure and financial flexibility [15]

"Our commitment to providing Florida with affordable and reliable insurance solutions remains steadfast," said Ernie Garateix, Chief Executive Officer of Heritage Insurance. "The approved rate decrease is a testament to our efforts in effective risk management and strategic underwriting practices, as well as the favorable impact of legislative changes made in the 2022 special session of the Florida legislature. We are dedicated to offering our customers essential homeowners insurance while maintaining the h ...

Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-36462 Heritage Insurance Holdings, Inc. (Exact name of Registrant as specified in its charter) (State of Incorporation) (IRS Employer Delaware 45-5338504 Identification No.) ...

Heritage Insurance (HRTG) reported $191.3 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 8.1%. EPS of $0.47 for the same period compares to $0.55 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $189.05 million, representing a surprise of +1.19%. The company delivered an EPS surprise of -22.95%, with the consensus EPS estimate being $0.61.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

Financial Performance - First quarter 2024 net income was $14.2 million or $0.47 per diluted share, an increase from $14.0 million or $0.55 per diluted share in the prior year quarter, driven by higher net premiums earned and net investment income[6]. - Gross premiums earned reached $341.4 million, up 7.7% from $317.0 million in the prior year quarter, while net premiums earned increased by 8.1% to $179.4 million from $166.0 million[6]. - Total revenues for Q1 2024 reached $191.302 million, a 8.3% increase from $176.921 million in Q1 2023[21]. - Operating income improved to $22.704 million in Q1 2024, up from $20.091 million in Q1 2023, marking an increase of 13.1%[21]. - Net income for Q1 2024 was $14.225 million, slightly up from $14.008 million in Q1 2023, indicating a growth of 1.5%[21]. Ratios and Metrics - The net loss ratio improved to 56.9%, a decrease of 1.8 points from 58.7% in the prior year quarter, reflecting higher net premiums earned outpacing net losses[6]. - The net combined ratio was 94.0%, an improvement of 0.5 points from 94.5% in the prior year quarter, driven by a lower net loss ratio[6]. - Ceded premium ratio decreased to 47.4%, down 0.2 points from 47.6% in the prior year quarter, driven by growth in gross premiums earned[14]. Investment and Assets - The company experienced a 53.2% increase in net investment income, totaling $8.6 million, due to higher short-term interest rates[14]. - Total assets decreased to $2.130 billion as of March 31, 2024, from $2.153 billion at the end of 2023, a decline of 1.1%[19]. - Total liabilities decreased to $1.895 billion as of March 31, 2024, down from $1.933 billion at the end of 2023, a reduction of 2.0%[19]. - Stockholders' equity increased to $234.935 million as of March 31, 2024, compared to $220.280 million at the end of 2023, an increase of 6.7%[19]. Premiums and Policies - Premiums-in-force totaled $1.4 billion, a 6.2% increase compared to $1.3 billion in the prior year quarter, marking the ninth consecutive quarter of growth in in-force premium[14]. - The policy count reduced by over 72,000 or 14.2% from the first quarter of 2023, while premium in force increased by $80.7 million or 6.2%[7]. - Gross premiums written increased to $356.684 million for Q1 2024, up from $310.309 million in Q1 2023, representing a growth of 14.9%[21]. - Net premiums earned rose to $179.426 million in Q1 2024, compared to $166.029 million in Q1 2023, reflecting an increase of 8.2%[21]. Shareholder Actions - The company suspended its quarterly dividend to shareholders and will evaluate dividend distribution and stock repurchases on a quarterly basis[8]. - The company reported a weighted average of 30,376,682 basic shares outstanding for Q1 2024, compared to 25,558,305 in Q1 2023, reflecting an increase of 18.5%[21]. Future Outlook - The company expects future policy rate increases and strategic growth through selective underwriting and capital allocation[23].

Heritage Insurance (HRTG) came out with quarterly earnings of $0.47 per share, missing the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -22.95%. A quarter ago, it was expected that this property and casualty insurance holding company would post earnings of $0.45 per share when it actually produced earnings of $1.15, delivering a surprise of 155. ...

TAMPA, Fla., April 29, 2024 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company announced today that it fully placed its 2024-2025 indemnity based, catastrophe excess-of-loss reinsurance program for its insurance subsidiaries, Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company, and Zephyr Insurance Company. "We are delighted to announce the successful completion of our 202 ...

Heritage Insurance Holdings Inc. (HRTG) is slated to report first-quarter 2024 earnings on May 1, after market close. The company delivered an earnings surprise in each of the last four reported quarters.Factors at PlayHeritage Insurance’s first-quarter results are likely to benefit from disciplined underwriting, diversification business, rate adequacy and a solid reinsurance program. Focus on geographies where rate adequacy aligns with underwriting standards and product design is likely to have added to th ...