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ifer (CNFR) - 2024 Q4 - Annual Results
CNFRifer (CNFR)2025-03-31 20:34

Financial Performance - For the full year 2024, total Gross Written Premium decreased by almost 50% to 72.1millionfrom72.1 million from 143.8 million in 2023, while Net Earned Premium fell by 27.5% to 60.9million[2][4][8].−TheCompanyreportedanetincomeallocabletocommonshareholdersof60.9 million[2][4][8]. - The Company reported a net income allocable to common shareholders of 23.5 million for the full year 2024, translating to 1.93pershare,whiletheQ42024netlosswas1.93 per share, while the Q4 2024 net loss was 25.4 million, or 2.08pershare[4][17].−AdjustedoperatinglossforQ42024was2.08 per share[4][17]. - Adjusted operating loss for Q4 2024 was 25,821 thousand, compared to a loss of 19,411thousandinQ42023,indicatingadeclineinperformance[25].−Netincome(loss)fortheyearendedDecember31,2024,was19,411 thousand in Q4 2023, indicating a decline in performance[25]. - Net income (loss) for the year ended December 31, 2024, was 24,347 thousand, compared to a loss of 25,904thousandin2023,showinganimprovementinprofitability[27].−TotalrevenueandotherincomefortheyearendedDecember31,2024,was25,904 thousand in 2023, showing an improvement in profitability[27]. - Total revenue and other income for the year ended December 31, 2024, was 67,271 thousand, a decrease from 90,522thousandin2023,representingadeclineofabout25.590,522 thousand in 2023, representing a decline of about 25.5%[27]. Premiums and Business Segments - Personal Lines business saw a 10.6% increase in Gross Written Premium for Q4 2024, totaling 10.6 million, and a 23.4% increase for the full year 2024, reaching 45.4million[3][11][12].−TheCommercialLinesbusinessexperienceda7945.4 million[3][11][12]. - The Commercial Lines business experienced a 79% decline in Gross Written Premium for Q4 2024, contributing only 23% to total gross written premium[10][12]. - The Company anticipates that future premiums will primarily come from Personal Lines, particularly homeowner's insurance in Texas and the Midwest[3][10]. Loss Ratios and Claims - The loss ratio for the combined business in Q4 2024 was 254.6%, significantly higher than 191.1% in Q4 2023, indicating increased claims relative to premiums[13]. - Adjusted operating loss for Q4 2024 was 25.8 million, or 2.11pershare,reflectingongoingchallengesinthecommerciallinessegment[18].InvestmentIncomeandAssets−Netinvestmentincomeincreasedby5.82.11 per share, reflecting ongoing challenges in the commercial lines segment[18]. Investment Income and Assets - Net investment income increased by 5.8% to 5.8 million for the year ending December 31, 2024, compared to 5.4millionintheprioryear[15].−Thecompanyreportedanetinvestmentincomeof5.4 million in the prior year[15]. - The company reported a net investment income of 5,763 thousand for the year ended December 31, 2024, compared to 5,447thousandin2023,reflectingagrowthofapproximately5.85,447 thousand in 2023, reflecting a growth of approximately 5.8%[27]. - Total assets decreased to 281,656 thousand as of December 31, 2024, from 315,606thousandin2023,areductionofapproximately10.7315,606 thousand in 2023, a reduction of approximately 10.7%[26]. Liabilities and Valuation - The company recorded total liabilities of 260,131 thousand as of December 31, 2024, down from 312,717thousandin2023,adecreaseofabout16.8312,717 thousand in 2023, a decrease of about 16.8%[26]. - Unpaid losses and loss adjustment expenses increased to 189,285 thousand in 2024, up from 174,612thousandin2023,indicatingariseofabout8.4174,612 thousand in 2023, indicating a rise of about 8.4%[26]. - The company has recorded a full valuation allowance against its deferred tax assets as of December 31, 2024, resulting in no taxable impacts to adjusted operating income from the adjustments to net income[25]. Shareholder Metrics - Book value per share improved to 1.76 as of December 31, 2024, compared to 0.24inthepreviousyear[4][12].−ThedilutedlosspercommonshareforQ42024was0.24 in the previous year[4][12]. - The diluted loss per common share for Q4 2024 was (2.08), compared to (1.59)inQ42023,indicatingaworseninginearningspershare[27].OtherFinancialHighlights−TheCompanyrecordeda(1.59) in Q4 2023, indicating a worsening in earnings per share[27]. Other Financial Highlights - The Company recorded a 61 million gain from the sale of its insurance agency operations in August 2024, which contributed to the overall financial results[4][17]. - Net earned premiums for Q4 2024 were 12,708thousand,downfrom12,708 thousand, down from 14,821 thousand in Q4 2023, reflecting a decrease of approximately 14.2%[27].