Palomar(PLMR)2025-02-12 21:10Financial Performance - Net income for Q4 2024 was $35.0 million, a 35.0% increase from $25.9 million in Q4 2023[2] - Adjusted net income for Q4 2024 was $41.3 million, up 47.5% from $28.0 million in Q4 2023[10] - Net income for 2024 was $117,573,000, reflecting a 48.4% increase from $79,201,000 in 2023[35] - Adjusted net income rose by 42.8% to $133,511,000 in 2024 compared to $93,520,000 in 2023[35] - The company expects adjusted net income for full year 2025 to be between $180 million and $192 million[14] - The company reported total revenues of $155,757 thousand for Q4 2024, a 47.8% increase from $105,393 thousand in Q4 2023[40] - Total revenue for the year ended December 31, 2024, was $553,863, an increase of $177,937 or 47.3% from $375,926 in 2023[46] Premiums and Underwriting - Gross written premiums increased by 23.3% to $373.7 million in Q4 2024 compared to $303.2 million in Q4 2023[6] - Full year 2024 gross written premiums reached $1.5 billion, a 35.1% increase from $1.1 billion in 2023[10] - Gross written premiums increased by 35.1% to $1,541,962,000 in 2024 from $1,141,558,000 in 2023[35] - Net written premiums rose by 57.3% to $644,851,000 in 2024 compared to $410,027,000 in 2023[35] - Net earned premiums grew by 47.6% to $510,687,000 in 2024 from $345,913,000 in 2023[35] - Underwriting income increased by 38.6% to $111,942,000 in 2024, up from $80,771,000 in 2023[35] - Gross earned premiums for Q4 2024 were $371,654, an increase of $95,152 or 34.4% compared to Q4 2023[44] - Net earned premiums for Q4 2024 reached $144,890, up $51,142 or 54.6% from $93,748 in Q4 2023[44] Ratios and Returns - The total loss ratio for Q4 2024 was 25.7%, compared to 19.1% in Q4 2023[10] - The combined ratio for Q4 2024 was 75.9%, slightly up from 74.2% in Q4 2023[10] - Annualized adjusted return on equity for Q4 2024 was 23.1%, down from 25.1% in Q4 2023[13] - The annualized return on equity for 2024 was 19.6%, compared to 18.5% in 2023[35] - The adjusted combined ratio excluding catastrophe losses improved to 66.1% in Q4 2024 from 68.8% in Q4 2023, reflecting better underwriting performance[49] Investment Income - Net investment income increased by 61.3% to $11.3 million in Q4 2024 compared to $7.0 million in Q4 2023[11] - The company’s net investment income for the year ended December 31, 2024, was $35,824 thousand, an increase of 51.1% from $23,705 thousand in 2023[40] Expenses and Liabilities - The company’s total expenses for Q4 2024 were $110,795 thousand, up 54.0% from $71,935 thousand in Q4 2023[40] - Total liabilities grew to $1,533,190,000 in 2024, up from $1,236,770,000 in 2023[37] Catastrophe and Losses - Catastrophe losses for Q4 2024 were $8,122, significantly lower than $27,846 in Q4 2023[44] - The company reported catastrophe losses of $8,122,000 in Q4 2024, compared to $10,000 in Q4 2023, highlighting increased exposure to catastrophic events[49] - The catastrophe loss ratio for Q4 2024 was 5.6%, compared to 0.0% in Q4 2023, indicating a significant increase in catastrophe losses[49] Equity and Shares - Tangible stockholders' equity rose to $715,788,000 in Q4 2024, up from $458,937,000 in Q4 2023, an increase of 56.0%[49] - The weighted-average diluted shares outstanding increased to 27,206,225 in Q4 2024 from 25,272,149 in Q4 2023, reflecting a dilution effect[49] Future Outlook - The company plans to continue expanding its specialty insurance products, focusing on earthquake and casualty segments for future growth[41]