ifer (US:CNFR)2025-05-14 20:00Financial Performance - Net income allocable to common shareholders was $522,000, or $0.04 per share, compared to $231,000, or $0.02 per share in the prior year [14][21]. - Net income from continuing operations for Q1 2025 was $522,000, compared to $1.357 million in Q1 2024, reflecting a decline of 61.5% [23]. - The company reported a net income allocable to common shareholders of $522,000 for Q1 2025, compared to $74,000 in Q1 2024, indicating a significant increase [23]. - Adjusted operating loss was $3.7 million, or $0.30 per share, compared to an adjusted operating income of $1.3 million, or $0.11 per share in Q1 2024 [15][21]. Premiums and Revenue - Gross written premiums decreased by 33.5% to $16.2 million in Q1 2025, down from $24.3 million in the same period last year [5][6]. - Net earned premiums fell by 38.9% to $10.3 million, compared to $16.9 million in Q1 2024 [5]. - Net earned premiums for Q1 2025 were $10.315 million, a decrease of 38.5% compared to $16.887 million in Q1 2024 [23]. - Total revenue and other income for Q1 2025 was $15.875 million, down 14.0% from $18.625 million in Q1 2024 [23]. Loss Ratios and Expenses - The loss ratio for the quarter was 89.7%, significantly higher than 62.0% in the prior year [11]. - The combined ratio for the quarter was 140.5%, compared to 96.7% in the prior year, indicating increased underwriting losses [11]. - Losses and loss adjustment expenses, net, were $9.274 million in Q1 2025, down from $10.520 million in Q1 2024, a decrease of 11.8% [23]. Investment and Assets - Net investment income decreased to $1.3 million from $1.5 million in the prior year [12]. - The company reported a loss of $192,000 from the change in fair value of equity securities, compared to a gain of $43,000 in the prior year [13]. - Total assets decreased to $277.074 million as of March 31, 2025, down from $311.107 million at December 31, 2024, representing a decline of approximately 10.9% [22]. - Cash and cash equivalents slightly decreased to $10.281 million as of March 31, 2025, from $10.663 million at December 31, 2024 [22]. Liabilities and Deficits - Total liabilities decreased to $251.489 million as of March 31, 2025, down from $260.131 million at December 31, 2024, a reduction of approximately 3.0% [22]. - The company’s accumulated deficit improved to $(62.631) million as of March 31, 2025, compared to $(63.153) million at December 31, 2024 [22]. Shareholder Information - Book value per common share increased to $2.09, up from $0.21 in the previous year [5]. - The weighted average common shares outstanding remained constant at 12,222,881 for both Q1 2025 and Q1 2024 [23].