ifer (US:CNFR)2025-11-17 22:18Premiums and Revenue - Gross written premiums for Q3 2025 decreased to $14.6 million, down 2.9% from $15.1 million in Q3 2024[9] - Net written premiums fell significantly by 51.4% to $5.4 million in Q3 2025, compared to $11.2 million in Q3 2024[5] - Net earned premiums also declined by 53.3% to $6.8 million in Q3 2025, down from $14.6 million in the same period last year[5] - Gross earned premiums for Q3 2025 were $17,015 thousand, down from $23,278 thousand in Q3 2024, reflecting a decline of approximately 27.0%[34] - Net earned premiums for Q3 2025 were $6,821 thousand, compared to $14,601 thousand in Q3 2024, representing a decrease of about 53.3%[34] - Total revenue and other income for Q3 2025 was $6,679 thousand, down from $16,017 thousand in Q3 2024, a decline of approximately 58.3%[34] Financial Performance - The company reported a net loss allocable to common shareholders of $4.0 million, or $0.32 per share, for Q3 2025[22] - Adjusted operating loss for Q3 2025 was $2.7 million, translating to a loss of $0.22 per share[23] - Net income for Q3 2025 was $(3,970) thousand, a significant decrease from $53,290 thousand in Q3 2024[30] - The company reported a net loss from continuing operations of $(3,970) thousand for Q3 2025, compared to a loss of $(6,886) thousand in Q3 2024[34] - Adjusted operating income for Q3 2025 was $(2,706) thousand, compared to $(6,850) thousand in Q3 2024, indicating an improvement[30] Underwriting Performance - The personal lines business achieved a combined ratio of 95.2%, indicating improved underwriting performance compared to 100.7% in Q3 2024[19] - The combined ratio for the nine months ended September 30, 2025, was 133.7%, compared to 120.0% for the same period in 2024, indicating ongoing challenges in underwriting[19] Investment and Assets - Net investment income for Q3 2025 was $1.3 million, a decrease of 6.5% from $1.4 million in Q3 2024[20] - Total assets as of September 30, 2025, were $284,995 thousand, a slight increase from $281,656 thousand as of December 31, 2024[32] - Total liabilities decreased to $259,692 thousand as of September 30, 2025, from $260,131 thousand as of December 31, 2024[32] Shareholder Information - The book value per common share outstanding remained at $2.07, unchanged from the previous year[5] - The weighted average common shares outstanding remained constant at 12,222,881 for both Q3 2025 and Q3 2024[34] Future Outlook - The company has indicated expectations regarding future premiums and earnings, although specific forecasts were not detailed in the provided content[29] - The company is focusing on personal lines, which represented 76.2% of total gross written premiums in Q3 2025, with a slight increase from the prior year[18]