Premiums and Revenues - Gross premiums written increased by 13.4% to $135.2 million in Q4 2023, and by 17.1% to $670.0 million for the full year[2]. - Net premiums earned decreased by 27.7% to $55.6 million in Q4 2023, but increased by 4.7% to $281.9 million for the full year[2]. - Total revenues for Q4 2023 were $58.2 million, down 22.1% year-over-year, while full-year revenues increased by 6.2% to $286.5 million[2]. - Total gross written premium increased by $16.0 million, or 13.4%, to $135.2 million in Q4 2023 from $119.1 million in Q4 2022, driven by personal lines and a focus on specialty commercial lines[17]. - Total gross written premium increased by $97.7 million, or 17.1%, to $670.0 million for the year ended December 31, 2023, compared to $572.3 million for the year ended December 31, 2022[26]. Income and Earnings - Consolidated net income attributable to ACIC was $14.3 million in Q4 2023, a significant recovery from a loss of $296.8 million in Q4 2022[2]. - Core earnings for Q4 2023 were $17.7 million, leading to an annualized core return on equity of 100.6%[4]. - Core income per diluted share for the full year was $2.02, compared to a loss of $0.53 in the previous year[2]. - The company's net income for Q4 2023 was $14.3 million, or $0.31 per diluted share, compared to a net loss of $296.8 million, or $6.89 per diluted share, in Q4 2022[16]. - The company reported a basic earnings per share of $0.32 for total operations, compared to a loss of $6.89 in 2022[54]. Loss Ratios and Combined Ratios - The underlying combined ratio for commercial lines was 50.9%, while the consolidated combined ratio was 67.2%[4]. - The combined ratio (CR) improved to 47.1% in Q4 2023 from 89.5% in Q4 2022, a change of (42.4) points[10]. - The loss ratio, net, decreased to 21.2% in Q4 2023 from 54.3% in Q4 2022, a reduction of (33.1) points[10]. - The underlying combined ratio was 50.9% in Q4 2023, compared to 68.4% in Q4 2022, a decrease of (17.5) points[10]. - Catastrophe losses on the combined ratio were (0.8)% in Q4 2023, compared to 25.0% in Q4 2022, a change of (25.8) points[10]. Expenses and Costs - Total expenses decreased significantly to $39,699, down 52% from $82,635 in 2022[54]. - Policy acquisition costs decreased to $15.2 million in Q4 2023 from $25.4 million in Q4 2022, a reduction of $10.2 million[14]. - Policy acquisition costs decreased by $12.0 million, or 12.6%, to $83.3 million for the year ended December 31, 2023, from $95.3 million for the year ended December 31, 2022[29]. - General and administrative expenses decreased by $12.8 million, or 30.3%, to $29.5 million for the year ended December 31, 2023, from $42.3 million for the year ended December 31, 2022[30]. Assets and Equity - Book value per share increased to $3.61, reflecting a 185.7% improvement year-over-year[2]. - Book value per common share increased 185.8% from $(4.21) at December 31, 2022, to $3.61 at December 31, 2023[38]. - Common stockholders' equity attributable to ACIC was $168,765 thousand at December 31, 2023, compared to $(182,039) thousand at December 31, 2022[39]. - The Company's cash and investment holdings increased from $340.9 million at December 31, 2022, to $369.0 million at December 31, 2023[37]. - Stockholders' equity improved to $168,765 from a deficit of $182,039 in 2022, reflecting a positive shift in financial health[56]. Discontinued Operations - Income from discontinued operations improved significantly, with a net income of $227.7 million for the full year compared to a loss of $429.9 million in the previous year[2]. - The company recognized losses from discontinued operations of $2.8 million related to the deconsolidation of United Property & Casualty Insurance Company[16]. - The Company recorded a gain on disposal of its former subsidiary UPC totaling $238.4 million, contributing to income from discontinued operations for the year[25]. Other Notable Information - The company has an exclusive partnership for distribution of Condominium Association properties in Florida with AmRisc Group[42]. - The company earned a Financial Stability Rating of 'A, Exceptional' from Demotech[42]. - The conference call is scheduled for February 29, 2024, at 5:00 P.M. ET[41]. - The company emphasizes the importance of non-GAAP measures for understanding performance, including core income and underlying combined ratio[44][46][47].
United Insurance(ACIC) - 2023 Q4 - Annual Results