Core Viewpoint - American Coastal Insurance Corporation reported significant improvements in financial performance for the fourth quarter and full year ended December 31, 2023, with a notable increase in net income and gross premiums written compared to the previous year [1][14][24]. Financial Performance Summary - For Q4 2023, gross premiums written increased by 13.4% to 119.1 million in Q4 2022 [2][15]. - Total revenues for Q4 2023 were 74.7 million in Q4 2022, primarily due to a decrease in net premiums earned [2]. - The company reported a consolidated net income of 296.8 million in Q4 2022 [14][24]. - For the full year 2023, net income attributable to the company was 469.9 million in 2022 [24][26]. Premiums and Underwriting - Gross premiums earned for the year increased by 17.1% to 572.3 million in 2022 [2][26]. - The company’s personal lines segment reported a pre-tax loss of 10.6 million in Q4 2022 [4][22]. - The commercial lines segment achieved pre-tax earnings of 3.7 million in Q4 2022, driven by decreased loss and LAE incurred [20]. Expense Management - Policy acquisition costs decreased by 40.2% to 25.4 million in Q4 2022, attributed to increased reinsurance ceding commission income [18]. - General and administrative expenses fell by 20.8% to 10.1 million in Q4 2022, due to reduced amortization costs [19]. - Operating and underwriting expenses decreased by 35.1% to 3.1 million in Q4 2022 [18]. Return on Equity - The company reported a core return on equity of 100.6% for Q4 2023, a significant increase from 13.4% in Q4 2022 [5][30]. - The return on equity based on GAAP income from continuing operations was 97.0% for Q4 2023, compared to 2.7% in Q4 2022 [5]. Book Value and Investment Portfolio - Book value per share increased by 185.8% to (4.21) at December 31, 2022 [40]. - The company's cash and investment holdings rose from 369.0 million at December 31, 2023 [38][39].
American Coastal Insurance Corporation Reports Financial Results for Its Fourth Quarter and Year Ended December 31, 2023