Published on 3 May 2024 on Zacks via Yahoo Finance
Palomar Holdings Inc. PLMR reported first-quarter 2024 operating income of $1.09 per share, which beat the Zacks Consensus Estimate by 34.6%. The bottom line increased 36.3% year over year.Palomar witnessed improved premiums and net investment income. Premiums benefited from solid contributions from Crop and Casualty products.
Behind the Headlines
Total revenues improved 30.3% year over year to $116 million, mainly attributable to higher premiums and net investment income. The top line beat the Zacks Consensus Estimate by 6.4%.Gross written premiums increased 47.2% year over year to $368.1 million. Our estimate was $284.3 million.Net earned premiums increased 29.6% year over year to $93.7 million. Our estimate was $98.1 million. The Zacks Consensus Estimate was pegged at $105.1 million.Net investment income increased 39.4% year over year to $7.1 million, driven by higher yields on invested assets and a higher average balance of investments due to cash generated from operations. The Zacks Consensus Estimate was pegged at $7.9 million. Our estimate was $6.3 million.