Published on 9 May 2024 on Zacks via Yahoo Finance
HCI Group (HCI) Q1 Earnings & Revenues Top on Higher Premiums
HCI Group HCI reported first-quarter 2024 earnings of $3.65 per share, which beat the Zacks Consensus Estimate by 33.2%. Quarterly earnings more than doubled year over year.The quarterly results reflected better performance at Homeowner Choice and TypTap Insurance Company, partially offset by a decrease in net investment income and higher expenses.
Behind the Headlines
Gross premiums earned of $256.6 million increased 42.5% year over year. Quarterly results include $67 million of premium from the assumption of policies from Citizens.Net premiums earned increased 72.1% year over year to $188.6 million.Operating revenues increased 60.1% year over year to $206.6 million on account of a rise in net premiums earned. The top line beat the Zacks Consensus Estimate by 9.2%.