Conifer Holdings Inc. ( (CNFR) ) has released its Q4 earnings. Here is a breakdown of the information Conifer Holdings Inc. presented to its investors.
Conifer Holdings, Inc. is a Michigan-based property and casualty insurance holding company that provides specialty insurance coverage for both commercial and personal lines through independent agents. The company is publicly traded on the Nasdaq Capital Market under the symbol CNFR.
Conifer Holdings reported its financial results for the fourth quarter and full year ending December 31, 2024. The company achieved a net income of $23.5 million for the year, largely driven by a $61 million gain from the sale of its insurance agency operations in August 2024. This strategic move marked a significant transition for Conifer, allowing it to pay down debt and streamline operations.
Key financial metrics showed a decrease in gross written premiums by 49.9% for the year, reflecting the company’s shift away from commercial lines following the sale of its agency operations. However, personal lines, particularly the homeowner’s insurance portfolio in Texas and the Midwest, saw a growth of 23.4% in gross written premiums for the year. Despite the decline in commercial lines, the personal lines business remained profitable, with a combined ratio improvement.
The company’s net investment income increased by 5.8% to $5.8 million for the year. However, the fourth quarter saw a net loss of $25.4 million, attributed to the operational transition and reserve strengthening in commercial lines. The book value per share improved to $1.76 by the end of 2024.
Looking forward, Conifer Holdings plans to focus on expanding its personal lines business, particularly in the homeowner’s insurance sector, while continuing to manage its commercial lines exposure. The management remains optimistic about the company’s strategic direction and financial health moving into 2025.