Hci Group, Inc. ( (HCI) ) has released its Q4 earnings. Here is a breakdown of the information Hci Group, Inc. presented to its investors.
HCI Group, Inc. is a diversified holding company operating in the insurance and technology sectors, offering property and casualty insurance services and innovative insurance technology solutions.
In its latest earnings report, HCI Group, Inc. announced a pre-tax income of $5.9 million and net income of $4.1 million for the fourth quarter of 2024. The company’s diluted earnings per share stood at $0.23, a significant decrease from $3.40 in the same quarter of the previous year.
Key financial metrics revealed a 38% increase in consolidated gross premiums earned, reaching $297.5 million, primarily due to policy assumptions from Citizens Property Insurance Corporation. However, the company faced substantial losses and loss adjustment expenses totaling $110.7 million, largely due to Hurricane Milton. Despite these challenges, net investment income rose to $14.5 million, driven by higher interest income.
For the full year 2024, HCI Group reported a pre-tax income of $173.4 million, with net income after noncontrolling interests at $110.0 million, marking an improvement from the previous year. The company’s strategic focus on maintaining flat rates and expanding its technology offerings to other carriers and geographies reflects its commitment to growth and resilience amidst increased catastrophe activity.
Looking ahead, HCI Group remains committed to supporting its policyholders in Florida and exploring opportunities to leverage its technology across broader markets, positioning itself for continued growth in the insurance sector.