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Heritage Reports Second Quarter 2019 Results

Heritage Insurance (PRNewsFoto/Heritage Insurance Holdings, Inc)

News provided by

Heritage Insurance Holdings, Inc.

Aug 01, 2019, 18:14 ET

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CLEARWATER, Fla., Aug. 1, 2019 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a property and casualty insurance holding company, today reported second quarter 2019 financial results.

Second Quarter 2019 Highlights

  • Net income for the quarter was $0.7 million, or $0.02 per diluted share.
  • Record personal lines new business premium and growth rates. Non-Florida states generated 64% of all personal lines new business premium.
  • Premiums-in-force were $922.5 million, down 0.9% year-over-year, reflecting strong new business sales across our platform, offset by strategic derisking in Florida's Tri-County.
  • Began writing commercial residential business in New Jersey. Heritage is actively writing personal residential business in twelve states, commercial residential business in two states and has licenses in sixteen states.
  • Favorable prior year reserve development of $1.3 million, representing fourth consecutive quarter of favorable prior year reserve development.
  • Net current accident quarter weather losses of $21.5 million – mostly stemming from Florida and North Carolina – including $13.4 million of net current accident quarter catastrophe losses.  In the prior year quarter, net current accident quarter weather and catastrophe losses were $9.4 million.
  • Repurchased 157,640 shares for $2.3 million at a 1% discount to first quarter 2019 book value per share, resulting in total capital returned to shareholders of $4.1 million, including $0.06 per share regular quarterly dividend.

Bruce Lucas, the Company's Chairman and CEO, said, "Our second quarter operating results were very strong as we continue to diversify away from Florida, especially the Tri-County region which is highly prone to fraud.  Non-Florida states contributed 64% of all personal lines new business premium in the quarter.  Premium growth in these states has been rapidly accelerating and reached an all-time high in the quarter.  Tri-County claims metrics continue to improve and our percentages of Tri-County claims and litigation have reached an all-time low.  Year-over-year, we reduced our Tri-County total insured value (TIV) by $6.2 billion, but maintained relatively flat premiums-in-force, mainly because of our acceleration in growth outside of Florida."

Results of Operations

The following table summarizes our results of operations for the three & six months ended June 30, 2019 and 2018 (amounts in thousands, except percentages and per share amounts):



Three Months Ended June 30,




Six Months Ended June 30,





2019



2018



Change




2019



2018



Change

























Total revenues

$


122,843


$


117,972




4%



$


241,104


$


229,998




5%



Net Income

$


721


$


2,408




(70)%



$


7,685


$


17,238




(55)%



Per Share

$


0.02


$


0.09




(73)%



$


0.26


$


0.65




(60)%






























Book value per share

$


14.99


$


14.98




0%



$


14.99


$


14.98




0%



Return on equity



0.7%




2.5%




(2)


pts



3.6%




9.0%




(5)


pts




























Underwriting summary



























Gross premiums written

$


254,840


$


263,664




(3)%



$


465,188


$


468,030




(1)%



Gross premiums earned

$


229,958


$


230,971




(0)%



$


458,548


$


458,134




0%



Ceded premiums

$


(115,875)


$


(119,767)




(3)%



$


(234,774)


$


(240,822)




(3)%



Net premiums earned

$


114,083


$


111,204




3%



$


223,774


$


217,312




3%






























Ceded premium ratio



50.4%




51.9%




(1)


pts



51.2%




52.6%




(1)


pts




























Ratios to Net Premiums Earned:



























Loss ratio



65.1%




59.3%




6


pts



61.0%




54.8%




6


pts

Expense ratio



39.9%




39.4%




0


pts



40.3%




35.9%




4


pts

Combined ratio



105.0%




98.7%




6


pts



101.3%




90.7%




11


pts

Ratios

Ceded premium ratio represents ceded premiums earned as a percentage of gross premiums earned.

Net loss ratio represents net losses and loss adjustment expenses (LAE) as a percentage of net premiums earned.

Net expense ratio represents policy acquisition costs (PAC) and general and administrative expenses (G&A) as a percentage of net premiums earned. Ceding commission income is reported as a reduction of policy acquisition costs and G&A expenses.

Net combined ratio represents the sum of net losses and LAE, PAC and G&A expenses as a percentage of net premiums earned. The net combined ratio is a key measure of underwriting performance traditionally used in the property and casualty insurance industry. A net combined ratio under 100% generally reflects profitable underwriting results.

Quarterly Financial Results

Second quarter 2019 net income was $0.7 million compared to $2.4 million in the prior year quarter. The decrease primarily reflects a higher net loss ratio stemming from higher catastrophe and non-catastrophe weather losses in the current year quarter.   

Gross premiums written were $254.8 million in second quarter 2019, down 3.3% from $263.7 million in the prior year quarter. The decrease reflects an 11.9% exposure management driven decline in Florida, particularly in the Tri-County region, partly offset by 8.4% growth outside Florida.  Premiums-in-force were $922.5 million, down 0.9% year-over-year, with the decrease stemming from a 16.3% decline in Tri-County, Florida, partly offset by 6.3% growth outside Florida and 0.8% growth in non-Tri-County, Florida.

Gross premiums earned were $230.0 million in second quarter 2019, down 0.4% from $231.0 million in the prior year quarter. The decrease stems from the same items impacting gross premiums written.

The ceded premium ratio was 50.4% in second quarter 2019, down 1.5 points from 51.9% in the prior year quarter. The decrease is primarily attributable to NBIC-related reinsurance synergies and a reduction in NBIC's gross quota share reinsurance program, which decreased from 18.8% to 8.0% as of June 1, 2018 and was eliminated as of June 1, 2019. NBIC's gross quota share reduction was partly offset by additional catastrophe excess-of-loss reinsurance coverage and an increase in NBIC's net quota share reinsurance program from 49.5% to 52.0% as of December 31, 2018.

The net loss ratio was 65.1% in second quarter 2019, up 5.8 points from 59.3% in the prior year quarter. The increase largely relates to higher catastrophe and non-catastrophe weather losses in the current year quarter, partly offset by better reserve development and a lower ceded premium ratio.

The net expense ratio was 39.9% in second quarter 2019, up 0.5 points from 39.4% in the prior year quarter. The increase primarily stems from the favorable impact of NBIC-related purchase accounting on the prior year quarter and reduced ceding commission income in the current year quarter associated with a reduction to NBIC's overall quota share reinsurance programs, partly offset by a lower ceded premium ratio.

The net combined ratio was 105.0% in second quarter 2019, up 6.3 points from 98.7% in the prior year quarter. The increase stems from higher net loss and expense ratios, as described above.

Book Value Analysis

Book value per share increased 3.9% from year-end 2018 to $14.99 at June 30, 2019.


As Of


Book Value Per Share

June 30, 2019



December 31, 2018



June 30, 2018


Numerator:












Common stockholders' equity

$

438,850



$

425,333



$

386,080


Denominator:












Total Shares Outstanding


29,274,577




29,477,756




25,769,804


Book Value Per Common Share

$

14.99



$

14.43



$

14.98


Conference Call Details:

Friday, August 2, 2019 – 8:30 a.m. EDT
Participant Dial-in Numbers Toll Free: 1-888-346-3095
Participant International Dial In: 1-412-902-4258
Canada Toll Free: 1-855-669-9657

Webcast:

To listen to the live webcast, please go to http://investors.heritagepci.com/. This webcast will be archived and accessible on the Company's website.

HERITAGE INSURANCE HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share amounts)

(unaudited)




June 30, 2019



December 31, 2018


ASSETS


(unaudited)






Fixed maturities, available-for-sale, at fair value



553,619



$

509,649


Equity securities, at fair value



1,618




16,456


Other investments



22,761




2,488


Total investments



577,998




528,593


Cash and cash equivalents



262,489




250,117


Restricted cash



13,784




12,253


Accrued investment income



4,549




4,468


Premiums receivable, net



57,045




57,000


Reinsurance recoverable on paid and unpaid claims



330,406




317,930


Prepaid reinsurance premiums



331,543




233,071


Income taxes receivable



17,731




35,586


Deferred policy acquisition costs, net



74,064




73,055


Property and equipment, net



21,110




17,998


Intangibles, net



72,663




76,850


Goodwill



152,459




152,459


Other assets



18,144




9,333


Total Assets


$

1,933,985



$

1,768,713


LIABILITIES AND STOCKHOLDERS' EQUITY









Unpaid losses and loss adjustment expenses


$

430,412



$

432,359


Unearned premiums



479,162




472,357


Reinsurance payable



324,834




166,975


Long-term debt, net



132,449




148,794


Deferred income tax, net



17,535




7,705


Advance premiums



24,463




20,000


Accrued compensation



4,758




9,226


Accounts payable and other liabilities



81,522




85,964


Total Liabilities


$

1,495,135



$

1,343,380











Commitments and contingencies









Stockholders' Equity:









Common stock, $0.0001 par value, 50,000,000 shares authorized,
29,855,378 shares issued and 29,274,577 shares outstanding at June 30,
2019; 30,083,559 shares issued and 29,477,756 shares outstanding at
December 31, 2018



3




3


Additional paid-in capital



330,281




325,292


Accumulated other comprehensive income (loss)



5,259




(6,527)


Treasury stock, at cost, 7,720,177 and 7,214,797 shares, respectively



(96,529)




(89,185)


Retained earnings



199,836




195,750


Total Stockholders' Equity



438,850




425,333


Total Liabilities and Stockholders' Equity


$

1,933,985



$

1,768,713


HERITAGE INSURANCE HOLDINGS, INC.

Condensed Consolidated Statements of Operations and Other Comprehensive Income

(Amounts in thousands, except share amounts)

(Unaudited)




For the Three Months Ended June 30,



For the Six Months Ended June 30,




2019



2018



2019



2018


REVENUES:

















Gross premiums written


$

254,840



$

263,664



$

465,188



$

468,030


Change in gross unearned premiums



(24,882)




(32,693)




(6,640)




(9,896)


Gross premiums earned



229,958




230,971




458,548




458,134


Ceded premiums



(115,875)




(119,767)




(234,774)




(240,822)


Net premiums earned



114,083




111,204




223,774




217,312


Net investment income



3,830




2,555




7,502




5,857


Net realized gains (losses)



1,303




(85)




2,327




(312)


Other revenue



3,627




4,298




7,501




7,141


Total revenues



122,843




117,972




241,104




229,998


EXPENSES:

















Losses and loss adjustment expenses



74,299




65,989




136,438




119,080


Policy acquisition costs, net of ceding commission
income for the three and six months ended June 30,
2019 of $12.1 million and $25 million, respectively



27,087




19,411




53,107




31,598


General and administrative expenses, net of ceding
commission income for the three and six months ended
June 30, 2019 of $4 million and $8.3 million,
respectively



18,384




24,422




36,988




46,352


Total expenses



119,770




109,822




226,533




197,030


Operating income



3,073




8,150




14,571




32,968


Interest expense, net



1,984




5,386




4,101




10,206


Other non-operating (income)/loss, net



—




(542)




48




(542)


Income before income taxes



1,089




3,306




10,422




23,304


Provision for income taxes



368




898




2,737




6,066


Net income


$

721



$

2,408



$

7,685



$

17,238


OTHER COMPREHENSIVE INCOME

















Change in net unrealized gains (losses) on investments



7,068




(545)




15,104




(7,023)


Reclassification adjustment for net realized investment
losses



59




85




394




312


Income tax (expense) benefit related to items of other
comprehensive income



(1,304)




(239)




(3,712)




1,584


Total comprehensive income


$

6,544



$

1,709



$

19,471



$

12,111


Weighted average shares outstanding

















Basic



29,346,234




25,631,871




29,442,363




25,679,448


Diluted



29,352,796




26,316,597




29,447,668




26,480,707


Earnings per share

















Basic


$

0.02



$

0.09



$

0.26



$

0.67


Diluted


$

0.02



$

0.09



$

0.26



$

0.65


About Heritage
Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes over $900 million of gross personal and commercial residential premium across its multi-state footprint.

Forward-Looking Statements
Statements in this press release and related presentation that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "or "continue" or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. This release includes forward-looking statements relating to (i) expectations related to positive financial effects in the second quarter of 2019 as well as long-term profitiability, (ii) our expectations and strategy related to declining in business in tri-county Florida, (iii) anticipated continued improvement in our loss trends, (iv) (expected positive impact of geographic diversification and strategic partnerships, (v) expectations related to our capital management strategy, including anticipated share repurchases and (vi) anticipated reductions in ceded premiums in the third quarter of 2019 and the related full-quarter effects of such reductions. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, without limitation: our ability to comply with our obligations under the new credit facilities, including the financial and other covenants contained therein, the success of the Company's marketing initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial markets); the impact of new federal and state regulations that affect the property and casualty insurance market; the costs of reinsurance and the collectability of reinsurance; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to grow our business outside of Florida; our ability to obtain regulatory approval for requested rate changes and new licenses, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; dependence on investment income and the composition of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; our ability to build and maintain relationships with insurance agents; claims experience; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes and hail); changes in loss trends; acts of war and terrorist activities; court decisions and trends in litigation; and other matters described from time to time by us in our filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on March 12, 2019. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

Investor Contact:
Arash Soleimani, CFA, CPA
Executive Vice President
727.871.0206
Email:  [email protected]

SOURCE Heritage Insurance Holdings, Inc.

Related Links

http://www.heritagepci.com

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Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, today ...

Heritage Announces Second Quarter 2025 Earnings Dates

Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, will...

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