HCI Group Reports Strong Q4 and 2023 Results
Fourth Quarter Highlights
Quarterly Financial Performance
WEB HCI Group Inc. (NYSE:HCI) reported strong financial results for the fourth quarter of 2023, driven by a recovery in homeowners insurance premiums.
The company reported a diluted earnings per share (EPS) of $3.40, significantly exceeding analyst expectations. Additionally, it reported a gross loss ratio of 30.4%, and pre-tax income of $542 million for the quarter.
Business Performance
HCI Group attributed its Q4 success to increased homeowners insurance premiums, driven by higher reinsurance costs and a competitive market. The company also reported growth in its information technology services segment.
Full Year 2023 Results
Annual Financial Performance
For the full year 2023, HCI Group reported a net income of $893 million, a significant improvement compared to a net loss of $546 million in 2022.
Business Developments
The company highlighted several business developments during 2023, including the expansion of its homeowners insurance operations in new states, and the acquisition of a technology solutions provider.
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