NASDAQ$HALL
Hallmark Financial Services Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Hallmark Financial reported a net loss for the third quarter of 2023, impacted by catastrophe-related activity and discontinued operations.
Hallmark Financial Services, Inc. reported a net loss of $21.5 million for the third quarter of 2023, which includes a $4.8 million loss from discontinued operations. The net loss from continuing operations was $16.7 million, impacted by $13.6 million in catastrophe-related activity, primarily from the Maui wildfire. The net combined ratio was 150.1%, and the underlying combined ratio was 103.6%.
- Net loss from continuing operations was $16.7 million, or $9.16 per share, including $13.6 million from current accident year CAT related activity.
- Net loss from discontinued operations was $4.8 million, or $2.67 per share.
- Net combined ratio was 150.1%, compared to 177.1% in the same period last year.
- Underlying combined ratio was 103.6%, compared to 115.5% for the same period the prior year.
Headline financials
Revenue & EPS history
Hallmark Financial · Revenue · Quarterly
$41.9M
Revenue by segment
Hallmark Financial · $14.5M total across 2 segments · Q2 2022
- Personal Segment$17M-10.8%117.3%
- Corporate-$2.51M-185.3%-17.3%
Forward guidance
Hallmark Financial Services has been actively working to improve profitability and reduce volatility. Actions include targeting rate increases, exiting unprofitable property classes, and shifting marketing tactics.
Tailwinds
- Commercial Accounts business unit continues to achieve rate increases.
- Countrywide rate change of 24.4% in property line of business filed effective February 1, 2023.
- Exiting certain unprofitable property classes.
- Shifting marketing tactics in weather-prone states to more casualty premium-driven accounts.
- Personal auto rate increases in 8 states aggregating a countrywide net increase of approximately 7%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-2.1%
Avg return
Earnings day
-7.2%
Avg return
5 days after
-8.6%
Avg return
30 days after
45%
25 / 56 earnings
Positive
+11.8%
Q3 2021
Best reaction
-36.0%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2023 | +6.0% | +3.3% | -26.6% | |
| Q2 2023 | -13.0% | -33.8% | -57.8% | |
| Q1 2023 | +1.6% | +0.9% | -9.8% | |
| Q4 2022 | -26.2% | -26.2% | -33.8% | |
| Q3 2022 | -23.5% | -25.9% | -51.1% | |
| Q2 2022 | -36.0% | -46.6% | -50.2% | |
| Q1 2022 | -0.5% | +2.2% | -8.0% | |
| Q4 2021 | -5.7% | -4.7% | -3.4% | |
| Q3 2021 | +11.8% | +19.4% | +21.6% | |
| Q2 2021 | -21.1% | -19.5% | -20.7% | |
| Q1 2021 | -0.8% | -5.5% | +0.0% | |
| Q4 2020 | -5.5% | -88.7% | -90.5% | |
| Q3 2020 | -3.2% | +6.7% | +23.0% | |
| Q1 2020 | -4.8% | -9.9% | -0.3% | |
| Q2 2020 | -2.4% | -9.5% | -14.3% | |
| Q4 2019 | -2.4% | -9.5% | -14.3% | |
| Q3 2019 | +4.8% | +9.8% | +7.5% | |
| Q2 2019 | +2.1% | +5.2% | +14.1% | |
| Q1 2019 | +0.9% | +4.5% | +10.4% | |
| Q4 2018 | -1.7% | -1.4% | +5.4% | |
| Q3 2018 | +0.6% | -0.2% | +0.2% | |
| Q2 2018 | +1.1% | +1.1% | +4.9% | |
| Q1 2018 | -0.6% | +2.1% | +15.1% | |
| Q4 2017 | -2.2% | -7.4% | +3.6% | |
| Q3 2017 | +3.9% | +7.2% | +3.4% | |
| Q2 2017 | -2.5% | -4.1% | -8.1% | |
| Q1 2017 | +0.2% | -3.4% | -4.0% | |
| Q4 2016 | -0.3% | +0.0% | -0.5% | |
| Q3 2016 | +4.3% | +16.0% | +16.0% | |
| Q2 2016 | +0.4% | +2.6% | +10.2% | |
| Q1 2016 | -0.8% | — | — | |
| Q4 2015 | -0.9% | — | — | |
| Q3 2015 | +3.1% | — | — | |
| Q2 2015 | +3.3% | — | — | |
| Q1 2015 | +1.5% | — | — | |
| Q4 2014 | +2.2% | — | — | |
| Q3 2014 | -3.2% | — | — | |
| Q2 2014 | +0.8% | — | — | |
| Q1 2014 | +1.7% | — | — | |
| Q4 2013 | +1.0% | — | — | |
| Q3 2013 | +4.0% | — | — | |
| Q2 2013 | -2.4% | — | — | |
| Q1 2013 | -2.7% | — | — | |
| Q4 2012 | -5.1% | — | — | |
| Q3 2012 | -2.1% | — | — | |
| Q2 2012 | -1.4% | — | — | |
| Q1 2011 | +1.2% | — | — | |
| Q1 2012 | -2.3% | — | — | |
| Q4 2011 | +2.9% | — | — | |
| Q4 2009 | +2.9% | — | — | |
| Q3 2011 | +0.3% | — | — | |
| Q3 2010 | +0.3% | — | — | |
| Q2 2011 | -0.8% | — | — | |
| Q4 2010 | -0.8% | — | — | |
| Q2 2010 | -0.8% | — | — | |
| Q1 2010 | -2.7% | — | — |
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