NYSE$HRTG
Heritage Insurance Holdings · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Heritage reported improved financial results in Q4 2023, driven by increased net premiums earned, higher net investment income, and lower net losses incurred.
Heritage Insurance Holdings, Inc. reported a net income of $30.9 million, or $1.15 per diluted share, for the fourth quarter of 2023, compared to a net income of $12.5 million, or $0.48 per diluted share, in the prior year quarter. The improvement was primarily driven by an increase in net premiums earned, higher net investment income, and lower net losses incurred. Gross premiums earned increased by 7.0% year-over-year, and the net combined ratio improved by 11.2 points to 84.9%.
- Net income increased to $30.9 million, or $1.15 per diluted share, up from $12.5 million, or $0.48 per diluted share, in the prior year quarter.
- Gross premiums earned rose by 7.0% to $339.6 million compared to $317.3 million in the prior year quarter.
- Net premiums earned increased by 6.9% to $177.7 million, up from $166.2 million in the prior year quarter.
- The net combined ratio improved by 11.2 points to 84.9%, driven by a lower net loss ratio.
Headline financials
Revenue & EPS history
Heritage Insurance · Revenue · Quarterly
$187M
Forward guidance
Heritage Insurance Holdings looks forward to maintaining momentum across its sixteen-state platform, driven by its solid foundation, strategic clarity, and the dedication of its experienced workforce. The company is well-positioned for selective growth going forward.
Tailwinds
- Strategic focus on achieving rate adequacy across the portfolio.
- Driving superior underwriting results.
- Building a better quality and more diversified book of business.
- Effectively managing reinsurance costs and driving lower claims related losses.
- Maintaining enhanced and long-term relationships with reinsurers.
Headwinds
- Inflation and changes in economic conditions.
- Potential ineffectiveness of exclusions and loss limitation methods.
- Uncertainty of models used to evaluate risk.
- Impact of macroeconomic and geopolitical conditions.
- Impact of new federal and state regulations.
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 Q4 2023
+3.3%
Avg return
Earnings day
+7.4%
Avg return
5 days after
+9.5%
Avg return
30 days after
66%
35 / 53 earnings
Positive
+37.8%
Q2 2022
Best reaction
-21.9%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -20.0% | -21.6% | -21.0% | |
| Q4 2025 | -0.1% | +5.0% | -1.0% | |
| Q3 2025 | +12.7% | +19.3% | +8.0% | |
| Q1 2025 | +23.1% | +27.0% | +26.3% | |
| Q4 2024 | +1.0% | +7.7% | +36.6% | |
| Q3 2024 | +6.6% | +13.4% | +11.2% | |
| Q2 2024 | +2.1% | +42.5% | +124.4% | |
| Q1 2024 | -21.9% | -19.5% | -16.7% | |
| Q4 2023 | +28.2% | +17.6% | +41.8% | |
| Q3 2023 | +13.5% | +24.5% | +43.9% | |
| Q2 2023 | +8.0% | +16.2% | -0.2% | |
| Q1 2023 | +10.6% | +34.4% | +41.2% | |
| Q4 2022 | +36.8% | +43.2% | +15.8% | |
| Q3 2022 | -20.0% | -15.4% | -8.0% | |
| Q2 2022 | +37.8% | +24.4% | +6.7% | |
| Q1 2022 | -9.5% | -22.1% | -11.2% | |
| Q4 2021 | +16.9% | +14.7% | +17.5% | |
| Q3 2021 | -3.7% | -6.5% | -5.6% | |
| Q2 2021 | +3.4% | +6.9% | -4.7% | |
| Q1 2021 | -4.4% | +0.3% | -7.9% | |
| Q4 2020 | +1.7% | +10.4% | +9.6% | |
| Q3 2020 | +3.1% | -4.0% | +9.0% | |
| Q2 2020 | +7.2% | +14.2% | +10.0% | |
| Q1 2020 | +3.4% | +11.0% | +19.2% | |
| Q4 2019 | -6.0% | -1.1% | -15.2% | |
| Q3 2019 | +12.0% | +5.8% | -0.2% | |
| Q2 2019 | +3.5% | +2.5% | -2.5% | |
| Q1 2019 | +4.2% | +9.7% | +15.1% | |
| Q4 2018 | +1.3% | -7.6% | -3.0% | |
| Q3 2018 | +6.7% | +13.8% | +13.9% | |
| Q2 2018 | -9.6% | -9.7% | -11.8% | |
| Q1 2018 | +5.9% | +12.2% | +10.7% | |
| Q4 2017 | +2.9% | +2.1% | -6.3% | |
| Q3 2017 | +2.6% | +5.2% | +12.2% | |
| Q2 2017 | +6.1% | -8.1% | -24.4% | |
| Q1 2017 | +7.9% | +3.5% | +7.3% | |
| Q4 2016 | -8.9% | -12.0% | -19.4% | |
| Q3 2016 | +11.6% | +19.8% | +34.7% | |
| Q2 2016 | +13.8% | +10.6% | +13.8% | |
| Q1 2016 | -2.6% | — | — | |
| Q4 2015 | -11.7% | — | — | |
| Q3 2015 | +4.9% | — | — | |
| Q2 2015 | -13.4% | — | — | |
| Q1 2014 | -0.9% | — | — | |
| Q1 2015 | +1.4% | — | — | |
| Q4 2012 | -1.1% | — | — | |
| Q3 2013 | -1.1% | — | — | |
| Q1 2013 | -1.1% | — | — | |
| Q4 2014 | +0.8% | — | — | |
| Q3 2014 | +5.4% | — | — | |
| Q2 2013 | +2.1% | — | — | |
| Q4 2013 | +2.1% | — | — | |
| Q2 2014 | -0.2% | — | — |
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