Business
Palomar Holdings, Inc. Reports Fourth Quarter & Full Year 2022 Results
LA JOLLA, Calif., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $18.8 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $18.8 million, or $0.73 per diluted share, for the fourth quarter of 2022 compared to net income of $16.6 million, or $0.64 per diluted share, for the fourth quarter of 2021. Adjusted net income(1) was $21.1 million, or $0.82 per diluted share, for the fourth quarter of 2022 as compared to $17.6 million, or $0.68 per diluted share, for the fourth quarter of 2021. Effective December 31, 2022, the Company adjusts for net realized and unrealized gains and losses when calculating and presenting adjusted net income, diluted adjusted earnings per share, and adjusted return on equity. All prior year amounts have been adjusted accordingly. Fourth Quarter 2022 Highlights Gross written premiums increased by 59.5% to $239.1 million compared to $149.9 million in the fourth quarter of 2021Net income of $18.8 million, compared to $16.6 million in the fourth quarter of 2021Adjusted net income(1) of $21.1 million, compared to $17.6 million in the fourth quarter of 2021Total loss ratio of 22.4% compared to 15.0% in the fourth quarter of 2021Combined ratio of 75.5% compared to 75.0% in the fourth quarter of 2021Adjusted combined ratio(1) of 71.4%, compared to 70.7%, in the fourth quarter of 2021Annualized return on equity of 19.9%, compared to 17.2% in the fourth quarter of 2021Annualized adjusted return on equity(1) of 22.4%, compared to 18.2% in the fourth quarter of 2021 Full Year 2022 Highlights Gross written premiums increased by 64.8% to $881.9 million compared to $535.2 million in 2021Net income of $52.2 million, compared to $45.8 million in 2021Adjusted net income(1) of $71.3 million, compared to $52.4 million in 2021Total loss ratio of 24.9%, compared to 17.7% in 2021Combined ratio of 80.4%, compared to 80.0% in 2021Adjusted combined ratio(1) of 75.6%, compared to 76.1% in 2021Return on equity of 13.4%, compared to 12.1% in 2021Adjusted return on equity(1) of 18.3%, compared to 13.8% in 2021 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. Mac Armstrong, Chairman and Chief Executive Officer, commented, “Palomar’s strong fourth quarter results are the final illustration of success in a record-setting year. During the quarter we generated nearly 60% top-line growth while also achievi...