Business
Palomar Holdings, Inc. Reports Fourth Quarter & Full Year 2023 Results
LA JOLLA, Calif., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $25.9 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $25.9 million, or $1.02 per diluted share, for the fourth quarter of 2023 compared to net income of $18.8 million, or $0.73 per diluted share, for the fourth quarter of 2022. Adjusted net income(1) was $28.0 million, or $1.11 per diluted share, for the fourth quarter of 2023 as compared to $21.1 million, or $0.82 per diluted share, for the fourth quarter of 2022. Fourth Quarter 2023 Highlights Gross written premiums increased by 26.8% to $303.2 million compared to $239.1 million in the fourth quarter of 2022Net income of $25.9 million compared to $18.8 million in the fourth quarter of 2022Adjusted net income(1) of $28.0 million compared to $21.1 million in the fourth quarter of 2022Total loss ratio of 19.1% compared to 22.4% in the fourth quarter of 2022Combined ratio of 74.2% compared to 75.5% in the fourth quarter of 2022Adjusted combined ratio(1) of 68.8% compared to 71.4%, in the fourth quarter of 2022Annualized return on equity of 23.2% compared to 19.9% in the fourth quarter of 2022Annualized adjusted return on equity(1) of 25.1% compared to 22.4% in the fourth quarter of 2022 Full Year 2023 Highlights Gross written premiums increased by 29.4% to $1.1 billion compared to $881.9 million in 2022Net income of $79.2 million compared to $52.2 million in 2022Adjusted net income(1) of $93.5 million compared to $71.3 million in 2022Total loss ratio of 21.0% compared to 24.9% in 2022Combined ratio of 76.6% compared to 80.4% in 2022Adjusted combined ratio(1) of 71.2% compared to 75.6% in 2022Return on equity of 18.5% compared to 13.4% in 2022Adjusted return on equity(1) of 21.9% compared to 18.3% in 2022 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. Mac Armstrong, Chairman and Chief Executive Officer, commented, \"The fourth quarter provided a strong end to what was a stellar 2023. During the quarter, we generated gross written premium and adjusted net income growth of 27% and 33%, respectively, and, importantly, an adjusted return on equity of 25%. When looking at the full year we are especially proud of record gross written premium and adjusted net income, strong top and bottom-line growth and numerous initiatives that led to diversification and reduced earnings volatilit...