Business
Palomar Holdings, Inc. Reports Second Quarter 2023 Results
LA JOLLA, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $17.6 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $17.6 million, or $0.69 per diluted share, for the second quarter of 2023 compared to net income of $14.6 million, or $0.57 per diluted share, for the second quarter of 2022. Adjusted net income(1) was $21.8 million, or $0.86 per diluted share, for the second quarter of 2023 as compared to $22.4 million, or $0.87 per diluted share, for the second quarter of 2022. 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 period amounts have been adjusted accordingly. Second Quarter 2023 Highlights Gross written premiums increased by 25.4% to $274.3 million compared to $218.7 million in the second quarter of 2022Net income of $17.6 million, compared to $14.6 million in the second quarter of 2022Adjusted net income(1) of $21.8 million, compared to $22.4 million in the second quarter of 2022Total loss ratio of 21.5% compared to 17.9% in the second quarter of 2022Combined ratio of 79.0% compared to 75.1% in the second quarter of 2022Adjusted combined ratio(1) of 72.2%, compared to 69.1%, in the second quarter of 2022Annualized return on equity of 17.2%, compared to 15.4% in the second quarter of 2022Annualized adjusted return on equity(1) of 21.3%, compared to 23.7% in the second quarter of 2022 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. Mac Armstrong, Chairman and Chief Executive Officer, commented, “I am very pleased with our strong second quarter results. Our team successfully executed our Palomar 2X strategy of profitable growth despite the elevated catastrophe activity and the historically hard reinsurance market that has significantly impacted the insurance industry. In the quarter, we focused our capital and resources towards targeted segments of our book of business, such as earthquake, inland marine, and casualty to maximize our risk-adjusted returns while we continued to reduce exposure to segments of our book that add volatility to our results. This prudent approach resulted in gross written premium growth of 25% and, importantly, an adjusted return on equity of 21.3%.” Mr. Armstrong continued...