1347 Property Insurance Holdings, Inc. (PIH) saw its loss widen to $1.81 million, or $0.30 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.10 million, or $0.02 a share.
Revenue during the quarter grew 14.10 percent to $7.63 million from $6.69 million in the previous year period. Net premium earned for the quarter increased 11.48 percent or $0.74 million to $7.14 million.
Total expenses increase substantially
Operating loss for the quarter was $2.65 million, compared with an operating loss of $0.02 million in the previous year period.
Net investment income was at $0.15 million for the quarter, up 235.56 percent or $0.11 million from year-ago period.
Doug Raucy, Chief Executive Officer, stated, "We continued to grow our policies in-force in both Louisiana and Texas demonstrating the strength of our brand and distribution strategy. Despite the occurrence of a CAT event which impacted earnings in the quarter, we are pleased with our business accomplishments and expect full year results to be more reflective of the value of our business. A slow-moving weather system delivered an immense amount of rain and wind over the course of several days in August, resulting in catastrophic flooding and wind damage in areas where many of our policyholders live."
Liabilities outpace assets growth
Total assets increased 13.72 percent or $11.15 million to $92.46 million on Sep. 30, 2016. On the other hand, total liabilities were at $47.21 million as on Sep. 30, 2016, up 39.80 percent or $13.44 million from year-ago.
Return on assets for the quarter stood at negative 1.95 percent as compared to a negative 0.13 percent for the previous year period. Return on equity for the quarter stood at negative 3.99 percent as compared to a negative 0.22 percent for the previous year period.
Investments increase substantially
Investments stood at $31.45 million as on Sep. 30, 2016, up 63.50 percent or $12.22 million from year-ago. Meanwhile, yield on investments went up 25 basis points to 0.48 percent in the quarter.
Shareholders equity stood at $45.24 million as on Sep. 30, 2016, down 4.81 percent or $2.29 million from year-ago.
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