Conifer Holdings, Inc. (CNFR) saw its loss widen to $4.42 million, or $0.58 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.30 million, or $0.30 a share.
Revenue during the quarter grew 28.69 percent to $25.66 million from $19.94 million in the previous year period. Net premium earned for the quarter increased 26.92 percent or $5.19 million to $24.46 million.
Total expenses increase substantially
Benefits, losses and expenses for the quarter were at $29.57 million, or 120.87 percent of premium earned from $22.14 million or 114.88 percent of premium earned in the last year period.
Net investment income was at $0.55 million for the quarter, up 23.98 percent or $0.11 million from year-ago period. The company has recorded a gain on investments of $0.76 million in the quarter compared with a gain of $0.05 million for the previous year period.
James Petcoff, chairman and chief executive officer, commented, "Largely as a result of the underwriting initiatives we began in the latter half of 2015, Conifer achieved strong top line organic growth throughout 2016 with premiums up roughly 23% on the year. Our growth was led by Conifer's core commercial insurance products which encompass all major lines of business as we grew our specialty premiums to all 50 states."
Liabilities outpace assets growth
Total assets increased 14.49 percent or $25.77 million to $203.70 million on Dec. 31, 2016. On the other hand, total liabilities were at $135.91 million as on Dec. 31, 2016, up 35.01 percent or $35.24 million from year-ago.
Return on assets for the quarter stood at negative 2.08 percent as compared to a negative 1.24 percent for the previous year period. Return on equity for the quarter stood at negative 6.52 percent as compared to a negative 2.98 percent for the previous year period.
Investments move up
Investments stood at $128.53 million as on Dec. 31, 2016, up 9.18 percent or $10.81 million from year-ago. Meanwhile, yield on investments went up 5 basis points to 0.43 percent in the quarter.
Meanwhile, reinsurance recoverables moved up 6.45 percent or $0.45 million over the year to $7.50 million on Dec. 31, 2016.
Total debt was at $17.75 million as on Dec. 31, 2016, up 39.22 percent or $5 million from year-ago. Shareholders equity stood at $67.79 million as on Dec. 31, 2016, down 12.25 percent or $9.47 million from year-ago. As a result, debt to equity ratio went up 10 basis points to 0.26 percent in the quarter from 0.17 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
