HCI Group, Inc (HCI) has reported a 98.48 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $12.02 million, or $1.15 a share in the quarter, compared with $6.06 million, or $0.60 a share for the same period last year.
Revenue during the quarter grew 11.47 percent to $67.71 million from $60.75 million in the previous year period. Net premium earned for the quarter increased 7.85 percent or $4.59 million to $63.04 million.
Total expenses come down marginally
Benefits, losses and expenses for the quarter were at $48.57 million, or 77.05 percent of premium earned from $51.05 million or 87.34 percent of premium earned in the last year period. Operating income for the quarter was $19.14 million, compared with $9.70 million in the previous year period.
Net investment income was at $2.83 million for the quarter, up 90.20 percent or $1.34 million from year-ago period. Meanwhile, income from fees and commission for the quarter declined 9.83 percent or $0.10 million to $0.91 million. The company has recorded a gain on investments of $0.50 million in the quarter compared with a loss of $0.75 million for the previous year period.
"Our first quarter results reflected the strength of our core book of business," said Paresh Patel, HCI Group's chairman and chief executive officer. "Our comprehensive underwriting processes focus on optimizing the quality of our book of policies, which positions us well to navigate the ever-changing Florida insurance landscape."
Total assets stood at $788.14million as on Mar. 31, 2017. On the other hand, total liabilities were at $555.97 million as on Mar. 31, 2017.
Return on assets was at 1.97 percent in the quarter. At the same time, return on equity was at 5.18 percent in the quarter.
Investments stood at $301.02 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 0.94 percent in the quarter.
Total debt was at $272.98 million as on Mar. 31, 2017. Shareholders equity was at $232.17 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 1.18 percent in the quarter.
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