Company did not provide specific guidance for future quarters or the full year
Key details
Metric
Actual
Q2 Gross Written Premiums
$13.07 mln
Q2 Net Income
$2.54 mln
Q2 Adjusted Operating Income
$1.32 mln
Q2 Combined Ratio
69.50%
Q2 Expense Ratio
44.90%
Result drivers
Underwriting discipline - Co said improved results were driven by tighter underwriting standards and a focus on risk selection
Portfolio shift - Co attributed lower premiums and improved profitability to moving away from commercial lines and focusing on select personal lines homeowners’ risks
Favorable reserve development - Co said Q2 loss ratio benefited from 31 percentage points of net favorable prior year reserve development
Quarterly results improve on stronger underwriting
US specialty insurer's Q2 net income rose 24% yr/yr as underwriting results improved
Adjusted operating income turned positive from a loss in the prior-year period
PRHI•
