HCI Group, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $750.1 million, a 36.3% increase from $550.7 million in 2023. The company’s net premiums earned also rose to $677.6 million, up from $495.9 million the previous year. This growth was primarily driven by a substantial increase in net premiums written, which totaled approximately $761.1 million, compared to $629.0 million in 2023. The net income for the year was $127.6 million, translating to earnings per share of $8.89, a notable increase from $7.62 in 2023.
The company experienced a significant rise in losses and loss adjustment expenses, which increased to $374.7 million from $254.6 million in 2023. This increase was attributed to claims related to several hurricanes, including Hurricane Milton and Hurricane Helene. Despite the rise in expenses, the overall profitability improved due to higher premium income and investment returns, which included a net investment income of $59.1 million, up from $46.2 million in the prior year.
Strategically, HCI Group has made organizational changes to enhance operational efficiency. In July 2024, the company consolidated its insurance subsidiaries into a single operating segment, allowing for streamlined financial reporting. Additionally, the company has been actively participating in Florida's take-out programs, assuming policies from Citizens Property Insurance Corporation, which has contributed to its growth in premium volume. As of December 31, 2024, HCI Group had approximately 271,300 policies in force, an increase from 247,000 in 2023.
Operationally, HCI Group has expanded its geographic footprint beyond Florida, now providing insurance in several northeastern and southeastern states. The company’s total assets increased to $2.23 billion from $1.81 billion in 2023, with total liabilities also rising to $1.76 billion. The company employed 552 full-time employees as of February 15, 2025, reflecting its growth and operational expansion.
Looking ahead, HCI Group remains focused on optimizing its insurance operations and exploring further growth opportunities through policy assumptions and acquisitions. The company is also preparing for potential challenges posed by market conditions and regulatory changes, particularly in the highly competitive property and casualty insurance sector. The management expressed confidence in the company’s ability to navigate these challenges while continuing to enhance shareholder value.
About HCI Group, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.