Conifer Holdings, Inc. (Nasdaq: CNFR) (“Conifer”
or the “Company”) today announced results for the fourth quarter
and year ended December 31, 2021.
Fourth Quarter 2021 Financial Highlights
(compared to the prior year period)
- Gross written premium increased
14.5% to $33.0 million
- Net earned premiums increased 13.4%
to $26.2 million
- Loss ratio improved by 420 basis
points to 62.5%
Year End 2021 Financial Highlights
(compared to the prior year period)
- Gross written premium increased
18.6% to $132.1 million
- Net earned premium increased 10.9%
to $98.8 million, driving expense ratio improvement
- Net loss of $1.1 million, or $0.11
per share, based on 9.7 million average shares outstanding
- Book value per share of $4.17 as of
December 31, 2021
Management Comments James
Petcoff, Chairman and CEO, commented, “For Conifer, top line growth
was the highlight for 2021. Year over year, gross written premiums
were up a solid 19%. Roughly half of our growth for the full year
period owed to rate increases averaging 9% across the board. We
were pleased to see double digit growth in our net earned premiums
as well. We expect both of these to trend positively leading to
profitability in 2022 and beyond.”
2021 Fourth Quarter Financial Results
Overview
|
|
At and for the Three Months Ended December
31, |
|
At and for the Year Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
(dollars in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
33,037 |
|
|
$ |
28,865 |
|
|
14.5 |
% |
|
$ |
132,095 |
|
|
$ |
111,335 |
|
|
18.6 |
% |
Net written premiums |
|
22,345 |
|
|
|
23,781 |
|
|
-6.0 |
% |
|
|
101,429 |
|
|
|
92,940 |
|
|
9.1 |
% |
Net earned premiums |
|
26,188 |
|
|
|
23,101 |
|
|
13.4 |
% |
|
|
98,802 |
|
|
|
89,103 |
|
|
10.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
419 |
|
|
|
563 |
|
|
-25.6 |
% |
|
|
1,968 |
|
|
|
3,156 |
|
|
-37.6 |
% |
Net realized investment gains |
|
(1,005 |
) |
|
|
3,637 |
|
|
** |
|
|
|
2,878 |
|
|
|
8,126 |
|
|
** |
|
Change in fair value of equity investments |
|
1,214 |
|
|
|
2,094 |
|
|
** |
|
|
|
(2,020 |
) |
|
|
228 |
|
|
|
|
Other gains |
|
(24 |
) |
|
|
- |
|
|
** |
|
|
|
11,664 |
|
|
|
260 |
|
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
(801 |
) |
|
|
3,274 |
|
|
** |
|
|
|
(1,094 |
) |
|
|
595 |
|
|
** |
|
|
Net income (loss) per share, diluted |
$ |
(0.08 |
) |
|
$ |
0.34 |
|
|
|
|
|
$ |
(0.11 |
) |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income (loss)* |
|
(986 |
) |
|
|
(2,457 |
) |
|
** |
|
|
|
(13,616 |
) |
|
|
(8,019 |
) |
|
** |
|
|
Adjusted operating income (loss) per share, diluted* |
$ |
(0.10 |
) |
|
$ |
(0.26 |
) |
|
** |
|
|
$ |
(1.40 |
) |
|
$ |
(0.83 |
) |
|
** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share outstanding |
$ |
4.17 |
|
|
$ |
4.59 |
|
|
|
|
|
$ |
4.17 |
|
|
$ |
4.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted |
|
9,707,203 |
|
|
|
9,680,521 |
|
|
|
|
|
|
9,691,998 |
|
|
|
9,625,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio (1) |
|
62.5 |
% |
|
|
66.7 |
% |
|
|
|
|
|
70.5 |
% |
|
|
62.8 |
% |
|
|
|
|
Expense ratio (2) |
|
41.4 |
% |
|
|
43.9 |
% |
|
|
|
|
|
42.4 |
% |
|
|
45.6 |
% |
|
|
|
|
Combined ratio (3) |
|
103.9 |
% |
|
|
110.6 |
% |
|
|
|
|
|
112.9 |
% |
|
|
108.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The "Definitions of Non-GAAP Measures" section of this release
defines and reconciles data that are not based on generally
accepted accounting principles. |
** Percentage is not meaningful |
|
|
|
|
|
|
|
|
|
|
|
(1) The loss ratio is the ratio, expressed as a percentage, of net
losses and loss adjustment expenses to net earned premiums and
other income from underwriting operations. |
(2) The expense ratio is the ratio, expressed as a percentage, of
policy acquisition costs and other underwriting expenses to net
earned premiums and other income from underwriting operations. |
(3) The combined ratio is the sum of the loss ratio and the expense
ratio. A combined ratio under 100% indicates an underwriting
profit. A combined ratio over 100% indicates an underwriting
loss. |
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Fourth Quarter Premiums
Gross Written PremiumsGross written premiums
increased 14.5% in the fourth quarter of 2021 to $33.0 million,
compared to $28.9 million in the prior year period. The overall
premium increase was achieved through a combination of rate
increases and continued emphasis on growth in specialty lines,
specifically in the Company’s small business programs. Further
supporting this increase, the Company saw continued growth in
personal lines, driven by its low-value dwelling line of
business.
Net Earned PremiumsNet earned premiums increased
13.4% to $26.2 million for the fourth quarter of 2021, compared to
$23.1 million for the prior year period. This increase is in line
with the Company’s plan to drive sustained expense ratio
improvement through a combination of careful expense management and
increased net earned premium. The Company expects gross earned
premium increases to continue throughout 2022 as the growth in
gross written premiums achieved in 2021 are earned ratably in the
coming year.
Commercial Lines Financial and Operational
Review
Commercial Lines Financial Review |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
29,058 |
|
|
$ |
26,422 |
|
|
10.0 |
% |
|
$ |
117,075 |
|
|
$ |
102,763 |
|
|
13.9 |
% |
Net written premiums |
|
18,622 |
|
|
|
21,558 |
|
|
-13.6 |
% |
|
|
87,307 |
|
|
|
85,385 |
|
|
2.3 |
% |
Net earned premiums |
|
22,890 |
|
|
|
21,287 |
|
|
7.5 |
% |
|
|
87,759 |
|
|
|
82,409 |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
Loss ratio |
|
66.6 |
% |
|
|
67.2 |
% |
|
|
|
|
72.6 |
% |
|
|
64.4 |
% |
|
|
Expense ratio |
|
41.3 |
% |
|
|
44.1 |
% |
|
|
|
|
42.4 |
% |
|
|
45.6 |
% |
|
|
Combined ratio |
|
107.9 |
% |
|
|
111.3 |
% |
|
|
|
|
115.0 |
% |
|
|
110.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio from net |
|
|
|
|
|
|
|
|
|
|
|
(favorable) adverse prior year development |
|
16.4 |
% |
|
|
18.1 |
% |
|
|
|
|
21.0 |
% |
|
|
18.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio (1) |
|
91.5 |
% |
|
|
93.2 |
% |
|
|
|
|
94.0 |
% |
|
|
91.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The accident year combined ratio is the sum of the loss ratio
and the expense ratio, less changes in net ultimate loss estimates
from prior accident year loss reserves. The accident year combined
ratio provides management with an assessment of the specific policy
year's profitability and assists management in their evaluation of
product pricing levels and quality of business written. |
|
|
|
|
|
|
|
|
|
|
|
|
The Company’s commercial lines of business, representing 88.0%
of total gross written premium in the fourth quarter of 2021,
primarily consists of property and liability coverage offered to
owner-operated small- to mid-sized businesses, where the Company
has deep underwriting knowledge and experience, and has established
strong relationships with retail agents who specialize in these
unique classes.
Commercial lines gross written premium increased
10.0% in the fourth quarter of 2021 to $29.1 million, as the
Company continues to emphasize growing its most profitable
specialty lines.
The Commercial lines combined ratio was 107.9%
for the three months ended December 31, 2021, compared to 111.3% in
the prior year period. The loss ratio was 66.6% for the
three months ended December 31, 2021, compared with 67.2% in the
prior year period, while the expense ratio was 41.3% in the current
year period, compared with 44.1% during the prior year period.
Commercial lines accident year combined ratio
was 91.5% for the fourth quarter of 2021.
Personal Lines Financial and Operational
Review
Personal Lines Financial Review |
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
2021 |
|
|
|
2020 |
|
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums |
$ |
3,979 |
|
|
$ |
2,443 |
|
|
62.9 |
% |
|
$ |
15,020 |
|
|
$ |
8,572 |
|
|
75.2 |
% |
Net written premiums |
|
3,723 |
|
|
|
2,223 |
|
|
67.5 |
% |
|
|
14,122 |
|
|
|
7,555 |
|
|
86.9 |
% |
Net earned premiums |
|
3,298 |
|
|
|
1,814 |
|
|
81.8 |
% |
|
|
11,043 |
|
|
|
6,694 |
|
|
65.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
|
|
Loss ratio |
|
34.2 |
% |
|
|
61.0 |
% |
|
|
|
|
53.6 |
% |
|
|
43.3 |
% |
|
|
Expense ratio |
|
42.4 |
% |
|
|
42.3 |
% |
|
|
|
|
41.7 |
% |
|
|
45.5 |
% |
|
|
Combined ratio |
|
76.6 |
% |
|
|
103.3 |
% |
|
|
|
|
95.3 |
% |
|
|
88.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio from net |
|
|
|
|
|
|
|
|
|
|
|
(favorable) adverse prior year development |
|
0.9 |
% |
|
|
13.2 |
% |
|
|
|
|
8.6 |
% |
|
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio |
|
75.7 |
% |
|
|
90.1 |
% |
|
|
|
|
86.7 |
% |
|
|
83.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal lines, representing 12.0% of total gross written
premium for the fourth quarter of 2021, consists largely of
low-value dwelling homeowner’s insurance.
Personal lines gross written premium increased
62.9% to $4.0 million in the fourth quarter of 2021 compared to the
prior year period, led by growth in the Company’s low-value
dwelling line of business in Texas.
Personal lines combined ratio was 76.6% for the
three months ended December 31, 2021, compared to 103.3% in the
prior year period. Personal lines loss ratio improved considerably
to 34.2%, compared to 61.0% in the prior year period; this was
largely driven by significantly lower losses due to the Company’s
decision to move out of wind-exposed business, and to focus instead
on growing its low-value dwelling line of business.
For the full year 2021, the personal lines
combined ratio was 95.3% compared to 88.8% in the prior year
period.
The personal lines accident year combined ratio
was 75.7% for the fourth quarter of 2021.
Combined Ratio Analysis
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Underwriting ratios: |
|
|
|
|
|
|
|
|
|
Loss ratio |
62.5 |
% |
|
66.7 |
% |
|
|
70.5 |
% |
|
62.8 |
% |
|
Expense ratio |
41.4 |
% |
|
43.9 |
% |
|
|
42.4 |
% |
|
45.6 |
% |
|
Combined ratio |
103.9 |
% |
|
110.6 |
% |
|
|
112.9 |
% |
|
108.4 |
% |
|
|
|
|
|
|
|
|
|
|
Contribution to combined ratio from net (favorable) |
|
|
|
|
|
|
|
|
|
adverse prior year development |
14.5 |
% |
|
17.7 |
% |
|
|
19.6 |
% |
|
17.4 |
% |
|
|
|
|
|
|
|
|
|
|
Accident year combined ratio |
89.4 |
% |
|
92.9 |
% |
|
|
93.3 |
% |
|
91.0 |
% |
|
|
|
|
|
|
|
|
|
|
Combined Ratio:The Company's combined ratio was 103.9% for the
quarter ended December 31, 2021, compared to 110.6% for the same
period in 2020. The combined ratio was 112.9% for the twelve months
ended December 31, 2021, compared to 108.4% for the same period in
2020. The Company’s accident year combined ratio for the quarter
ended December 31, 2021 was 89.4%, compared to 92.9% in the prior
year period.
Loss Ratio: The Company’s losses and loss
adjustment expenses were $16.4 million for the three months ended
December 31, 2021, compared to $15.5 million in the prior year
period. The loss ratio was 62.5% in the fourth quarter of 2021,
compared to 66.7% in the prior year period, due to improved current
accident year results.
Expense Ratio: The expense ratio was 41.4% for
the fourth quarter of 2021, down from 43.9% in the prior year
period, due to the increase in net earned premiums as well as
continuing expense reduction efforts.
Net Investment IncomeNet
investment income was $419,000 during the quarter ended December
31, 2021, compared to $563,000 in the prior year period.
Net Realized Investment (Losses)
GainsNet realized investment losses during the fourth
quarter of 2021 were $1.0 million, compared to net realized
investment gains of $3.6 million in the prior year period.
Change in Fair Value of Equity
SecuritiesDuring the quarter, the Company reported a gain
from the change in fair value of equity investments of $1.2
million, compared to a gain of $2.1 million in the prior year
period.
Net Income (Loss) In the fourth
quarter of 2021, the Company reported a net loss of $801,000, or
$0.08 per share, compared to net income of $3.3 million, or $0.34
per share, in the prior year period.
Adjusted Operating Income (Loss)
In the fourth quarter of 2021, the Company
reported an adjusted operating loss of $986,000, or $0.10 per
share, compared to an adjusted operating loss of $2.5 million, or
$0.26 per share, for the same period in 2020. See Definitions of
Non-GAAP Measures.
Earnings Conference Call with
Accompanying Slide PresentationThe Company will hold a
conference call/webcast on Thursday, March 3, 2022 at 8:30 a.m. ET
to discuss results for the fourth quarter and year ended December
31, 2021.
Investors, analysts, employees and the general
public are invited to listen to the conference call via:
|
Webcast: |
On the Event Calendar at IR.CNFRH.com |
|
Conference Call: |
844-868-8843 (domestic) or
412-317-6589 (international) |
The webcast will be archived on the Conifer
Holdings website and available for replay for at least one
year.
About Conifer HoldingsConifer
Holdings, Inc. is a specialty insurance holding company, offering
customized coverage solutions tailored to the needs of our
insureds. Nationwide, Conifer markets largely through independent
agents, and is traded on the NASDAQ exchange under the symbol
“CNFR”. Additional information is available on the Company’s
website at www.CNFRH.com.
Definitions of Non-GAAP
MeasuresConifer prepares its public financial statements
in conformity with accounting principles generally accepted in the
United States of America (GAAP). Statutory data is prepared in
accordance with statutory accounting rules as defined by the
National Association of Insurance Commissioners' (NAIC) Accounting
Practices and Procedures Manual, and therefore is not reconciled to
GAAP data.
We believe that investors’ understanding of
Conifer’s performance is enhanced by our disclosure of adjusted
operating income. Our method for calculating this measure may
differ from that used by other companies and therefore
comparability may be limited. We define adjusted operating income
(loss), a non-GAAP measure, as net income (loss) excluding the
after-tax amounts of: 1) net realized investment gains and losses,
2) change in fair value of equity securities and 3) other gains and
losses. We use adjusted operating income as an internal performance
measure in the management of our operations because we believe it
gives our management and other users of our financial information
useful insight into our results of operations and our underlying
business performance.
Reconciliations of adjusted operating income and adjusted
operating income per share:
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollar in thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(801 |
) |
|
$ |
3,274 |
|
|
$ |
(1,094 |
) |
|
$ |
595 |
|
Less: |
|
|
|
|
|
|
|
Net realized investment gains (losses), net of tax |
|
(1,005 |
) |
|
|
3,637 |
|
|
|
2,878 |
|
|
|
8,126 |
|
Other gains (losses), net of tax |
|
(24 |
) |
|
|
- |
|
|
|
11,664 |
|
|
|
260 |
|
Change in fair value of equity securities, net of tax |
|
1,214 |
|
|
|
2,094 |
|
|
|
(2,020 |
) |
|
|
228 |
|
Adjusted operating income (loss) |
$ |
(986 |
) |
|
$ |
(2,457 |
) |
|
$ |
(13,616 |
) |
|
$ |
(8,019 |
) |
|
|
|
|
|
|
|
|
Weighted average common shares, diluted |
|
9,707,203 |
|
|
|
9,680,521 |
|
|
|
9,691,998 |
|
|
|
9,625,059 |
|
|
|
|
|
|
|
|
|
Diluted income (loss) per common share: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(0.08 |
) |
|
$ |
0.34 |
|
|
$ |
(0.11 |
) |
|
$ |
0.06 |
|
Less: |
|
|
|
|
|
|
|
Net realized investment gains (losses), net of tax |
|
(0.10 |
) |
|
|
0.38 |
|
|
|
0.30 |
|
|
|
0.84 |
|
Other gains (losses), net of tax |
|
- |
|
|
|
- |
|
|
|
1.20 |
|
|
|
0.03 |
|
Change in fair value of equity securities, net of tax |
|
0.12 |
|
|
|
0.22 |
|
|
|
(0.21 |
) |
|
|
0.02 |
|
Adjusted operating income (loss), per share |
$ |
(0.10 |
) |
|
$ |
(0.26 |
) |
|
$ |
(1.40 |
) |
|
$ |
(0.83 |
) |
|
|
|
|
|
|
|
|
Forward-Looking StatementThis press release
contains forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements give current expectations or
forecasts of future events or our future financial or operating
performance, and include Conifer’s expectations regarding premiums,
earnings, its capital position, expansion, and growth strategies.
The forward-looking statements contained in this press release are
based on management’s good-faith belief and reasonable judgment
based on current information. The forward-looking statements are
qualified by important factors, risks and uncertainties, many of
which are beyond our control, that could cause our actual results
to differ materially from those in the forward-looking statements,
including those described in our form 10-K (“Item 1A Risk Factors”)
filed with the SEC on March 11, 2021 and subsequent reports filed
with or furnished to the SEC. Any forward-looking statement made by
us in this report speaks only as of the date hereof or as of the
date specified herein. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable laws or regulations.
|
|
|
|
|
|
|
|
Conifer Holdings, Inc. and Subsidiaries |
Consolidated Balance Sheets |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
Assets |
|
(Unaudited) |
|
|
Investment securities: |
|
|
|
|
|
Debt securities, at fair value (amortized cost of $150,732 and |
|
$ |
149,783 |
|
|
$ |
151,999 |
|
|
|
$149,954, respectively) |
|
|
|
|
|
Equity securities, at fair value (cost of $10,972 and $16,912,
respectively) |
|
9,931 |
|
|
|
17,891 |
|
|
Short-term investments, at fair value |
|
|
23,013 |
|
|
|
13,317 |
|
|
|
Total investments |
|
|
182,727 |
|
|
|
183,207 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
9,913 |
|
|
|
8,193 |
|
Premiums and agents' balances receivable, net |
|
|
21,197 |
|
|
|
20,162 |
|
Receivable from Affiliate |
|
|
5,784 |
|
|
|
8 |
|
Reinsurance recoverables on unpaid losses |
|
|
40,344 |
|
|
|
24,218 |
|
Reinsurance recoverables on paid losses |
|
|
1,347 |
|
|
|
2,138 |
|
Prepaid reinsurance premiums |
|
|
8,301 |
|
|
|
1,316 |
|
Deferred policy acquisition costs |
|
|
12,267 |
|
|
|
12,243 |
|
Other assets |
|
|
8,524 |
|
|
|
10,112 |
|
|
|
|
Total assets |
|
$ |
290,404 |
|
|
$ |
261,597 |
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
Liabilities: |
|
|
|
|
|
Unpaid losses and loss adjustment expenses |
|
$ |
139,085 |
|
|
$ |
111,270 |
|
|
Unearned premiums |
|
|
65,269 |
|
|
|
56,224 |
|
|
Reinsurance premiums payable |
|
|
5,318 |
|
|
|
- |
|
|
Debt |
|
|
|
33,564 |
|
|
|
40,997 |
|
|
Accounts payable and accrued expenses |
|
|
6,665 |
|
|
|
8,693 |
|
|
|
|
Total liabilities |
|
|
249,901 |
|
|
|
217,184 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Common stock, no par value (100,000,000 shares authorized;
9,707,817 and |
|
|
|
|
9,681,728 issued and outstanding, respectively) |
|
|
92,692 |
|
|
|
92,486 |
|
|
Accumulated deficit |
|
|
(50,079 |
) |
|
|
(48,985 |
) |
|
Accumulated other comprehensive income (loss) |
|
|
(2,110 |
) |
|
|
912 |
|
|
|
Total shareholders' equity |
|
|
40,503 |
|
|
|
44,413 |
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
290,404 |
|
|
$ |
261,597 |
|
|
|
|
|
|
|
|
|
Conifer Holdings, Inc. and Subsidiaries |
Consolidated Statements of Operations
(Unaudited) |
(dollars in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue and Other Income |
|
|
|
|
|
|
|
|
|
Premiums |
|
|
|
|
|
|
|
|
|
|
Gross earned premiums |
|
$ |
32,805 |
|
|
$ |
27,730 |
|
|
$ |
123,050 |
|
|
$ |
106,614 |
|
|
|
Ceded earned premiums |
|
|
(6,617 |
) |
|
|
(4,629 |
) |
|
|
(24,248 |
) |
|
|
(17,511 |
) |
|
|
|
Net earned premiums |
|
|
26,188 |
|
|
|
23,101 |
|
|
|
98,802 |
|
|
|
89,103 |
|
|
Net investment income |
|
|
419 |
|
|
|
563 |
|
|
|
1,968 |
|
|
|
3,156 |
|
|
Net realized investment gains (losses) |
|
|
(1,005 |
) |
|
|
3,637 |
|
|
|
2,878 |
|
|
|
8,126 |
|
|
Change in fair value of equity securities |
|
|
1,214 |
|
|
|
2,094 |
|
|
|
(2,020 |
) |
|
|
228 |
|
|
Other gains (losses) |
|
|
(24 |
) |
|
|
- |
|
|
|
11,664 |
|
|
|
260 |
|
|
Other income |
|
|
697 |
|
|
|
602 |
|
|
|
2,671 |
|
|
|
2,615 |
|
|
|
|
Total revenue and other income |
|
|
27,489 |
|
|
|
29,997 |
|
|
|
115,963 |
|
|
|
103,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses, net |
|
|
16,414 |
|
|
|
15,461 |
|
|
|
69,861 |
|
|
|
56,228 |
|
|
Policy acquisition costs |
|
|
7,632 |
|
|
|
6,924 |
|
|
|
28,451 |
|
|
|
26,105 |
|
|
Operating expenses |
|
|
3,741 |
|
|
|
4,027 |
|
|
|
16,509 |
|
|
|
18,468 |
|
|
Interest expense |
|
|
698 |
|
|
|
740 |
|
|
|
2,852 |
|
|
|
2,925 |
|
|
|
|
Total expenses |
|
|
28,485 |
|
|
|
27,152 |
|
|
|
117,673 |
|
|
|
103,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before equity earnings in Affiliate and income
taxes |
|
|
(996 |
) |
|
|
2,845 |
|
|
|
(1,710 |
) |
|
|
(238 |
) |
|
Equity earnings in Affiliate, net of tax |
|
|
212 |
|
|
|
422 |
|
|
|
824 |
|
|
|
839 |
|
|
Income tax expense (benefit) |
|
|
17 |
|
|
|
(7 |
) |
|
|
208 |
|
|
|
6 |
|
Net income (loss) |
|
|
(801 |
) |
|
|
3,274 |
|
|
|
(1,094 |
) |
|
|
595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share, |
|
|
|
|
|
|
|
|
|
basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
0.34 |
|
|
$ |
(0.11 |
) |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, |
|
|
|
|
|
|
|
|
|
basic and diluted |
|
|
9,707,203 |
|
|
|
9,680,521 |
|
|
|
9,691,998 |
|
|
|
9,625,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For Further Information:Jessica Gulis,
248.559.0840ir@cnfrh.com
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