FedNat Holding Company (the “Company” or "FedNat") (Nasdaq: FNHC)
today reported results for the three months ended March 31,
2022.
First Quarter 2022 Results
Q1 2022 highlights (as measured against the same
three-month period last year, except where noted):
- Net loss of $31.3 million or
$(1.79) per diluted share as compared to net loss of $19.4 million
or $(1.35) per diluted share.
- Adjusted operating loss of $28.9
million or $(1.65) per diluted share as compared to adjusted
operating loss of $19.4 million or $(1.35) per diluted share.
- $31 million or $1.78 per diluted
share of catastrophe claims, net of reinsurance recoveries and
other offsets including affiliated fees, including $29 million
driven by eleven notable events that impacted Florida, Texas,
Louisiana and South Carolina during the first quarter of 2022 of
which approximately $10 million relates to non-Florida states.
- $137.9 million of gross written
premiums, compared to $174.2 million, reflecting non-renewals and
run-off activities for Non-Florida states.
- Gross loss ratio for current
quarter attritional losses of 27.8% and gross expense ratio of
26.9%, as compared to 36.5% and 26.0%, respectively, in the first
quarter of 2021.
- Florida homeowners in-force
policies decreased 23% to approximately 152,000, while Florida
gross premiums written increased almost 4%, reflecting execution of
our strategy to limit exposure and increase rates in Florida.
- Non-insurance company liquidity of
approximately $47 million at March 31, 2022.
- Book value per share of $0.81 as of
March 31, 2022, or $1.67 per share excluding accumulated other
comprehensive income.
Michael H. Braun, FedNat's Chief Executive
Officer, said, “We continued to make progress during the first
quarter in our Florida homeowners business resulting from our
strategic actions over the past five years to right size our
Florida book and increase rates to more accurately reflect the
higher costs of doing business. The Company also continued to make
progress in the first quarter on our strategy to exit non-Florida
markets and refocus on our historical market in Florida, a
transition we believe would result in a financially stronger
company, with less volatility, that would be rightsized to our
current capital and surplus position. However, as we have disclosed
in recent SEC filings, in April the Demotech rating of FedNat
National Insurance Company (FNIC) was downgraded, which we believe
will adversely impact our ability to obtain excess-of-loss
reinsurance for coverage beginning July 1, 2022 and would place the
Company in non-compliance with the regulations of the Florida
Office of Insurance Regulation (OIR). FedNat has submitted a
proposed action plan to the OIR which, if approved by them and
regulators in other impacted states, would be expected to result in
the Company becoming much smaller, with significantly fewer
policies in force, and potentially result in additional capital
coming into the holding company or into our insurance carriers. If
approved, the proposed action plan would be expected to enable the
Company to obtain excess-of-loss reinsurance on a smaller,
Florida-only book of business. Our action plan is currently being
reviewed by the OIR and we will provide an update on the outcome of
their review when available.”
Revenues
- Total revenue increased $2.2
million or 4.0%, to $54.9 million for the three months ended
March 31, 2022, compared with $52.7 million for the three
months ended March 31, 2021. The increase was driven primarily
by decreases in ceded premiums, partially offset by lower gross
premiums, direct written policy fees, net investment income and net
realized losses, all of which are discussed in further detail
below.
- Gross premiums written decreased
$36.3 million, or 20.8%, to $137.9 million in the quarter compared
with $174.2 million for the same three-month period last year,
driven by a reduction in our policies-in-force and exposure in
non-Florida states, as a result of the orderly runoff of MIC and
the transfer-upon-renewal of FNIC’s non-Florida business to
alternative insurance carrier partners of SageSure.
- Gross premiums earned decreased
$14.7 million, or 8.2%, to $164.3 million for the three months
ended March 31, 2022, as compared to $179.0 million for the
three months ended March 31, 2021, driven primarily by the
same reasons as the decrease in gross premiums written, discussed
above.
- Ceded premiums decreased $21.0
million, or 15.0%, to $118.3 million in the quarter, compared to
$139.3 million the same three-month period last year. The decrease
was driven by approximately $15 million lower catastrophe
reinsurance spend due to additional purchases of supplemental
coverage in the 2020-2021 catastrophe excess of loss reinsurance
program to backfill layers and gaps in coverage stemming from the
non-cascading portion of our reinsurance tower, following the six
retention catastrophe events that occurred during that treaty year.
Additionally, there was approximately $6 million of lower
quota-share ceded premium associated with lower gross premiums
earned discussed above which was largely offset by corresponding
increases in net loss and LAE, and commission and other
underwriting expenses when comparing the periods.
- Net investment income decreased
$0.4 million, or 24.5%, to $1.3 million during the three months
ended March 31, 2022, as compared to $1.7 million during the
three months ended March 31, 2021. This decrease was driven by
a smaller fixed income portfolio as we have been impacted by
several catastrophes, hail and wind-related severe weather events
and private reinsurers have raised the cost of their
coverages.
- Net realized and unrealized gains
(losses) decreased $2.5 million, to $(2.4) million for the
three months ended March 31, 2022, compared to $0.1 million
the prior year period.
- Direct written policy fees
decreased $0.7 million, or 21.2%, to $2.6 million for the three
months ended March 31, 2022, compared with $3.3 million for
the three months ended March 31, 2021. The decrease is
primarily driven by a reduction in our policies in-force in the
state of Florida, as a result of our rigorous exposure management
in response to the challenging litigation environment and the
orderly exit of the non-Florida business.
Expenses
- Losses and loss adjustment expenses
(“LAE”) increased $10.8 million, or 22.4%, to $58.8 million for the
three months ended March 31, 2022, compared with $48.0 million
for the same three-month period last year. The net loss ratio
increased 7.0 percentage points, to 127.8% in the current quarter,
as compared to 120.8% in the first quarter of 2021. The higher loss
expense and corresponding ratio were primarily driven by larger net
catastrophe losses and prior year development as well as lower
ceded losses under quota-share reinsurance treaties attributable to
lower gross premiums earned, partially offset by lower gross
attritional losses in the current quarter. The current quarter
included approximately $29.2 million of catastrophe losses, net of
reinsurance and claims handling fee income, driven primarily by
eleven notable events (including one wildfire) that impacted
Florida, Texas, Louisiana and South Carolina. Approximately $10
million of these net catastrophe losses are related to books of
business that the Company is in the process of running off,
including FNIC's non-Florida book as well as MIC’s book of
business. In addition, the Company recorded approximately $2
million of net adverse reserve development in the quarter related
to Hurricane Laura, which hit Louisiana in August 2020. By
comparison, the first quarter of 2021 catastrophe net losses were
$13.1 million, net of reinsurance, primarily by Winter Storm Uri,
which caused heavy residential damage in Texas, primarily
associated with freezing temperatures causing widespread instances
of burst water pipes.
- Our gross expense ratio was 26.9%
during the three months ended March 31, 2022, as compared to
26.0% during the three months ended March 31, 2021. The net
expense ratio decreased 11.4% percentage points to 56.8% in the
first quarter of 2022, as compared to 68.2% in the first quarter of
2021 due primarily to higher ceded reinsurance premiums in
2021.
- Commissions and other underwriting
expenses decreased $1.9 million, or 9.1%, to $19.1 million for the
three months ended March 31, 2022, compared with $21.0 million
for the three months ended March 31, 2021. This decrease was
due to lower acquisition and underwriting expenses due to lower
policies-in-force, offset by lower ceding commission as a result of
higher catastrophe costs, which has the affect of reducing the
ceded commissions in the quarter.
Non-GAAP Performance Measures
Non United States generally accepted accounting
principles ("GAAP") measures do not replace the most directly
comparable GAAP measures and we have included detailed
reconciliations thereof on page 10.
We exclude the after-tax (using our statutory
income tax rate) effects of the following items from GAAP net
income (loss) to arrive at adjusted operating income (loss):
- Net realized and unrealized investment gains (losses);
- Gains (losses) associated with
early extinguishment of debt;
- Merger and acquisition, integration and other strategic costs
and the amortization of specifically identifiable intangibles
(other than value of business acquired);
- Impairment of intangibles;
- Income (loss) from initial adoption of new regulations and
accounting guidance; and
- Income (loss) from discontinued operations.
We also exclude the pre-tax effect of the first
bullet above from GAAP revenues to arrive at adjusted operating
revenues.
Management believes these non-GAAP performance
measures allow for a better understanding of the underlying trend
in our business, as the excluded items are not necessarily
indicative of our operating fundamentals or performance.
Similarly, we exclude accumulated other
comprehensive income (loss) ("AOCI") from book value per share to
arrive at book value per share, excluding AOCI.
Conference Call Information
The Company will hold an investor conference
call at 11:30 AM (ET) Tuesday, May 10, 2022. The Company’s CEO,
Michael Braun and its CFO, Ronald Jordan will discuss the financial
results and review the outlook for the Company. Messrs. Braun and
Jordan invite interested parties to participate in the conference
call.
Listeners interested in participating in the
Q&A session may access the conference call as follows:
Toll-Free Dial-in: (877) 303-6913
Conference ID: 6686146
A live webcast of the call will be available
online via the “Conference Calls” section of the Company’s website
at FedNat.com or interested parties can click on the following
link:
https://edge.media-server.com/mmc/p/7xea8pf6
Please call at least five minutes in advance to
ensure that you are connected prior to the presentation. A webcast
replay of the conference call will be available shortly after the
live webcast is completed and may be accessed via the Company’s
website.
About the Company
FedNat Holding Company is a regional insurance
holding company that controls substantially all aspects of the
insurance underwriting, distribution and claims processes through
our subsidiaries and contractual relationships with independent
agents and general agents. The Company, through its wholly owned
subsidiaries FedNat Insurance Company and Monarch National
Insurance Company, is focused on providing homeowners insurance in
Florida. More information is available at
https://www.fednat.com/investor-relations/.
Forward-Looking Statements
Safe harbor statement under the Private Securities Litigation
Reform Act of 1995:
Statements that are not historical fact are
forward-looking statements that are subject to certain risks and
uncertainties that could cause actual events and results to differ
materially from those discussed herein. Without limiting the
generality of the foregoing, words such as “anticipate,” “believe,”
“budget,” “contemplate,” “continue,” “could,” “envision,”
“estimate,” “expect,” “guidance,” “indicate,” “intend,” “may,”
“might,” “plan,” “possibly,” “potential,” “predict,” “probably,”
“pro-forma,” “project,” “seek,” “should,” “target,” or “will” or
the negative or other variations thereof, and similar words or
phrases or comparable terminology, are intended to identify
forward-looking statements.
Forward-looking statements might also include, but are not
limited to, one or more of the following:
- Projections of revenues, income, earnings per share, dividends,
capital structure or other financial items or measures;
- Descriptions of plans or objectives of management for future
operations, insurance products or services;
- Forecasts of future insurable events, economic performance,
liquidity, need for funding and income; and
- Descriptions of assumptions or estimates underlying or relating
to any of the foregoing.
The risks and uncertainties include, without
limitation, risks and uncertainties related to estimates,
assumptions and projections generally; the nature of the Company’s
business; the adequacy of its reserves for losses and loss
adjustment expense; claims experience; weather conditions
(including the severity and frequency of storms, hurricanes,
tornadoes and hail) and other catastrophe losses; reinsurance costs
and the ability of reinsurers to indemnify the Company; raising
additional capital and our compliance with minimum capital and
surplus requirements; the impact of the refocus of our operations
on Florida; potential assessments that support property and
casualty insurance pools and associations; the effectiveness of
internal financial controls; the effectiveness of our underwriting,
pricing and related loss limitation methods; changes in loss
trends, including as a result of insureds’ assignment of benefits;
court decisions and trends in litigation; our potential failure to
pay claims consistent with our contractual obligations; ability to
obtain regulatory approval applications for requested rate
increases, or to underwrite in additional jurisdictions, and the
timing thereof; the impact that the results of our subsidiaries’
operations may have on our results of operations; inflation and
other changes in economic conditions (including changes in interest
rates and financial markets); pricing competition and other
initiatives by competitors; legislative and regulatory
developments; the outcome of litigation pending against the
Company, and any settlement thereof; dependence on investment
income and the composition of the Company’s investment portfolio;
insurance agents; ratings by industry services; the reliability and
security of our information technology systems; reliance on key
personnel; acts of war and terrorist activities; and other matters
described from time to time by the Company in releases and
publications, and in periodic reports and other documents filed
with the United States Securities and Exchange Commission.
In addition, investors should be aware that
generally accepted accounting principles prescribe when a company
may reserve for particular risks, including claims and litigation
exposures. Accordingly, results for a given reporting period could
be significantly affected if and when a reserve is established for
a contingency. Reported results may therefore appear to be volatile
in certain accounting periods.
Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. We do not undertake any
obligation to update publicly or revise any forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements are made.
Contacts
Michael H. Braun, CEO (954) 308-1322,Ronald
Jordan, CFO (954) 308-1363,Bernard Kilkelly, Investor Relations
(954) 308-1409,or investorrelations@fednat.com
FEDNAT HOLDING COMPANY AND SUBSIDIARIESSelected
Financial Highlights(Dollars in thousands, except per share
data)(Unaudited)
|
|
As of or For the |
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
|
% Change |
Net Income (Loss)
Attributable to Common Shareholders |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(31,287 |
) |
|
$ |
(19,381 |
) |
|
61.4 |
% |
Adjusted operating income
(loss) |
|
|
(28,861 |
) |
|
|
(19,415 |
) |
|
48.7 |
% |
|
|
|
|
|
|
|
Per Common
Share |
|
|
|
|
|
|
Net income (loss) -
diluted |
|
$ |
(1.79 |
) |
|
$ |
(1.35 |
) |
|
33.1 |
% |
Adjusted operating income
(loss) - diluted |
|
|
(1.65 |
) |
|
|
(1.35 |
) |
|
22.5 |
% |
Dividends declared |
|
|
— |
|
|
|
— |
|
|
NCM |
|
Book value |
|
|
0.81 |
|
|
|
8.50 |
|
|
(90.5 |
)% |
Book value, excluding
AOCI |
|
|
1.67 |
|
|
|
8.26 |
|
|
(79.7 |
)% |
|
|
|
|
|
|
|
Return to
Shareholders |
|
|
|
|
|
|
Repurchases of common
stock |
|
$ |
— |
|
|
$ |
— |
|
|
NCM |
|
Dividends declared |
|
|
— |
|
|
|
— |
|
|
NCM |
|
|
|
$ |
— |
|
|
$ |
— |
|
|
NCM |
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Total revenues |
|
$ |
54,862 |
|
|
$ |
52,748 |
|
|
4.0 |
% |
Adjusted operating
revenues |
|
|
57,288 |
|
|
|
52,656 |
|
|
8.8 |
% |
Gross premiums written |
|
|
137,892 |
|
|
|
174,207 |
|
|
(20.8 |
)% |
Gross premiums earned |
|
|
164,328 |
|
|
|
179,002 |
|
|
(8.2 |
)% |
Net premiums earned |
|
|
45,985 |
|
|
|
39,745 |
|
|
15.7 |
% |
|
|
|
|
|
|
|
Ratios to Net Premiums
Earned |
|
|
|
|
|
|
Net loss ratio |
|
|
127.8 |
% |
|
|
120.8 |
% |
|
|
Net expense ratio |
|
|
56.8 |
% |
|
|
68.2 |
% |
|
|
Combined ratio |
|
|
184.6 |
% |
|
|
189.0 |
% |
|
|
|
|
|
|
|
|
|
In-Force Homeowners
Policies |
|
|
|
|
|
|
Florida |
|
|
152,000 |
|
|
|
197,000 |
|
|
(22.8 |
)% |
Non-Florida |
|
|
96,000 |
|
|
|
149,000 |
|
|
(35.6 |
)% |
|
|
|
248,000 |
|
|
|
346,000 |
|
|
(28.3 |
)% |
|
FEDNAT HOLDING COMPANY AND
SUBSIDIARIESConsolidated Statement of Operations(In thousands,
except per share data)(Unaudited)
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
2021 |
Revenues: |
|
|
|
|
Net premiums earned |
|
$ |
45,985 |
|
|
$ |
39,745 |
|
Net investment income |
|
|
1,264 |
|
|
|
1,674 |
|
Net realized and unrealized gains (losses) |
|
|
(2,426 |
) |
|
|
92 |
|
Direct written policy fees |
|
|
2,613 |
|
|
|
3,315 |
|
Other income |
|
|
7,426 |
|
|
|
7,922 |
|
Total revenues |
|
|
54,862 |
|
|
|
52,748 |
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
Losses and loss adjustment expenses |
|
|
58,783 |
|
|
|
48,016 |
|
Commissions and other underwriting expenses |
|
|
19,107 |
|
|
|
21,031 |
|
General and administrative expenses |
|
|
6,997 |
|
|
|
6,066 |
|
Interest expense |
|
|
2,300 |
|
|
|
1,926 |
|
Total costs and expenses |
|
|
87,187 |
|
|
|
77,039 |
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
(32,325 |
) |
|
|
(24,291 |
) |
Income tax expense
(benefit) |
|
|
(1,038 |
) |
|
|
(4,910 |
) |
Net income (loss) |
|
$ |
(31,287 |
) |
|
$ |
(19,381 |
) |
|
|
|
|
|
Net Income (Loss) Per
Common Share |
|
|
|
|
Basic |
|
$ |
(1.79 |
) |
|
$ |
(1.35 |
) |
Diluted |
|
|
(1.79 |
) |
|
|
(1.35 |
) |
|
|
|
|
|
Weighted Average
Number of Shares of Common Stock Outstanding |
|
|
|
|
Basic |
|
|
17,462 |
|
|
|
14,395 |
|
Diluted |
|
|
17,462 |
|
|
|
14,395 |
|
|
|
|
|
|
Dividends Declared Per
Common Share |
|
$ |
— |
|
|
$ |
— |
|
|
FEDNAT HOLDING COMPANY AND SUBSIDIARIESSelected
Operating Metrics(Unaudited)
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
(In thousands) |
Gross premiums written: |
|
|
|
|
Homeowners Florida |
|
$ |
116,159 |
|
|
$ |
111,969 |
|
Homeowners non-Florida |
|
|
17,317 |
|
|
|
57,909 |
|
Federal flood |
|
|
4,481 |
|
|
|
4,389 |
|
Non-core |
|
|
(65 |
) |
|
|
(60 |
) |
Total gross premiums written |
|
$ |
137,892 |
|
|
$ |
174,207 |
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
(In thousands) |
Gross premiums earned: |
|
|
|
|
Homeowners Florida |
|
$ |
105,138 |
|
|
$ |
109,426 |
|
Homeowners non-Florida |
|
|
53,939 |
|
|
|
64,923 |
|
Federal flood |
|
|
5,316 |
|
|
|
4,713 |
|
Non-core |
|
|
(65 |
) |
|
|
(60 |
) |
Total gross premiums earned |
|
$ |
164,328 |
|
|
$ |
179,002 |
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
(In thousands) |
Net premiums earned: |
|
|
|
|
Homeowners Florida |
|
$ |
34,822 |
|
|
$ |
23,091 |
|
Homeowners non-Florida |
|
|
11,228 |
|
|
|
16,714 |
|
Non-core |
|
|
(65 |
) |
|
|
(60 |
) |
Total net premiums earned |
|
$ |
45,985 |
|
|
$ |
39,745 |
|
|
FEDNAT HOLDING COMPANY AND SUBSIDIARIESSelected
Operating Metrics (continued)(Unaudited)
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
(In thousands) |
Commissions and other
underwriting expenses: |
|
|
|
|
Homeowners Florida |
|
$ |
10,682 |
|
|
$ |
12,399 |
|
All others |
|
|
13,233 |
|
|
|
11,691 |
|
Ceding commissions |
|
|
(18,051 |
) |
|
|
(19,460 |
) |
Total commissions |
|
|
5,864 |
|
|
|
4,630 |
|
|
|
|
|
|
Fees |
|
|
993 |
|
|
|
1,335 |
|
Salaries and wages |
|
|
2,511 |
|
|
|
3,572 |
|
Other underwriting expenses |
|
|
9,739 |
|
|
|
11,494 |
|
Total commissions and other underwriting expenses |
|
$ |
19,107 |
|
|
$ |
21,031 |
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
Net loss ratio |
|
127.8 |
% |
|
120.8 |
% |
Net expense ratio |
|
56.8 |
% |
|
68.2 |
% |
Combined ratio |
|
184.6 |
% |
|
189.0 |
% |
Gross loss ratio |
|
67.3 |
% |
|
96.3 |
% |
Gross expense ratio |
|
26.9 |
% |
|
26.0 |
% |
|
FEDNAT HOLDING COMPANY AND
SUBSIDIARIESConsolidated Balance Sheet(Unaudited)
|
|
March 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
ASSETS |
|
(In thousands) |
Investments: |
|
|
|
|
Debt securities, available-for-sale, at fair value |
|
$ |
270,217 |
|
|
$ |
327,532 |
|
Equity securities, at fair value |
|
|
5,348 |
|
|
|
5,905 |
|
Total investments |
|
|
275,565 |
|
|
|
333,437 |
|
Cash and cash equivalents |
|
|
91,652 |
|
|
|
83,526 |
|
Prepaid reinsurance
premiums |
|
|
162,463 |
|
|
|
242,537 |
|
Premiums receivable, net of
allowance |
|
|
33,089 |
|
|
|
41,174 |
|
Reinsurance recoverable,
net |
|
|
581,921 |
|
|
|
613,203 |
|
Deferred acquisition costs,
net |
|
|
16,438 |
|
|
|
18,829 |
|
Current and deferred income
taxes, net |
|
|
13,446 |
|
|
|
30,014 |
|
Other assets |
|
|
38,239 |
|
|
|
49,950 |
|
Total assets |
|
$ |
1,212,813 |
|
|
$ |
1,412,670 |
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
Liabilities |
|
|
|
|
Loss and loss adjustment
expense reserves |
|
$ |
661,595 |
|
|
$ |
738,794 |
|
Unearned premiums |
|
|
316,312 |
|
|
|
342,747 |
|
Reinsurance payable and funds
withheld liabilities |
|
|
53,093 |
|
|
|
102,748 |
|
Long-term debt, net of
deferred financing costs |
|
|
118,906 |
|
|
|
118,805 |
|
Deferred revenue |
|
|
4,162 |
|
|
|
5,240 |
|
Other liabilities |
|
|
44,606 |
|
|
|
44,950 |
|
Total liabilities |
|
|
1,198,674 |
|
|
|
1,353,284 |
|
Shareholders'
Equity |
|
|
|
|
Preferred stock, $0.01 par
value: 1,000,000 shares authorized |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value:
50,000,000 shares authorized; 17,519,237 and 17,446,930 shares
issued and outstanding, respectively |
|
|
175 |
|
|
|
174 |
|
Additional paid-in
capital |
|
|
186,202 |
|
|
|
186,007 |
|
Accumulated other
comprehensive income (loss) |
|
|
(15,190 |
) |
|
|
(1,034 |
) |
Retained earnings
(deficit) |
|
|
(157,048 |
) |
|
|
(125,761 |
) |
Total shareholders’ equity |
|
|
14,139 |
|
|
|
59,386 |
|
Total liabilities and shareholders' equity |
|
$ |
1,212,813 |
|
|
$ |
1,412,670 |
|
|
FEDNAT HOLDING COMPANY AND SUBSIDIARIESGAAP to
Non-GAAP Reconciliations(Dollars in thousands)(Unaudited)
|
|
As of or For the |
|
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
|
|
2021 |
Revenue |
|
|
|
|
Total revenues |
|
$ |
54,862 |
|
|
$ |
52,748 |
|
Less: |
|
|
|
|
Net realized and unrealized investment gains (losses) |
|
|
(2,426 |
) |
|
|
92 |
|
Adjusted operating revenues |
|
$ |
57,288 |
|
|
$ |
52,656 |
|
|
|
|
|
|
Net Income
(Loss) |
|
|
|
|
Net income (loss) |
|
$ |
(31,287 |
) |
|
$ |
(19,381 |
) |
Less: |
|
|
|
|
Net realized and unrealized investment gains (losses) |
|
|
(2,426 |
) |
|
|
73 |
|
Acquisition and strategic costs |
|
|
— |
|
|
|
(9 |
) |
Amortization of identifiable intangibles |
|
|
— |
|
|
|
(30 |
) |
Adjusted operating income (loss) |
|
$ |
(28,861 |
) |
|
$ |
(19,415 |
) |
|
|
|
|
|
Income tax rate assumed for
reconciling items above |
|
|
— |
% |
|
|
21.00 |
% |
|
|
|
|
|
Per Common
Share |
|
|
|
|
Book value |
|
$ |
0.81 |
|
|
$ |
8.50 |
|
Less: |
|
|
|
|
AOCI |
|
|
(0.86 |
) |
|
|
0.24 |
|
Book value, excluding AOCI |
|
$ |
1.67 |
|
|
$ |
8.26 |
|
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