Investor Presentaiton
2Q-23 Summary Results
A combined ratio of 67.7% combined with premium growth fueled significant improvements y/y.
$ in thousands, except per share amounts
Net income (loss)
per diluted share (EPS)
Q2-23
Q2-221
Change
2023
$
17,779 $ (69,029)
n/m
$ 285,059
20221
$ (102,201)
Change
n/m
$
0.42 $ (1.60)
$
6.52
$ (2.37)
Reconciliation to core income (loss), net of tax:
Investment gains (losses)
$
(5,201) $ (1,950)
$
(4,892) $
(2,529)
Amortization of intangible assets
$
(641) $
(641)
$
(1,282) $
(1,283)
Gain (loss) from discontinued operations
$
(2,573) $
(55,744)
$
234,340
$
(88,728)
Total adjustments
$
(8,415) $ (58,335)
$
228,166
$
(92,539)
Core income (loss)
$
per diluted share (CEPS)
$
0.60 $
26,194 $ (10,693)
(0.25)
345.0%
$
56,893
$
(9,660)
689.0%
$
1.30
$
(0.22)
Net loss & LAE ratio
25.1%
21.7%
21.9%
33.0%
Net expense ratio
42.6%
55.2%
43.0%
55.3%
Combined ratio
67.7%
76.9%
(9.2) pts
|
64.9%
88.3%
(23.4) pts
Less: Net current year catastrophe loss & LAE
7.9%
-3.3%
5.6%
2.8%
Less: Net (favorable) unfavorable reserve development
-6.2%
-6.0%
-4.9%
-5.7%
Underlying combined ratio
66.0%
86.2%
(20.2) pts
64.1%
91.2%
(27.1) pts
1 2022 amounts recast for discontinued operations.
American Coastal
INSURANCE CORPORATION™
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