March 2022 Investor Presentation
CAPITAL MANAGEMENT & OPERATING LEVERAGE
Heritage has been a responsible steward of shareholder capital and currently has $25.0 million remaining on its
share repurchase authorization. Since 2015, the Company has returned $125.5 million to shareholders through
common share repurchases and dividends.
Heritage's ratio of trailing-twelve-month (TTM) net premiums written to 4Q2021 equity is only 1.8x, which is
indicative of its conservative balance sheet. Looking ahead, Heritage has adequate capital to fuel its premium
growth and multi-state expansion initiatives.
DISCIPLINED CAPITAL MANAGEMENT
$ in millions
March 2022 Investor Presentation
$70
$60
$50
35%
$40
$32.6
$28.1
$30
18%
27%
23%
22%
40%
35%
30%
26%
25%
20%
$23.3
15%
$20
25.6
$16.8
21.6
$14.9
10%
16.1
$8.4
10.0
$10
8.2
5%
2.0
$1.6
7.0
6.5
7.1
6.8
6.7
$0
0%
2015
2016
2017
2018
2019
2020
2021
I Dividends
Share repurchases
Debt-to-capital ratio (right axis)
Note: Debt-to-capital calculated as debt principal divided by the sum of debt principal and stockholders' equity
19
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