Investor Presentaiton
Summary of Income Statement Changes
$ in millions except per share amounts
Three Months Ended March 31, 2023
10-Q/A
Three Months Ended June 30, 2023
Six Months Ended June 30, 2023
10-Q Change % Chg
10-Q
ER
Change % Chg
10-Q
ER
Change
% Chg
Gross Premiums Earned
Ceded Premiums Earned
Net Premiums Earned
Investment & other revenue
$ 144.5 $ 144.5
0.0%
$ 158.2
$ 158.2
0.0%
$ 302.7
$ 302.7
(0.0)
0.0%
(57.2)
(57.2)
0.0%
(75.0)
(75.0)
0.0%
(132.2)
(132.2)
0.0
0.0%
87.3
87.3
0.0%
83.2
83.2
0.0%
170.5
170.5
(0.0)
0.0%
2.5
16.2
(13.7)
-84.6% |
(4.0)
(4.0)
0.0%
(1.5)
(1.5) 0.0
0.0%
Unrealized G(L) on Equities
Total Revenue
0.5
0.5
0.0%
0.1
0.1
0.0%
0.6
0.6
0.0
0.0%
90.3
104.0
(13.7)
-13.2%
79.3
79.3
0.0%
169.6
169.6
0.0
0.0%
Underlying Loss & LAE
17.0
19.7
(2.7)
-13.7%
19.5
19.5
0.0%
36.5
36.5
(0.0)
0.0%
Current year CAT Loss & LAE
2.6
2.6
0.0
0.0%
6.5
6.5
0.0%
9.2
9.2
0.0
0.0%
Prior year development (F)/U
(3.2)
(3.2)
0.0%
(5.2)
(5.2)
0.0%
(8.3)
(8.3)
-
0.0%
Net Loss & LAE
16.4
19.1
(2.7)
-14.1% |
20.9
20.9
0.0%
37.3
37.3
0.0
0.0%
Operating expenses
37.9
42.4
(4.5)
-10.6%
|
35.4
35.4
0.0%
73.3
73.3
(0.0)
0.0%
Interest Expense
Total Expenses
2.7
2.7
0.0
0.0%
2.7
2.7
0.0%
5.4
5.4
0.0
0.0%
57.1
64.2
(7.1)
-11.1%
59.0
59.0
0.0%
116.1
116.1
0.0
0.0%
Other income
Income before income taxes
Provision for income taxes
0.6
0.6
-
0.0%
0.8
0.8
0.0%
1.4
1.4
0.0%
33.8
40.4
(6.6)
-16.3%
21.1
21.1
-
0.0%
54.9
54.9
(0.0)
0.0%
3.5
9.9
(6.4)
-64.6%
0.7
(1.5)
2.3 -153.3%
4.2
0.6
3.6
600.0%
Net income from continuing operations
per share
Gain (loss) from discontinued operations
per share
Net income (loss)
30.4
30.6 $ (0.2)
-0.7% $
20.4
22.6 $
(2.3) -10.2% $ 50.7
$ 54.3 $ (3.6)
-6.6%
$ 0.70
$
0.70 $
0.0%
$
0.47
$
0.52 $
$ 236.9
$ 230.3 $
6.6
2.9%
$
(2.6)
$
(4.4) $
$ 5.44
$
5.29 $
0.15
2.8%
$
(0.06)
$
(0.10) $
(0.06)
1.8
0.04
-10.6%
-40.9%
-41.3%
$ 1.16
$ 1.24 $ (0.08)
-6.4%
$ 234.3
$ 224.9 $ 9.5
4.2%
$ 267.3
$ 260.9 $
6.4
2.5%
$
17.8
$
per share
$ 6.14
$
5.99 $
0.15
2.5%
$
0.41
$
0.42 $
18.2 $ (0.5)
(0.01)
$ 5.36
-2.7% $285.1
$ 5.15 $ 0.21
4.1%
$ 279.1 $ 5.9
2.1%
-3.3%
$ 6.52
$ 6.39 $ 0.13
2.1%
Core Income (Loss)
per share
SS
$ 30.7 $ 30.9 $
$ 0.70
es es
(0.2)
-0.6%
$ 26.2
$
0.71
$
(0.01)
-2.1%
$
0.60
$
es s
$ 28.4 $ (2.3)
0.65 $ (0.05)
-8.1%
-7.9%
$ 56.9
$ 1.30
$
$ 60.4 $ (3.6)
1.38 $(0.08)
-6.0%
-5.6%
Net Loss Ratio
18.8%
21.9% -3.1 pts
25.1%
25.1%
O pts
Net Expense Ratio
43.4%
48.6% -5.1 pts
42.6%
42.6%
0 pts
21.9%
43.0%
21.9%
O pts
43.0% O pts
Combined Ratio
62.2%
70.5% -8.3 pts
67.7%
67.7%
0 pts
64.9%
64.9%
0 pts
Less: Current year catastrophe loss & LAE
3.0%
Less: Prior year reserve development (F)/U
Underlying Combined Ratio
-3.6%
62.9%
2.9%
-3.6%
71.2% -8.3 pts
0.1 pts
7.9%
7.9%
O pts
5.4%
5.4%
O pts
O pts
-6.2%
-6.2%
O pts
-4.9%
-4.9%
O pts
66.0%
66.0%
O pts
64.4%
64.4%
0 pts
ER = earnings release from August 10, 2023
American Coastal
INSURANCE CORPORATION™
A
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