Florida-based HCI Group Reports Strong Gain in Q4 Earnings *Centurion Insurance AFS*

TAMPA, Fla. (AP) — HCI Group Inc. (HCI) on Thursday reported fourth-quarter earnings of $38.1 million, a significant improvement over Q4 2022.

The Tampa, Florida-based company said it had profit of $3.40 per share. Earnings, adjusted for non-recurring gains, were $3.22 per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.41 per share.

The property and casualty insurance holding company posted revenue of $162.7 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $146.1 million.

For the year, the company reported profit of $79 million, or $7.62 per share. That was much better than in 2022, when HCI reported a $55 million loss. Revenue for 2023 was reported as $550.7 million.

HCI Group includes Homeowners Choice Property & Casualty Insurance Co.; TypTap, an insurtech and property insurance firm; ExZeo, an imaging and technology company; and CORE, Condo Owners Reciprocal Exchange.

Related: HCI Launches Condo Insurance Exchange

Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Topics
Florida
Profit Loss