HCI Group's Q2 Earnings Rise as Buyback Completed Ahead of Schedule

Earnings
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HCI Group reported second-quarter pre-tax income of $111 million, up from $94 million a year earlier, with diluted earnings per share rising to $5.60 from $5.18. Gross premiums earned increased 6% to $321 million, driven by policy growth rather than higher premiums, while reinsurance costs fell to $102 million from $103 million. The company completed its $80 million share repurchase program by July 17, buying back 504,330 shares, and book value per share jumped to $86.60 from $58.55. However, the loss ratio ticked up to 22.2%, and net income attributable to noncontrolling interests surged to $20.7 million for the first half, causing basic EPS for the six months to decline to $11.39 from $12.00 despite higher net income. Cash on hand dropped to $872 million from $1.21 billion as funds were shifted into investments and buybacks.

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HCI Group Inc
HCI
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Q2 earnings rose and buyback completed ahead of schedule

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