HCI Group第二季稅前收入1.11億美元 每股盈利5.6美元勝預期

EX-99.1
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hci-ex99_1.htm
EX-99.1

 
 EX-99.1
 
 
  

 Exhibit 99.1
 

 
HCI Group Reports Second Quarter 2026 Results
 
Second Quarter Pre-Tax Income of $111 million
Diluted EPS of $5.60
Gross Loss Ratio of 22%
 
 
Tampa, Fla. – August 6, 2026 – HCI Group, Inc. (NYSE:HCI), reported pre-tax income of $111 million and net income of $83 million in the second quarter of 2026 compared with pre-tax income of $94 million and net income of $70 million in the second quarter of 2025. Net income after noncontrolling interests in the second quarter of 2026 was $74 million compared with $66 million in the second quarter of 2025. Diluted earnings per share were $5.60 in the second quarter of 2026 compared with $5.18 diluted earnings per share in the second quarter of 2025. 
 
Management Commentary
“HCI Group capped a strong start to the year delivering record second quarter financial results for the first half of 2026,” said HCI Group Chairman and Chief Executive Officer Paresh Patel. “Our focus continues to be on achieving exceptional performance in all types of operating environments.”
 
Second Quarter 2026 Results
Gross premiums earned in the second quarter of 2026 were $321 million compared with $303 million in the second quarter of 2025. The increase of 6% was driven by a higher volume of insurance policies in force while average premium per policy remained relatively consistent.
 
Premiums ceded for reinsurance in the second quarter of 2026 were $102 million compared with $103 million in the second quarter of 2025. The decrease was a result of the lower costs associated with the company’s new 2026-2027 catastrophe reinsurance programs, which began on June 1, 2026.
 
Net investment income in the second quarter of 2026 was $19 million compared with $16 million in the second quarter of 2025. The increase was driven by growth in invested assets.
 
Other revenue in the second quarter of 2026 was $5 million compared with $3 million in the second quarter of 2025. The increase was primarily driven by the addition of new insurance carrier customers to Exzeo's insurance technology platform.
 
Losses and loss adjustment expenses in the second quarter of 2026 were $71 million compared with $64 million in the second quarter of 2025. The increase was driven largely by a higher volume of policies in force. The gross loss and loss adjustment expense ratio for the second quarter of 2026 was 22.2%.
 
Policy acquisition and other underwriting expenses in the second quarter of 2026 were $32 million compared with $31 million in the second quarter of 2025. The increase was driven by a greater amount of premiums in force.
 
General and administrative personnel expenses in the second quarter of 2026 were $24 million compared with $20 million in the second quarter of 2025. The increase was driven by additional personnel, annual merit increases, and stock-based compensation.
 
Six Months Ended June 30, 2026 Results
For the six months ended June 30, 2026, HCI Group reported pre-tax income of $226 million and net income of $168 million compared with pre-tax income of $195 million and net income of $145 million for the six months ended June 30, 2025. Net income after noncontrolling interests was $147 million compared with $136 million for the six months ended June 30, 2025. Diluted earnings per share were $11.05 for the six months ended June 30, 2026, compared with $10.57 for the six months ended June 30, 2025. 
 

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 Gross premiums earned for the six months ended June 30, 2026 were $647 million compared with $603 million for the six months ended June 30, 2025. The increase of 7% was driven by a higher volume of insurance policies in force while average premium per policy remained relatively consistent.
 
Premiums ceded for reinsurance for the six months ended June 30, 2026 were $206 million compared with $202 million for the six months ended June 30, 2025. The increase was a result of a higher number of policies in force and partially offset by the company’s new 2026-2027 catastrophe reinsurance programs, which started on June 1, 2026.
 
Net investment income for the six months ended June 30, 2026 was $36 million compared with $30 million for the six months ended June 30, 2025. The increase was driven by growth in invested assets.
 
Other revenue for the six months ended June 30, 2026 was $8 million compared with $3 million for the six months ended June 30, 2025. The increase was primarily driven by the addition of new insurance carrier customers to Exzeo's insurance technology platform.
 
Losses and loss adjustment expenses for the six months ended June 30, 2026 were $137 million compared with $124 million for the six months ended June 30, 2025. The increase was largely driven by a higher volume of policies in force. The gross loss and loss adjustment expense ratio for the six months ended June 30, 2026 was 21.1%.
 
Policy acquisition and other underwriting expenses for the six months ended June 30, 2026 were $64 million compared with $58 million for the six months ended June 30, 2025. The increase was driven by a greater amount of premiums in force.
 
General and administrative personnel expenses for the six months ended June 30, 2026 were $46 million compared with $40 million for the six months ended June 30, 2025. The increase was driven by additional personnel, annual merit increases, and stock-based compensation.
Share Repurchase
On March 3, 2026, HCI Group announced a share repurchase program to repurchase up to $80 million of shares of HCI common stock through February 27, 2027. In the second quarter of 2026, HCI Group repurchased 363,538 shares for $57.0 million. During the first six months of 2026, HCI Group repurchased 473,609 shares for $74.5 million. The share repurchase program was completed on July 17, 2026, with a total of 504,330 shares repurchased for $80.0 million.
 
Conference Call
HCI Group will hold a conference call later today, August 6, 2026, to discuss these financial results. Chairman and Chief Executive Officer Paresh Patel, Chief Operating Officer Karin Coleman and Chief Financial Officer Mark Harmsworth will host the call starting at 4:45 p.m. Eastern Time. 
 
Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company's website at www.hcigroup.com.
 
Listen-only toll-free number: (888) 506-0062
Listen-only international number: (973) 528-0011
Entry Code: 202996
 
Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.
 
A replay of the call will be available after 8:00 p.m. Eastern Time on the same day through August 20, 2026 and a replay of the webcast will be available on the Investor Relations section of the HCI Group website at www.hcigroup.com through August 6, 2027.
 
Toll-free replay number: (877) 481-4010
International replay number: (919) 882-2331 
Replay ID: 54257
 
 
About HCI Group, Inc.
HCI Group, Inc. is a diversified holding company engaged in insurance, reinsurance, real estate, claims services, and insurance technology. The HCI Group portfolio of companies includes multiple property and casualty underwriters and exchanges, two captive reinsurers, a claims management business, a commercial real estate investment company and a leading insurance technology company, Exzeo Group. HCI Group was founded in 2006 and operates in 13 states.

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HCI Group's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com. Exzeo’s common shares trade on the New York Stock Exchange under the ticker symbol “XZO.” For more information about Exzeo, visit www.exzeo.com.
 
Forward-Looking Statements
This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," "confident," "prospects" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. For example, the estimation of reserves for losses and loss adjustment expenses is an inherently imprecise process involving many assumptions and considerable management judgment. Further, future cash flow and earnings may limit HCI’s ability or willingness to engage in share buybacks. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.
 
Company Contact:
Nat Otis
Investor Relations
HCI Group, Inc.
Tel (813) 355-5341
[email protected]
 
Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel (949) 574-3860
[email protected] 
 
 
- Tables to follow -

 3

 
  

 HCI GROUP, INC. AND SUBSIDIARIES
Selected Financial Metrics
(Unaudited)
(In thousands, except share and per share amounts)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

 

 
  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Gross Written Premiums:

  

  

  

  

  

  

 

 
 Homeowners Choice

  

 $

 228,208

  

  

 $

 227,090

  

 

 
 TypTap Insurance Company

  

  

 110,477

  

  

  

 110,412

  

 

 
 Condo Owners Reciprocal Exchange

  

  

 10,848

  

  

  

 13,830

  

 

 
 Tailrow Reciprocal Exchange

  

  

 32,812

  

  

  

 5,213

  

 

 
 Total Gross Written Premiums

  

 $

 382,345

  

  

 $

 356,545

  

 

 
  

  

  

  

  

  

  

 

 
 Gross Premiums Earned:

  

  

  

  

  

  

 

 
 Homeowners Choice

  

 $

 161,927

  

  

 $

 156,552

  

 

 
 TypTap Insurance Company

  

  

 123,279

  

  

  

 124,437

  

 

 
 Condo Owners Reciprocal Exchange

  

  

 5,925

  

  

  

 12,811

  

 

 
 Tailrow Insurance Exchange

  

  

 29,693

  

  

  

 8,828

  

 

 
 Total Gross Premiums Earned

  

 $

 320,824

  

  

 $

 302,628

  

 

 
  

  

  

  

  

  

  

 

 
 Gross loss and loss adjustment expense ratio

  

  

 22.2

 %

  

  

 21.3

 %

 

 
  

  

  

  

  

  

  

 

 
 Per Share Metrics

  

  

  

  

  

  

 

 
 Diluted earnings per share

  

 $

 5.60

  

  

 $

 5.18

  

 

 
  

  

  

  

  

  

  

 

 
 Dividends per share

  

 $

 0.40

  

  

 $

 0.40

  

 

 
  

  

  

  

  

  

  

 

 
 Book value per share at the end of period

  

 $

 86.60

  

  

 $

 58.55

  

 

 
  

  

  

  

  

  

  

 

 
 Shares outstanding at the end of period

  

  

 12,469,972

  

  

  

 12,956,884

  

 

 

 4

 
  

 HCI GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share amounts)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30, 2026

  

  

 December 31, 2025

  

 

 
  

  

 (Unaudited)

  

  

  

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Fixed-maturity securities, available-for-sale, at fair value (amortized cost: $1,103,778 and   $595,383, respectively and allowance for credit losses: $0 and $0, respectively)

  

 $

 1,091,041

  

  

 $

 597,329

  

 

 
 Equity securities, at fair value (cost: $55,700 and $61,597, respectively)

  

  

 59,038

  

  

  

 65,890

  

 

 
 Limited partnership investments

  

  

 16,394

  

  

  

 17,690

  

 

 
 Real estate investments

  

  

 102,669

  

  

  

 103,746

  

 

 
 Other investments

  

  

 5,000

  

  

  

 5,000

  

 

 
 Total investments

  

  

 1,274,142

  

  

  

 789,655

  

 

 
 Cash and cash equivalents

  

  

 872,336

  

  

  

 1,210,126

  

 

 
 Restricted cash

  

  

 4,378

  

  

  

 3,748

  

 

 
 Income taxes receivable

  

  

 1,277

  

  

  

 1,332

  

 

 
 Deferred income tax assets, net

  

  

 1,088

  

  

  

 2,237

  

 

 
 Premiums receivable, net (allowance: $5,363 and $4,469, respectively)

  

  

 77,607

  

  

  

 57,494

  

 

 
 Prepaid reinsurance premiums

  

  

 —

  

  

  

 50,127

  

 

 
 Reinsurance recoverable, net of allowance for credit losses:

  

  

  

  

  

  

 

 
 Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively)

  

  

 26,613

  

  

  

 27,855

  

 

 
 Unpaid losses and loss adjustment expenses (allowance: $73 and $97, respectively)

  

  

 229,131

  

  

  

 262,041

  

 

 
 Deferred policy acquisition costs

  

  

 68,206

  

  

  

 59,722

  

 

 
 Property and equipment, net

  

  

 27,503

  

  

  

 28,939

  

 

 
 Intangible assets, net

  

  

 1,924

  

  

  

 2,683

  

 

 
 Funds withheld for assumed business

  

  

 5,346

  

  

  

 5,254

  

 

 
 Other assets

  

  

 58,908

  

  

  

 27,715

  

 

 
 Total assets

  

 $

 2,648,459

  

  

 $

 2,528,928

  

 

 
  

  

  

  

  

  

  

 

 
 Liabilities, Redeemable Noncontrolling Interests and Equity

  

  

  

  

  

  

 

 
 Losses and loss adjustment expenses

  

 $

 558,982

  

  

 $

 576,495

  

 

 
 Unearned premiums

  

  

 659,335

  

  

  

 643,328

  

 

 
 Advance premiums

  

  

 44,440

  

  

  

 19,302

  

 

 
 Ceded reinsurance premiums payable

  

  

 34,772

  

  

  

 27,591

  

 

 
 Assumed premiums payable

  

  

 4,049

  

  

  

 1,744

  

 

 
 Income taxes payable

  

  

 16,467

  

  

  

 12,782

  

 

 
 Deferred income tax liabilities, net

  

  

 1,001

  

  

  

 3,814

  

 

 
 Revolving credit facility

  

  

 36,000

  

  

  

 36,000

  

 

 
 Long-term debt

  

  

 31,465

  

  

  

 31,877

  

 

 
 Accrued expenses and other liabilities

  

  

 82,887

  

  

  

 61,351

  

 

 
 Total liabilities

  

  

 1,469,398

  

  

  

 1,414,284

  

 

 
 Commitments and contingencies

  

  

  

  

  

  

 

 
 Redeemable noncontrolling interests

  

  

 5,929

  

  

  

 3,359

  

 

 
 Equity:

  

  

  

  

  

  

 

 
       Common stock, (no par value, 40,000,000 shares authorized, 12,469,972 and 12,992,147        shares issued and outstanding, respectively)

  

  

 —

  

  

  

 —

  

 

 
       Additional paid-in capital

  

  

 340,854

  

  

  

 428,109

  

 

 
       Retained earnings

  

  

 748,437

  

  

  

 611,509

  

 

 
       Accumulated other comprehensive (loss) income

  

  

 (9,382

 )

  

  

 1,459

  

 

 
 Total stockholders' equity

  

  

 1,079,909

  

  

  

 1,041,077

  

 

 
       Noncontrolling interests

  

  

 93,223

  

  

  

 70,208

  

 

 
   Total equity

  

  

 1,173,132

  

  

  

 1,111,285

  

 

 
 Total liabilities, redeemable noncontrolling interests and equity

  

 $

 2,648,459

  

  

 $

 2,528,928

  

 

  

 5

 
  

 HCI GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Revenue

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Gross premiums earned

  

 $

 320,824

  

  

 $

 302,628

  

  

 $

 647,030

  

  

 $

 603,011

  

 

 
 Premiums ceded

  

  

 (101,812

 )

  

  

 (102,522

 )

  

  

 (205,867

 )

  

  

 (202,157

 )

 

 
 Net premiums earned

  

  

 219,012

  

  

  

 200,106

  

  

  

 441,163

  

  

  

 400,854

  

 

 
 Net investment income

  

  

 18,890

  

  

  

 16,445

  

  

  

 36,191

  

  

  

 30,196

  

 

 
 Net realized investment gains

  

  

 1,222

  

  

  

 155

  

  

  

 1,756

  

  

  

 1,322

  

 

 
 Net unrealized investment gains (losses)

  

  

 743

  

  

  

 1,180

  

  

  

 (955

 )

  

  

 (726

 )

 

 
 Policy fee income

  

  

 1,651

  

  

  

 1,467

  

  

  

 3,227

  

  

  

 3,696

  

 

 
 Other

  

  

 5,135

  

  

  

 2,567

  

  

  

 8,153

  

  

  

 3,011

  

 

 
 Total revenue

  

  

 246,653

  

  

  

 221,920

  

  

  

 489,535

  

  

  

 438,353

  

 

 
 Expenses

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Losses and loss adjustment expenses

  

  

 71,076

  

  

  

 64,457

  

  

  

 136,676

  

  

  

 123,748

  

 

 
 Policy acquisition and other underwriting expenses

  

  

 32,346

  

  

  

 30,551

  

  

  

 64,116

  

  

  

 57,838

  

 

 
 General and administrative personnel expenses

  

  

 23,948

  

  

  

 19,985

  

  

  

 46,301

  

  

  

 40,468

  

 

 
 Interest expense

  

  

 1,084

  

  

  

 3,744

  

  

  

 2,007

  

  

  

 7,128

  

 

 
 Other operating expenses

  

  

 7,226

  

  

  

 8,791

  

  

  

 14,078

  

  

  

 14,440

  

 

 
 Total expenses

  

  

 135,680

  

  

  

 127,528

  

  

  

 263,178

  

  

  

 243,622

  

 

 
 Income before income taxes

  

  

 110,973

  

  

  

 94,392

  

  

  

 226,357

  

  

  

 194,731

  

 

 
 Income tax expense

  

  

 28,073

  

  

  

 24,113

  

  

  

 58,414

  

  

  

 50,222

  

 

 
 Net income

  

 $

 82,900

  

  

 $

 70,279

  

  

 $

 167,943

  

  

 $

 144,509

  

 

 
 Net income attributable to noncontrolling interests

  

  

 (9,103

 )

  

  

 (4,119

 )

  

  

 (20,739

 )

  

  

 (8,665

 )

 

 
 Net income after noncontrolling interests

  

 $

 73,797

  

  

 $

 66,160

  

  

 $

 147,204

  

  

 $

 135,844

  

 

 
 Basic earnings per share

  

 $

 5.78

  

  

 $

 5.57

  

  

 $

 11.39

  

  

 $

 12.00

  

 

 
 Diluted earnings per share

  

 $

 5.60

  

  

 $

 5.18

  

  

 $

 11.05

  

  

 $

 10.57

  

 

 
 Dividends per share

  

 $

 0.40

  

  

 $

 0.40

  

  

 $

 0.80

  

  

 $

 0.80

  

 

  

 6

 
  

 HCI GROUP, INC. AND SUBSIDIARIES
Earnings Per Share
(Unaudited)
(In thousands, except per share amounts)
 
The computations of basic and diluted earnings per share for the periods presented were as follows:
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30, 2026

  

  

 June 30, 2026

  

 

 
  

  

 Income

  

  

 Shares

  

  

 Per Share

  

  

 Income

  

  

 Shares

  

  

 Per Share

  

 

 
  

  

 (Numerator)

  

  

 (Denominator)

  

  

 Amount

  

  

 (Numerator)

  

  

 (Denominator)

  

  

 Amount

  

 

 
 Net income

  

 $

 82,900

  

  

  

  

  

  

  

  

 $

 167,943

  

  

  

  

  

  

  

 

 
 Less: Net income attributable to   noncontrolling interests

  

  

 (9,103

 )

  

  

  

  

  

  

  

  

 (20,739

 )

  

  

  

  

  

  

 

 
 Net income after noncontrolling   interests

  

  

 73,797

  

  

  

  

  

  

  

  

  

 147,204

  

  

  

  

  

  

  

 

 
 Less: Income attributable to   participating securities

  

  

 (2,925

 )

  

  

  

  

  

  

  

  

 (6,186

 )

  

  

  

  

  

  

 

 
 Basic Earnings Per Share:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Income attributable to common   stockholders

  

  

 70,872

  

  

  

 12,269

  

  

 $

 5.78

  

  

  

 141,018

  

  

  

 12,379

  

  

 $

 11.39

  

 

 
 Effect of Dilutive Securities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Stock options

  

  

 —

  

  

  

 382

  

  

  

  

  

  

 —

  

  

  

 390

  

  

  

  

 

 
 Warrants

  

  

 —

  

  

  

 7

  

  

  

  

  

  

 —

  

  

  

 7

  

  

  

  

 

 
 Net impact from reallocation of   undistributed earnings to   participating securities

  

  

 65

  

  

  

 —

  

  

  

  

  

  

 143

  

  

  

 —

  

  

  

  

 

 
 Diluted Earnings Per Share:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Income attributable to common   stockholders

  

 $

 70,937

  

  

  

 12,658

  

  

 $

 5.60

  

  

 $

 141,161

  

  

  

 12,776

  

  

 $

 11.05

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 

  

 7