季報
季度報告
10-Q
2026-08-07
HCI集團第二季淨收入8290萬美元 每股盈利5.6美元勝去年同期
AI 繁中摘要
HCI Group, Inc.（紐約證券交易所：HCI）已向美國證交會提交截至2026年6月30日止三個月及六個月的10-Q季度報告。公司核心業務為佛羅里達州及美國東北部/東南部多個州的房屋產物保險，並透過旗下上市公司Exzeo Group, Inc.提供保險科技解決方案。
📊 第二季度業績重點（未經審核）
- 總收入：2.4665億美元（2025年同期：2.2192億美元）
- 淨保費收入：2.1901億美元（2025年同期：2.0011億美元）
- 淨投資收益：1,889萬美元（2025年同期：1,644.5萬美元）
- 淨收入：8,290萬美元（2025年同期：7,027.9萬美元）
- 歸屬於HCI股東的淨收入：7,379.7萬美元（2025年同期：6,616萬美元）
- 攤薄每股盈利：5.60美元（2025年同期：5.18美元）
📈 上半年累計（六個月）
- 總收入：4.8954億美元（2025年同期：4.3835億美元）
- 淨收入：1.6794億美元
- 歸屬於HCI股東的淨收入：1.472億美元
- 攤薄每股盈利：11.05美元（2025年同期：10.57美元）
🏦 財務狀況（截至2026年6月30日）
- 總資產：26.48億美元（2025年底：25.29億美元）
- 股東權益總額：11.73億美元（2025年底：11.11億美元）
- 現金及現金等價物：8.72億美元（2025年底：12.10億美元），主要因投資固定到期證券增加所致
- 可供出售固定到期證券公平值：10.91億美元（2025年底：5.97億美元），反映公司加大投資配置
- 累計其他全面虧損：938萬美元，主要來自利率上升導致的債券未實現虧損
🔄 資本及股東回報
- 期內回購普通股約47.36萬股，涉資7,522萬美元
- 支付普通股股息1,027.6萬美元
- 截至2026年8月3日，已發行普通股12,438,867股
- 公司持有Exzeo約83.1%股權
🔍 營運亮點
- 淨保費收入按年增長約10%，反映保單組合擴張及費率調整
- 損失及損失調整費用率維持穩健，第二季度相關開支7,107.6萬美元，低於保費增長幅度
- 公司持續整合Exzeo的保險科技平台，以提升核保及理賠效率
⚠️ 風險及前瞻
管理層在10-Q中並未提供具體財務指引，但指出佛羅里達州颶風風險仍是主要不確定因素。公司目前已無預付再保險保費，反映再保險安排調整；同時透過增加美國國債及政府機構債券投資，提升資產組合的流動性及防禦性。公司亦面對利率波動對債券投資公平值的潛在影響，惟管理層相信其資本水平足以應付季節性颶風損失。
整體而言，HCI集團第二季度盈利表現理想，保費增長及投資收益雙雙帶動利潤，惟期內股票回購及債券未實現虧損令股東權益增幅受限。投資者宜留意佛州颶風季節（6月至11月）的潛在賠付影響，以及公司再保險成本變化。📉
展開英文正文
10-Q 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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-34126 HCI Group, Inc. (Exact name of registrant as specified in its charter) Florida 20-5961396 (State of Incorporation) (IRS Employer Identification No.) 3802 Coconut Palm Drive Tampa, FL 33619 (Address, including zip code, of principal executive offices) (813) 849-9500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Shares, no par value HCI New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ The aggregate number of shares of the registrant’s common stock, no par value, outstanding as of August 3, 2026 was 12,438,867. HCI GROUP, INC. AND SUBSIDIARIES TABLE OF CONTENTS Page PART I – FINANCIAL INFORMATION Item 1 Financial Statements Consolidated Balance Sheets: June 30, 2026 (unaudited) and December 31, 2025 1-2 Consolidated Statements of Income: Three and six months ended June 30, 2026 and 2025 (unaudited) 3 Consolidated Statements of Comprehensive Income: Three and six months ended June 30, 2026 and 2025 (unaudited) 4 Consolidated Statements of Equity: Three and six months ended June 30, 2026 and 2025 (unaudited) 5-8 Consolidated Statements of Cash Flows: Six months ended June 30, 2026 and 2025 (unaudited) 9-11 Notes to Consolidated Financial Statements (unaudited) 12-46 Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 47-59 Item 3 Quantitative and Qualitative Disclosures About Market Risk 60-61 Item 4 Controls and Procedures 62 PART II – OTHER INFORMATION Item 1 Legal Proceedings 63 Item 1A Risk Factors 63 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 63-64 Item 3 Defaults Upon Senior Securities 65 Item 4 Mine Safety Disclosures 65 Item 5 Other Information 65 Item 6 Exhibits 66-70 Signatures 71 PART I – FINANCIAL INFORMATION Item 1 – Financial Statements HCI GROUP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands, except share amounts) June 30, December 31, 2026 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) (a) $ 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 (a) 872,336 1,210,126 Restricted cash (a) 4,378 3,748 Income taxes receivable (a) 1,277 1,332 Deferred income tax assets, net (a) 1,088 2,237 Premiums receivable, net (allowance: $5,363 and $4,469, respectively) (a) 77,607 57,494 Prepaid reinsurance premiums (a) — 50,127 Reinsurance recoverable, net of allowance for credit losses: Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively) (a) 26,613 27,855 Unpaid losses and loss adjustment expenses (allowance: $73 and $97, respectively) (a) 229,131 262,041 Deferred policy acquisition costs (a) 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 (a) 58,908 27,715 Total assets $ 2,648,459 $ 2,528,928 (a)See Note 12 for details of balances associated with consolidated variable interest entities. (continued) 1 HCI GROUP, INC. AND SUBSIDIARIES Consolidated Balance Sheets – (Continued) (In thousands, except share amounts) June 30, December 31, 2026 2025 (Unaudited) Liabilities, Redeemable Noncontrolling Interests and Equity Losses and loss adjustment expenses (a) $ 558,982 $ 576,495 Unearned premiums (a) 659,335 643,328 Advance premiums (a) 44,440 19,302 Ceded reinsurance premiums payable (a) 34,772 27,591 Assumed premiums payable (a) 4,049 1,744 Income taxes payable (a) 16,467 12,782 Deferred income tax liabilities, net (a) 1,001 3,814 Revolving credit facility 36,000 36,000 Long-term debt 31,465 31,877 Accrued expenses and other liabilities (a) 82,887 61,351 Total liabilities 1,469,398 1,414,284 Commitments and contingencies (Note 19) Redeemable noncontrolling interests (Note 16) 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 (a)See Note 12 for details of balances associated with consolidated variable interest entities. See accompanying Notes to Consolidated Financial Statements (unaudited). 2 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 See accompanying Notes to Consolidated Financial Statements (unaudited). 3 HCI GROUP, INC. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income (Unaudited) (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income $ 82,900 $ 70,279 $ 167,943 $ 144,509 Other comprehensive (loss) income, net of income taxes: Available-for-sale fixed-maturity securities (4,954 ) (184 ) (11,006 ) 1,907 Other comprehensive (loss) income, net of income taxes (4,954 ) (184 ) (11,006 ) 1,907 Comprehensive income 77,946 70,095 156,937 146,416 Comprehensive income attributable to noncontrolling interests (8,993 ) (4,119 ) (20,574 ) (8,665 ) Comprehensive income after noncontrolling interests $ 68,953 $ 65,976 $ 136,363 $ 137,751 See accompanying Notes to Consolidated Financial Statements (unaudited). 4 HCI GROUP, INC. AND SUBSIDIARIES Consolidated Statements of Equity For the Three Months Ended June 30, 2026 (Unaudited) (In thousands, except per share amount) Common Stock Additional Paid-In Retained Accumulated Other Comprehensive Total Stockholders’ Noncontrolling Total Shares Amount Capital Earnings Loss Equity Interests Equity Balance as of March 31, 2026 12,900,905 $ — $ 413,838 $ 679,721 $ (4,538 ) $ 1,089,021 $ 84,468 $ 1,173,489 Net income — — — 73,797 — 73,797 9,103 82,900 Other comprehensive loss, net of income taxes — — — — (4,844 ) (4,844 ) (110 ) (4,954 ) Issuance of restricted stock 3,750 — — — — — — — Forfeiture of restricted stock (693 ) — — — — — — — Net share settlements on vesting of restricted stock (70,452 ) — (11,121 ) — — (11,121 ) — (11,121 ) Repurchase of common stock (363,538 ) — (57,720 ) — — (57,720 ) — (57,720 ) Repurchase of noncontrolling interests — — (6,580 ) — — (6,580 ) (3,563 ) (10,143 ) Other adjustments to noncontrolling interests — — (147 ) — — (147 ) 147 — Common stock dividends — — — (5,081 ) — (5,081 ) — (5,081 ) Stock-based compensation — — 2,584 — — 2,584 755 3,339 Reclassification of nonrefundable subscriber surplus contributions — — — — — — 2,423 2,423 Balance as of June 30, 2026 12,469,972 $ — $ 340,854 $ 748,437 $ (9,382 ) $ 1,079,909 $ 93,223 $ 1,173,132 See accompanying Notes to Consolidated Financial Statements (unaudited). 5 HCI GROUP, INC. AND SUBSIDIARIES Consolidated Statements of Equity – (Continued) For the Three Months Ended June 30, 2025 (Unaudited) (In thousands, except per share amount) Common Stock Additional Paid-In Retained Accumulated Other Comprehensive Total Stockholders’ Noncontrolling Total Shares Amount Capital Earnings Income Equity Interests Equity Balance as of March 31, 2025 10,765,336 $ — $ 124,170 $ 397,171 $ 1,342 $ 522,683 $ 20,149 $ 542,832 Net income — — — 66,160 — 66,160 4,119 70,279 Other comprehensive loss, net of income taxes — — — — (184 ) (184 ) — (184 ) Issuance of restricted stock 9,020 — — — — — — — Forfeiture of restricted stock (1,100 ) — — — — — — — Net share settlements on vesting of restricted stock (266 ) — (40 ) — — (40 ) — (40 ) Conversion of senior notes to common stock 2,183,894 — 172,582 — — 172,582 — 172,582 Common stock dividends — — — (4,618 ) — (4,618 ) — (4,618 ) Stock-based compensation — — 1,994 — — 1,994 701 2,695 Reclassification of nonrefundable subscriber surplus contributions — — — — — — 1,138 1,138 Balance as of June 30, 2025 12,956,884 $ — $ 298,706 $ 458,713 $ 1,158 $ 758,577 $ 26,107 $ 784,684 See accompanying Notes to Consolidated Financial Statements (unaudited). 6 HCI GROUP, INC. AND SUBSIDIARIES Consolidated Statements of Equity – (Continued) For the Six Months Ended June 30, 2026 (Unaudited) (In thousands, except per share amount) Common Stock Additional Paid-In Retained Accumulated Other Comprehensive Total Stockholders’ Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Equity Interests Equity Balance as of December 31, 2025 12,992,147 $ — $ 428,109 $ 611,509 $ 1,459 $ 1,041,077 $ 70,208 $ 1,111,285 Net income — — — 147,204 — 147,204 20,739 167,943 Other comprehensive loss, net of income taxes — — — — (10,841 ) (10,841 ) (165 ) (11,006 ) Exercise of stock options 20,000 — 800 — — 800 — 800 Issuance of restricted stock 3,750 — — — — — — — Forfeiture of restricted stock (1,386 ) — — — — — — — Net share settlements on vesting of res