HCI Group jumps after Q4 profit beat

HCI

08/03/2024 14:55

** Shares of Florida-based insurtech HCI Group  HCI.N  rise
as much as 15.9%, last up 11.3% at $110.43
    ** After market close on Thursday, HCI posted Q4 adjusted
net income of $3.22/shr, sailing past analysts' expectation of
$1.41/shr - LSEG data
    ** Q4 gross premiums earned were at $215.2 mln from $183 mln
last year
    ** Q4 net investment income rose to $10.3 mln from $7.4 mln
last year helped by higher interest rates
    ** Q4 gross loss ratio fell to 30.4% from 39.4% last year
due to lower claims and litigation frequency in Florida
    ** As of last close, stock up 13.5% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))