Conifer Holdings posts Q2 net income of $2.1 mln
Overview
Conifer Q2 net income $2.1 mln, driven by earnout valuation recognition
Gross written premiums rise 11.1% yr/yr, led by personal lines growth
Adjusted operating loss of $2.1 mln reflects higher expense ratios
Outlook
Company continues to focus on Personal Lines, especially in Texas and Midwest
Conifer aims to streamline operations by running off Commercial Lines
Result Drivers
EARNOUT RECOGNITION - Gains in Q2 driven by partial recognition of an earnout related to last year's CIS sale, per CEO Brian Roney
PERSONAL LINES GROWTH - Gross written premiums rose 11.1% to $21.1 mln, led by a 46.8% increase in the Personal Lines business, particularly in Texas and the Midwest
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Gross Written Premiums |
| $21.08 mln |
|
Q2 Adjusted Operating Income |
| -$2.07 mln |
|
Q2 Combined Ratio |
| 121.1% |
|
Q2 Expense Ratio |
| 52.3% |
|
Press Release: ID:nGNX3jGWhd
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