Palomar Holdings, Inc. PLMR reported fi
Palomar Holdings, Inc. PLMR reported first-quarter 2021 working earnings of 73 cents per share, beating the Zacks Consensus Estimate by 43.1%. The underside line additionally improved 46% yr over yr.
Palomar witnessed improved premiums and internet funding earnings, partially offset by greater bills.
Palomar Holdings, Inc. Worth, Consensus and EPS Shock
Palomar Holdings, Inc. price-consensus-eps-surprise-chart | Palomar Holdings, Inc. Quote
Behind the Headlines
Whole revenues improved 31.6% yr over yr to $50 million, primarily attributable to greater premiums, internet funding earnings, and fee and different earnings. Nevertheless, the highest line missed the Zacks Consensus Estimate by 2.2%.
Gross written premiums elevated 44.9% yr over yr to $103.6 million. Internet written premiums additionally elevated 35.2% yr over yr to $42.Three million.
Internet funding earnings elevated 9% yr over yr to $2.2 million, pushed by greater common stability of investments, partially offset by decrease yields on invested belongings.
Palomar witnessed underwriting earnings of $18.6 million, up 47.2% yr over yr.
Whole bills of $29.1 million elevated 27.5% yr over yr as a consequence of greater acquisition and underwriting bills.
Adjusted mixed ratio, excluding disaster losses, improved 830 foundation factors (bps) yr over yr to 53.3.
Monetary Replace
Money and money equivalents elevated 29.7% from the 2020-end degree to about $23.6 million at first quarter 2021-end.
Shareholder fairness elevated 3.5% from 2020-end to $376.Four million.
Annualized adjusted return on fairness was 20.8% for the reported quarter, increasing 20 bps yr over yr.
2021 View
Palomar estimates adjusted internet earnings between $64 million and $69 million, which incorporates the affect of winter storm Uri in Texas.
For first-half 2021, the corporate expects Uri to lead to a internet underwriting lack of $1 million, comprising $Four million of further reinsurance expense in first-quarter 2021 and related further reinsurance expense in second-quarter 2021, partially offset by unfavorable internet losses within the reported quarter.
Zacks Rank
Palomar presently carries a Zacks Rank #3 (Maintain).
You’ll be able to see the whole record of at present’s Zacks #1 Rank (Robust Purchase) shares right here.
Efficiency of Different Insurers
First-quarter earnings of The Vacationers Firms TRV, W.R. Berkley Company WRB and RLI Company’s RLI beat the respective Zacks Consensus Estimate.
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Zacks Funding Analysis
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.