United Insurance Holdings Corp. Reports Financial Results for Its Second Quarter Ended June 30, 2017
Company to Host Quarterly Conference Call at
| ($ in thousands, except per share) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| |
|
|||||||||||||||||||||||
| 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||
| Gross premiums written | $ | 352,347 | $ | 210,756 | 67.2 | % | $ | 521,189 | $ | 346,712 | 50.3 | % | ||||||||||||
| Gross premiums earned | $ | 261,584 | $ | 164,585 | 58.9 | % | $ | 443,649 | $ | 311,087 | 42.6 | % | ||||||||||||
| Net premiums earned | $ | 159,618 | $ | 114,179 | 39.8 | % | $ | 266,801 | $ | 215,549 | 23.8 | % | ||||||||||||
| Total revenues | $ | 178,073 | $ | 120,921 | 47.3 | % | $ | 300,706 | $ | 228,482 | 31.6 | % | ||||||||||||
| Earnings before income tax | $ | 12,650 | $ | 15,210 | (16.8 | )% | $ | 18,588 | $ | 19,540 | (4.9 | )% | ||||||||||||
| Net income | $ | 7,257 | $ | 9,841 | (26.3 | )% | $ | 11,156 | $ | 12,792 | (12.8 | )% | ||||||||||||
| Net income per diluted share | $ | 0.17 | $ | 0.45 | (62.2 | )% | $ | 0.35 | $ | 0.59 | (40.7 | )% | ||||||||||||
| Reconciliation of net income to operating income: | ||||||||||||||||||||||||
| Plus: Merger expenses, net of tax | $ | 4,383 | $ | 399 | 998.5 | % | $ | 4,481 | $ | 447 | 902.5 | % | ||||||||||||
| Plus: Non-cash amortization of intangible assets, net of tax | $ | 7,407 | $ | 2,261 | 227.6 | % | $ | 8,573 | $ | 2,710 | 216.3 | % | ||||||||||||
| Less: Realized gains (losses), net of tax | $ | (86 | ) | $ | 66 | (230.3 | )% | $ | (314 | ) | $ | 242 | (229.8 | )% | ||||||||||
| Operating income | $ | 19,133 | $ | 12,435 | 53.9 | % | $ | 24,524 | $ | 15,707 | 56.1 | % | ||||||||||||
| Operating income per diluted share | $ | 0.46 | $ | 0.57 | (19.3 | )% | $ | 0.77 | $ | 0.73 | 5.5 | % | ||||||||||||
| Book value per share | $ | 12.39 | $ | 11.97 | 3.5 | % | ||||||||||||||||||
"This was our first quarter of operations as a combined company with
Operating Return on Equity
Operating Return on Equity (see calculation below) is a ratio we calculate using non-GAAP measures. It is calculated by dividing the operating income for the most recent twelve months by the average shareholders’ equity for the most recent twelve months. Operating income is an after-tax non-GAAP measure that we calculate by excluding the effect of non-cash amortization of intangible assets, non-recurring expenses such as merger-related professional fees, and realized gains or losses on our investment portfolio from net income. In the opinion of the Company’s management, operating income, operating income per share and operating return on equity are meaningful indicators of our underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses operating income, operating income per share and operating return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The following table reconciles operating return on equity to return on equity, the most directly comparable GAAP measure.
| ($ in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||
| |
|
|||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||||
| Net income | $ | 7,257 | $ | 9,841 | $ | 11,156 | $ | 12,792 | ||||||||||
| Return on equity based on GAAP net income (1) | 9.1 | % | 16.4 | % | 7.0 | % | 10.7 | % | ||||||||||
| Operating income | $ | 19,133 | $ | 12,435 | $ | 24,524 | $ | 15,707 | ||||||||||
| Operating return on equity (1) | 24.1 | % | 20.7 | % | 15.4 | % | 13.1 | % | ||||||||||
| (1) | Return on equity is calculated on an annualized basis. | |
The calculation of the Company's underlying combined loss ratios are shown below.
| ($ in thousands, except per share) | Three Months Ended | Six Months Ended | ||||||||||||||||||
| |
|
|||||||||||||||||||
| 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||
| Loss ratio, net(1) | 54.5 | % | 54.8 | % | (0.3 | ) pts | 56.3 | % | 58.9 | % | (2.6 | ) pts | ||||||||
| Expense ratio, net(2) | 48.7 | % | 37.7 | % | 11.0 | pts | 48.9 | % | 38.0 | % | 10.9 | pts | ||||||||
| Combined ratio (CR)(3) | 103.2 | % | 92.5 | % | 10.7 | pts | 105.2 | % | 96.9 | % | 8.3 | pts | ||||||||
| Effect of current year catastrophe losses on CR | 13.7 | % | 3.3 | % | 10.4 | pts | 12.1 | % | 8.7 | % | 3.4 | pts | ||||||||
| Effect of prior year (favorable) development on CR | (0.8 | )% | 0.4 | % | (1.2 | ) pts | (0.7 | )% | 1.7 | % | (2.4 | ) pts | ||||||||
| Effect of ceding commission income on CR | 6.6 | % | 0.8 | % | 5.8 | pts | 7.5 | % | 0.8 | % | 6.7 | pts | ||||||||
| Underlying combined ratio(4)(5) | 83.7 | % | 88.0 | % | (4.3 | ) pts | 86.3 | % | 85.7 | % | 0.6 | pts | ||||||||
| (1) | Loss ratio, net is calculated as losses and loss adjustment expenses (LAE) relative to net premiums earned. | |
| (2) | Expense ratio, net is calculated as the sum of all operating expenses less interest expense relative to net premiums earned. | |
| (3) | Combined ratio is the sum of the loss ratio, net and expense ratio, net. | |
| (4) |
Underlying combined ratio, a measure that is not based on |
|
| (5) | Included in both the expense ratio and the combined ratio is |
|
Quarterly Financial Results
Net income for the second quarter of 2017 was
The Company's total gross written premium increased by
| ($ in thousands) |
Three Months Ended |
|||||||||||||
| 2017 | 2016 | Change | Growth % | |||||||||||
| Direct Written and Assumed Premium by Region (1) | ||||||||||||||
| |
$ | 199,736 | $ | 110,381 | $ | 89,355 | 81.0 | % | ||||||
| Gulf | 56,622 | 42,991 | 13,631 | 31.7 | ||||||||||
| Northeast | 40,842 | 32,103 | 8,739 | 27.2 | ||||||||||
| Southeast | 25,088 | 24,240 | 848 | 3.5 | ||||||||||
| Total direct written premium by region | 322,288 | 209,715 | 112,573 | 53.7 | % | |||||||||
| Assumed premium (2) | 30,059 | 1,041 | 29,018 | 2,787.5 | ||||||||||
| Total gross written premium by region | $ | 352,347 | $ | 210,756 | $ | 141,591 | 67.2 | % | ||||||
| Gross Written Premium by Line of Business | ||||||||||||||
| Personal property | $ | 235,132 | $ | 203,634 | $ | 31,498 | 15.5 | % | ||||||
| Commercial property | 117,215 | 7,122 | 110,093 | 1,545.8 | ||||||||||
| Total gross written premium by line of business | $ | 352,347 | $ | 210,756 | $ | 141,591 | 67.2 | % | ||||||
|
(1) |
Each region is comprised of the following states: Gulf includes |
|
| (2) | Assumed premium written for 2017 includes commercial property business assumed from an unaffiliated insurer and 2016 premium assumed includes homeowners business from |
|
Loss and LAE increased by
Policy acquisition costs increased by
Operating expenses increased by
General and administrative expenses increased by
Combined Ratio Analysis
The calculation of the Company's underlying loss ratios is shown below.
| ($ in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
| |
|
|||||||||||||||||||||||||
| 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||
| Loss and LAE | $ | 86,938 | $ | 62,611 | $ | 24,327 | $ | 150,271 | $ | 126,869 | $ | 23,402 | ||||||||||||||
| % of Gross earned premiums | 33.2 | % | 38.0 | % | (4.8 | ) pts | 33.9 | % | 40.8 | % | (6.9 | ) pts | ||||||||||||||
| % of Net earned premiums | 54.5 | % | 54.8 | % | (0.3 | ) pts | 56.3 | % | 58.9 | % | (2.6 | ) pts | ||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Current year catastrophe losses | $ | 21,798 | $ | 3,720 | $ | 18,078 | $ | 32,410 | $ | 18,776 | $ | 13,634 | ||||||||||||||
| Prior year reserve (favorable) development | (1,264 | ) | 490 | (1,754 | ) | (1,790 | ) | 3,676 | (5,466 | ) | ||||||||||||||||
| Underlying Loss and LAE (1) | $ | 66,404 | $ | 58,401 | $ | 8,003 | $ | 119,651 | $ | 104,417 | $ | 15,234 | ||||||||||||||
| % of Gross earned premiums | 25.4 | % | 35.5 | % | (10.1 | ) pts | 27.0 | % | 33.6 | % | (6.6 | ) pts | ||||||||||||||
| % of Net earned premiums | 41.6 | % | 51.1 | % | (9.5 | ) pts | 44.8 | % | 48.5 | % | (3.7 | ) pts | ||||||||||||||
|
(1) |
Underlying Loss and LAE is a non-GAAP financial measure and is reconciled above to Net Loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented can be found in this press release is in the "Definitions of Non-GAAP Measures" section, below. |
|
The calculation of the Company's underlying expense ratios is shown below.
| ($ in thousands) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
| |
|
|||||||||||||||||||||||||
| 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||
| Policy acquisition costs | $ | 43,320 | $ | 25,721 | $ | 17,599 | $ | 78,756 | $ | 52,753 | $ | 26,003 | ||||||||||||||
| Operating and underwriting | 6,257 | 5,814 | 443 | 12,129 | 9,768 | 2,361 | ||||||||||||||||||||
| General and administrative | 28,176 | 11,497 | 16,679 | 39,509 | 19,430 | 20,079 | ||||||||||||||||||||
| Total Operating Expenses | $ | 77,753 | $ | 43,032 | $ | 34,721 | $ | 130,394 | $ | 81,951 | $ | 48,443 | ||||||||||||||
| % of Gross earned premiums | 29.7 | % | 26.1 | % | 3.6 | pts | 29.4 | % | 26.3 | % | 3.1 | pts | ||||||||||||||
| % of Net earned premiums | 48.7 | % | 37.7 | % | 11.0 | pts | 48.9 | % | 38.0 | % | 10.9 | pts | ||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Ceding commission income | $ | 10,562 | $ | 946 | $ | 9,616 | $ | 20,094 | $ | 1,765 | $ | 18,329 | ||||||||||||||
| Merger expenses and amortization | 18,138 | 4,092 | 14,046 | 20,083 | 4,857 | 15,226 | ||||||||||||||||||||
| Underlying Expense (1) | $ | 49,053 | $ | 37,994 | $ | 11,059 | $ | 90,217 | $ | 75,329 | $ | 14,888 | ||||||||||||||
| % of Gross earned premiums | 18.8 | % | 23.1 | % | (4.3 | ) pts | 20.3 | % | 24.2 | % | (3.9 | ) pts | ||||||||||||||
| % of Net earned premiums | 30.7 | % | 33.3 | % | (2.6 | ) pts | 33.8 | % | 34.9 | % | (1.1 | ) pts | ||||||||||||||
| (1) |
Underlying Expense is a non-GAAP financial measure and is reconciled above to total operating expenses, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
|
Reinsurance Costs as a % of Earned Premium
Excluding the Company's flood business, for which it cedes 100% of the risk of loss, reinsurance costs in the second quarter of 2017 were 37.1% of gross premiums earned compared to 27.8% of gross premiums earned for the second quarter of 2016. Ceded earned premiums related to the Company's quota share reinsurance program that launched on
Investment Portfolio Highlights
The Company's cash and investment holdings totaled
Book Value Analysis
Book value per share increased 11.1% from
| ($ in thousands, except for per share data) | |
|
|||||||
| 2017 | 2016 | ||||||||
| Book Value per Share | |||||||||
| Numerator: | |||||||||
| Common shareholders' equity | $ | 529,462 | $ | 241,327 | |||||
| Denominator: | |||||||||
| Total Shares Outstanding | 42,741,004 | 21,646,614 | |||||||
| Book Value Per Common Share | $ | 12.39 | $ | 11.15 | |||||
| Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI) | |||||||||
| Numerator: | |||||||||
| Common shareholders' equity | $ | 529,462 | $ | 241,327 | |||||
| Accumulated other comprehensive income | 5,985 | 822 | |||||||
| Shareholders' Equity, excluding AOCI | $ | 523,477 | $ | 240,505 | |||||
| Denominator: | |||||||||
| Total Shares Outstanding | 42,741,004 | 21,646,614 | |||||||
| Underlying Book Value Per Common Share(1) | $ | 12.25 | $ | 11.11 | |||||
| (1) |
Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
|
Quarterly Cash Dividend
The Company today announced that its Board of Directors declared a cash dividend of
Definitions of Non-GAAP Measures
We believe that investors' understanding of the Company's performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.
Combined ratio excluding the effects of current year catastrophe losses, reserve development, and ceding commission income earned (underlying combined ratio) is a non-GAAP ratio, which is computed by subtracting the effect of current year catastrophe losses, prior year development and ceding commission income earned related to our quota share reinsurance agreement from the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our business that may be obscured by current year catastrophe losses, losses from lines in run-off and prior year development. Current year catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under our quota share reinsurance agreement. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our performance. The most direct comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall profitability of our business.
Net Loss and LAE excluding the effects of current year catastrophe losses and reserve development (underlying Loss and LAE) is a non-GAAP measure which is computed by subtracting current year catastrophe losses and prior year reserve development from Loss and LAE. We use underlying loss and LAE figures to analyze our loss trends that may be impacted by current year catastrophe losses and prior year development on our reserves. As discussed previously, these two items can have a significant impact on our loss trend in a given period. The most direct comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net losses and LAE and does not reflect the overall profitability of our business.
Net Operating Expense excluding the effects of ceding commission income earned, merger expenses, and amortization of intangible assets (underlying expense) is a non-GAAP measure which is computed by subtracting ceding income earned related to our quota share reinsurance agreement, merger expenses and amortization from operating expenses. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under our quota share reinsurance agreement. Merger expenses are directly related to past mergers and are not reflective of current period operating performance. Similarly, amortization expense is related to the amortization of intangible assets acquired through merger and therefore the expense does not arise through normal operations. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our performance. The most direct comparable GAAP measure is net expense ratio. The underlying expense measure should not be considered a substitute for the net expense ratio and does not reflect the overall profitability of our business.
Book value per share, excluding the impact of accumulated other comprehensive income (underlying book value per share), is a ratio that uses a non-GAAP measure. It is calculated by dividing common shareholders' equity after excluding accumulated other comprehensive income by total common shares outstanding plus dilutive potential common shares outstanding. We use the trend in book value per common share, excluding the impact of accumulated other comprehensive income, in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. We believe the non-GAAP ratio is useful to investors because it eliminates the effect of interest rates that can fluctuate significantly from period to period and are generally driven by economic and financial factors which are not influenced by management. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of accumulated other comprehensive income, should not be considered a substitute for book value per common share, and does not reflect the recorded net worth of our business.
|
Conference Call Details |
||
|
Date and Time: |
|
|
|
Participant Dial-In: |
( |
|
| (International): 201-493-6724 | ||
|
Webcast: |
To listen to the live webcast, please go to www.upcinsurance.com (Investor Relations) and click on the conference call link, or go to: http://upcinsurance.equisolvewebcast.com/q2-2017 |
|
About
Founded in 1999,
Forward-Looking Statements
Statements in this press release, the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” or “continue” or the negative variations thereof or comparable terminology are intended to identify forward-looking statements. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the
| Consolidated Statements of Comprehensive Income | ||||||||||||||||||
|
In thousands, except share and per share amounts |
||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| |
|
|||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||||
| REVENUE: | ||||||||||||||||||
| Gross premiums written | $ | 352,347 | $ | 210,756 | $ | 521,189 | $ | 346,712 | ||||||||||
| Increase in gross unearned premiums | (90,763 | ) | (46,171 | ) | (77,540 | ) | (35,625 | ) | ||||||||||
| Gross premiums earned | 261,584 | 164,585 | 443,649 | 311,087 | ||||||||||||||
| Ceded premiums earned | (101,966 | ) | (50,406 | ) | (176,848 | ) | (95,538 | ) | ||||||||||
| Net premiums earned | 159,618 | 114,179 | 266,801 | 215,549 | ||||||||||||||
| Investment income | 4,637 | 2,727 | 7,588 | 5,123 | ||||||||||||||
| Net realized gains (losses) | (132 | ) | 102 | (483 | ) | 372 | ||||||||||||
| Other revenue | 13,950 | 3,913 | 26,800 | 7,438 | ||||||||||||||
| Total revenues | $ | 178,073 | $ | 120,921 | $ | 300,706 | $ | 228,482 | ||||||||||
| EXPENSES: | ||||||||||||||||||
| Losses and loss adjustment expenses | 86,938 | 62,611 | 150,271 | 126,869 | ||||||||||||||
| Policy acquisition costs | 43,320 | 25,721 | 78,756 | 52,753 | ||||||||||||||
| Operating expenses | 6,257 | 5,814 | 12,129 | 9,768 | ||||||||||||||
| General and administrative expenses | 28,176 | 11,497 | 39,509 | 19,430 | ||||||||||||||
| Interest expense | 752 | 116 | 1,511 | 191 | ||||||||||||||
| Total expenses | 165,443 | 105,759 | 282,176 | 209,011 | ||||||||||||||
| Income before other income | 12,630 | 15,162 | 18,530 | 19,471 | ||||||||||||||
| Other income | 20 | 48 | 58 | 69 | ||||||||||||||
| Income before income taxes | 12,650 | 15,210 | 18,588 | 19,540 | ||||||||||||||
| Provision for income taxes | 5,393 | 5,369 | 7,432 | 6,748 | ||||||||||||||
| Net income | $ | 7,257 | $ | 9,841 | $ | 11,156 | $ | 12,792 | ||||||||||
| OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||
| Change in net unrealized gains on investments | 4,106 | 7,420 | 7,837 | 13,800 | ||||||||||||||
| Reclassification adjustment for net realized investment losses (gains) | 132 | (102 | ) | 483 | (372 | ) | ||||||||||||
| Income tax expense related to items of other comprehensive income | (1,615 | ) | (2,713 | ) | (3,157 | ) | (5,074 | ) | ||||||||||
| Total comprehensive income | $ | 9,880 | $ | 14,446 | $ | 16,319 | $ | 21,146 | ||||||||||
| Weighted average shares outstanding | ||||||||||||||||||
| Basic | 41,799,041 | 21,423,739 | 31,691,267 | 21,385,220 | ||||||||||||||
| Diluted | 42,028,013 | 21,631,077 | 31,914,559 | 21,584,287 | ||||||||||||||
| Earnings per share | ||||||||||||||||||
| Basic | $ | 0.17 | $ | 0.46 | $ | 0.35 | $ | 0.60 | ||||||||||
| Diluted | $ | 0.17 | $ | 0.45 | $ | 0.35 | $ | 0.59 | ||||||||||
| Dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.12 | $ | 0.11 | ||||||||||
| Consolidated Balance Sheets | ||||||||||
|
In thousands, except share amounts |
||||||||||
| |
|
|||||||||
| ASSETS | ||||||||||
| Investments available for sale, at fair value: | ||||||||||
| Fixed maturities | $ | 716,183 | $ | 494,516 | ||||||
| Equity securities | 59,431 | 28,398 | ||||||||
| Other investments | 7,848 | 5,733 | ||||||||
| Total investments | $ | 783,462 | $ | 528,647 | ||||||
| Cash and cash equivalents | 254,171 | 150,688 | ||||||||
| Accrued investment income | 5,142 | 3,735 | ||||||||
| Property and equipment, net | 19,623 | 17,860 | ||||||||
| Premiums receivable, net | 93,401 | 38,883 | ||||||||
| Reinsurance recoverable on paid and unpaid losses | 69,824 | 24,028 | ||||||||
| Prepaid reinsurance premiums | 364,156 | 132,564 | ||||||||
| |
59,679 | 14,254 | ||||||||
| Deferred policy acquisition costs | 94,865 | 65,473 | ||||||||
| Intangible assets | 64,948 | 12,371 | ||||||||
| Other assets | 12,000 | 11,183 | ||||||||
| Total Assets | $ | 1,821,271 | $ | 999,686 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Liabilities: | ||||||||||
| Unpaid losses and loss adjustment expenses | $ | 204,694 | $ | 140,855 | ||||||
| Unearned premiums | 578,587 | 372,223 | ||||||||
| Reinsurance payable | 332,011 | 99,891 | ||||||||
| Other liabilities | 122,752 | 91,215 | ||||||||
| Notes payable | 53,765 | 54,175 | ||||||||
| Total Liabilities | $ | 1,291,809 | $ | 758,359 | ||||||
| Commitments and contingencies | ||||||||||
| Stockholders' Equity: | ||||||||||
| Preferred stock, |
— | — | ||||||||
| Common stock, |
4 | 2 | ||||||||
| Additional paid-in capital | 375,029 | 99,353 | ||||||||
| |
(431 | ) | (431 | ) | ||||||
| Accumulated other comprehensive income | 5,985 | 822 | ||||||||
| Retained earnings | 148,875 | 141,581 | ||||||||
| Total Stockholders' Equity | $ | 529,462 | $ | 241,327 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 1,821,271 | $ | 999,686 | ||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170808006430/en/
SEC Reporting Manager
[email protected]
or
Investor Relations:
The Equity Group
Senior Vice-President
[email protected]
Source:
Heritage Announces Third Quarter Dividend
Blue Cross Blue Shield move leaves major medical hole in Columbus
Advisor News
- Advisors must lead the policy risk conversation
- Gen X more anxious than baby boomers about retirement
- Taxing trend: How the OBBBA is breaking the standard deduction reliance
- Why advisors can’t afford to delay succession planning
- 6 in 10 Americans struggle with financial decisions
More Advisor NewsAnnuity News
- CT commissioner: 70% of policyholders covered in PHL liquidation plan
- ‘I get confused:’ Regulators ponder increasing illustration complexities
- Three ways the Corebridge/Equitable merger could shake up the annuity market
- Corebridge, Equitable merge to create potential new annuity sales king
- LIMRA: Final retail annuity sales total $464.1 billion in 2025
More Annuity NewsHealth/Employee Benefits News
- Medicare Moments | Learn your Medicare enrollment options if you are over 65, retiring with serious health issues
- ICYMI: TRUMP'S HHS TARGETS 13 STATES WHERE ABORTION COVERAGE IS PROTECTED WITH NEW INVESTIGATION
- Why Thousands of City Workers Could Lose NewYork-Presbyterian Coverage
- Plan ahead for long-term care
- Blue Shield says Fresno’s Community Medical Centers turning away patients amid standoff
More Health/Employee Benefits NewsLife Insurance News
- WHAT THEY ARE SAYING: KATHLEEN COULOMBE JOINS ACU AS CHIEF ADVOCACY OFFICER
- A-CAP Appoints Kirk Cullimore as President of Sentinel Security Life
- Nationwide enters centennial year stronger than ever
- AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries
- AM Best Affirms Credit Ratings of CMB Wing Lung Insurance Company Limited
More Life Insurance News