Quarterly ResultMay 7, 2026, 04:39 PM
Heritage Insurance Q1 Net Income $36.5M, EPS $1.19; New $50M Buyback
AI Summary
Heritage Insurance Holdings reported record first-quarter net income of $36.5 million, a 19.7% increase year-over-year, with diluted earnings per share rising 20.2% to $1.19. The company also announced a new $50.0 million share repurchase plan, replacing the previous authorization, while continuing the suspension of its quarterly dividend to prioritize strategic growth. Underwriting performance improved significantly, with the net loss ratio decreasing to 45.9% and the combined ratio improving to 81.0%.
Key Highlights
- Record Q1 net income of $36.5 million, up 19.7% from $30.5 million in Q1 2025.
- Diluted EPS increased 20.2% to $1.19 from $0.99 in Q1 2025.
- Net loss ratio improved 3.8 percentage points to 45.9% from 49.7% in Q1 2025.
- Net combined ratio improved 3.5 percentage points to 81.0% from 84.5% in Q1 2025.
- Book value per share rose 61.5% year-over-year to $17.15.
- Board authorized a new $50.0 million share repurchase plan, replacing the prior plan.
- Repurchased 446,884 shares for $12.0 million in 2026 through the release date.
- On track to expand into Texas on a surplus lines basis and rolled out four new products in Q1.