Growth in Net Premiums Earned
Net premiums earned for the quarter increased by 5.6% to $198.3 million compared to $187.8 million for the prior quarter, driven by strong increases in net written premiums in 2024.
Record Number of Policies in Force
The company ended the period with a record number of policies in force, with a year-over-year growth rate of 4.6%.
Improvement in Expense Ratios
The commission expense ratio decreased to 13.2% from 13.9% a year ago, and the underwriting expense ratio decreased to 21.7% from 22.4%, due to automation and process improvements.
Net Investment Income Growth
Net investment income increased slightly to $27.1 million from $26.9 million in the previous year, with a total investment return of $57.5 million compared to $26.5 million.
Positive Stockholder Returns
Returned $31.4 million to stockholders through dividends and share repurchases, with an adjusted book value per share increase of 8.2% over the last 12 months.