Palomar Holdings, Inc. (NASDAQ: PLMR) has reported strong financial results for the fourth quarter and full year of 2023. The company's net income for the fourth quarter of 2023 was $25.9 million, or $1.02 per diluted share, compared to $18.8 million, or $0.73 per diluted share, for the same period in 2022. Adjusted net income for the fourth quarter of 2023 was $28.0 million, or $1.11 per diluted share, compared to $21.1 million, or $0.82 per diluted share, for the fourth quarter of 2022.
Gross written premiums increased by 26.8% to $303.2 million in the fourth quarter of 2023 compared to $239.1 million in the same period in 2022. The company's total loss ratio decreased to 19.1% from 22.4% in the fourth quarter of 2022, and the combined ratio improved to 74.2% from 75.5% during the same period.
For the full year 2023, Palomar reported an increase in gross written premiums to $1.1 billion, representing a 29.4% increase from 2022. Net income for the full year was $79.2 million compared to $52.2 million in 2022, while adjusted net income reached $93.5 million compared to $71.3 million in the previous year.
Mac Armstrong, Chairman and CEO of Palomar, expressed his satisfaction with the company's performance, stating, "the fourth quarter provided a strong end to what was a stellar 2023. When looking at the full year, we are especially proud of record gross written premium and adjusted net income, strong top and bottom-line growth, and numerous initiatives that led to diversification and reduced earnings volatility."
Armstrong also commented on the company's outlook, saying, "we exit the year energized by our prospects for profitable growth in 2024 and beyond."
On the market, the company's shares have moved 4.7%, and are now trading at a price of $62.2.
The company's full 8-K submission is available here.
