Heritage Insurance Profits Down for Q4 But Up 36% for 2024

Heritage Insurance Holdings Inc. (HRTG) on Tuesday reported net income of $20.3 million in its fourth quarter, a 34% drop from Q4 in 2023.

The Tampa-based company said it had net income of 66 cents per share.

The property and casualty insurance holding company posted revenue of $210.3 million in the period.

For the year, the company reported profit of $61.5 million, or $2.01 per share. That profit was up 36% from 2023. Revenue was reported as $817 million for the year, up 11% from the previous year’s revenue.

Heritage earnings and stock price took a hit after a 2024 60 Minutes report alleging that the insurer had inappropriately altered field adjusters’ post-storm inspection reports, something the company denied. The share price fell sharply after the report in October, from a high of about $16 a share to $9.34, but the price rebounded to about $12 — higher than it was for much of 2024. It closed at that price Wednesday, according to Yahoo! Finance.

The company also said it felt a $57 million loss from Hurricane Milton, which struck Florida in October. Its combined ratio for Q4 was 90%, up about 5 points from the previous year’s fourth quarter.