Florida’s Heritage Insurance Posts Q4 Profit, But Losses for the Year

Heritage Insurance Holdings Inc. (HRTG) on Thursday reported fourth-quarter net income of $12.5 million, after reporting a loss in the same period a year earlier. For the year 2022, though, the company reported that its loss widened to $154.4 million, or $5.86 per share.

On a per-share basis, the Tampa, Florida-based company said it had profit of 48 cents.

The property and casualty insurance holding company posted revenue of $174.6 million in the period. Revenue was reported as $662.5 million.

The earnings report came two months after the Heritage board of directors authorized the repurchase of $10 million in shares from stockholders, marking the second buy-back plan in recent months. The company had reported a third quarter net loss of more than $48 million, which followed an $88 million loss for Q2. Heritage also has reported more than $40 million in losses from Hurricane Ian, which caused heavy damage across Florida in September and October.