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Heritage Insurance (HRTG) investor relations material
Heritage Insurance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net income for Q3 2025 was $50.4 million ($1.63 per diluted share), up from $8.2 million ($0.27 per share) in Q3 2024, reflecting strong earnings momentum, lower losses, and successful strategic initiatives focused on rate adequacy, exposure management, and underwriting discipline.
In-force premium reached a record $1.44 billion, with new business premium written up 166% year-over-year to $36 million, and policy count decline moderating to the smallest decrease since 2021.
Book value per share increased to $14.15, up 55.5% year-over-year and 49% from Q4 2024, driven by strong earnings and reduced unrealized losses.
Personal lines policy count expected to return to growth in the next six months as most geographies reopen to new business, with full-year policy growth targeted for 2026.
Strategic focus remains on underwriting discipline, rate adequacy, and capital allocation to profitable geographies.
Financial highlights
Gross premiums earned rose 2.2% year-over-year to $362 million, while net premiums earned declined 1.9% to $195.1 million due to increased ceded premiums.
Gross premiums written increased 6.4% year-over-year to $333.2 million, reflecting rate actions and new business growth.
Net investment income was $9.7 million, flat year-over-year due to offsetting effects of portfolio value and lower interest rates.
Net loss ratio improved to 38.3% (down 27.1 points year-over-year), and net combined ratio improved to 72.9% (down from 100.6%).
Book value per share increase driven by net income and a $15.7 million net-of-tax benefit from reduced unrealized losses.
Outlook and guidance
Policy count is expected to return to growth over the next six months, supporting full-year policy growth in 2026.
Growth to accelerate at a managed pace through 2026 as new business efforts ramp up across reopened geographies.
Optimistic about reinsurance pricing improvements in 2026 due to favorable litigation environment and increased market capacity.
Continued focus on data-driven analytics, customer service, and claims capabilities for 2025.
Planning for low to mid-single-digit rate decreases in Florida homeowners in 2026, with commercial lines remaining profitable.
What drives 2026 personal lines policy growth?
How will Florida rate decreases impact profitability?
What is the timeline for further capital deployment?
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Next Heritage Insurance earnings date
Sidoti's Year End Virtual Investor Conference11 Dec, 2025
Next Heritage Insurance earnings date
Sidoti's Year End Virtual Investor Conference11 Dec, 2025
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Frequently asked questions
Heritage Insurance Holdings Inc provides property and casualty insurance products, primarily targeting homeowners, commercial residential property owners, and condominium associations. The company underwrites personal and commercial residential insurance policies across several U.S. states. Heritage Insurance serves policyholders through independent agency networks and direct channels. The company is headquartered in Tampa, Florida, and its shares are listed on the NYSE.
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