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Earnings Call Summary | Kingstone(KINS.US) Q1 2024 Earnings Conference

Earnings Call Summary | Kingstone(KINS.US) Q1 2024 Earnings Conference

财报电话会议摘要 | Kingstone (KINS.US) 2024 年第一季度财报会议
moomoo AI ·  05/14 13:22  · 电话会议

The following is a summary of the Kingstone Companies, Inc. (KINS) Q1 2024 Earnings Call Transcript:

以下是金斯通公司(KINS)2024年第一季度财报电话会议记录摘要:

Financial Performance:

财务业绩:

  • Kingstone reported a net income of $1.4 million or $0.13 per share for Q1 2024, marking a $6.5 million turnaround from the same quarter last year.

  • Core direct written premiums grew by 12.5% to hit $47 million, even as non-core business strategically declined by 55.6%.

  • Consolidated direct premiums written saw an increase of 3.6% primarily due to ongoing pricing maneuvers.

  • The company announced an improved combined ratio of 93.3%, attributable to both lower losses and expenses.

  • Net investment income remained steady at $1.5 million, mirroring the figures from the same period in the previous year.

  • 金斯通公布的2024年第一季度净收入为140万美元,合每股收益0.13美元,与去年同期相比实现了650万美元的周转。

  • 尽管非核心业务战略性下降了55.6%,但核心直接承保保费仍增长了12.5%,达到4700万美元。

  • 综合直接保费增长了3.6%,这主要是由于持续的定价策略。

  • 该公司宣布合并比率提高到93.3%,这归因于亏损和支出的减少。

  • 净投资收入稳定在150万美元,反映了去年同期的数字。

Business Progress:

业务进展:

  • Turnaround plans and strategic investments have fueled a double-digit growth in their core operations and boosted underwriting results.

  • Continuation of growth has been forecasted for the second quarter.

  • The performance of the 'Select' product, designed for better rate-risk correlation, exceeded expectations and recorded a significantly lower frequency than the legacy product.

  • The company is working on enhancing the Select product to foster future growth and profitability.

  • Significant cuts have been made in the volatile non-core business, with plans to eradicate its negative impact on consolidated earnings.

  • Following an overperformance in the first quarter, Kingstone has raised its 2024 guidance, forecasting direct written premium growth in their core business between 16% and 20%, a combined ratio between 86% and 90%, earnings per share between $0.75 and $1.10, and a return on equity between 22% and 30%.

  • 周转计划和战略投资推动了其核心业务的两位数增长,并提高了承保业绩。

  • 预计第二季度将持续增长。

  • 专为改善利率风险关联而设计的 “精选” 产品的性能超出了预期,其表现也比传统产品低得多。

  • 该公司正在努力增强精选产品,以促进未来的增长和盈利能力。

  • 波动不定的非核心业务已大幅削减,并计划消除其对合并收益的负面影响。

  • 继第一季度表现超群之后,金斯通上调了2024年的预期,预计其核心业务的直接承保保费增长在16%至20%之间,合并比率在86%至90%之间,每股收益在0.75美元至1.10美元之间,股本回报率在22%至30%之间。

More details: Kingstone IR

更多详情: 金斯通红外

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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