HCI Group Inc (NYSE:HCI) stock surged 5.29% in Friday's trading session, following the company's impressive fourth-quarter and full-year 2024 earnings results. The strong performance underscored the effectiveness of HCI Group's technology platform in driving operational efficiencies and profitability.
Despite facing significant challenges from three major hurricanes, including Hurricane Milton, the company reported a pretax income of $173 million for the full year 2024 and diluted earnings per share of $8.89. In the fourth quarter alone, HCI Group recorded a pretax income of $5.9 million and diluted earnings per share of $0.23, despite the $128 million net impact of Hurricane Milton.
The company's ability to navigate the catastrophic hurricane season while delivering robust financial results highlights the strength of its technology platform and underwriting capabilities. HCI Group attributed its success to several key factors, including operational leverage, a declining loss ratio, and growing investment income driven by higher rates.
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