PLMR - Stronger than LMND!-Palomar Holdings, Inc. PLMR reported second-quarter 2021 operating income of 51 cents per share, beating the Zacks Consensus Estimate by 2%. The bottom line declined 1.9% year over year.
-Palomar witnessed improved premiums and net investment income, partially offset by higher expenses.
-Total revenues improved 35.7% year over year to $57 million, mainly attributable to higher premiums, net investment income, and commission and other income. The top line beat the Zacks Consensus Estimate by 2.2%.
-Gross written premiums increased 54.4% year over year to $129.4 million. Net written premiums surged 45.1% year over year to $77.8 million.
-Net investment income increased 3.8% year over year to $2.2 million, driven by higher average balance of investments, partially offset by lower yields on invested assets.
-Palomar witnessed underwriting income of $13 million, up 4.9% year over year. Results were impacted by $3.9 million of additional reinsurance charges from winter storm Uri.
