Heritage Insurance Holdings, Inc. (NYSE:HRTG) Q1 2023 Earnings Conference Call May 5, 2023 9:00 AM ET
Company Participants
Ernie Garateix - CEO
Kirk Lusk - CFO
Conference Call Participants
Maxwell Fritscher - Truist
Operator
Good day, and welcome to the Heritage Insurance Holdings First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Mr. Kirk Lusk. Please go ahead, sir.
Kirk Lusk
Good morning, and thank you for joining us today. We invite you to visit the Investors section of our website, investors.heritagepci.com, where the earnings release and our earnings call will be archived. These materials are available for replay or review at your convenience.
Today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and subject to uncertainty and changes in circumstances. In our earnings press release and our SEC filings, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, and we have no obligation to update any forward-looking statements we may make. For a description of the forward-looking statements and the risks that could cause our results to differ materially from those described in the forward-looking statements, please refer to our annual report on Form 10-K, earnings release and other SEC filings. Our comments today will also include non-GAAP financial measures. The reconciliations of and other information regarding these measures can be found in our press release.
With me on the call today is Ernie Garateix, our Chief Executive Officer. I will now turn the call over to Ernie.
Ernie Garateix
Thank you, Kirk, and thank you all for joining us today.
I will provide some highlights of our first quarter performance, discuss our progress in achieving key objectives and offering insights into our strategic initiatives. Following my remarks, Kirk will provide details on key financial performance metrics, after which we will open the call for Q&A.I am pleased to report another consecutive quarter of solid financial results with net income for the first quarter of $14 million.
The improvement from last year reflects the progress we are making with our strategic profitability initiatives as well as the benefit of favorable weather this quarter. As I described last quarter, our strategic profitability initiatives include rate adequacy, selective underwriting, capital allocation, providing the appropriate coverage for the market and a balanced and diversified portfolio.