Heritage Insurance Holdings, Inc. (NYSE:HRTG) Q4 2023 Earnings Conference Call March 12, 2024 9:00 AM ET
Company Participants
Kirk Lusk - Chief Financial Officer
Ernie Garateix - Chief Executive Officer
Conference Call Participants
Paul Newsome - Piper Sandler
Operator
Good morning and welcome to the Heritage Insurance Holdings' Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Kirk Lusk, Heritage Chief Financial Officer. Please go ahead.
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 reconciliation 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 good morning to everyone. As we review our fourth quarter and full year 2023 results, I'm pleased to reflect on a period of achievement and strategic advancement for our company. Our efforts over the past two years include deliberate actions and focused execution, culminating an improved financial outcomes and a strengthened market position.
Our financial results for the fourth quarter demonstrate the positive impact of our efforts towards tightening underwriting, working towards rate adequacy, diversifying our portfolio, and managing our reinsurance costs.
Our net income for Q4 2020 was $30.9 million, marking a substantial improvement from $12.5 million in the same quarter last year. Over the last two years, the actions we have implemented are now being realized and reflected in our financial statements as premium from rate increases is earned over the policy period.