Heritage Insurance Holdings, Inc. (NYSE:HRTG) Q1 2024 Results Earnings Conference Call May 2, 2024 9:00 AM ET
Company Participants
Kirk Lusk - Chief Financial Officer
Ernie Garateix - Chief Executive Officer
Conference Call Participants
Maxwell Fritscher - Truist Securities
Mark Hughes - Truist Securities
Operator
Good morning and welcome to the Heritage Insurance Holdings' First Quarter 2024 Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions]. This call is being recorded on Thursday, May 2, 2024.
I would now like to turn the conference over to Kirk Lusk, Chief Financial Officer for the company.
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 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 offer 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 a solid start to 2024 with a first quarter net income of $14.2 million, which is a slight increase from the $14 million reported in the same period last year. This improvement primarily reflects the success of our ongoing strategic initiatives aimed at achieving rate adequacy, underwriting discipline, and capital allocation.