Skyward Specialty Insurance Group, Inc. (NASDAQ:SKWD) Q2 2024 Earnings Conference Call August 6, 2024 10:00 AM ET

Company Participants

Natalie Schoolcraft – Head of Investor Relations
Andrew Robinson – Chairman and Chief Executive Officer
Mark Haushill – Chief Financial Officer

Conference Call Participants

Matthew Carletti – Citizens JMP
Meyer Shields – KBW
Charlie Rodgers – Jefferies
Mark Hughes – Truist Securities

Operator

Good day, and thank you for standing by. Welcome to the Skyward Specialty Insurance Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would now like to hand the conference over to your first speaker today, Natalie Schoolcraft, Head of Investor Relations. Please go ahead.

Natalie Schoolcraft

Thank you, Sean. Good morning, everyone, and welcome to our Second Quarter 2024 Earnings Conference Call. Today, I am joined by our Chairman and Chief Executive Officer, Andrew Robinson; and Chief Financial Officer, Mark Haushill. We will begin the call today with our prepared remarks and then we will open the lines for questions.

Our comments today may include forward-looking statements, which by their nature involve a number of risk factors and uncertainties, which may affect future financial performance. Such risk factors may cause actual results to differ materially from those contained in our projections or forward-looking statements. These types of factors are discussed in our press release as well as in our 10-K that was previously filed with the Securities and Exchange Commission.

Financial schedules containing reconciliations of certain non-GAAP measures, along with other supplemental financial information are included as part of our press release and available on our website, skywardinsurance.com under the Investors section.

With that, I will turn the call over to Andrew. Andrew?

Andrew Robinson

Thank you, Natalie. Good morning, everyone, and thank you for joining us. With another great quarter reporting Q2 adjusted operating income of $0.80 per diluted share, which is our best in company history and nearly double the same quarter last year. Our underwriting income is up over 50% and our investment income is up over 150% from the prior year.

This quarter marks the sixth consecutive quarter we’ve delivered a sub-92% combined ratio and 18% plus growth. Our fully diluted book value per share was up 8.9% from the beginning of the year to $17.38 and our annualized adjusted return on equity and tangible equity through six months were 19.6% and 22.4%, respectively.