Heritage Insurance Holdings, Inc. (HRTG) Earnings
Heritage Insurance Holdings, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $1.18. HRTG has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +174.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $1.53 | $1.19 | -22.2% | $213M | -1.3% |
| Mar 9, 2026 | $1.74 | $2.15 | +23.6% | $215M | -0.0% |
| Nov 5, 2025 | $0.53 | $1.63 | +207.5% | $212M | -0.1% |
| Mar 11, 2025 | $-0.17 | $0.66 | +488.2% | $211M | -1.8% |
| Nov 7, 2024 | $-0.08 | $-0.28 | -250.0% | $212M | +1.7% |
| May 1, 2024 | $0.59 | $0.47 | -20.3% | $191M | -0.2% |
| Mar 11, 2024 | $0.46 | $1.15 | +150.0% | $189M | -0.1% |
| Nov 2, 2023 | $-0.29 | $-0.28 | +3.4% | $186M | +0.6% |
| May 4, 2023 | $0.11 | $0.55 | +400.0% | $177M | +6.7% |
| Mar 2, 2023 | $-0.16 | $0.48 | +400.0% | $175M | +3.7% |
| Aug 4, 2022 | $-0.14 | $0.11 | +178.6% | $164M | +3.0% |
| May 5, 2022 | $-0.65 | $-1.15 | -76.9% | $159M | +3.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 8, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Strategy execution: Results reflect years of work to achieve rate adequacy, tight underwriting, etc. Next phase is prudently growing and diversifying business while maintaining margins. • First quarter performance: Strong, most profitable first quarter since public offering, lowest first quarter net loss ratio since 2015. • Commercial residential: Leveraging expertise to expand into other states like Hawaii. Achieved rate adequacy across 90% of geographies. • New business: New business written up 62.7% from first quarter 2025 and over 30% from fourth quarter 2025. Policy count trends improving sequentially. • Texas entry: Planning entry into Texas on excess and surplus lines basis, focusing on Tier 1 and select Tier 2 geographies, with underwriting, claims, and marketing professionals located in Texas. • Technology and AI: Actively deploying AI tools to improve efficiency, customer service, and decision-making. • Tort reform: Industry loss expectations for Hurricane Milton falling due to reduced litigation, benefiting company and reinsurers.
Guidance
• Written premium growth: Anticipate second and third quarters to reverse quarter over quarter reductions and be positive for full year. • Share repurchase: Board approved new $50 million share repurchase plan effective immediately through December 31, 2026. Year to date through today, 446,884 shares repurchased for $12 million under prior plan.
Segment performance
First quarter net income was $36.5 million, or $1.19 per share, the most profitable first quarter since going public in 2014. Personal residential in-force premium grew 1.4% year over year, while commercial residential in-force premium declined 7.8% due to competitive pricing pressure in the Florida commercial market. Net loss ratio improved to 45.9%, a 3.8 point improvement from prior year. Net combined ratio improved to 81%, a 3.5-point improvement. Net investment income increased to $9.9 million, up 15.1% from prior year quarter. Premiums in force totaled $1.427 billion, down 0.4% from prior year quarter. Gross premiums earned were $353.6 million, essentially flat with prior year quarter. Book value per share increased to $17.15 as of March 31, 2026.
Risks & headwinds
• Competition: Not all operators in the space will be able to effectively manage market cycles. • Transaction risk: Any potential business opportunity must meet strict financial and risk-based criteria to avoid undue enterprise or reputational risk.
Analyst Q&A
Q: Could you give us a little bit more detail about the Florida competition?
A: Broader speaking on the personalized side, there are new entrants into the market. Most of those entrants have started and are doing takeouts. We've not quite seen all of them in the voluntary market as of yet. And my assumption would be they would be, you know, taking on those policies or takeout policies here for the next year or two. I think the competition we're referring to mostly is on the commercial side right now.
Q: As we go through the quarters, you know, the earnings miss really was driven, I think, entirely by cat losses, at least in my model. Just any thoughts on how you think about the seasonality and whether or not the cat load in the first quarter was kind of a normal cat load or if we should think of that as being a little bit anomalous in the direction?
A: The first quarter was more moving back to a more normal year for winter weather losses in the Northeast. Last year was very low, but we did have the California wildfires, which kind of, you know, gave us almost the same number. So when you look at the seasonality, I mean, one of the things typically, you know, barring hurricane ethics stuff, is the first quarter is the worst quarter for us from an earnings standpoint, and it has to do with those winter storms. And so typically, you know, we've looked at less than a quarter of our annualized earnings being you know in in the first quarter is the cat load in the first quarter uh higher than the normalized cat load in the third given hurricanes uh well we actually load the third quarter uh you know with a little bit more of a cat load in the third quarter so you know second and fourth quarters you know typically are pretty good quarters with us and then you know historically speaking the fourth quarter is by far our best quarter right
Q: When you take into account commercial residential and then maybe a little more favorable trends on the personal line side, and it sounds like new business is ramping up, How should we think about the written premium growth this year? You've been slightly negative the last couple of quarters. Does that inflect positively at some point here?
A: Yes, we think it will. You know, and again, I mean, when we look at, you know, kind of the, you know, quarter over quarter reductions, you know, it has been decreasing, but it's been decreasing at a decreasing amount. So, therefore, you know, we actually think, you know, probably second, third quarter, that is going to reverse itself, and we actually anticipate being positive for the full year.
Q: Regarding the cat weather losses and can you just confirm that all of those are from the you know northeast winter storms or is there more to it to it?
A: Those are all the northeast winter storms, right, Hernando, Gianna, Fern, yeah, those are all related to that. Is there a particular state that was hit the hardest? It's mostly mixed between New York and New Jersey, a little bit in Rhode Island as well. Yeah, and a little bit in Kentucky.
Q: Regarding the new repurchase agreement. Authorization, so you had the 25 prior. You used about 12 million of the year to date, and now you have a new 50. So the net increase in your authorization is about 38. Is that correct?
A: No, no. The increase, in other words, the 25 million is terminated. We have a new authorization for 50 million. So the authorization between now and the end of the year is 50 million. Okay, but the 25 was fully, the 25- No, we used 12 of the 25, but that 12 is a separate, because it was before the new authorization. So, the 50, so the 12 would be in addition to the new 50. Gotcha. And then, can you just comment on how much was repurchased so far in Q2? It would have been about, you know, well, it was just after the first. So we did $10 million in the beginning of the year, and then it was like an additional $2 million. Okay. Perfect. Thank you so much. So of the new authorization, we have not purchased any. Gotcha. Understand. Yep.