HCI Group, Inc.

Listed Company

HCIIPCIK 0001400810OTCLarge AcceleratedFire, Marine & Casualty InsuranceFloridaFY ends Dec 31

Period

FY 2025

Revenue

$900.95M

Net Income

$299.00M

Total Assets

$2.53B

Equity

$1.04B

Shares Out

12.99M

Op. Cash Flow

$444.45M

Business

HCI Group, Inc. is a diversified insurance holding company that, through subsidiaries, underwrites property and casualty insurance and operates information technology, insurance management, real estate and reinsurance businesses. It offers residential insurance products including homeowners, fire and wind-only coverage, reinsurance via a Bermuda subsidiary, insurance management and attorney-in-fact services, reinsurance brokerage, and proprietary software platforms such as SAMS, Harmony, ClaimColony and AtlasViewer. Its principal business segments are Insurance Operations, TypTap Group, Reciprocal Exchange Operations, Real Estate Operations and Other Operations. It conducts business primarily in Florida and in other U.S. states, distributing products through independent agents and policy assumption programs with state insurers.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gross premiums earned	1,236	1,083	766	725	577
Premiums ceded	−414	−406	−270	−261	−200
Net premiums earned	822	678	496	464	377
Net investment income	65	59	46	32	12
Net realized investment gains (losses)	3	3	−2	−1	6
Net unrealized investment gains	123,000	3	3	−7	1
Policy fee income	7	5	5	4	4
Other	4	3	3	4	6
Total revenue	901	750	551	500	408
Losses and loss adjustment expenses	242	375	255	371	—
Policy acquisition and other underwriting expenses	122	99	91	105	94
General and administrative personnel and other operating expenses	72	63	54	57	45
Interest expense	9	13	11	8	6
Other operating expenses	26	26	23	25	22
Total expenses	472	577	433	568	397
Income (loss) before income taxes	429	173	118	−68	11
Income tax expense	109	46	28	−14	4
Net income	320	128	89	−55	7
Net income attributable to redeemable noncontrolling interests (Note 18)	0	−10	−9	−9	−7
Net income attributable to noncontrolling interests	−21	−7	−853,000	5	2
Net income after noncontrolling interests	299	110	79	−59	2
Basic earnings per share	24.58	10.59	9.13	−6.24	0.23
Diluted earnings per share	22.72	8.89	7.62	−6.24	0.21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-01-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Fixed-maturity securities, available-for-sale, at fair value (amortized cost: $595,383 and $719,536 , respectively and allowance for credit losses: $0 and $0, respectively)	597	719	—	383	484
Equity securities, at fair value (cost: $61,597 and $52,030, respectively)	66	56	—	46	35
Limited partnership investments	18	21	—	24	26
Real estate investments	104	79	—	68	71
Other investments	5	0	—	—	—
Total investments	790	875	—	520	616
Cash and cash equivalents	1,210	532	—	536	235
Restricted cash	4	4	—	3	3
Income taxes receivable	1	463,000	—	0	3
Deferred income tax assets, net	2	72,000	—	512,000	0
Premiums receivable, net (allowance: $4,469 and $5,891, respectively)	57	51	—	38	35
Prepaid reinsurance premiums	50	92	—	86	67
Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively)	28	36	—	20	72
Unpaid losses and loss adjustment expenses (allowance: $97 and $186, respectively)	262	522	—	331	617
Deferred policy acquisition costs	60	54	—	43	46
Property and equipment, net	29	30	—	29	18
Intangible assets, net	3	5	—	8	11
Funds withheld for assumed business	5	12	—	30	49
Other assets	28	17	—	50	32
Total assets	2,529	2,230	—	1,811	1,803
Losses and loss adjustment expenses	576	846	—	585	864
Unearned premiums	643	585	—	501	368
Advance premiums	19	19	—	16	19
Reinsurance payable on paid losses and loss adjustment expenses	0	2	—	3	9
Ceded reinsurance premiums payable	28	18	—	9	18
Assumed premiums payable	2	2	—	850,000	0
Income taxes payable	13	5	—	8	0
Deferred income tax liabilities, net	4	3	—	0	2
Revolving credit facility	36	44	—	0	0
Long-term debt	32	185	—	208	212
Accrued expenses and other liabilities	61	51	—	36	23
Total liabilities	1,414	1,761	—	1,388	1,549
Commitments and contingencies (Note 21)	—	—	—	—	—
Redeemable noncontrolling interests	3	2	97	96	94
Common stock (no par value, 40,000,000 shares authorized, 12,992,147 and 10,767,184 shares issued and outstanding in 2025 and 2024, respectively)	0	0	—	0	0
Additional paid-in capital	428	122	—	90	0
Retained earnings	612	332	—	238	172
Accumulated other comprehensive income (loss)	1	−749,000	—	−3	−10
Total stockholders equity	1,041	453	—	325	163
Noncontrolling interests	70	14	—	2	−1
Total equity	1,111	467	—	327	161
Total liabilities, redeemable noncontrolling interests and equity	2,529	2,230	—	1,811	1,803

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income attributable to noncontrolling interests	21	18	10	4	5
Stock-based compensation expense	11	10	9	15	14
Net accretion of discount on investments in available-for-sale fixed-maturity securities	−2	−3	−4	−961,000	169,000
Depreciation and amortization	11	4	8	8	6
Deferred income tax expense (benefit)	−2	2	−1	−10	1
Net realized investment (gains) losses	−3	−3	2	—	—
Net loss (income) from limited partnership investments	820,000	−597,000	−661,000	−4	−5
Distributions of return on investment from limited partnership investments	1,000	1	1	3	4
Loss on extinguishment of debt	0	0	177,000	0	0
Debt conversion expense	1	0	0	—	—
Gain on sale of real estate investments	−440,000	0	−9	−376,000	0
Foreign currency remeasurement loss	172,000	133,000	60,000	108,000	64,000
Other non-cash items	301,000	376,000	−178,000	−47,000	61,000
Income taxes	6	−3	11	1	470,000
Premiums receivable, net	−7	−13	−3	33	225,000
Assumed premiums receivable	0	20	−20	0	0
Prepaid reinsurance premiums	42	−6	−20	−40	10
Reinsurance recoverable	269	−208	338	−612	8
Deferred policy acquisition costs	−5	−11	3	12	−14
Funds withheld for assumed business	6	18	19	25	−74
Other assets	−11	38	−21	−16	4
Losses and loss adjustment expenses	−269	261	−279	627	25
Unearned premiums	59	84	133	1	97
Advance premiums	435,000	3	−3	5	2
Reinsurance payable on paid losses and loss adjustment expenses	−2	−649,000	−5	5	4
Ceded reinsurance premiums payable	9	9	−9	−2	10
Assumed premiums payable	−432,000	1	850,000	0	−87,000
Reinsurance recovered in advance on unpaid losses	0	0	−20	20	0
Accrued expenses and other liabilities	11	3	14	−8	2
Net cash (used in) provided by operating activities	444	332	231	−12,000	97
Investments in limited partnerships	0	−1	−1	−2	−4
Distributions of return of capital from limited partnership investments	2	4	3	5	5
Distributions received from unconsolidated joint venture	0	0	18,000	351,000	623,000
Purchase of property and equipment	−4	−4	−7	−6	−3
Purchase of real estate investments	−28	−16	−21	−841,000	−1
Purchase of intangible assets	0	0	−2	−4	0
Purchase of available-for-sale fixed-maturity securities	−509	−804	−332	−615	−18
Purchase of equity securities	−42	−33	−21	−23	−103
Purchase of other investments	−5	0	0	—	—
Purchase of short-term and other investments	0	0	−81,000	−42,000	−1
Proceeds from sales of property and equipment	0	14,000	0	0	—
Proceeds from sales of real estate investments	2	0	22	667,000	0
Proceeds from sales of available-for-sale fixed-maturity securities	8	111	22	12	23
Proceeds from calls, repayments and maturities of available-for-sale fixed-maturity securities	628	457	329	151	23
Proceeds from sales of equity securities	35	26	12	32	112
Proceeds from sales, redemptions and maturities of short-term and other investments	0	0	53,000	570,000	4
Net cash provided by (used in) investing activities	87	−260	4	−435	37
Common stock dividends	−19	−17	−14	—	—
(Repayment) borrowing under revolving credit facility, net	−8	44	0	−15	−9
Proceeds from issuance of common stock, net of issuance costs	0	0	85	0	—
Proceeds from issuance of noncontrolling interests	156	0	0	—	—
Issuance costs - noncontrolling interests	−1	0	0	—	—
Dividends paid to redeemable noncontrolling interests	0	−3	−7	−6	−3
Proceeds from issuance of long-term debt	17	0	12	173	0
Subscriber surplus contributions, net	7	3	0	0	—
Repayment of long-term debt	−646,000	−519,000	−562,000	−1	−970,000
Redemption of long-term debt	0	−466,000	−7	0	0
Debt conversion costs paid	−1	0	0	0	−2
Payment of net share settlements and other	−2	−1	−784,000	−71	−1
Redemption of redeemable noncontrolling interests	0	−100	0	0	—
Payment of net share settlements of noncontrolling interests and other	−1	−481,000	−354,000	−406,000	−55,000
Debt issuance costs paid	−538,000	−99,000	−378,000	−6	−152,000
Net cash (used in) provided by financing activities	146	−75	67	41	64
Effect of exchange rate changes on cash	−229,000	−112,000	−42,000	−98,000	−54,000
Net increase (decrease) in cash and cash equivalents and restricted cash	678	−4	302	−394	198
Income taxes paid, net of refunds	104	46	19	146,000	2
Interest paid	6	13	9	6	7
Assumed liability	0	0	4,000	0	0

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