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Banking Hallmark Financial Services reports 2Q income surge

Hallmark Financial Services reports 2Q income surge

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Hallmark Financial Services Inc. continues to prosper as the Fort Worth firm reports second quarter 2015 net income of $6.4 million, or $0.33 per diluted share, compared to net income of $1.7 million, or $0.09 per diluted share, reported for second quarter 2014.

Year to date, the insurance holding company reported net income of $11.7 million, or $0.60 per diluted share, compared to $6.2 million, or $0.32 per diluted share, reported for the same period the prior year. Revenues totaled $97.2 million for second quarter 2015 compared to $80.8 million for second quarter 2014.

Year-to-date revenues for 2015 totaled $188.6 million compared to $167.9 million reported for the same period the prior year.

“I am pleased to report another quarter of strong earnings with good underwriting results on a growing retained premium base, as well as growing investment income as more of our capital continues to be deployed,” said president and CEO Naveen Anand, commenting in a news release.

“We have seen overall improvement in our combined ratios for both the quarter and year to date over prior year driven by the consistent and effective execution of our underwriting strategies,” said Anand, reporting continued positive rate momentum in all company segments as competition mounts.

Book value per share totaled $13.63 as of June 30, 2015, 7 percent more than the same date last year, according to Mark E. Schwarz, executive chairman.

During the three and six months ended June 30, 2015, Hallmark’s total revenues were $97.2 million and $188.6 million, representing an increase of 20 percent and 12 percent, respectively, from the $80.8 million and $167.9 million in total revenues for the same periods of 2014.

The revenue increase for the three and six months ended June 30, 2015 was partially offset by increased loss and loss adjustment expenses of $7.2 million and $10.5 million, respectively, as compared to the same periods in 2014, according to the company.

Hallmark Financial Services Inc., through its subsidiaries, sells property-casualty insurance products to businesses and individuals. More information is available at www.hallmarkgrp.com.


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