Goosehead Insurance, an independent personal lines insurance agency, has reported a net loss of $5.4 million for the first quarter of 2022, including a loss from operations of $6.1 million.
This compares with a net loss of $1.1 million for the same period in the previous year.
Despite the larger loss figure, Goosehead gew its revenues by 32% to $41.3 million during Q1, including a 37% increase in core revenues.
The company said its core revenue improvement was driven by growth in the number of corporate agents and operating franchises, productivity improvements, and strong client retention of 89%.
Total total written premiums also grew by 41% in the first quarter.
“We continue to deliver very strong and consistent growth in a macro environment that has remained challenging” said Mark E. Jones, Chairman and CEO of Goosehead.
“In the first quarter we produced total and core revenue growth rates that exceeded fourth quarter 2021 levels, premium growth near the high end of our full year guidance range, solid headcount growth, and improved margin excluding contingents.”
“I was very pleased to see meaningful sequential improvement in our franchise agent productivity versus the fourth quarter despite a tough comparison and more challenging real estate environment,” Jones continued.
“Additionally, our overall renewal book continues to perform exceptionally well with client retention of 89% helping to drive our consistent growth. These results are a validation of our unique, resilient, and nimble platform.”
