HCI Group, Inc., a Tampa-based insurance holding company, has reported a significant 2,512.4% increase in net income to $108 million in the fourth quarter of 2025, compared with $4 million in the same period a year earlier.
For the quarter, pre-tax income amounted to $144 million, up from $6 million in Q4’24, while net income after noncontrolling interests was $98 million versus $3 million.
Gross written premiums totalled $333.8 million, representing a slight 0.2% decrease from $334.5 million.
Gross premiums earned increased 11.6% to $332 million from $297 million, driven by a higher volume of insurance policies in force.
Premiums ceded for reinsurance were $106 million compared with $151 million, with Q4’24 including a $51 million non-recurring amount related to Hurricane Milton.
Net investment income rose 22.1% to $17.7 million from $14.5 million.
HCI’s total revenue amounted to $246.2 million, a 52.1% increase from $161.9 million.
Losses and loss adjustment expenses were $52 million, including $6 million of favourable development, compared with $111 million, which included a net loss of $78 million from Hurricane Milton, partially offset by $24 million of favourable development. The gross loss ratio for Q4’25 was 15.6%.
Policy acquisition and other underwriting expenses were $33 million compared with $28 million.
For full year 2025, net income increased 151.1% to $320 million, compared with $128 million in 2024. Pre-tax income was $429 million compared with $173 million, and net income after noncontrolling interests was $299 million versus $110 million.
Gross written premiums stood at $1.29 billion, up 11% from $1.17 billion a year earlier.
Gross premiums earned rose 11% to $1.24 billion from $1.1 billion, while net premiums earned grew 21.3% to $821.7 million from $677.6 million. Net investment income increased 10.6% to $65.4 million from $59.1 million.
Premiums ceded for reinsurance in 2025 were $414 million, up from $406 million.
Total revenues for the year amounted to $900.9 million, up 20.1% from $750.1 million.
Losses and loss adjustment expenses in 2025 were $242 million compared with $375 million in 2024, with the latter including net losses of $128 million from Hurricanes Milton, Helene, and Debby. The gross loss ratio for full year 2025 was 19.6%.
Policy acquisition and other underwriting expenses were $122 million compared with $99 million.
Paresh Patel, Group Chairman and Chief Executive Officer of HCI, said, “2025 was a very successful year for HCI, delivering record earnings and shareholder returns. In addition to our operating performance, HCI successfully executed the IPO of Exzeo, a leading technology platform.
“Looking forward to 2026, we are exploring new areas of growth, both organically and through acquisition. In the meantime, we plan to invest in ourselves through a soon-to-be announced share buyback program.”
