Exhibit 99.1

 

 

 

 

FOR IMMEDIATE RELEASE

 

HALLMARK FINANCIAL ANNOUNCES THIRD QUARTER 2019 EARNINGS RESULTS

 

DALLAS, Texas, (November 7, 2019) - Hallmark Financial Services, Inc. (“Hallmark Financial”) (NASDAQ: HALL) today announced financial results for the third quarter and nine months ended September 30, 2019.

 

(Unaudited)  Third Quarter   Year-to-Date 
   2019  2018   2019  2018 
$ in millions:           
   Net Income  $5.3  $9.7   $33.3  $15.4 
   Operating Earnings (1)  $6.3  $4.2   $19.6  $13.3 
                   
$ per diluted share:                  
   Net Income  $0.29  $0.53   $1.82  $0.85 
   Operating Earnings (1)  $0.35  $0.23   $1.07  $0.73 

(1)See “Non-GAAP Financial Measures” below

 

 

Third Quarter 2019 Highlights (all comparisons to same prior year period):

 

·Gross premiums written increased 33% to $224.2 million

 

·Net premiums written increased 45% to $127.8 million

 

·Net combined ratio improved to 95.8% compared to 98.1%

 

·Net income of $5.3 million, or $0.29 per diluted share, compared to $9.7 million, or $0.53 per diluted share

 

·Operating earnings of $6.3 million, or $0.35 per diluted share, compared to $4.2 million, or $0.23 per diluted share (see “Non-GAAP Financial Measures” below)

 

·Net investment losses of $1.3 million, including $0.2 million in net realized gains and a $1.5 million decrease in net unrealized gains, compared to net investment gains of $7.0 million

 

 

 

Hallmark Financial Services, Inc.

Two Lincoln Centre

5420 Lyndon B Johnson Freeway, Suite 1100

Dallas, Texas 75240-2345

www.hallmarkgrp.com

 

 

 

Year-to-Date September 30, 2019 Highlights (all comparisons to same prior year period):

 

·Gross premiums written increased 27% to $629.7 million

 

·Net premiums written increased 37% to $369.0 million

 

·Net combined ratio improved to 95.6% compared to 97.5%

 

·Net income of $33.3 million, or $1.82 per diluted share, compared to $15.4 million, or $0.85 per diluted share

 

·Operating earnings of $19.6 million, or $1.07 per diluted share, compared to $13.3 million, or $0.73 per diluted share (see “Non-GAAP Financial Measures” below)

 

·Net investment gains of $17.4 million, including $4.4 million in net realized gains and a $13.0 million increase in net unrealized gains, compared to net investment gains of $2.7 million

 

·Annualized return on beginning stockholders’ equity of 17.4%

 

·Annualized operating return on beginning stockholder’s equity of 10.2%, driven by strong underwriting results (see “non-GAAP Financial Measures” below)

 

·Book value per share grew 11% over prior year and 15% year-to-date to $16.36

 

   Third Quarter     Year-to-Date 
   2019   2018   % Change     2019   2018   % Change 
($ in thousands, unaudited)                  
Gross premiums written   224,178    169,112    33%      629,730    495,836    27% 
Net premiums written   127,773    88,012    45%      369,019    269,291    37% 
Net premiums earned   112,499    88,862    27%      318,028    271,787    17% 
Investment income, net of expenses   5,050    4,860    4%      15,573    13,706    14% 
Investment gains (losses), net   (1,342)   6,980    -119%      17,412    2,678    550% 
Net income   5,287    9,685    -45%      33,341    15,422    116% 
Operating earnings (1)   6,347    4,170    52%      19,586    13,306    47% 
Net income per share - basic  $0.29   $0.54    -46%     $1.84   $0.85    116% 
Net income per share - diluted  $0.29   $0.53    -45%     $1.82   $0.85    114% 
Operating earnings per share - diluted (1)  $0.35   $0.23    52%     $1.07   $0.73    47% 
Operating cash flow   16,215    (9,088)   278%      22,900    (18,983)   221% 
Book value per share  $16.36   $14.79    11%                  

(1)See “Non-GAAP Financial Measures” below

 

Management Commentary

Overview

Naveen Anand, President and Chief Executive Officer, stated, “Through the first nine months of 2019, Hallmark Financial produced a stellar 17.4% annualized return on beginning equity and is well-positioned to take advantage of the current market dislocation we are seeing in many of our specialty commercial products.

 

 

 

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“For the third quarter of 2019, we achieved a combined ratio of 95.8% as compared to 98.1% in the same period last year, an improvement of 2.3 points. Operating earnings increased 52% for the quarter and 47% year-to-date as compared to the same periods last year. CAT losses overall were 0.5% in the quarter, mostly seen in our Standard Commercial and Personal Lines portfolios. While our thoughts and prayers go out to our colleagues, friends and neighbors who were impacted by the recent tornadoes in and around Dallas, this fourth quarter event is unlikely to have a material impact on our CAT losses.

 

Premiums / Segment Overview

Mr. Anand continued, “Gross and net premiums were up sharply in the quarter, driven by double digit rate increases in most of our specialty commercial product lines, with certain lines experiencing rate increases above 20%. Net premium growth was also impacted by increased retention from the reinsurance changes we made last year on October 1st. Going forward, net premium growth should begin to trend more in line with gross premiums.

 

“Specialty Commercial Segment gross premiums for the third quarter of 2019 increased 39% over the same period of the prior year, driven by rate increases. These product lines are seeing increasing rate momentum each quarter, improving terms and conditions and more syndication of limits. This is particularly evident in our E&S property, professional liability, and commercial auto product lines.

 

“As I noted last quarter, the environment in commercial auto remains difficult. In this quarter, we added to reserves for prior years to reflect the ongoing severity challenges in this line. We continue to aggressively manage our primary trucking portfolio. In-force customer count has come down 53% since 2015, while premiums have only reduced 4% in that time frame. Since 2018, our customer count is down 16% while premiums are up 9%. We continue to aggressively close both newly arising and pending claims from older accident years.

 

Even with the inclusion of the prior year reserve additions, the Specialty Commercial Segment produced an excellent 87.7% combined ratio for the most recent quarter.

 

“Both our Standard Commercial and Personal segments saw an increase in attritional loss activity in the third quarter of 2019. In Standard Commercial, small property losses, along with 2.7 points of impact from CAT losses, drove our result in the quarter. In Personal lines, weather related losses, both CAT and non-CAT, adversely impacted our quarterly results. However, the Personal lines portfolio has achieved a 96.9% net combined ratio in 2019 through nine months, compared to 101.7% for the same period last year,” concluded Mr. Anand.

 

Book Value and Investment Overview

Mark E. Schwarz, Executive Chairman of Hallmark Financial, stated, “Book value per share increased 15% during the first nine months of 2019 to $16.36 at September 30, 2019, another high-water mark for the Company, driven largely by strong operating earnings and increased total returns from our investment portfolio. Net investment income increased 14% to $15.6 million for the first nine months of 2019 as compared to the same prior year period, and our total investments and cash increased 9% during the first nine months of 2019 to $729.7 million or $40.26 per share.”

 

 

 

 

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Third Quarter and Year-to-Date 2019 Financial Review

 

Gross Premiums Written

During the three and nine months ended September 30, 2019, Hallmark Financial’s gross premiums written were $224.2 million and $629.7 million, respectively, representing an increase of 33% and 27%, respectively, from the $169.1 million and $495.8 million in gross premiums written for the same periods in 2018.

 

Net Premiums Written

During the three and nine months ended September 30, 2019, Hallmark Financial’s net premiums written were $127.8 million and $369.0 million, respectively, representing an increase of 45% and 37%, respectively, from the $88.0 million and $269.3 million in net premiums written for the same periods of 2018. The increase in net premiums written for the three and nine months ended September 30, 2019 was primarily due to premium growth in both the Specialty Commercial and Personal Segments, as well as increased net retention of business in the Personal Segment.

 

Net Premiums Earned

Hallmark Financial’s net premiums earned were $112.5 million and $318.0 million for the three and nine months ended September 30, 2019, respectively, as compared to $88.9 million and $271.8 million for the same periods in 2018.

 

Pre-Tax Income

Hallmark Financial had pre-tax income of $6.7 million and $42.1 million for the three and nine months ended September 30, 2019, respectively, as compared to $12.1 million and $19.3 million reported during the same periods in 2018.

 

The decrease in income before tax for the three months ended September 30, 2019 was largely due to decreased net unrealized gains on Hallmark Financial’s equity and other investments of $1.5 million as compared to an increase in net unrealized gains of $7.1 million for the same period in 2018, partially offset by increased net premiums earned, net investment income and finance charges.

 

The increase in income before tax for the nine months ended September 30, 2019 was largely due to increased net unrealized gains on Hallmark Financial’s equity and other investments of $13.0 million as compared to increased net unrealized gains of $2.5 million for the same period in 2018.

 

Also contributing to the year-to-date improvement in income before tax was increased net premiums earned, higher finance charges and higher net investment income. Year-to-date net realized gains of $4.4 million as compared to $0.2 million for the comparable prior year period also contributed to the improvement in year-to-date income before tax.

 

Loss and Loss Adjustment Expenses (“LAE”) and Net Combined Ratios

Increases in revenue were partially offset by increased losses and LAE for the three and nine months ended September 30, 2019 of $14.3 million and $30.3 million, respectively, as compared to the prior year periods due primarily to increased net premiums earned. In addition, Hallmark Financial reported $6.4 million and $7.8 million, respectively, of unfavorable net prior year loss reserve development during the three and nine months ended September 30, 2019 as compared to $1.6 million and $6.1 million, respectively, of unfavorable net prior year loss reserve development during the same periods of 2018.

 

 

 

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Hallmark Financial had a net loss ratio of 69.8% for each of the three and nine months ended September 30, 2019, as compared to 72.3% and 70.5% reported during the same periods in 2018. Catastrophe losses contributed 0.5% and 1.5% to the net loss ratios for the three and nine months ended September 30, 2019, as compared to 1.9% and 1.7% for the same periods of the prior year.

 

The expense ratio was 26.0% and 25.8% for the three and nine months ended September 30, 2019, respectively, as compared to 25.8% and 27.0% reported during the same periods in 2018. The Company reported a net combined ratio of 95.8% and 95.6% for the three and nine months ended September 30, 2019, compared to 98.1% and 97.5% during the same periods in 2018.

 

Net Income

Hallmark Financial reported net income of $5.3 million and $33.3 million for the three and nine months ended September 30, 2019 as compared to $9.7 million and $15.4 million for the three and nine months ended September 30, 2018.

 

On a diluted basis per share, the Company reported net income of $0.29 per share and $1.82 per share for the three and nine months ended September 30, 2019 as compared to $0.53 per share and $0.85 per share for the three and nine months ended September 30, 2018.

 

 

Non-GAAP Financial Measures

 

The Company’s financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”). However, the Company also presents and discusses certain non-GAAP financial measures that it believes are useful to investors as measures of operating performance. Management may also use such non-GAAP financial measures in evaluating the effectiveness of business strategies and for planning and budgeting purposes. However, these non-GAAP financial measures should not be viewed as an alternative or substitute for the results reflected in the Company’s GAAP financial statements. In addition, the Company’s definitions of these items may not be comparable to the definitions used by other companies.

 

Operating earnings and operating earnings per share are calculated by excluding net investment gains and losses from GAAP net income. Management believes that operating earnings and operating earnings per share provide useful information to investors about the performance of and underlying trends in the Company’s core insurance operations. Net income and net income per share are the GAAP measures that are most directly comparable to operating earnings and operating earnings per share. A reconciliation of operating earnings and operating earnings per share to the most comparable GAAP financial measures is presented below.

 

 

 

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               Weighted     
   Income   Less Tax   Net   Average   Diluted 
($ in thousands)  Before Tax   Effect   After Tax   Shares Diluted   Per Share 
Third Quarter 2019                         
Reported GAAP measures  $6,660   $1,373   $5,287    18,295   $0.29 
Excluded investment (gains)/losses  $1,342   $282   $1,060    18,295   $0.06 
Operating earnings  $8,002   $1,655   $6,347    18,295   $0.35 
                          
Third Quarter 2018                         
Reported GAAP measures  $12,075   $2,390   $9,685    18,167   $0.53 
Excluded investment (gains)/losses  $(6,980)  $(1,465)  $(5,515)   18,167   $(0.30)
Operating earnings  $5,095   $925   $4,170    18,167   $0.23 
                          
Year-to-Date 2019                         
Reported GAAP measures  $42,062   $8,721   $33,341    18,283   $1.82 
Excluded investment (gains)/losses  $(17,412)  $(3,657)  $(13,755)   18,283   $(0.75)
Operating earnings  $24,650   $5,064   $19,586    18,283   $1.07 
                          
Year-to-Date 2018                         
Reported GAAP measures  $19,256   $3,834   $15,422    18,203   $0.85 
Excluded investment (gains)/losses  $(2,678)  $(562)  $(2,116)   18,203   $(0.12)
Operating earnings  $16,578   $3,272   $13,306    18,203   $0.73 

 

Operating return on beginning GAAP equity is calculated as operating earnings divided by GAAP equity at the beginning of the period. Management believes that operating return on beginning GAAP equity provides useful information to investors about the performance of the Company’s core insurance operations relative to its shareholder equity. Return on beginning equity is the GAAP measure that is most directly comparable to operating return on beginning GAAP equity. A reconciliation of operating return on beginning GAAP equity to return on beginning equity is presented below.

 

Year-to-date 2019 net income      33,341   a  
Excluded investment gains, net of tax    (13,755)      
Year-to-date 2019 operating earnings      19,586   b  
Annualized year-to-date 2019 net income      44,455   (a / 3 * 4)  
Annualized year-to-date 2019 operating earnings      26,115   (b / 3 * 4)  
             
Beginning GAAP equity    255,532   c  
             
Annualized return on beginning GAAP equity 17.4%   (a / 3 * 4) / c
Annualized operating return on beginning GAAP equity 10.2%   (b / 3 * 4) / c

 

 

 

 

 

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About Hallmark Financial

 

Hallmark Financial is a specialty property and casualty insurance holding company with a diversified portfolio of insurance products written on a national platform. With six insurance subsidiaries and offices in Dallas/Fort Worth, San Antonio, Chicago, Jersey City and Atlanta, Hallmark Financial markets, underwrites and services approximately $800 million annually in commercial and personal insurance premiums in select markets. Hallmark Financial is headquartered in Dallas, Texas and its common stock is listed on NASDAQ under the symbol "HALL."

 

Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, interest rate trends, general economic conditions, the availability of financing, underwriting loss experience and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

 

For further information, please contact:

Mr. David Webb, Senior Vice President of Corporate Development at 817.348.1600

www.hallmarkgrp.com

 

 

 

 

 

 

 

 

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Hallmark Financial Services, Inc. and Subsidiaries          
Consolidated Balance Sheets          
($ in thousands, except par value)   Sept. 30    Dec. 31 
ASSETS   2019    2018 
Investments:   (unaudited)      
   Debt securities, available-for-sale, at fair value (amortized cost: $564,602 in 2019 and $550,268 in 2018)  $568,831   $545,870 
   Equity securities (cost: $68,737 in 2019 and $68,709 in 2018)   92,099    80,896 
   Other investment (cost: $3,763 in 2019 and $3,763 in 2018)   3,009    1,148 
Total investments   663,939    627,914 
Cash and cash equivalents   64,045    35,594 
Restricted cash   1,697    4,877 
Ceded unearned premiums   164,046    133,031 
Premiums receivable   140,580    119,778 
Accounts receivable   1,646    1,619 
Receivable for securities   6,351    3,369 
Reinsurance recoverable   313,552    252,029 
Deferred policy acquisition costs   21,904    14,291 
Goodwill   44,695    44,695 
Intangible assets, net   5,706    7,555 
Deferred federal income taxes, net   556    4,983 
Prepaid expenses   1,551    2,588 
Other assets   33,266    12,571 
Total Assets  $1,463,534   $1,264,894 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Liabilities:          
  Senior unsecured notes due 2029 (less unamortized debt issuance cost of $966 in 2019)  $49,034   $- 
  Revolving credit facility payable   -    30,000 
  Subordinated debt securities (less unamortized debt issuance cost of $859 in 2019 and $898 in 2018)   55,843    55,804 
  Reserves for unpaid losses and loss adjustment expenses   565,296    527,247 
  Unearned premiums   380,066    298,061 
  Reinsurance balances payable   61,799    67,328 
  Current federal income tax payable   680    4 
  Pension liability   1,410    2,018 
  Payable for securities   1,952    698 
  Accounts payable and other accrued expenses   51,021    28,202 
Total Liabilities   1,167,101    1,009,362 
  Commitments and contingencies          
Stockholders’ equity:          
  Common stock, $.18 par value, authorized 33,333,333 shares; issued 20,872,831 shares in 2019 and 2018   3,757    3,757 
  Additional paid-in capital   123,095    123,168 
  Retained earnings   194,536    161,195 
  Accumulated other comprehensive income (loss)   246    (6,660)
  Treasury stock (2,749,738 shares in 2019 and 2,846,131 shares in 2018), at cost   (25,201)   (25,928)
Total Stockholders’ Equity   296,433    255,532 
Total Liabilities & Stockholders' Equity  $1,463,534   $1,264,894 

 

 

 

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Hallmark Financial Services, Inc. and Subsidiaries
Consolidated Statements of Operations  Three Months Ended   Nine Months Ended 
($ in thousands, except per share amounts)  September 30,   September 30, 
   2019   2018   2019   2018 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Gross premiums written  $224,178   $169,112   $629,730   $495,836 
Ceded premiums written   (96,405)   (81,100)   (260,711)   (226,545)
Net premiums written   127,773    88,012    369,019    269,291 
Change in unearned premiums   (15,274)   850    (50,991)   2,496 
Net premiums earned   112,499    88,862    318,028    271,787 
                     
Investment income, net of expenses   5,050    4,860    15,573    13,706 
Investment gains (losses), net   (1,342)   6,980    17,412    2,678 
Finance charges   1,778    1,347    5,309    3,548 
Commission and fees   287    869    944    2,604 
Other income   13    28    43    89 
Total revenues   118,285    102,946    357,309    294,412 
                     
Losses and loss adjustment expenses   78,548    64,245    221,861    191,568 
Operating expenses   31,074    24,829    87,656    78,402 
Interest expense   1,386    1,180    3,879    3,335 
Amortization of intangible assets   617    617    1,851    1,851 
Total expenses   111,625    90,871    315,247    275,156 
                     
Income before tax   6,660    12,075    42,062    19,256 
Income tax expense   1,373    2,390    8,721    3,834 
Net income  $5,287   $9,685   $33,341   $15,422 
                     
Net income per share:                    
Basic  $0.29   $0.54   $1.84   $0.85 
Diluted  $0.29   $0.53   $1.82   $0.85 

 

 

 

 

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Hallmark Financial Services, Inc. and Subsidiaries
Consolidated Segment Data
Three Months Ended Sept. 30
   Specialty Commercial Segment   Standard Commercial Segment   Personal Segment   Corporate   Consolidated 
($ in thousands, unaudited)  2019   2018   2019   2018   2019   2018   2019   2018   2019   2018 
Gross premiums written  $174,695   $125,599   $23,563   $21,560   $25,920   $21,953   $-   $-   $224,178   $169,112 
Ceded premiums written   (84,369)   (66,404)   (7,814)   (2,398)   (4,222)   (12,298)   -    -    (96,405)   (81,100)
Net premiums written   90,326    59,195    15,749    19,162    21,698    9,655    -    -    127,773    88,012 
Change in unearned premiums   (14,043)   3,203    (590)   (449)   (641)   (1,904)   -    -    (15,274)   850 
Net premiums earned   76,283    62,398    15,159    18,713    21,057    7,751    -    -    112,499    88,862 
                                                   
Total revenues   81,341    68,302    16,344    19,857    22,943    9,355    (2,343)   5,432    118,285    102,946 
                                                   
Losses and loss adjustment expenses   50,107    52,106    11,433    6,261    17,008    5,878    -    -    78,548    64,245 
                                                   
Pre-tax income (loss)   14,766    2,452    62    7,264    (740)   684    (7,428)   1,675    6,660    12,075 
                                                   
Net loss ratio (1)   65.7%   83.5%   75.4%   33.5%   80.8%   75.8%             69.8%   72.3%
Net expense ratio (1)   22.0%   22.4%   32.1%   34.1%   24.1%   20.2%             26.0%   25.8%
Net combined ratio (1)   87.7%   105.9%   107.5%   67.6%   104.9%   96.0%             95.8%   98.1%
                                                   
Favorable (Unfavorable) Prior Year Development   (6,029)   (8,869)   (75)   7,269    (273)   (9)   -    -    (6,377)   (1,609)

 

 

 

 

(1)The net loss ratio is calculated as incurred losses and loss adjustment expenses divided by net premiums earned, each determined in accordance with GAAP. The net expense ratio is calculated as total underwriting expenses offset by agency fee income divided by net premiums earned, each determined in accordance with GAAP. The net combined ratio is calculated as the sum of the net loss ratio and the net expense ratio.

 

 

 

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Hallmark Financial Services, Inc. and Subsidiaries
Consolidated Segment Data
Nine Months Ended Sept. 30
   Specialty Commercial Segment   Standard Commercial Segment   Personal Segment   Corporate   Consolidated 
($ in thousands, unaudited)  2019   2018   2019   2018   2019   2018   2019   2018   2019   2018 
Gross premiums written  $482,034   $376,491   $70,926   $65,931   $76,770   $53,414   $-   $-   $629,730   $495,836 
Ceded premiums written   (225,100)   (189,145)   (23,087)   (7,598)   (12,524)   (29,802)   -    -    (260,711)   (226,545)
Net premiums written   256,934    187,346    47,839    58,333    64,246    23,612    -    -    369,019    269,291 
Change in unearned premiums   (47,109)   9,071    970    (3,648)   (4,852)   (2,927)   -    -    (50,991)   2,496 
Net premiums earned   209,825    196,417    48,809    54,685    59,394    20,685    -    -    318,028    271,787 
                                                   
Total revenues   222,900    213,507    52,027    57,979    65,542    24,891    16,840    (1,965)   357,309    294,412 
                                                   
Losses and loss adjustment expenses   144,430    148,001    33,697    28,562    43,734    15,005    -    -    221,861    191,568 
                                                   
Pre-tax income (loss)   33,161    20,980    3,626    11,239    3,274    661    2,001    (13,624)   42,062    19,256 
                                                   
Net loss ratio (1)   68.8%   75.4%   69.0%   52.2%   73.6%   72.5%             69.8%   70.5%
Net expense ratio (1)   22.1%   22.8%   30.4%   33.5%   23.3%   29.2%             25.8%   27.0%
Net combined ratio (1)   90.9%   98.2%   99.4%   85.7%   96.9%   101.7%             95.6%   97.5%
                                                   
Net Favorable (Unfavorable) Prior Year Development   (11,232)   (15,730)   3,508    8,829    (57)   839    -    -    (7,781)   (6,062)

 

 

 

 

(1)The net loss ratio is calculated as incurred losses and loss adjustment expenses divided by net premiums earned, each determined in accordance with GAAP. The net expense ratio is calculated as total underwriting expenses offset by agency fee income divided by net premiums earned, each determined in accordance with GAAP. The net combined ratio is calculated as the sum of the net loss ratio and the net expense ratio.

 

 

 

Page 11 of 11

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