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Hallmark Financial Services, Inc.
777 Main Street, Suite 1000,
Fort Worth, TX 76102
FOR IMMEDIATE RELEASE
HALLMARK FINANCIAL ANNOUNCES FOURTH QUARTER
AND YEAR END 2018 EARNINGS RESULTS
HIGHLIGHTED BY SIGNIFICANTLY IMPROVED COMBINED RATIO
FORT WORTH, Texas, (March 5, 2019) - Hallmark Financial Services, Inc. (“Hallmark Financial”) (NASDAQ: HALL) today announced financial results for the fourth quarter and fiscal year ended December 31, 2018.
|Fourth Quarter||Fiscal Year|
|$ in millions:|
|Net (Loss) Income||$||(5.1||)||$||(10.6||)||$||10.3||$||(11.6||)|
|Operating Earnings (Loss) (1)||$||5.1||$||(10.0||)||$||18.4||$||(11.4||)|
|$ per diluted share:|
|Net (Loss) Income||$||(0.28||)||$||(0.59||)||$||0.57||$||(0.63||)|
|Operating Earnings (Loss) (1)||$||0.28||$||(0.55||)||$||1.01||$||(0.62||)|
|(1)||See “Non-GAAP Financial Measures” below|
Fourth Quarter 2018 Highlights (all comparisons to prior year period):
|·||Gross premiums written increased 15% to $167.2 million|
|·||Net premiums written increased 17% to $94.5 million|
|·||Net combined ratio improved to 96.3% compared to 118.7%|
|·||Net loss of $5.1 million, or $0.28 per diluted share, compared to net loss of $10.6 million, or $0.59 per diluted share|
|·||Operating earnings of $5.1 million, or $0.28 per diluted share, compared to Operating loss of $10.0 million, or $0.55 per diluted share|
|·||Net investment losses of $12.9 million included $1.6 million in net realized capital gains from the sale of investment securities and a $12.5 million loss from a reduction in the amount of net unrealized capital gains that existed in our equity investments. The income statement recognition of changes in unrealized gains and losses of equity securities is related to the adoption in 2018 of new accounting rules and does not impact operating earnings.|
Year End 2018 Highlights (all comparisons to prior year):
|·||Gross premiums written of $663.0 million represented an increase of 10%|
|·||Net premiums written of $363.8 million were slightly lower than 2017 of $365.6 million|
|·||Net combined ratio of 97.1% compared to 107.9%|
The following information was filed by Hallmark Financial Services Inc (HALL) on Wednesday, March 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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