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


The following information was filed by Hallmark Financial Services Inc (HALL) on Thursday, November 7, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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