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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.
|$ in millions:|
|Operating Earnings (1)||$||6.3||$||4.2||$||19.6||$||13.3|
|$ per diluted share:|
|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|
Two Lincoln Centre
5420 Lyndon B Johnson Freeway, Suite 1100
Dallas, Texas 75240-2345
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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