The insurer’s net income surged on lower weather losses, favorable reserve development, and higher investment income.
Heritage Insurance reported second-quarter net income of $61.7 million, or $2.05 per diluted share, up from $48 million a year earlier. The annualized return on average equity reached 45.4%, driven by a 30.4% net loss ratio and a 64.9% combined ratio.
Net premiums earned increased 2.4% year over year, though gross premiums written declined 5.5% due to reductions in Florida commercial-residential policies. The company also secured $2.2 billion in catastrophe reinsurance, expected to save $63 million annually.
Book value per share rose 16.5% from year-end 2025, and the company repurchased over 1 million shares in the first half of 2026.