Slide Profit Nearly Doubles as Underwriting Improves
Second-quarter revenue rose 47.9% to $386.8 million as earned premiums expanded.
Slide Insurance Holdings (SLDE), the property insurer, nearly doubled second-quarter profit as underwriting results improved from a year earlier.
The quarter extended Slide’s rapid earnings growth even as premium growth cooled. Gross premiums written rose 16.7% from a year earlier to $508.0 million, slowing from 49.1% growth in the first quarter, while increasing 22.5% sequentially.
Revenue rose 47.9% from a year earlier, accelerating from 38.2% growth in the prior quarter, though it slipped 0.6% sequentially. Net income climbed 92.4% to $134.9 million, while diluted earnings increased to $1.06 a share from $0.56 and edged above the first quarter’s $1.02.
Net premiums earned grew 47.9% to $360.6 million, accelerating from the first quarter’s 37.5% increase. The combined ratio improved to 57.6% from 67.4% a year earlier, while rising from 55.5% in the first quarter.
The loss ratio was nearly unchanged sequentially at 30.2%, leaving expenses as the source of the quarter-to-quarter increase in the combined ratio. General and administrative expenses rose 45.1% from a year earlier and 19.1% sequentially to $55.0 million, reflecting higher staffing and technology spending for growth initiatives.
Slide maintained its full-year outlook for gross written premiums of $1.85 billion to $1.95 billion and net income of $455 million to $470 million, leaving both ranges unchanged from its first-quarter forecast.
The company repurchased 3.0 million shares during the quarter at a weighted-average price of $17.95, down from 7.7 million shares in the first quarter, with $114.1 million remaining under its authorization. Slide also initiated a quarterly cash dividend of $0.07 a share, payable Aug. 28.