From GlobeNewswire: 2025-03-28 16:01:00

Conifer Holdings, Inc. reported net income allocable to common shareholders of $23.5 million for the year ending December 31, 2024, with a $61 million gain on the sale of insurance agency operations. The company’s personal lines business was profitable in the fourth quarter of 2024, while book value per share stood at $1.76 as of December 31, 2024. Commercial lines business saw a significant decline in revenue, with a 50% decrease in Gross Written Premium and a 27.5% drop in Net Earned Premium for the full year 2024. The company anticipates a shift towards Personal Lines business, which saw a 10.6% increase in Gross Written Premium for the fourth quarter of 2024. This growth was primarily driven by the homeowner’s insurance portfolio in Texas and the Midwest. The company’s commercial lines production decreased by 79% in the fourth quarter of 2024, representing roughly 23% of total Gross Written Premium. The commercial lines loss ratio increased significantly as management focused on strengthening reserves. Net investment income increased by 5.8% to $5.8 million for the year ending December 31, 2024. The company reported a net loss allocable to common shareholders of $25.4 million for the fourth quarter of 2024, but a net income of $23.5 million for the full year. Adjusted operating income for the fourth quarter of 2024 was a loss of $25.8 million. Conifer Holdings is a Michigan-based property and casualty holding company offering specialty insurance coverage for commercial and personal lines. The company is traded on the Nasdaq Capital Market under the symbol CNFR.



Read more at GlobeNewswire:: Conifer Holdings Reports 2024 Fourth Quarter and Year End