HCI Group, Inc., a Tampa-based insurance holding company, reported a significant 2,512.4% increase in net income to $108 million in the fourth quarter of 2025, compared to $4 million in the same period last year.
Pre-tax income for the quarter was $144 million, up from $6 million in the fourth quarter of 2024, and net income after non-controlling interests was $98 million, compared with $3 million in the fourth quarter of 2024.
Total premiums were US$333.8 million, a slight decrease of 0.2% from US$334.5 million.
Gross premiums earned increased 11.6% to $332 million from $297 million due to an increase in the number of policies in force.
Reinsurance ceded premiums were $106 million, compared with $151 million in Q4 2024, including a $51 million non-recurring amount related to Hurricane Milton.
Net investment income increased 22.1% to $17.7 million from $14.5 million.
HCI’s total revenue reached US$246.2 million, an increase of 52.1% from US$161.9 million.
Loss and loss adjustment expense of $52 million included $6 million of favorable development charges, while $111 million included $78 million of net losses from Hurricane Milton, partially offset by $24 million of favorable development charges. The gross loss rate in Q4 2025 was 15.6%.
Policy purchase and other underwriting expenses were $33 million, compared with $28 million in the prior year period.
Full-year net profit in 2025 increased by 151.1% to US$320 million, compared with US$128 million in 2024. Pre-tax income was US$429 million, compared with US$173 million in 2024; net profit after non-controlling interests was US$299 million, compared with US$110 million in 2024.
Total premiums were US$1.29 billion, an increase of 11% from US$1.17 billion in the same period last year.
Gross premiums increased by 11% to US$1.24 billion from US$1.1 billion, and net premiums increased by 21.3% from US$677.6 million to US$821.7 million. Net investment income increased 10.6% to $65.4 million from $59.1 million.
Reinsurance ceded premiums in 2025 will be US$414 million, up from US$406 million.
Total revenue for the year reached US$900.9 million, an increase of 20.1% from US$750.1 million.
Loss and loss adjustment expense was $242 million in 2025 compared to $375 million in 2024, which included $128 million in net losses from hurricanes Milton, Helen and Debbie. The full-year gross loss rate in 2025 is 19.6%.
Policy purchase and other underwriting expenses were $122 million, compared with $99 million in the prior year period.
Paresh Patel, Chairman and CEO of HCI Group, said: “2025 was a very successful year for HCI, delivering record profitability and shareholder returns. In addition to our operating results, HCI also successfully executed the IPO of Exzeo, a leading technology platform.
“Looking ahead to 2026, we are exploring new areas for growth, both organically and through acquisitions. At the same time, we plan to invest in ourselves through a share repurchase program to be announced soon.”