FedNat Holding Company (FNHC) is a company that deals in insurance as it controls all features of the insurance underwriting, distribution, and claims procedures. It is engaged in providing insurance proceedings to the homeowners in Florida via its wholly-owned subsidiaries.
The price of FNHC stock during regular trading on March 3, 2022, was $1.06 with a dip of 9.40%. At last check in the premarket on March 4, 2022, its price rallied by 13.21%.
FNHC: Key Financials
On March 3, 2022, FNHC released its unaudited financial report for the fourth quarter or three months ended December 31, 2021. Some of the important features are discussed here.
Revenue
Total revenue in the fourth quarter of 2021 was $67.0 million comparable to $84.8 million in the corresponding quarter of 2020. The company observed a significant decline of $17.8 million or 21% in its revenue over the year. Also, the company missed the expectations of the analysts of $69.5 million in revenue.
EPS
Diluted net loss per share in the fourth quarter of 2021 was $8.56 million or $0.49 comparable to $38 million or $2.77 in the corresponding quarter in 2020. The company observed a decline of 77.5% in its net loss over the year and a gain of 82.3% in its earnings over the previous year. Also, it topped the analysts’ estimated EPS of -$1.02.
FNHC: CEO Comments
Speaking at the occasion, CEO of FNHC Michael H. Braun stated that the company expects the runoff of Maison’s enterprise will be finished by the end of 2022 along with the completion of the transfer of its non-Florida business by Q2 2023. He further added that upon the conclusion of the transition, the company will become less volatile and financially stronger and the runoff pace will speed up during Q2 2022.
Conclusion
FNHC stock dipped approximately 84% in 2021 as the businesses were impacted by the pandemic. The current market situation of its stock is good as the company rebounded in Friday’s premarket trading after its financial statement announcement. The company topped the EPS estimations of the analysts.
