Protective Insurance Corporation (NASDAQ: PTVCA) reported second-quarter net income of $11.4 million ($0.80/share), a significant increase from $1.5 million ($0.11/share) in Q2 2019. However, for the first half of 2020, the company faced a net loss of $10.8 million ($0.76/share) compared to $4.3 million ($0.28/share) in 2019. Gross premiums written dropped 21.5% to $115.4 million in Q2 2020. Despite challenges, the accident year combined ratio improved to 101.4%. Book value per share increased by $2.19 to $23.64. The company continues efforts toward underwriting profitability amid the pandemic.
Protective Insurance Corporation (NASDAQ: PTVCA) has scheduled its quarterly conference call for August 5, 2020, at 11:00 AM ET to discuss the second quarter results ending June 30, 2020. Financial results will be released after market close on August 4, 2020. Interested parties can join the call by dialing 1-877-705-6003 for U.S./Canada or 1-201-493-6725 for international calls. A replay will be available through August 12, 2020. The call will also be accessible via a live webcast at the company’s website.
Protective Insurance Corporation (Nasdaq: PTVCA) has announced a quarterly dividend of $0.10 per share on its Class A and Class B Common Stock. This dividend is payable on June 2, 2020 to shareholders recorded as of May 19, 2020. This move reflects the company's ongoing commitment to returning value to its shareholders.
Protective Insurance Corporation (NASDAQ: PTVCA) reported a net loss of $22.2 million, or $1.56 per share, for Q1 2020, compared to net income of $2.7 million for Q1 2019. Gross premiums written fell by 10% to $134.0 million due to underwriting actions, though the combined ratio improved to 104.2% from 108.0%. Net investment income rose to $7.2 million. Investment losses totaled $27.8 million, significantly impacting book value, which decreased to $21.53 per share. Management highlights ongoing efforts to achieve sustainable underwriting profitability amid economic volatility from COVID-19.