Record 2025 profit at HCI Group (NYSE: HCI) with EPS surging

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

HCI Group, Inc. reported sharply stronger results for the fourth quarter and full year 2025, highlighted by much higher profitability and lower loss ratios. Fourth quarter pre-tax income rose to $144 million and net income to $108 million, with diluted EPS climbing to $7.25 from $0.23 a year earlier. Full year 2025 pre-tax income reached $429 million and net income $320 million, up from $173 million and $128 million in 2024, while diluted EPS increased to $22.72 from $8.89. The gross loss ratio improved to 15.6% in the fourth quarter and 19.6% for 2025, reflecting lower catastrophe losses and favorable prior-year development. Gross premiums earned grew to $1,236 million in 2025 as policy volume increased. Management described 2025 as a record year, noted the successful IPO of technology subsidiary Exzeo, and indicated plans for a forthcoming share buyback program. Book value per share rose to $80.13 with stockholders’ equity of $1,041 million and cash and cash equivalents of $1,210 million as of December 31, 2025.

Positive

Record profitability and EPS growth: Full year 2025 pre-tax income rose to $429 million from $173 million, with diluted EPS increasing to $22.72 from $8.89, indicating a substantial improvement in earnings power.
Stronger underwriting performance: The gross loss ratio improved to 19.6% in 2025 from 34.6% in 2024, and losses and loss adjustment expenses fell to $242 million from $375 million, showing better loss experience and risk management.
Enhanced capital position: Cash and cash equivalents increased to $1,210,126 thousand and total stockholders’ equity to $1,041,077 thousand, with book value per share rising to $80.13 from $42.10.
Strategic milestones and planned capital return: Management noted a successful IPO of technology platform Exzeo and stated plans for a soon-to-be announced share buyback program, signaling confidence in the company’s financial position.

Negative

None.

Insights

HCI delivered record 2025 profits, stronger underwriting, and signals capital return.

HCI Group shows a major earnings step-up. Full year pre-tax income rose to $429 million from $173 million, with diluted EPS jumping to $22.72 from $8.89. Revenue growth was driven by higher gross premiums earned of $1,236 million.

Underwriting quality improved meaningfully. The gross loss ratio fell to 19.6% for 2025 from 34.6% in 2024, helped by fewer catastrophe impacts and favorable reserve development. Losses and loss adjustment expenses declined to $242 million from $375 million, while reinsurance costs were broadly stable.

The balance sheet strengthened, with cash and cash equivalents increasing to $1,210,126 thousand and total stockholders’ equity rising to $1,041,077 thousand. Management highlighted the IPO of Exzeo and referenced a planned share buyback program, indicating an intention to return capital following this period of strong performance.

02/25/2026 - 04:26 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities and Exchange Act of 1934

Date of Report (or Date of Earliest Event Reported): February 25, 2026

HCI Group, Inc.

(Exact Name of Registrant as Specified in Its Charter)



Florida	001-34126	20-5961396
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

3802 Coconut Palm Drive

Tampa, Florida 33619

(Address of Principal Executive Offices)

(813) 849-9500

(Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	HCI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 25, 2026, we released our earnings for the three months and year ended December 31, 2025. We plan to host an earnings conference call that same day at 4:45 p.m. Eastern time during which our chief executive officer, chief financial officer and chief operating officer will discuss the results.

Interested parties may listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company’s website at www.hcigroup.com.

Date: Wednesday, February 25, 2026

Time: 4:45 p.m. Eastern time (1:45 p.m. Pacific time)

Listen-only toll-free number: (888) 506-0062

Listen-only international number: (973) 528-0011

Entry Code: 935522

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at (949) 574-3860.

A replay of the call will be available after 8:00 p.m. Eastern time on the same day as the call and via the Investor Information section of the HCI Group website at www.hcigroup.com.

Toll-free replay number: (877) 481-4010

International replay number: (919) 882-2331

Replay ID: 53584

Our earnings release appears as Exhibit 99.1 to this form 8-K

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Earnings Release

Exhibit 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: February 25, 2026.



HCI GROUP, INC.

BY:		/s/ James Mark Harmsworth
		Name: James Mark Harmsworth Title: Chief Financial Officer

Exhibit 99.1

Fourth Quarter Pre-Tax Income of $144 million and Diluted EPS of $7.25

Full Year 2025 Pre-Tax Income of $429 million and Diluted EPS of $22.72

Gross Loss Ratio of 15.6% for the fourth quarter and 19.6% for the full year 2025

Tampa, Fla. – February 25, 2026 – HCI Group, Inc. (NYSE:HCI), reported pre-tax income of $144 million and net income of $108 million in the fourth quarter of 2025 compared with pre-tax income of $6 million and net income of $4 million in the fourth quarter of 2024. Net income after noncontrolling interests in the fourth quarter of 2025 was $98 million compared with $3 million in the fourth quarter of 2024. Diluted earnings per share were $7.25 in the fourth quarter of 2025 compared with $0.23 diluted earnings per share in the fourth quarter of 2024.

Management Commentary

“2025 was a very successful year for HCI, delivering record earnings and shareholder returns. In addition to our operating performance, HCI successfully executed the IPO of Exzeo, a leading technology platform.” said HCI Group Chairman and Chief Executive Officer Paresh Patel. “Looking forward to 2026, we are exploring new areas of growth, both organically and through acquisition. In the meantime, we plan to invest in ourselves through a soon-to-be announced share buyback program.”

Fourth Quarter 2025 Results

Gross premiums earned in the fourth quarter of 2025 were $332 million compared with $297 million in the fourth quarter of 2024. The increase was driven by a higher volume of insurance policies in force.

Premiums ceded for reinsurance in the fourth quarter of 2025 were $106 million compared with $151 million in the fourth quarter of 2024. The fourth quarter of 2024 included a $51 million non-recurring amount related to Hurricane Milton.

Losses and loss adjustment expenses in the fourth quarter of 2025 were $52 million compared with $111 million in the fourth quarter of 2024. Losses and loss adjustment expenses in the fourth quarter of 2024 included a net loss of $78 million from Hurricane Milton, partially offset by $24 million of favorable development. Losses and loss adjustment expenses in the fourth quarter of 2025 included $6 million of favorable development. The gross loss ratio for the fourth quarter of 2025 was 15.6%.

Policy acquisition and other underwriting expenses in the fourth quarter of 2025 were $33 million compared with $28 million in the fourth quarter of 2024. The increase was driven by a higher volume of premiums in force.

Interest expense in the fourth quarter of 2025 was $1 million compared with $3 million for the fourth quarter of 2024. The fourth quarter of 2024 included $2 million of interest expense on the 4.75% convertible notes which have since been redeemed.

Full Year 2025 Results

Pre-tax income was $429 million and net income was $320 million in 2025 compared with pre-tax income of $173 million and net income of $128 million in 2024. Net income after noncontrolling interests in 2025 was $299 million compared with $110 million in 2024. Diluted earnings per share were $22.72 in 2025 compared with $8.89 diluted earnings per share in 2024.

Gross premiums earned in 2025 were $1,236 million compared with $1,083 million in 2024. The increase was driven by a higher volume of policies in force.

Premiums ceded for reinsurance in 2025 were $414 million compared with $406 million in 2024. The increase was driven by a higher volume of policies in force, partially offset by a $63 million non-recurring amount included in 2024 related to Hurricane Milton and Hurricane Helene.

Losses and loss adjustment expenses in 2025 were $242 million compared with $375 million in 2024. Losses and loss adjustment expenses in 2024 included net losses of $128 million from Hurricanes Milton, Helene, and Debby. The gross loss ratio for the full year 2025 was 19.6%.

Policy acquisition and other underwriting expenses in 2025 were $122 million compared with $99 million in 2024. The increase was driven by a higher volume of premiums in force.

General and administrative personnel expenses in 2025 were $72 million compared with $63 million in 2024. The increase was primarily attributable to an increase in stock-based and other incentive compensation as well as an increase in salaries and wages.

Interest expense in 2025 was $9 million compared with $13 million in 2024. The full year of 2024 included $9 million of interest expense on the 4.75% convertible notes which were redeemed during the second quarter of 2025.

Conference Call

HCI Group will hold a conference call later today, February 25, 2026, to discuss these financial results. Chairman and Chief Executive Officer Paresh Patel, Chief Operating Officer Karin Coleman and Chief Financial Officer Mark Harmsworth will host the call starting at 4:45 p.m. Eastern Time.

Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company's website at www.hcigroup.com.

Listen-only toll-free number: (888) 506-0062

Listen-only international number: (973) 528-0011

Entry Code: 935522

A replay of the call will be available by telephone after 8:00 p.m. Eastern Time on the same day as the call and via the Investor Information section of the HCI Group website at www.hcigroup.com through February 25, 2027.

Toll-free replay number: (877) 481-4010

International replay number: (919) 882-2331

Replay ID: 53584

About HCI Group, Inc.

HCI Group, Inc. is a diversified holding company engaged in insurance, reinsurance, real estate, claims services, and insurance technology. The HCI Group portfolio of companies includes multiple P&C underwriters and exchanges, a captive reinsurer, a claims management business, a commercial real estate investment company, and leading insurance technology company Exzeo. HCI was founded in 2006 and operates in 13 states.

HCI's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com. Exzeo’s common shares trade on the New York Stock Exchange under the ticker symbol “XZO.” For more information about Exzeo, visit www.exzeo.com.

Forward-Looking Statements

This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," "confident," "prospects" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. For example, the estimation of reserves for losses and loss adjustment expenses is an inherently imprecise process involving many assumptions and considerable management judgment. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.

Company Contact:

Nat Otis

Investor Relations

HCI Group, Inc.

Tel (813) 405-5341

notis@hcigroup.com

Investor Relations Contact:

Matt Glover

Gateway Group, Inc.

Tel (949) 574-3860

HCI@gateway-grp.com

- Tables to follow -

HCI GROUP, INC. AND SUBSIDIARIES

Selected Financial Metrics

(Unaudited)

(In thousands, except share and per share amounts)


	Three Months Ended						Years Ended
	December 31,						December 31,
	2025			2024			2025			2024
Gross Written Premiums:
Homeowners Choice	$	125,483		$	145,085		$	652,569		$	593,943
TypTap Insurance Company		140,901			174,980			503,672			491,413
Condo Owners Reciprocal Exchange		3,060			14,435			31,001			81,411
Tailrow Reciprocal Exchange		64,364			-			107,528			-
Total Gross Written Premiums	$	333,808		$	334,500		$	1,294,770		$	1,166,767

Gross Premiums Earned:
Homeowners Choice	$	167,795		$	156,342		$	637,741		$	589,137
TypTap Insurance Company		129,259			123,807			502,756			442,876
Condo Owners Reciprocal Exchange		9,054			17,348			47,688			51,207
Tailrow Insurance Exchange		25,947			-			47,960			-
Total Gross Premiums Earned	$	332,055		$	297,497		$	1,236,145		$	1,083,220

Gross loss ratio		15.6	%		37.2	%		19.6	%		34.6	%

Per Share Metrics
Diluted earnings per share	$	7.25		$	0.23		$	22.72		$	8.89

Dividends per share	$	0.40		$	0.40		$	1.60		$	1.60

Book value per share at the end of period	$	80.13		$	42.10		$	80.13		$	42.10

Shares outstanding at the end of period		12,992,147			10,767,184			12,992,147			10,767,184

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except share amounts)


	December 31, 2025		December 31, 2024
	(Unaudited)
Assets
Fixed-maturity securities, available for sale, at fair value (amortized cost: $595,383 and $719,536, respectively and allowance for credit losses: $0 and $0, respectively)	$	597,329	$	718,537
Equity securities, at fair value (cost: $61,597 and $52,030, respectively)		65,890		56,200
Limited partnership investments		17,690		20,802
Real estate investments		103,746		79,120
Other investments		5,000		-
Total investments		789,655		874,659

Cash and cash equivalents		1,210,126		532,471
Restricted cash		3,748		3,714
Income taxes receivable		1,332		463
Deferred income tax assets, net		2,237		72
Premiums receivable, net (allowance: $4,469 and $5,891, respectively)		57,494		50,582
Prepaid reinsurance premiums		50,127		92,060
Reinsurance recoverable, net of allowance for credit losses:
Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively)		27,855		36,062
Unpaid losses and loss adjustment expenses (allowance: $97 and $186, respectively)		262,041		522,379
Deferred policy acquisition costs		59,722		54,303
Property and equipment, net		28,939		29,544
Intangible assets, net		2,683		5,206
Funds withheld for assumed business		5,254		11,690
Other assets		27,715		17,008

Total assets	$	2,528,928	$	2,230,213

Liabilities, Redeemable Noncontrolling Interests and Equity
Losses and loss adjustment expenses	$	576,495	$	845,900
Unearned premiums		643,328		584,703
Advance premiums		19,302		18,867
Reinsurance payable on paid losses and loss adjustment expenses		—		2,496
Ceded reinsurance premiums payable		27,591		18,313
Assumed premiums payable		1,744		2,176
Income taxes payable		12,782		5,451
Deferred income tax liabilities, net		3,814		2,830
Revolving credit facility		36,000		44,000
Long-term debt		31,877		185,254
Accrued expenses and other liabilities		61,351		51,182

Total liabilities		1,414,284		1,761,172

Commitments and contingencies
Redeemable noncontrolling interests		3,359		1,691

Equity:
Common stock, (no par value, 40,000,000 shares authorized, 12,992,147 and 10,767,184 shares issued and outstanding, respectively)		—		—
Additional paid-in capital		428,109		122,289
Retained earnings		611,509		331,793
Accumulated other comprehensive income (loss)		1,459		(749	)
Total stockholders' equity		1,041,077		453,333
Noncontrolling interests		70,208		14,017
Total equity		1,111,285		467,350

Total liabilities, redeemable noncontrolling interests and equity	$	2,528,928	$	2,230,213

HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data)


	Three Months Ended						Years Ended
	December 31,						December 31,
	2025			2024			2025			2024
Revenue
Gross premiums earned	$	332,055		$	297,497		$	1,236,145		$	1,083,220
Premiums ceded		(106,234	)		(151,146	)		(414,479	)		(405,659	)
Net premiums earned		225,821			146,351			821,666			677,561

Net investment income		17,686			14,486			65,411			59,148
Net realized investment gains		813			326			2,753			3,384
Net unrealized investment (losses) gains		(365	)		(1,181	)		123			2,644
Policy fee income		1,593			1,302			6,858			4,639
Other		695			591			4,135			2,675
Total revenue		246,243			161,875			900,946			750,051

Expenses
Losses and loss adjustment expenses		51,926			110,727			241,827			374,708
Policy acquisition and other underwriting expenses		32,936			27,707			122,426			99,402
General and administrative personnel expenses		10,851			10,231			72,125			63,152
Interest expense		1,009			3,322			9,156			13,344
Other operating expenses		5,521			3,997			26,082			26,018
Total expenses		102,243			155,984			471,616			576,624

Income before income taxes		144,000			5,891			429,330			173,427

Income tax expense		36,002			1,757			108,935			45,846

Net income	$	107,998		$	4,134		$	320,395		$	127,581
Net income attributable to redeemable noncontrolling interests		—			—			—			(10,149	)
Net income attributable to noncontrolling interests		(10,344	)		(1,550	)		(21,390	)		(7,479	)

Net income after noncontrolling interests	$	97,654		$	2,584		$	299,005		$	109,953

Basic earnings per share	$	7.50		$	0.24		$	24.58		$	10.59

Diluted earnings per share	$	7.25		$	0.23		$	22.72		$	8.89

Dividends per share	$	0.40		$	0.40		$	1.60		$	1.60

HCI GROUP, INC. AND SUBSIDIARIES

(Unaudited)

(In thousands, except per share amount)

The computations of basic and diluted earnings per share for the periods presented were as follows:


	Three Months Ended							Year Ended
	December 31, 2025							December 31, 2025
	Income			Shares		Per Share		Income			Shares		Per Share
	(Numerator)			(Denominator)		Amount		(Numerator)			(Denominator)		Amount
Net income	$	107,998						$	320,395
Less: Net income attributable to noncontrolling interests		(10,344	)						(21,390	)
Net income after noncontrolling interests		97,654							299,005
Less: Income attributable to participating securities		(3,961	)						(12,041	)
Basic Earnings Per Share:
Income attributable to common stockholders		93,693			12,495	$	7.50		286,964			11,675	$	24.58

Effect of Dilutive Securities:
Stock options		—			429				—			397
Convertible senior notes		—			—				4,879			799
Warrants		—			8				—			7
Net impact from reallocation of undistributed earnings to participating securities		108			—				803			—

Diluted Earnings Per Share:
Income attributable to common stockholders	$	93,801			12,932	$	7.25	$	292,646			12,878	$	22.72

Source: View Original Filing on SEC EDGAR

FAQ

How did HCI (HCI) perform financially in the fourth quarter of 2025?

HCI reported strong fourth quarter 2025 results, with pre-tax income of $144 million and net income of $108 million. Diluted EPS rose to $7.25, compared with $0.23 a year earlier, reflecting improved underwriting performance and lower catastrophe-related losses.

What were HCI (HCI) full year 2025 earnings and earnings per share?

For 2025, HCI generated pre-tax income of $429 million and net income of $320 million. Net income after noncontrolling interests was $299 million, and diluted earnings per share increased to $22.72 from $8.89 in 2024, showing significant year-over-year earnings growth.

How did HCI’s (HCI) loss ratios and underwriting results change in 2025?

HCI’s underwriting results improved markedly. The gross loss ratio declined to 15.6% in the fourth quarter of 2025 and 19.6% for the full year, compared with 37.2% and 34.6% respectively in 2024, driven by lower catastrophe losses and favorable reserve development.

What premium trends did HCI (HCI) report for 2025?

HCI’s gross premiums earned increased to $1,236,145 thousand in 2025 from $1,083,220 thousand in 2024. Management attributed this growth primarily to a higher volume of policies in force across its insurance subsidiaries and exchanges during the year.

How strong was HCI’s (HCI) balance sheet at December 31, 2025?

At December 31, 2025, HCI reported total assets of $2,528,928 thousand and total liabilities of $1,414,284 thousand. Total stockholders’ equity was $1,041,077 thousand, book value per share was $80.13, and cash and cash equivalents stood at $1,210,126 thousand.

What strategic initiatives did HCI (HCI) highlight for 2025 and beyond?

Management described 2025 as a very successful year with record earnings and shareholder returns, highlighted the successful IPO of technology platform Exzeo, and stated that HCI plans to invest in growth while preparing a soon-to-be announced share buyback program for its common shares.

When is HCI’s (HCI) conference call to discuss 2025 results and how can investors listen?

HCI scheduled a conference call on February 25, 2026 at 4:45 p.m. Eastern Time to discuss 2025 results. Investors can join via listen-only toll-free number (888) 506-0062, international number (973) 528-0011 using entry code 935522, or through the company’s investor website webcast.

Filing Exhibits & Attachments

2 documents

Press Releases

EX-99.1 EX-99.1 701.2 KB

Record 2025 profit at HCI Group (NYSE: HCI) with EPS surging