0001193125-26-332846
SEC filingPalomar二季度业绩强劲，调整后净利创纪录，上调全年指引并首派股息。
| 指标 | 本期 (Q2 2026) | 去年同期 (Q2 2025) | 同比 |
|---|---|---|---|
| Gross Written Premiums | $630.5M | $496.3M | +27.0% |
| Net Earned Premiums | $287.0M | $180.0M | +59.5% |
| Net Income | $52.6M | $46.5M | +13.0% |
| Diluted EPS (GAAP) | $1.94 | $1.68 | +15.5% |
| Adjusted Net Income (Non-GAAP) | $63.8M | $48.5M | +31.4% |
| Diluted Adjusted EPS (Non-GAAP) | $2.36 | $1.76 | +34.1% |
| Loss Ratio | 34.5% | 25.7% | — |
| Combined Ratio | 83.3% | 78.8% | — |
| Adjusted Combined Ratio (Non-GAAP) | 76.7% | 73.1% | — |
| Underwriting Income (Non-GAAP) | $48.0M | $38.3M | +25.5% |
| Adjusted Underwriting Income (Non-GAAP) | $67.0M | $48.4M | +38.4% |
| Net Investment Income | $20.0M | $13.4M | +49.2% |
| Annualized ROE | 21.7% | 22.7% | — |
| Annualized Adjusted ROE (Non-GAAP) | 26.3% | 23.7% | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Adjusted Net Income | $270M - $280M | Non-GAAP |
简评
Palomar 二季度业绩表现强劲，调整后净收入创纪录，并实现连续第15次盈利超预期。增长主要由承保端驱动，毛承保保费同比增长27.0%，其中Crop（+96.0%）和Surety & Credit（+235.6%）业务增速尤为突出，反映了公司在多元化产品线上的扩张动能。净已赚保费同比大增59.5%，但损失率从25.7%升至34.5%，主要因非巨灾损失增加，不过公司录得$14.1M的有利前期发展，部分抵消了当期损失压力。调整后综合成本率76.7%仍处于健康水平，承保盈利能力稳固。
投资端表现亮眼，净投资收入同比增长49.2%至$20.0M，得益于收益率上升和投资资产规模扩大。管理层对全年展望乐观，将调整后净收入指引上调至$270M-$280M，为年内第三次上调。同时，公司宣布首次季度股息$0.45/股，并继续执行股票回购（Q2回购368,719股，耗资$41.0M），体现了资本配置的灵活性。CEO Mac Armstrong强调，股息政策不会改变Palomar 2X增长战略，旨在进一步增强股东价值创造能力。整体来看，公司在动态保险市场中展现了出色的执行力和财务纪律。