0001193125-26-447298
SEC filingPalomar 2026年三季度GWP增28.4%至$767.0M、调整后净利增47.4%至$81.3M，承保与投资收益双驱动，并第四次上调全年指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Gross written premiums | $767.0M | $597.2M | 28.4% |
| Net earned premiums | $365.4M | $225.1M | 62.3% |
| Total revenues | $386.6M | $244.7M | — |
| Net income | $65.3M | $51.5M | 27.0% |
| Adjusted net income (Non-GAAP) | $81.3M | $55.2M | 47.4% |
| Diluted EPS | $2.42 | $1.87 | 29.4% |
| Diluted adjusted EPS (Non-GAAP) | $3.01 | $2.01 | 49.8% |
| Loss ratio | 41.5% | 32.3% | — |
| Expense ratio | 39.3% | 45.8% | — |
| Combined ratio | 80.8% | 78.1% | — |
| Adjusted combined ratio (Non-GAAP) | 76.3% | 74.8% | — |
| Underwriting income (Non-GAAP) | $70.2M | $49.2M | 42.6% |
| Adjusted underwriting income (Non-GAAP) | $86.5M | $56.7M | 52.6% |
| Net investment income | $22.4M | $14.6M | 53.8% |
| Annualized return on equity | 26.6% | 23.9% | — |
| Annualized adjusted return on equity (Non-GAAP) | 33.1% | 25.6% | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Adjusted net income | $280 million to $285 million | Non-GAAP |
三季度增长由承保端与投资端共同驱动：GWP 增 28.4% 至 $767.0M，净已赚保费增 62.3% 至 $365.4M，净已赚保费率由 43.4% 升至 49.6%，自留比例明显提升；净投资收益增 53.8% 至 $22.4M，主因资产收益率上行与投资规模扩大（Cash and invested assets 达 $1.8 billion）。产品线全面增长，Crop（+89.3%）与 Surety & Credit（+228.4%）贡献最大增量，Casualty 与 Earthquake 仅小幅增长。
利润率方面，赔付率由 32.3% 升至 41.5%（巨灾 1.2%、非巨灾 40.3%），并含 $4.0 million 与 Crop 跨年度重分配相关的非巨灾不利前期发展；费用率由 45.8% 降至 39.3%，综合成本率升至 80.8%，调整后综合成本率 76.3%（去年 74.8%），调整后承保利润增 52.6% 至 $86.5M。管理层称本季为第 16 个连续超预期季度，并第四次上调 2026 调整后净利指引至 $280M–$285M（含全年巨灾损失估计 $8M–$12M）；资本返还方面，季度回购 70,000 股耗资 $8.9M，并宣派 $0.45/股季度股息（11 月 17 日登记、12 月 2 日支付）。主要风险包括巨灾频率与强度、准备金充足性、再保险成本与可得性、Crop 天气与价格波动及收购整合。