Neptune Insurance Q2 revenue rises 33% on record new business sales

Overview

• US flood insurance platform's Q2 revenue rose 33% yr/yr to record high

• Net income for Q2 increased 36% yr/yr, reaching a record $15.8 mln

• Adjusted EBITDA for Q2 grew 37% yr/yr to $34.5 mln, margin reached 62%

Outlook

• Company did not provide specific guidance for future quarters or the full year

Result Drivers

• NEW BUSINESS SALES - Co said record new business sales contributed to Q2 results

• WRITTEN PREMIUM GROWTH - Written Premium grew 31% yr/yr to a record $126.9 mln, supporting revenue growth

Company press release: ID:nBw9HKF1Za

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the multiline insurance brokers peer group is "buy"

• Wall Street's median 12-month price target for Neptune Insurance Holdings Inc is $32.00, about 1.3% above its July 20 closing price of $31.59

• The stock recently traded at 53 times the next 12-month earnings vs. a P/E of 44 three months ago

Reuters Recommended Reads

• July 21 - Chubb Q2 adjusted EPS beats estimates on underwriting discipline

• July 21 - Amerisafe Q2 adjusted EPS misses estimates

• July 20 - WR Berkley’s Q2 ex comp rate increase slows to 3.8% in ‘fragmented market’: CEO

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)