Conifer Holdings reported second-quarter 2025 net income of $2.05 million compared with a net loss of $3.95 million in the same period last year.
Adjusted operating loss for the quarter was $2.07 million, narrowing from a $3.41 million loss in the prior-year quarter.
Gross written premiums rose 11.1% to $21.08 million from $18.97 million a year earlier, driven primarily by Personal Lines. Net written premiums fell 89.6% to $1.38 million, reflecting the runoff of the company’s remaining Commercial Lines production. Net earned premiums declined 42.6% year over year to $9.56 million.
Net investment income for the quarter was $1.3 million, down 11.9% from $1.47 million in the prior-year period. The company recorded a net realized investment loss of $28,000, compared with a $118,000 loss a year earlier, and a $65,000 decline in the fair value of equity investments, compared with a $196,000 decline in the prior-year quarter.
The loss ratio for the quarter improved to 68.8% from 91.5% in the same period last year, while the expense ratio increased to 52.3% from 32.1%. The combined ratio was 121.1%, compared with 123.6% a year earlier. Book value per common share stood at $2.31 as of June 30, 2025.
In 2024, Conifer posted net income of $23.5 million, reversing a loss of $25.9 million in 2023, largely due to the $61 million gain from the sale of its agency operations. That transaction was part of a broader restructuring aimed at debt reduction, reserve strengthening, and a narrower underwriting focus.
The company also reported a sharp contraction in Commercial Lines gross written premiums, down nearly 50% year over year, while Personal Lines saw 23.4% growth, supported by expansion in low-value dwelling coverage in Texas and the Midwest.
CEO Brian Roney said the company is working to streamline operations and focus on its core lines.
“Overall, our gross written premium was up double digits for the period led by our Personal Lines business, which after a tough first quarter is coming back in line with expected performance metrics. Additionally, the quarter’s results were positively impacted by the partial recognition of an earnout related to the CIS sale from last year,” Roney said.
For the first six months of 2025, Conifer posted net income of $2.57 million, compared with a net loss of $3.88 million in the same period last year. Adjusted operating loss widened to $5.75 million, from $1.89 million in the first half of 2024.
Gross written premiums for the half-year totaled $37.25 million, down 13.9% from $43.28 million a year earlier. Net written premiums declined 57.3% to $12.22 million, and net earned premiums decreased 40.8% to $19.88 million. The loss ratio for the period was 79.7%, up from 76.6%, and the expense ratio rose to 51.5% from 33.4%, bringing the combined ratio to 131.2%.
Net investment income for the first half was $2.59 million, down 14.3% from $3.02 million a year earlier. Net realized investment losses totaled $25,000, compared with $118,000 last year, and the change in fair value of equity investments was a $257,000 decline, compared with a $153,000 decline in the same period last year.
What are your thoughts on this story? Please feel free to share your comments below.
