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CST: 17/07/2019 05:21:25   

FedNat Holding Company Reports First Quarter of 2019 Results

70 Days ago

SUNRISE, Florida, May 07, 2019 (GLOBE NEWSWIRE) -- FedNat Holding Company (the “Company”) (Nasdaq: FNHC) today reported results for the three months ended March 31, 2019.

Q1 2019 highlights (as measured against the same three-month period last year, except where noted):

  • Net loss of $3.9 million or $0.30 per diluted share.
  • Adjusted operating loss of $2.4 million or $0.19 per diluted share.
  • $18.7 million of claims, net of recoveries, from a single hailstorm.
  • Gross written premiums of $132.2 million.
  • 8.1% increase in net premiums earned to $88.8 million, including 13.4% increase in Homeowners.
  • Quarter-end Florida homeowners in-force policies of approximately 244,000.
  • 56.1% increase in non-Florida homeowners in-force policies to approximately 52,000.
  • Book value per share increased 0.8% to $16.98 as compared to $16.84 as of December 31, 2018, despite $1.09 per share loss on a single hail storm.

"FedNat continued to make excellent progress on its strategies to drive profitable growth in the first quarter.  While that progress was masked by the impact of a large hail storm that impacted Brevard County in Florida, I’m nonetheless very pleased with the continued fundamental improvement in our core homeowners business performance,” said Michael H. Braun, the Company’s Chief Executive Officer.  “Highlights in the quarter included more than five percentage points of improvement in our net expense ratio, strong growth in our non-Florida homeowners book, and of course, the February announcement of our pending acquisition of the Maison businesses, which will further strengthen and diversify our Company when we complete the transaction, which is anticipated to be during the second quarter.  We are also greatly encouraged by Florida’s recent passage of legislation to regulate Assignment of Benefit rules, a move that is a huge win for all policyholders within the state of Florida, regardless of who they insure their homes with, and will significantly enhance our industry’s ability to serve Florida homeowners affordably and more effectively.  Collectively these developments, along with our ongoing focus on performance improvement, position FedNat for attractive opportunity to drive profitable growth for our shareholders in the quarters to come.”

Consolidated

  • Net loss of $3.9 million or $0.30 per diluted share during the first quarter of 2019, as compared to net income of $7.5 million or $0.58 per diluted share during the first quarter of 2018.
  • Adjusted operating loss of $2.4 million or $0.19 per diluted share during the first quarter of 2019, as compared to adjusted operating income of $8.5 million or $0.65 per diluted share during the first quarter of 2018.
  • Comparing to December 31, 2018, book value per share increased $0.14 to $16.98 at March 31, 2019.  The increase was predominantly driven by unrealized gains on our fixed-income portfolio of $0.54 per share, partially offset by net loss of $0.30 per share, as noted above, and a dividend of $0.08 per share.

Revenues

  • Total revenue increased $8.1 million or 8.7%, to $101.2 million for the three months ended March 31, 2019, compared with $93.1 million for the three months ended March 31, 2018.  The increase was primarily driven by higher Homeowners net premiums earned as a result of decreased reinsurance spend and higher recognized gains on our investments, partially offset by planned reductions in net premiums earned from Automobile and commercial general liability for the three months ended March 31, 2019, as compared to the same period in 2018.
  • Due to rigorous focus on profitability and managing our underwriting exposure, gross premiums written decreased $2.2 million, or 1.6%, to $132.2 million in the quarter, compared with $134.4 million for the same three-month period last year.  The decrease in premiums written is the result of declining premiums in the non-core businesses we are exiting, Automobile and commercial general liability, as well as a decline in homeowners Florida, partially offset by homeowners non-Florida business, which continues to show exceptional growth year over year, especially in the state of Texas. Overall, Homeowners gross premiums written grew 5.3%.
  • Gross premiums earned decreased $8.0 million, or 5.5%, to $138.4 million for the three months ended March 31, 2019, as compared to $146.4 million for the three months ended March 31, 2018. The results are a reflection of our decision to exit the Automobile and commercial general liability lines and were partially offset by a 1.0% increase in earned premiums in Homeowners.
  • Ceded premiums decreased $14.7 million, or 22.9%, to $49.6 million in the quarter, compared to $64.3 million the same three-month period last year.  The decrease was primarily driven by lower excess of loss reinsurance spend in Homeowners and lower ceded premiums in Automobile as a result of decreases in premiums earned during the period.
  • Other income decreased $1.5 million, or 27.1%, to $4.0 million in the quarter, compared with $5.5 million in the same three-month period last year, due to lower commission and brokerage revenue.  Commission income decreased as a result of lower Automobile fee income driven by the reduction in premiums earned and, to a lesser extent, lower fee income from other areas of the business.  The brokerage revenue decrease is the result of lower excess of loss reinsurance spend from the reinsurance program that became effective July 1, 2018.

Expenses

  • Losses and loss adjustment expenses (“LAE”) increased $20.7 million, or 45.1%, to $66.8 million for the three months ended March 31, 2019, compared with $46.1 million for the same three-month period last year.  The net loss ratio increased 19.2 percentage points, to 75.3% in the current quarter, as compared to 56.1% in the first quarter of 2018.  The higher ratio was the result of $19.0 million of weather-related net losses in the quarter, which included $18.7 million of net losses from the March 2019 hail storm.
  • The net expense ratio decreased 5.3 percentage points to 38.9% in the first quarter of 2019, as compared to 44.2% in the first quarter of 2018.  The decrease in the ratio is primarily related to the lower reinsurance spend during the quarter driving higher net premiums earned.  Commissions and other underwriting expenses decreased $2.0 million, or 6.6%, to $28.2 million for the three months ended March 31, 2019, compared with $30.2 million for the three months ended March 31, 2018. The decrease is made up of lower policy fee expense due to lower gross premiums earned in Automobile and lower salaries and wages from the impact of our headcount reduction initiatives.
  • Interest expense increased $4.0 million to $5.1 million for the three months ended March 31, 2019, compared with $1.1 million in the prior year period. The increase in interest expense is the result of $3.6 million prepayment fees, including the write-off of remaining debt issuance costs, related to our previously announced repayment of $45 million of Senior Notes issued in December 2017 during the quarter.

Line of Business Results

  • Homeowners net loss for the current quarter was $1.4 million, which included $18.7 million of pre-tax net losses related to a single hail storm, as mentioned above. Excluding this storm, Homeowners net income would have been $12.5 million with a combined ratio of 87.5%. Additionally, net premiums earned increased $10.4 million or 13.4% in the first quarter of 2019 as compared to the first quarter of 2018.
  • Automobile's net loss for the first quarter of 2019 was $0.7 million, which includes $0.6 million of pre-tax adverse development, as compared to breakeven results in the first quarter of 2018.
  • Other’s net loss was $1.8 million in the first quarter of 2019, as compared to net income of $0.6 million in the first quarter of 2018.  Other's adjusted operating income (loss) was $(0.3) million and $1.4 million for these same period, with the decline primarily due to adverse prior year development in our commercial general liability book of business and higher interest expense, partially offset by $0.8 million higher pre-tax net investment income this quarter as compared to prior year quarter.

Non-GAAP Performance Measures

Non United States generally accepted accounting principles ("GAAP") measures do not replace the most directly comparable GAAP measures and we have included a detailed reconciliation thereof on page 11.

We exclude the after-tax (using our statutory income tax rate) effects of the following items from GAAP net income (loss) to arrive at adjusted operating income (loss):

  • Net realized and unrealized gains (losses), including, but not limited to, gains (losses) associated with investments and early extinguishment of debt;
  • Acquisition, integration and other costs and the amortization of specifically identifiable intangibles (other than value of business acquired);
  • Impairment of intangibles;
  • Income (loss) from initial adoption of new regulations and accounting guidance; and
  • Income (loss) from discontinued operations.

We also exclude the pre-tax effect of the first bullet above from GAAP revenues to arrive at adjusted operating revenues.

Management believes these non-GAAP performance measures allow for a better understanding of the underlying trend in our business, as the excluded items are not necessarily indicative of our operating fundamentals or performance.

Similarly, we exclude accumulated other comprehensive income (loss) ("AOCI") from book value per share to arrive at book value per share, excluding AOCI.

Conference Call Information

The Company will hold an investor conference call at 9:00 AM (ET) Wednesday, May 8, 2019. The Company’s CEO, Michael Braun and its CFO, Ronald Jordan will discuss the financial results and review the outlook for the Company. Messrs. Braun and Jordan invite interested parties to participate in the conference call.

Listeners interested in participating in the Q&A session may access the conference call as follows:

Toll-Free Dial-in: (877) 303-6913

Conference ID: 9374219

A live webcast of the call will be available online via the “Conference Calls” section of the Company’s website at FedNat.com or interested parties can click on the following link:

http://www.fednat.com/investors/conference-calls/ 

Please call at least five minutes in advance to ensure that you are connected prior to the presentation.  A webcast replay of the conference call will be available shortly after the live webcast is completed and may be accessed via the Company’s website.

About the Company

The Company is an insurance holding company that controls substantially all aspects of the insurance underwriting, distribution and claims processes through our subsidiaries and contractual relationships with independent agents and general agents. The Company, through our wholly owned subsidiaries, are authorized to underwrite, and/or place homeowners multi-peril, federal flood and other lines of insurance in Florida and other states. We market, distribute and service our own and third-party insurers’ products and other services through a network of independent and general agents.

The Company’s supplemental line of business information is designed to afford users greater transparency into our results.  The “Homeowners” line of business consists of our homeowners and fire property and casualty insurance business, which currently operates in Florida, Alabama, Texas, Louisiana and South Carolina. The “Automobile” line of business consists of our nonstandard personal automobile insurance business which currently operates in Georgia, Texas, Alabama, and Florida. The “Other” line of business primarily consists of our commercial general liability and federal flood businesses, along with corporate and investment operations.

Forward-Looking Statements

Certain statements made by FedNat Holding Company or on its behalf may contain “forward-looking statements” within the Private Securities Litigation Reform Act of 1995.

Statements that are not historical fact are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as “anticipate,” “believe,” “budget,” “contemplate,” “continue,” “could,” “envision,” “estimate,” “expect,” “guidance,” “indicate,” “intend,” “may,” “might,” “plan,” “possibly,” “potential,” “predict,” “probably,” “pro-forma,” “project,” “seek,” “should,” “target,” or “will” or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements.

Forward-looking statements might also include, but are not limited to, one or more of the following:

  • Projections of revenues, income, earnings per share, dividends, capital structure or other financial items or measures;
  • Descriptions of plans or objectives of management for future operations, insurance products or services;
  • Forecasts of future insurable events, economic performance, liquidity, need for funding and income; and
  • Descriptions of assumptions or estimates underlying or relating to any of the foregoing.

The risks and uncertainties include, without limitation, risks and uncertainties related to estimates, assumptions and projections generally; the nature of the Company’s business and its ability to integrate the operations to be acquired; the adequacy of its reserves for losses and loss adjustment expense; claims experience; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes and hail) and other catastrophic losses; reinsurance costs and the ability of reinsurers to indemnify the Company; raising additional capital and our compliance with minimum capital and surplus requirements; potential assessments that support property and casualty insurance pools and associations; the effectiveness of internal financial controls; the effectiveness of our underwriting, pricing and related loss limitation methods; changes in loss trends, including as a result of insureds’ assignment of benefits; court decisions and trends in litigation; our potential failure to pay claims accurately; ability to obtain regulatory approval applications for requested rate increases, or to underwrite in additional jurisdictions, and the timing thereof; the impact that the results of our subsidiaries’ operations may have on our results of operations; inflation and other changes in economic conditions (including changes in interest rates and financial markets); pricing competition and other initiatives by competitors; legislative and regulatory developments; the outcome of litigation pending against the Company, and any settlement thereof; dependence on investment income and the composition of the Company’s investment portfolio; insurance agents; ratings by industry services; the reliability and security of our information technology systems; reliance on key personnel; acts of war and terrorist activities; and other matters described from time to time by the Company in releases and publications, and in periodic reports and other documents filed with the United States Securities and Exchange Commission.

In addition, investors should be aware that generally accepted accounting principles prescribe when a company may reserve for particular risks, including claims and litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when a reserve is established for a contingency. Reported results may therefore appear to be volatile in certain accounting periods.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.  The Company does not undertake any obligation to update publicly or revise any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Contacts

Michael H. Braun, CEO (954) 308-1322,
Ronald Jordan, CFO (954) 308-1363,
or Erick A. Fernandez (954) 308-1341



FEDNAT HOLDING COMPANY AND SUBSIDIARIES
Selected Financial Highlights
(Dollars in thousands, except per share data)
(Unaudited)
 
  As of or For the
  Three Months Ended
  2019   2018   % Change
Net Income (Loss) Attributable to Common Shareholders          
Net income (loss):          
Homeowners $ (1,423 )   $ 6,941     (120.5 )%
Automobile (679 )   (41 )   1,556.1 %
Other (1,763 )   563     (413.1 )%
Consolidated $ (3,865 )   $ 7,463     (151.8 )%
           
Adjusted operating income (loss):          
Homeowners $ (1,387 )   $ 7,117     (119.5 )%
Automobile (679 )   (20 )   3,295.0 %
Other (328 )   1,367     (124.0 )%
Consolidated $ (2,394 )   $ 8,464     (128.3 )%
           
Per Common Share          
Net income (loss) - diluted $ (0.30 )   $ 0.58     (152.4 )%
Adjusted operating income (loss) - diluted (0.19 )   0.65     (128.6 )%
Dividends declared 0.08     0.08     %
Book value 16.98     16.36     3.8 %
Book value, excluding AOCI 16.73     16.66     0.4 %
           
Return to Shareholders          
Repurchases of common stock $     $ 5,000     (100.0 )%
Dividends declared 1,041     1,043     (0.2 )%
  $ 1,041     $ 6,043     (82.8 )%
           
Revenue          
Total revenues $ 101,197     $ 93,077     8.7 %
Adjusted operating revenues 98,896     94,129     5.1 %
Gross premiums written 132,233     134,395     (1.6 )%
Gross premiums earned 138,367     146,442     (5.5 )%
Net premiums earned 88,784     82,109     8.1 %
           
Ratios to Net Premiums Earned          
Net loss ratio 75.3 %   56.1 %    
Net expense ratio 38.9 %   44.2 %    
Combined ratio 114.2 %   100.3 %    
           
In-Force Homeowners Policies          
Florida 244,228     265,184     (7.9 )%
Non-Florida 52,297     33,492     56.1 %
  296,525     298,676     (0.7 )%





FEDNAT HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statement of Operations
(In thousands, except per share data)
(Unaudited)
 
  Three Months Ended
  March 31,
  2019   2018
Revenues:      
Net premiums earned $ 88,784     $ 82,109  
Net investment income 3,710     2,943  
Net realized and unrealized investment gains (losses) 2,301     (1,052 )
Direct written policy fees 2,391     3,576  
Other income 4,011     5,501  
Total revenues 101,197     93,077  
      
Costs and expenses:      
Losses and loss adjustment expenses 66,839     46,071  
Commissions and other underwriting expenses 28,234     30,221  
General and administrative expenses 6,311     6,085  
Interest expense 5,051     1,084  
Total costs and expenses 106,435     83,461  
      
Income (loss) before income taxes (5,238 )   9,616  
Income tax expense (benefit) (1,373 )   2,371  
Net income (loss) (3,865 )   7,245  
Net income (loss) attributable to non-controlling interest     (218 )
Net income (loss) attributable to FedNat Holding Company shareholders $ (3,865 )   $ 7,463  
      
Net Income (Loss) Per Common Share      
Basic $ (0.30 )   $ 0.58  
Diluted $ (0.30 )   $ 0.58  
      
Weighted Average Number of Shares of Common Stock Outstanding      
Basic 12,795     12,850  
Diluted 12,795     12,945  
      
Dividends Declared Per Common Share $ 0.08     $ 0.08  




FEDNAT HOLDING COMPANY AND SUBSIDIARIES
Selected Operating Metrics
(Unaudited)
 
 Three Months Ended
 March 31,
 2019   2018
 (In thousands)
Gross premiums written:      
Homeowners Florida $ 103,963     $ 108,371  
Homeowners non-Florida 25,320     14,444  
Automobile (1 )   6,347  
Commercial general liability (53 )   2,514  
Federal flood 3,004     2,719  
Total gross premiums written $ 132,233     $ 134,395  


 Three Months Ended
 March 31,
 2019   2018
 (In thousands)
Gross premiums earned:      
Homeowners Florida $ 112,672     $ 118,824  
Homeowners non-Florida 21,170     13,639  
Automobile 22     8,328  
Commercial general liability 1,036     2,629  
Federal flood 3,467     3,022  
Total gross premiums earned $ 138,367     $ 146,442  


 Three Months Ended
 March 31,
 2019   2018
 (In thousands)
Net premiums earned:      
Homeowners $ 87,811     $ 77,405  
Automobile 5     2,211  
Commercial general liability 968     2,493  
Total net premiums earned $ 88,784     $ 82,109  




FEDNAT HOLDING COMPANY AND SUBSIDIARIES
Selected Operating Metrics (continued)
(Unaudited)
 
 Three Months Ended
 March 31,
 2019   2018
 (In thousands)
Commissions and other underwriting expenses:      
Homeowners Florida $ 13,222     $ 14,363  
All others 5,267     4,800  
Ceding commissions (2,784 )   (3,715 )
Total commissions 15,705     15,448  
       
Automobile 3     1,467  
Homeowners non-Florida 676     186  
Total fees 679     1,653  
       
Salaries and wages 3,322     3,766  
Other underwriting expenses 8,528     9,354  
Total commissions and other underwriting expenses $ 28,234     $ 30,221  


 Three Months Ended
 March 31,
 2019   2018
       
Net loss ratio 75.3 %   56.1 %
Net expense ratio 38.9 %   44.2 %
Combined ratio 114.2 %   100.3 %
Gross loss ratio 211.4 %   123.5 %
Gross expense ratio 27.0 %   27.3 %




FEDNAT HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheet
(Unaudited)
 
 March 31,   December 31,
 2019   2018
ASSETS (In thousands)
Investments:      
Debt securities, available-for-sale, at fair value $ 443,458     $ 428,641  
Debt securities, held-to-maturity, at amortized cost 4,552     5,126  
Equity securities, at fair value 20,824     17,758  
Total investments 468,834     451,525  
Cash and cash equivalents 100,589     64,423  
Prepaid reinsurance premiums 69,858     108,577  
Premiums receivable, net of allowance 22,684     29,791  
Reinsurance recoverable, net 301,922     211,424  
Deferred acquisition costs, net 40,232     39,436  
Income taxes, net 4,027     5,220  
Other assets 27,441     14,975  
Total assets $ 1,035,587     $ 925,371  
      
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Liabilities      
Loss and loss adjustment expense reserves $ 374,124     $ 296,230  
Unearned premiums 275,860     281,992  
Reinsurance payable 31,399     63,599  
Long-term debt, net of deferred financing costs 98,401     44,404  
Deferred revenue 4,567     4,585  
Other liabilities 33,320     19,302  
Total liabilities 817,671     710,112  
Shareholders' Equity      
Preferred stock, $0.01 par value: 1,000,000 shares authorized      
Common stock, $0.01 par value: 25,000,000 shares authorized; 12,836,401 and 12,784,444 shares issued and outstanding, respectively 128     128  
Additional paid-in capital 141,803     141,128  
Accumulated other comprehensive income (loss) 3,138     (3,750 )
Retained earnings 72,847     77,753  
Total shareholders’ equity attributable to FedNat Holding Company shareholders 217,916     215,259  
Non-controlling interest      
Total shareholders’ equity 217,916     215,259  
Total liabilities and shareholders' equity $ 1,035,587     $ 925,371  






FEDNAT HOLDING COMPANY AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
Statements of Operations and Operating Metrics by Line of Business
(Unaudited)
 
 Three Months Ended March 31,
 2019   2018
 Homeowners   Automobile   Other   Consolidated   Homeowners   Automobile   Other   Consolidated
 (Dollars in thousands)
Revenues:                              
Gross premiums written $ 129,283     $ (1 )   $ 2,951     $ 132,233     $ 122,815     $ 6,347     $ 5,233     $ 134,395  
Gross premiums earned 133,842     22     4,503     138,367     132,463     8,328     5,651     146,442  
Ceded premiums (46,031 )   (17 )   (3,535 )   (49,583 )   (55,058 )   (6,117 )   (3,158 )   (64,333 )
Net premiums earned 87,811     5     968     88,784     77,405     2,211     2,493     82,109  
Net investment income         3,710     3,710             2,943     2,943  
Net realized and unrealized investment gains (losses)         2,301     2,301             (1,052 )   (1,052 )
Direct written policy fees 2,298     3     90     2,391     1,923     1,467     186     3,576  
Other income 3,542     12     457     4,011     3,977     488     1,036     5,501  
Total revenues 93,651     20     7,526     101,197     83,305     4,166     5,606     93,077  
                               
Costs and expenses:                              
Losses and loss adjustment expenses 63,330     844     2,665     66,839     41,955     2,236     1,880     46,071  
Commissions and other underwriting expenses 27,367     35     832     28,234     27,356     1,860     1,005     30,221  
General and administrative expenses 4,860     50     1,401     6,311     4,889     125     1,071     6,085  
Interest expense         5,051     5,051     100         984     1,084  
Total costs and expenses 95,557     929     9,949     106,435     74,300     4,221     4,940     83,461  
                               
Income (loss) before income taxes (1,906 )   (909 )   (2,423 )   (5,238 )   9,005     (55 )   666     9,616  
Income tax expense (benefit) (483 )   (230 )   (660 )   (1,373 )   2,282     (14 )   103     2,371  
Net income (loss) (1,423 )   (679 )   (1,763 )   (3,865 )   6,723     (41 )   563     7,245  
Net income (loss) attributable to non-controlling interest                 (218 )           (218 )
Net income (loss) attributable to FNHC shareholders $ (1,423 )   $ (679 )   $ (1,763 )   $ (3,865 )   $ 6,941     $ (41 )   $ 563     $ 7,463  
                               
Ratios to net premiums earned:                              
Net loss ratio 72.1 %   NCM   275.3 %   75.3 %   54.2 %   101.1 %   75.4 %   56.1 %
Net expense ratio 36.7 %           38.9 %   41.7 %           44.2 %
Combined ratio 108.8 %           114.2 %   95.9 %           100.3 %






FEDNAT HOLDING COMPANY AND SUBSIDIARIES
GAAP to Non-GAAP Reconciliations
(Dollars in thousands)
(Unaudited)
 
    As of or For the Three Months Ended March 31,
    2019   2018
    Homeowners   Automobile   Other   Consolidated   Homeowners   Automobile   Other   Consolidated
Revenue                                
Total revenues   $ 93,651     $ 20     $ 7,526     $ 101,197     $ 83,305     $ 4,166     $ 5,606     $ 93,077  
Less:                                
Net realized and unrealized investment gains (losses)           2,301     2,301             (1,052 )   (1,052 )
Adjusted operating revenues   $ 93,651     $ 20     $ 5,225     $ 98,896     $ 83,305     $ 4,166     $ 6,658     $ 94,129  
                                 
Net Income (Loss)                                
Net income (loss)   $ (1,423 )   $ (679 )   $ (1,763 )   $ (3,865 )   $ 6,941     $ (41 )   $ 563     $ 7,463  
Less:                                
Net realized and unrealized investment gains (losses)           1,718     1,718             (785 )   (785 )
Acquisition and other costs   (36 )       (484 )   (520 )   (176 )   (21 )   (19 )   (216 )
Gain (loss) on early extinguishment of debt           (2,669 )   (2,669 )                
Adjusted operating income (loss)   $ (1,387 )   $ (679 )   $ (328 )   $ (2,394 )   $ 7,117     $ (20 )   $ 1,367     $ 8,464  
                                 
Income tax rate assumed for reconciling items above   25.35 %   25.35 %   25.35 %   25.35 %   25.35 %   25.35 %   25.35 %   25.35 %
                                 
Per Common Share                                
Book value               $ 16.98                 $ 16.36  
Less:                                
AOCI               0.24                 (0.30 )
Book value, excluding AOCI               $ 16.73                 $ 16.66  

 

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