Sign in

You're signed outSign in or to get full access.

PH

Presurance Holdings, Inc. (CNFR)·Q3 2025 Earnings Summary

Executive Summary

  • Presurance Holdings (formerly Conifer) reported Q3 2025 total revenue and other income of $6.68M and diluted EPS of $(0.32), driven by a 141.2% combined ratio as commercial lines runoff and adverse prior-year development weighed on results .
  • Personal lines showed improvement: combined ratio of 95.2% vs 100.7% in Q3 2024, indicating underwriting profitability in core homeowners portfolios in Texas and the Midwest .
  • Book value per share declined to $2.07 from $2.31 in Q2 2025, reflecting the quarter’s loss; net investment income was $1.30M vs $1.30M in Q2 and $1.29M in Q1 .
  • No formal numerical guidance was provided; management emphasized transformation and focus on data-driven underwriting while legacy commercial lines continue to run off .

What Went Well and What Went Wrong

What Went Well

  • Personal lines underwriting improved with a combined ratio of 95.2% (vs 100.7% YoY), signaling profitable core operations in low-value dwelling homeowners insurance .
  • Personal lines gross written premium edged up 0.8% YoY to $11.16M and represented 76.2% of total GWP, consistent with strategy to emphasize personal lines .
  • Management reiterated strategic clarity: “We are building an insurance carrier defined by data, knowledge, and focus,” underscoring transformation and underwriting discipline .

What Went Wrong

  • Overall combined ratio deteriorated to 141.2% (vs 143.1% YoY), with commercial lines combined ratio at 500.8% and contribution from adverse prior-year development at 335.7 percentage points, overwhelming consolidated results .
  • Net earned premiums fell 53.3% YoY to $6.82M, reflecting quota share effects and runoff in commercial lines; total revenue and other income was $6.68M vs $16.02M YoY .
  • Book value per share decreased sequentially to $2.07 from $2.31 in Q2, with net loss allocable to common shareholders at $(3.97)M .

Financial Results

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Total Revenue and Other Income ($USD Millions)$16.02 $15.88 $16.13 $6.68
Diluted EPS ($)$4.32 $0.04 $0.17 $(0.32)
Loss Ratio (%)103.8% 89.7% 68.8% 93.7%
Expense Ratio (%)39.3% 50.8% 52.3% 47.5%
Combined Ratio (%)143.1% 140.5% 121.1% 141.2%
Net Earned Premiums ($USD Millions)$14.60 $10.32 $9.56 $6.82
Net Investment Income ($USD Millions)$1.39 $1.29 $1.30 $1.30

Segment breakdown (Q3 2025 vs Q3 2024):

SegmentMetricQ3 2024Q3 2025
Personal LinesGross Written Premium ($USD Millions)$11.07 $11.16
Personal LinesNet Earned Premium ($USD Millions)$8.17 $6.05
Personal LinesCombined Ratio (%)100.7% 95.2%
Commercial LinesGross Written Premium ($USD Millions)$4.02 $3.48
Commercial LinesNet Earned Premium ($USD Millions)$6.43 $0.77
Commercial LinesCombined Ratio (%)197.1% 500.8%

KPIs:

KPIQ3 2024Q1 2025Q2 2025Q3 2025
Book Value/Share ($)$4.01 $2.09 $2.31 $2.07
Gross Written Premium ($USD Millions)$15.09 $16.17 $21.08 $14.64
Net Written Premium ($USD Millions)$11.17 $10.84 $1.38 $5.43
Net Income Allocable to Common ($USD Millions)$52.79 $0.52 $2.05 $(3.97)

Non-GAAP:

MetricQ3 2024Q3 2025
Adjusted Operating Income (Loss) ($USD Millions)$(6.85) $(2.71)
Adjusted Operating EPS ($)$(0.56) $(0.22)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
None providedN/AN/AN/AN/A

No formal numeric guidance ranges (revenue, margins, OpEx, OI&E, tax rate) were provided in Q3 2025 materials; forward-looking statements reiterated focus on underwriting discipline and portfolio transformation .

Earnings Call Themes & Trends

Note: A Q3 2025 earnings call transcript was not available in our document catalog; external sources indicated an earnings call scheduled for Nov 21, 2025 . The table below tracks themes from Q1/Q2 press releases and Q3 2025 press release.

TopicPrevious Mentions (Q1 2025)Previous Mentions (Q2 2025)Current Period (Q3 2025)Trend
Underwriting focus & personal lines shiftPersonal lines up 22%; exiting commercial wind-exposed markets; storms impacted Q1 loss ratio Personal lines GWP +46.8% YoY; quota share treaty effective June 1 reduced net earned premium Personal lines combined ratio improved to 95.2%; personal lines 76.2% of GWP Improving execution in core personal lines
Commercial lines runoffCommercial lines 12.6% of GWP; combined ratio elevated Commercial lines 15.1% of GWP; combined ratio 257.3% Commercial lines 23.8% of GWP; combined ratio 500.8% with heavy prior-year development Continued runoff; volatility persists
Capital/book value trajectoryBook value $2.09/share Book value $2.31/share Book value $2.07/share Declined q/q on Q3 loss
Reinsurance/structural changesNoted portfolio shift away from commercial; strategic exit of wind exposure Quota share treaty effective June 1, 2025 Ongoing impact of reinsurance on net earned premiums Structural reins effects lowering net
Investment income stability$1.29M $1.30M $1.30M Stable
Prior-year development(Favorable) impact in certain areas; mixed signals Mixed: contributory in commercial Significant adverse development in commercial; contributed 335.7 pts to combined ratio Negative in Q3

Management Commentary

  • “This past year has been one of transformation and re-definition. While the runoff of legacy commercial lines continues as expected, we are building an insurance carrier defined by data, knowledge, and focus.” — Brian Roney, CEO .
  • “We are encouraged by progress made to date in streamlining our organization and focusing on our core lines going forward… gross written premium was up double digits for the period led by our Personal Lines business… positively impacted by the partial recognition of an earnout related to the CIS sale.” — Brian Roney (Q2 2025) .

Q&A Highlights

A Q3 2025 earnings call transcript was not available in our document catalog; external sources indicated an earnings call scheduled for Nov 21, 2025 . No Q&A highlights can be provided.

Estimates Context

MetricQ3 2025 ConsensusQ3 2025 Actual
EPSUnavailable*$(0.32)
Revenue ($USD Millions)Unavailable*$6.68

Values retrieved from S&P Global.* Consensus estimates for EPS and revenue were not available; only actuals were present in S&P Global data and company filings .

Implications: In absence of consensus, the quarter would likely be viewed negatively on absolute underwriting metrics (141.2% combined ratio) but with a constructive signal in personal lines profitability (95.2% combined ratio), suggesting estimates may need to adjust for commercial lines runoff volatility and reinsurance-driven net earned premium reductions .

Key Takeaways for Investors

  • Personal lines are performing: 95.2% combined ratio indicates underwriting profit in core homeowners portfolios; focus remains on disciplined, data-driven underwriting .
  • Commercial lines runoff still a headwind: 500.8% combined ratio and 335.7 pts of adverse prior-year development in Q3 materially pressured consolidated results; expect continued volatility until runoff completes .
  • Net earned premiums down sharply: 53.3% YoY decline reflects reinsurance/quota share structures and portfolio mix; adjust models to reflect lower net exposure despite stable gross writings .
  • Book value/share declined to $2.07 from $2.31 in Q2; capital trajectory tied to curtailing adverse development and sustaining personal lines profitability .
  • Investment income stable at ~$1.30M per quarter; supports earnings base but is insufficient to offset underwriting losses when combined ratio >100% .
  • No formal guidance: Trading narrative hinges on visible execution in personal lines and evidence of diminishing adverse development in commercial runoff .
  • Near-term trading: Watch for disclosures on reserve actions, reinsurance program developments, and any updates from the Q3 call when available; medium-term thesis rests on sustained sub-100% personal lines combined ratio and normalization of consolidated metrics as runoff subsides .