Hallmark Financial Services, Inc. reported financial results for the fourth quarter and fiscal year ended December 31, 2019 with net loss of $34.0 million compared to $5.1 million during same prior year period. Hallmark Financial is a specialty property and casualty insurance holding company posted average earnings results amid the COVID-19 pandemic.

The company reported fourth quarter gross premiums written of $214.1 million with 28% increase as compared to fourth quarter of 2018. Its net premiums written remained $127.5 million with an increase of 35% compared to same prior year period. Net combined ratio for the fourth quarter was 141.4% compared to 96.3% during previous year.

It reported net loss of $34.0 million, or $1.87 per diluted share for the fourth quarter which was $5.1 million, or $0.28 per diluted share during same prior year period. While for the fiscal year ended December 31, 2019 the net loss was $0.6 million as compared to a net income of $10.3 million for fiscal year ended December 31, 2018.

Operating loss was $36.5 million, or $2.01 per diluted share for the fourth quarter as compared to same prior year period operating earnings of $5.1 million, or $0.28 per diluted share. While for the fiscal year ended December 31, 2019 the company reported operating loss of $16.9 million, or $0.93 per diluted share as compared to operating earnings of $18.4 million, or $1.01 per diluted share for fiscal year ended December 31, 2018.

Its net investment gains were $20.6 million which include net realized gains of $4.5 million and an increase in net unrealized gains to $16.1 million compared to same prior year period net investment losses of total $10.2 million ($1.8 million net realized gains and $12.0 million net unrealized losses). While for the fiscal year ended December 31, 2019 net investment gains were $3.2 million compared to net investment losses of $12.9 million.