Hallmark Financial Services, Inc. HALL reported first-quarter 2018 operating income of 24 cents per share, beating the Zacks Consensus Estimate by 26.3%. Moreover, the bottom line improved 71% year over year.Hallmark Financial Services, Inc. Price, Consensus and EPS Surprise Hallmark Financial Services, Inc. Price, Consensus and EPS Surprise | Hallmark Financial Services, Inc. Quote The reported quarter witnessed better underwriting results at Standard Commercial and Personal segment. Solid pricing momentum in many product lines contributed to the 14% increase in gross premiums written.Quarter in DetailOperating revenues totaled $97 million, surpassing the Zacks Consensus Estimate by 0.1%. Also, the top line increased 3.2% year over year.Net premiums written increased 3% year over year to about $91.4 million in the period under discussion. Net premiums earned improved 3% to $91.9 million. This improvement was driven by a better performance at Specialty Commercial and Standard Commercial segment.Net investment income was $4.4 million, down 1% from the year-ago quarter’s tally.Total expenses increased 4.9% to $95.5 million.Net combined ratio of 97.4% improved 120 basis points in the quarter under review.Segment UpdateSpecialty Commercial: Net premiums earned came in at $67.7 million, increasing 9.3% year over year. Combined ratio deteriorated 110 bps to 94%.Standard Commercial: Net premiums earned $17.7 million improved 6.9% year over year. Combined ratio improved 310 bps to 98.5%.Personal: Net premiums earned were $6.4 million, which dropped 69.3% year over year. Combined ratio improved 790 bps to 105.1%.Financial UpdateCash and cash equivalents of $57.6 million as of Mar 31 2018 were down 14.7% from the level as of Dec 31, 2017. Total shareholders’ equity of $251.1 million as of Mar 31, 2018 was almost in line with the 2017-end level.Book value per share was $13.85 as of Mar 31, 2018, down 5% from year-end 2017.Operating cash outflow was $19.2 million in the first quarter compared with cash inflow of $8.8 million in the year-ago quarter.Zacks RankHallmark Financial carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.Performance of Other InsurersAmong other insurers having already reported first-quarter earnings, the bottom line of The Progressive Corporation PGR and RLI Corp. RLI outpaced the respective Zacks Consensus Estimate while that of The Travelers Companies, Inc. TRV missed the same.Wall Street’s Next AmazonZacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RLI Corp. (RLI): Free Stock Analysis Report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report Hallmark Financial Services, Inc. (HALL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research