UNIVERSAL INSURANCE HLDG, INC. - UVE STOCK NEWS

Universal Insurance Holdings reported Q3 2024 results with a loss per share of $0.57 and adjusted loss per share of $0.73. Direct premiums written increased 8.0% to $574.4 million, driven by 2.1% growth in Florida and 32.9% growth in other states. The company's book value per share rose 37.0% year-over-year to $14.15, while adjusted book value per share increased 12.6% to $15.76. Total revenues grew 7.6% to $387.6 million. The company returned $9.1 million to shareholders, including $4.4 million in share repurchases and a $0.16 per share dividend. The net combined ratio increased to 116.9%, reflecting higher weather-related losses primarily from Hurricane Helene.

Universal Insurance Holdings, Inc. (NYSE: UVE) has announced the dates for its third quarter 2024 earnings release and conference call. The company will release its Q3 2024 results after market close on Thursday, October 24, 2024. A conference call to discuss the financial results is scheduled for Friday, October 25, 2024, at 10:00 a.m. ET.

Investors and interested parties can participate in the call through two methods:

• An online, real-time webcast available at universalinsuranceholdings.com/investors
• A teleconference by registering in advance at https://register.vevent.com/register/BI790e26e2fbb842a28dbb61116474c3ae

After registration, participants will receive a personalized dial-in number and conference code. An online replay of the call will be available on the company's investor website shortly after the call concludes.

Universal Insurance Holdings (NYSE: UVE) reported strong Q2 2024 results, with diluted GAAP EPS of $1.21 and adjusted EPS of $1.18. The company achieved an annualized return on average common equity (ROCE) of 37.4% and an adjusted ROCE of 30.5%. Direct premiums written increased by 5.7% to $578.3 million compared to the prior year quarter. Book value per share rose 24.0% year-over-year to $13.79, while adjusted book value per share increased 14.9% to $16.44. The company returned $10.1 million to shareholders, including $5.3 million in share repurchases and a $0.16 per share regular dividend.

Key financial highlights include a 12.0% increase in total revenues to $380.2 million and a 24.0% rise in net income available to common stockholders to $35.4 million. The company saw improvements in its combined ratio, which decreased by 3.2 points to 95.9%, driven by a lower net loss ratio of 70.6%.

Universal Insurance Holdings (NYSE: UVE) has declared a quarterly cash dividend of 16 cents per share, payable on August 9, 2024, to shareholders of record by August 2, 2024.

The company will release its Q2 2024 earnings after market close on July 25, 2024, followed by a conference call on July 26, 2024, at 10:00 a.m. ET. Investors can listen to the call via a webcast or by teleconference registration.

Universal Insurance Holdings announced that its subsidiaries, UPCIC and APPCIC, have completed their 2024-2025 reinsurance program. The program, effective June 1, 2024, replaces $217M of cost-free RAP coverage and $150M of expiring catastrophe bond coverage. The total cost is approximately 33.0% of the estimated direct earned premium, a 1.2-point increase from last year. The largest reinsurance participants maintain an 'A' rating or higher from AM Best. The program includes additional multi-year coverage for the 2025-2026 period. Additionally, UPCIC’s in-force wind-covered policy count in Florida has declined by 25,266 as of March 31, 2024.

Universal Insurance Holdings reported strong first quarter 2024 results with diluted GAAP earnings per share of $1.14 and annualized return on average common equity of 38.1%. Direct premiums written increased by 8.8% to $446.2 million, and book value per share rose by 20.0% year-over-year. Total capital returned to shareholders was $8.9 million, including share repurchases and a regular dividend. The company's CEO highlighted a 29.4% annualized adjusted return on common equity and 35.4% adjusted diluted EPS growth year-over-year, emphasizing profitable underwriting and stable policies-in-force. The reinsurance renewal for 2024-2025 is completed, securing additional coverage through 2025-2026 with new reinsurers.

Universal Insurance Holdings, Inc. (NYSE: UVE) declares a quarterly cash dividend of 16 cents per share of common stock, payable on May 17, 2024. The company will report its first quarter 2024 results on April 25, 2024, followed by a conference call on April 26, 2024.

Universal Insurance Holdings, Inc. (NYSE: UVE) has announced a new share repurchase program of up to $20 million, lasting until March 11, 2026. The Company plans to repurchase its common stock through open market transactions, following regulatory guidelines.

Universal Insurance Holdings (NYSE: UVE) reported strong financial results for the fourth quarter and full year 2023, with diluted GAAP earnings per share of $0.68 and adjusted EPS of $0.43. The company achieved an annualized return on average common equity of 24.9% and direct premiums written of $432.6 million, up 4.0% from the prior year quarter. Book value per share increased by 24.4% year-over-year. Universal Insurance Holdings returned $12.3 million to shareholders, including share repurchases, regular dividends, and special dividends.