Universal Reports Third Quarter 2024 Results
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 ha riportato i risultati del terzo trimestre del 2024, registrando una perdita per azione di $0.57 e una perdita rettificata per azione di $0.73. I premi diretti scritti sono aumentati dell'8.0% a $574.4 milioni, guidati da una crescita dell'2.1% in Florida e del 32.9% in altri stati. Il valore contabile per azione della società è aumentato del 37.0% su base annua, raggiungendo $14.15, mentre il valore contabile rettificato per azione è aumentato del 12.6% a $15.76. I ricavi totali sono cresciuti del 7.6%, raggiungendo $387.6 milioni. L'azienda ha restituito $9.1 milioni agli azionisti, compresi $4.4 milioni in riacquisti di azioni e un dividendo di $0.16 per azione. Il rapporto combinato netto è aumentato al 116.9%, riflettendo maggiori perdite legate al maltempo, principalmente a causa dell'uragano Helene.
Universal Insurance Holdings reportó los resultados del tercer trimestre de 2024, con una pérdida por acción de $0.57 y una pérdida ajustada por acción de $0.73. Las primas directas escritas aumentaron un 8.0% a $574.4 millones, impulsadas por un crecimiento del 2.1% en Florida y del 32.9% en otros estados. El valor contable por acción de la compañía aumentó un 37.0% en comparación anual a $14.15, mientras que el valor contable ajustado por acción creció un 12.6% a $15.76. Los ingresos totales crecieron un 7.6% a $387.6 millones. La compañía devolvió $9.1 millones a los accionistas, incluyendo $4.4 millones en recompra de acciones y un dividendo de $0.16 por acción. La relación combinada neta aumentó al 116.9%, reflejando pérdidas mayores relacionadas con el clima, principalmente debido al huracán Helene.
유니버설 보험 홀딩스는 2024년도 3분기 실적을 발표하며, 주당 손실액이 0.57달러, 조정 주당 손실액이 0.73달러임을 보고했습니다. 직접 서면 보험료는 플로리다에서의 2.1% 성장과 기타 주에서의 32.9% 성장을 바탕으로 8.0% 증가하여 5억 7440만 달러에 달했습니다. 회사의 주당 장부 가치는 전년 대비 37.0% 증가하여 14.15달러에 이렀고, 조정된 주당 장부 가치는 12.6% 증가하여 15.76달러가 되었습니다. 총 수익은 7.6% 증가하여 3억 8760만 달러에 달했습니다. 회사는 주주에게 910만 달러를 반환했으며, 여기에는 440만 달러의 주식 재매입과 주당 0.16달러의 배당금이 포함됩니다. 순 결합 비율은 116.9%로 증가하여 주로 헬렌 허리케인으로 인한 기상 관련 손실이 반영되었습니다.
Universal Insurance Holdings a publié ses résultats du troisième trimestre 2024, enregistrant une perte par action de 0,57 $ et une perte ajustée par action de 0,73 $. Les primes directes émises ont augmenté de 8,0 % atteignant 574,4 millions de dollars, soutenues par une croissance de 2,1 % en Floride et de 32,9 % dans d'autres États. La valeur comptable par action de la société a augmenté de 37,0 % par rapport à l'année précédente, atteignant 14,15 $, tandis que la valeur comptable ajustée par action a augmenté de 12,6 % à 15,76 $. Les revenus totaux ont crû de 7,6 % pour atteindre 387,6 millions de dollars. La société a restitué 9,1 millions de dollars aux actionnaires, incluant 4,4 millions de dollars en rachats d'actions et un dividende de 0,16 $ par action. Le ratio combiné net a augmenté à 116,9 %, reflétant des pertes plus importantes liées aux intempéries, principalement à cause de l'ouragan Helene.
Universal Insurance Holdings hat die Ergebnisse des dritten Quartals 2024 veröffentlicht, mit einem Verlust pro Aktie von 0.57 $ und einem bereinigten Verlust pro Aktie von 0.73 $. Die direkt geschriebenen Prämien stiegen um 8.0 % auf 574.4 Millionen $, angetrieben durch ein Wachstum von 2.1 % in Florida und 32.9 % in anderen Bundesstaaten. Der Buchwert pro Aktie des Unternehmens stieg im Jahresvergleich um 37.0 % auf 14.15 $ und der angepasste Buchwert pro Aktie erhöhte sich um 12.6 % auf 15.76 $. Die Gesamterlöse wuchsen um 7.6 % auf 387.6 Millionen $. Das Unternehmen gab 9.1 Millionen $ an die Aktionäre zurück, darunter 4.4 Millionen $ durch Aktienrückkäufe und eine Dividende von 0.16 $ pro Aktie. Die Netto-Kombinationsquote stieg auf 116.9 %, was höhere wetterbedingte Verluste, hauptsächlich durch den Hurrikan Helene, widerspiegelt.
- Direct premiums written increased 8.0% to $574.4 million
- Book value per share increased 37.0% year-over-year to $14.15
- Total revenues grew 7.6% to $387.6 million
- Net investment income increased to $15.4 million from $12.8 million
- Commissions, policy fees and other revenue up 12.7%
- Reported net loss of $16.2 million compared to $5.9 million loss in prior year
- Combined ratio deteriorated to 116.9%, up 6.2 points
- Operating loss margin worsened to -4.3% from -1.7%
- Higher weather-related losses from Hurricane Helene
- Net loss ratio increased to 91.7%, up 4.7 points
Insights
Universal Insurance Holdings reported concerning Q3 2024 results with a
Key positives include:
- Direct premiums written up
8.0% to$574.4 million - Book value per share increased
37.0% to$14.15 - Net investment income grew to
$15.4 million
However, the higher loss ratio of
-
Loss per common share of
$0.57 $0.73 -
Direct premiums written of
$574.4 million 8.0% from the prior year quarter -
Book value per share of
$14.15 37.0% year-over-year; adjusted book value per share of$15.76 12.6% year-over-year -
Total capital returned to shareholders of
$9.1 million $4.4 million $0.16
*Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
“Our hearts and thoughts go out to those impacted by recent disasters, including Hurricanes Debbie and Helene in the third quarter and Hurricane Milton in the fourth quarter,” said Stephen J. Donaghy, Chief Executive Officer. “We’ve been through many hurricanes in our nearly three-decade history, arming us with the requisite experience to quickly and efficiently get policyholders back on their feet. Our substantial reinsurance protection and the strong reinsurance relationships that we’ve built over many years provide us with the financial resilience to weather both high frequency and high severity storm seasons. As we’ve previously disclosed, our consolidated retention drops for subsequent events and we expect a smaller financial impact from weather in the fourth quarter, inclusive of Hurricane Milton. Non-catastrophe underwriting trends continue to improve and we’re highly encouraged as we look ahead.
On a separate note, we opened for business in
Quarterly Financial Results
Summary Financial Results
($thousands, except per share data) |
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
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2024 |
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2023 |
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Change |
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2024 |
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|
2023 |
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|
Change |
GAAP comparison |
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Total revenues |
$ |
387,554 |
|
|
$ |
360,048 |
|
|
|
|
|
$ |
1,135,727 |
|
|
$ |
1,016,126 |
|
|
|
Operating income (loss) |
$ |
(16,504 |
) |
|
$ |
(6,246 |
) |
|
|
|
|
$ |
82,130 |
|
|
$ |
67,349 |
|
|
|
Operating income (loss) margin |
|
(4.3 |
)% |
|
|
(1.7 |
)% |
|
(2.6) pts |
|
|
|
7.2 |
% |
|
|
6.6 |
% |
|
0.6 pts |
|
|
|
|
|
|
|
|
|
|
|
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Net income (loss) available to common stockholders |
$ |
(16,166 |
) |
|
$ |
(5,918 |
) |
|
|
|
|
$ |
52,902 |
|
|
$ |
46,816 |
|
|
|
Diluted earnings (loss) per common share |
$ |
(0.57 |
) |
|
$ |
(0.20 |
) |
|
|
|
|
$ |
1.80 |
|
|
$ |
1.54 |
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|
|
|
|
|
|
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Annualized ROCE |
|
(16.3 |
)% |
|
|
(7.4 |
)% |
|
(8.9) pts |
|
|
|
19.0 |
% |
|
|
21.2 |
% |
|
(2.2) pts |
Book value per share, end of period |
$ |
14.15 |
|
|
$ |
10.33 |
|
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|
|
|
$ |
14.15 |
|
|
$ |
10.33 |
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Non-GAAP comparison1 |
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Core revenue |
$ |
381,401 |
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|
$ |
361,764 |
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|
|
|
|
$ |
1,125,501 |
|
|
$ |
1,015,060 |
|
|
|
Adjusted operating income (loss) |
$ |
(22,657 |
) |
|
$ |
(4,530 |
) |
|
|
|
|
$ |
71,904 |
|
|
$ |
66,283 |
|
|
|
Adjusted operating income (loss) margin |
|
(5.9 |
)% |
|
|
(1.3 |
)% |
|
(4.6) pts |
|
|
|
6.4 |
% |
|
|
6.5 |
% |
|
(0.1) pts |
|
|
|
|
|
|
|
|
|
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Adjusted net income (loss) available to common stockholders |
$ |
(20,805 |
) |
|
$ |
(4,624 |
) |
|
|
|
|
$ |
45,192 |
|
|
$ |
46,012 |
|
|
(1.8)% |
Adjusted diluted earnings (loss) per common share |
$ |
(0.73 |
) |
|
$ |
(0.16 |
) |
|
|
|
|
$ |
1.54 |
|
|
$ |
1.51 |
|
|
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|
|
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Annualized adjusted ROCE |
|
(18.3 |
)% |
|
|
(4.4 |
)% |
|
(13.9) pts |
|
|
|
14.1 |
% |
|
|
15.4 |
% |
|
(1.3) pts |
Adjusted book value per share, end of period |
$ |
15.76 |
|
|
$ |
14.00 |
|
|
|
|
|
$ |
15.76 |
|
|
$ |
14.00 |
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Underwriting Summary |
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Premiums: |
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Premiums in force |
$ |
2,046,310 |
|
|
$ |
1,914,493 |
|
|
|
|
|
$ |
2,046,310 |
|
|
$ |
1,914,493 |
|
|
|
Policies in force |
|
844,539 |
|
|
|
807,553 |
|
|
|
|
|
|
844,539 |
|
|
|
807,553 |
|
|
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Direct premiums written |
$ |
574,351 |
|
|
$ |
531,988 |
|
|
|
|
|
$ |
1,598,797 |
|
|
$ |
1,489,216 |
|
|
|
Direct premiums earned |
$ |
507,745 |
|
|
$ |
474,311 |
|
|
|
|
|
$ |
1,480,466 |
|
|
$ |
1,393,003 |
|
|
|
Ceded premiums earned |
$ |
(162,009 |
) |
|
$ |
(143,271 |
) |
|
|
|
|
$ |
(455,747 |
) |
|
$ |
(476,465 |
) |
|
(4.3)% |
Ceded premium ratio |
|
31.9 |
% |
|
|
30.2 |
% |
|
1.7 pts |
|
|
|
30.8 |
% |
|
|
34.2 |
% |
|
(3.4) pts |
Net premiums earned |
$ |
345,736 |
|
|
$ |
331,040 |
|
|
|
|
|
$ |
1,024,719 |
|
|
$ |
916,538 |
|
|
|
|
|
|
|
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|
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Net ratios: |
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Loss ratio |
|
91.7 |
% |
|
|
87.0 |
% |
|
4.7 pts |
|
|
|
78.1 |
% |
|
|
78.3 |
% |
|
(0.2) pts |
Expense ratio |
|
25.2 |
% |
|
|
23.7 |
% |
|
1.5 pts |
|
|
|
24.7 |
% |
|
|
25.2 |
% |
|
(0.5) pts |
Combined ratio |
|
116.9 |
% |
|
|
110.7 |
% |
|
6.2 pts |
|
|
|
102.8 |
% |
|
|
103.5 |
% |
|
(0.7) pts |
1 Reconciliation of GAAP to non-GAAP financial measures are provided in the attached tables. Adjusted net income (loss) available to common stockholders, adjusted diluted earnings (loss) per common share and core revenue exclude net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. Adjusted operating income (loss) excludes the items above and interest and amortization of debt issuance costs. Adjusted book value per share excludes accumulated other comprehensive income (loss), net of taxes. Adjusted ROCE is calculated by dividing annualized adjusted net income (loss) available to common stockholders by average adjusted book value per share, with the denominator further excluding current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. |
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Net Loss and Adjusted Net Loss
Net loss available to common stockholders was
Revenues
Revenue was
Direct premiums written were
Direct premiums earned were
The ceded premium ratio was
Net premiums earned were
Net investment income was
Commissions, policy fees and other revenue were
Margins
The operating loss margin was
The net loss ratio was
The net expense ratio was
The net combined ratio was
Capital Deployment
During the third quarter, the Company repurchased approximately 226 thousand shares at an aggregate cost of
On July 11, 2024, the Board of Directors declared a quarterly cash dividend of
Conference Call and Webcast
- Friday, October 25, 2024 at 10:00 a.m. ET
- Investors and other interested parties may listen to the call by accessing the online, real-time webcast at universalinsuranceholdings.com/investors or by registering in advance via teleconference at https://register.vevent.com/register/BI790e26e2fbb842a28dbb61116474c3ae. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. An online replay of the call will be available at universalinsuranceholdings.com/investors soon after the investor call concludes.
About Universal
Universal Insurance Holdings, Inc. (NYSE: UVE) is a holding company providing property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We provide insurance products in
Non-GAAP Financial Measures and Key Performance Indicators
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “will,” “plan,” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on plans, products and lines of business, marketing arrangements, reinsurance programs and other business developments and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, including those risks and uncertainties described under the heading “Risk Factors” and “Liquidity and Capital Resources” in our 2023 Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q. Future results could differ materially from those described, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risk factors that could affect the Company’s operations and future results, refer to the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and the most recent quarterly reports on Form 10-Q.
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data) |
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|
|
September 30, |
|
December 31, |
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|
2024 |
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|
2023 |
|
ASSETS: |
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|
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|
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Invested Assets |
|
|
|
|
||||
Fixed maturities, at fair value |
|
$ |
1,276,732 |
|
|
$ |
1,064,330 |
|
Equity securities, at fair value |
|
|
79,470 |
|
|
|
80,495 |
|
Other investments, at fair value |
|
|
12,248 |
|
|
|
10,434 |
|
Investment real estate, net |
|
|
5,618 |
|
|
|
5,525 |
|
Total invested assets |
|
|
1,374,068 |
|
|
|
1,160,784 |
|
Cash and cash equivalents |
|
|
333,678 |
|
|
|
397,306 |
|
Restricted cash and cash equivalents |
|
|
68,635 |
|
|
|
2,635 |
|
Prepaid reinsurance premiums |
|
|
418,834 |
|
|
|
236,254 |
|
Reinsurance recoverable |
|
|
130,124 |
|
|
|
219,102 |
|
Premiums receivable, net |
|
|
92,400 |
|
|
|
77,064 |
|
Property and equipment, net |
|
|
49,358 |
|
|
|
47,628 |
|
Deferred policy acquisition costs |
|
|
125,305 |
|
|
|
109,985 |
|
Goodwill |
|
|
2,319 |
|
|
|
2,319 |
|
Other assets |
|
|
55,797 |
|
|
|
63,484 |
|
TOTAL ASSETS |
|
$ |
2,650,518 |
|
|
$ |
2,316,561 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
LIABILITIES: |
|
|
|
|
||||
Unpaid losses and loss adjustment expenses |
|
$ |
460,437 |
|
|
$ |
510,117 |
|
Unearned premiums |
|
|
1,108,890 |
|
|
|
990,559 |
|
Advance premium |
|
|
71,700 |
|
|
|
48,660 |
|
Reinsurance payable, net |
|
|
420,282 |
|
|
|
191,850 |
|
Long-term debt, net |
|
|
101,434 |
|
|
|
102,006 |
|
Other liabilities |
|
|
87,530 |
|
|
|
132,072 |
|
Total liabilities |
|
|
2,250,273 |
|
|
|
1,975,264 |
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
||||
Cumulative convertible preferred stock ( |
|
|
— |
|
|
|
— |
|
Common stock ( |
|
|
472 |
|
|
|
472 |
|
Treasury shares, at cost - 19,012 and 18,303 |
|
|
(274,977 |
) |
|
|
(260,779 |
) |
Additional paid-in capital |
|
|
121,003 |
|
|
|
115,086 |
|
Accumulated other comprehensive income (loss), net of taxes |
|
|
(45,593 |
) |
|
|
(74,172 |
) |
Retained earnings |
|
|
599,340 |
|
|
|
560,690 |
|
Total stockholders' equity |
|
|
400,245 |
|
|
|
341,297 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
2,650,518 |
|
|
$ |
2,316,561 |
|
|
|
|
|
|
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Notes: |
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2 Cumulative convertible preferred stock ( |
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3 Common stock ( |
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands) |
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Three Months Ended |
|
|
Nine Months Ended |
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|
September 30, |
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|
September 30, |
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|
2024 |
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|
2023 |
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|
2024 |
|
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|
2023 |
|
REVENUES |
|
|
|
|
|
|
|
|
|
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Net premiums earned |
|
$ |
345,736 |
|
|
$ |
331,040 |
|
|
|
$ |
1,024,719 |
|
|
$ |
916,538 |
|
Net investment income |
|
|
15,406 |
|
|
|
12,755 |
|
|
|
|
43,589 |
|
|
|
34,735 |
|
Net realized gains (losses) on investments |
|
|
(1,146 |
) |
|
|
(431 |
) |
|
|
|
(1,534 |
) |
|
|
(337 |
) |
Net change in unrealized gains (losses) on investments |
|
|
7,299 |
|
|
|
(1,285 |
) |
|
|
|
11,760 |
|
|
|
1,403 |
|
Commission revenue |
|
|
12,959 |
|
|
|
10,830 |
|
|
|
|
35,671 |
|
|
|
43,098 |
|
Policy fees |
|
|
5,194 |
|
|
|
5,111 |
|
|
|
|
15,175 |
|
|
|
14,662 |
|
Other revenue |
|
|
2,106 |
|
|
|
2,028 |
|
|
|
|
6,347 |
|
|
|
6,027 |
|
Total revenues |
|
|
387,554 |
|
|
|
360,048 |
|
|
|
|
1,135,727 |
|
|
|
1,016,126 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
||||||||
Losses and loss adjustment expenses |
|
|
316,955 |
|
|
|
287,972 |
|
|
|
|
800,714 |
|
|
|
717,853 |
|
Policy acquisition costs |
|
|
58,665 |
|
|
|
53,180 |
|
|
|
|
170,100 |
|
|
|
156,877 |
|
Other operating expenses |
|
|
28,438 |
|
|
|
25,142 |
|
|
|
|
82,783 |
|
|
|
74,047 |
|
Total operating costs and expenses |
|
|
404,058 |
|
|
|
366,294 |
|
|
|
|
1,053,597 |
|
|
|
948,777 |
|
Interest and amortization of debt issuance costs |
|
|
1,619 |
|
|
|
1,631 |
|
|
|
|
4,864 |
|
|
|
4,896 |
|
Income (loss) before income tax expense (benefit) |
|
|
(18,123 |
) |
|
|
(7,877 |
) |
|
|
|
77,266 |
|
|
|
62,453 |
|
Income tax expense (benefit) |
|
|
(1,960 |
) |
|
|
(1,962 |
) |
|
|
|
24,356 |
|
|
|
15,629 |
|
NET INCOME (LOSS) |
|
$ |
(16,163 |
) |
|
$ |
(5,915 |
) |
|
|
$ |
52,910 |
|
|
$ |
46,824 |
|
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES SHARE AND PER SHARE INFORMATION (in thousands, except per share data) |
|||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
|
September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
Weighted average common shares outstanding - basic |
|
|
28,355 |
|
|
|
29,617 |
|
|
|
|
28,607 |
|
|
|
30,087 |
|
Weighted average common shares outstanding - diluted |
|
|
28,355 |
|
|
|
29,617 |
|
|
|
|
29,317 |
|
|
|
30,378 |
|
Shares outstanding, end of period |
|
|
28,286 |
|
|
|
29,186 |
|
|
|
|
28,286 |
|
|
|
29,186 |
|
Basic earnings (loss) per common share |
|
$ |
(0.57 |
) |
|
$ |
(0.20 |
) |
|
|
$ |
1.85 |
|
|
$ |
1.56 |
|
Diluted earnings (loss) per common share |
|
$ |
(0.57 |
) |
|
$ |
(0.20 |
) |
|
|
$ |
1.80 |
|
|
$ |
1.54 |
|
Cash dividend declared per common share |
|
$ |
0.16 |
|
|
$ |
0.16 |
|
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
Book value per share, end of period |
|
$ |
14.15 |
|
|
$ |
10.33 |
|
|
|
$ |
14.15 |
|
|
$ |
10.33 |
|
Annualized return on average common equity (ROCE) |
|
|
(16.3 |
)% |
|
|
(7.4 |
)% |
|
|
|
19.0 |
% |
|
|
21.2 |
% |
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES SUPPLEMENTARY INFORMATION (in thousands, except for Policies In Force data) |
|||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
|
September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
Premiums |
|
|
|
|
|
|
|
|
|
||||||||
Direct premiums written - |
|
$ |
440,018 |
|
|
$ |
430,946 |
|
|
|
$ |
1,255,861 |
|
|
$ |
1,225,295 |
|
Direct premiums written - Other States |
|
|
134,333 |
|
|
|
101,042 |
|
|
|
|
342,936 |
|
|
|
263,921 |
|
Direct premiums written - Total |
|
$ |
574,351 |
|
|
$ |
531,988 |
|
|
|
$ |
1,598,797 |
|
|
$ |
1,489,216 |
|
Direct premiums earned |
|
$ |
507,745 |
|
|
$ |
474,311 |
|
|
|
$ |
1,480,466 |
|
|
$ |
1,393,003 |
|
Net premiums earned |
|
$ |
345,736 |
|
|
$ |
331,040 |
|
|
|
$ |
1,024,719 |
|
|
$ |
916,538 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Underwriting Ratios - Net |
|
|
|
|
|
|
|
|
|
||||||||
Loss and loss adjustment expense ratio |
|
|
91.7 |
% |
|
|
87.0 |
% |
|
|
|
78.1 |
% |
|
|
78.3 |
% |
General and administrative expense ratio |
|
|
25.2 |
% |
|
|
23.7 |
% |
|
|
|
24.7 |
% |
|
|
25.2 |
% |
Policy acquisition cost ratio |
|
|
17.0 |
% |
|
|
16.1 |
% |
|
|
|
16.6 |
% |
|
|
17.1 |
% |
Other operating expense ratio |
|
|
8.2 |
% |
|
|
7.6 |
% |
|
|
|
8.1 |
% |
|
|
8.1 |
% |
Combined ratio |
|
|
116.9 |
% |
|
|
110.7 |
% |
|
|
|
102.8 |
% |
|
|
103.5 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
As of |
||||
|
|
September 30, |
||||
|
|
|
2024 |
|
|
2023 |
Policies in force |
|
|
|
|
||
|
|
|
570,432 |
|
|
570,339 |
Other States |
|
|
274,107 |
|
|
237,214 |
Total |
|
|
844,539 |
|
|
807,553 |
|
|
|
|
|
||
Premiums in force |
|
|
|
|
||
|
|
$ |
1,609,836 |
|
$ |
1,571,600 |
Other States |
|
|
436,474 |
|
|
342,893 |
Total |
|
$ |
2,046,310 |
|
$ |
1,914,493 |
|
|
|
|
|
||
Total Insured Value |
|
|
|
|
||
|
|
$ |
187,639,152 |
|
$ |
190,299,057 |
Other States |
|
|
160,357,285 |
|
|
130,281,463 |
Total |
|
$ |
347,996,437 |
|
$ |
320,580,520 |
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in thousands, except for per share data) |
||||||||||||||||
GAAP revenue to core revenue |
||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
GAAP revenue |
$ |
387,554 |
|
|
$ |
360,048 |
|
|
|
$ |
1,135,727 |
|
|
$ |
1,016,126 |
|
less: Net realized gains (losses) on investments |
|
(1,146 |
) |
|
|
(431 |
) |
|
|
|
(1,534 |
) |
|
|
(337 |
) |
less: Net change in unrealized gains (losses) on investments |
|
7,299 |
|
|
|
(1,285 |
) |
|
|
|
11,760 |
|
|
|
1,403 |
|
Core revenue |
$ |
381,401 |
|
|
$ |
361,764 |
|
|
|
$ |
1,125,501 |
|
|
$ |
1,015,060 |
|
GAAP operating income (loss) to adjusted operating income (loss) |
||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
GAAP income (loss) before income tax expense (benefit) |
$ |
(18,123 |
) |
|
$ |
(7,877 |
) |
|
|
$ |
77,266 |
|
|
$ |
62,453 |
|
add: Interest and amortization of debt issuance costs |
|
1,619 |
|
|
|
1,631 |
|
|
|
|
4,864 |
|
|
|
4,896 |
|
GAAP operating income (loss) |
|
(16,504 |
) |
|
|
(6,246 |
) |
|
|
|
82,130 |
|
|
|
67,349 |
|
less: Net realized gains (losses) on investments |
|
(1,146 |
) |
|
|
(431 |
) |
|
|
|
(1,534 |
) |
|
|
(337 |
) |
less: Net change in unrealized gains (losses) on investments |
|
7,299 |
|
|
|
(1,285 |
) |
|
|
|
11,760 |
|
|
|
1,403 |
|
Adjusted operating income (loss) |
$ |
(22,657 |
) |
|
$ |
(4,530 |
) |
|
|
$ |
71,904 |
|
|
$ |
66,283 |
|
GAAP operating income (loss) margin to adjusted operating income (loss) margin |
||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
GAAP operating income (loss) (a) |
$ |
(16,504 |
) |
|
$ |
(6,246 |
) |
|
|
$ |
82,130 |
|
|
$ |
67,349 |
|
GAAP revenue (b) |
|
387,554 |
|
|
|
360,048 |
|
|
|
|
1,135,727 |
|
|
|
1,016,126 |
|
GAAP operating income (loss) margin (a÷b) |
|
(4.3 |
)% |
|
|
(1.7 |
)% |
|
|
|
7.2 |
% |
|
|
6.6 |
% |
Adjusted operating income (loss) (c) |
|
(22,657 |
) |
|
|
(4,530 |
) |
|
|
|
71,904 |
|
|
|
66,283 |
|
Core revenue (d) |
|
381,401 |
|
|
|
361,764 |
|
|
|
|
1,125,501 |
|
|
|
1,015,060 |
|
Adjusted operating income (loss) margin (c÷d) |
|
(5.9 |
)% |
|
|
(1.3 |
)% |
|
|
|
6.4 |
% |
|
|
6.5 |
% |
GAAP net income (loss) (NI) to adjusted NI (loss) available to common stockholders |
||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
GAAP NI (loss) |
$ |
(16,163 |
) |
|
$ |
(5,915 |
) |
|
|
$ |
52,910 |
|
|
$ |
46,824 |
|
less: Preferred dividends |
|
3 |
|
|
|
3 |
|
|
|
|
8 |
|
|
|
8 |
|
GAAP NI (loss) available to common stockholders (e) |
|
(16,166 |
) |
|
|
(5,918 |
) |
|
|
|
52,902 |
|
|
|
46,816 |
|
less: Net realized gains (losses) on investments |
|
(1,146 |
) |
|
|
(431 |
) |
|
|
|
(1,534 |
) |
|
|
(337 |
) |
less: Net change in unrealized gains (losses) on investments |
|
7,299 |
|
|
|
(1,285 |
) |
|
|
|
11,760 |
|
|
|
1,403 |
|
add: Income tax effect on above adjustments |
|
1,514 |
|
|
|
(422 |
) |
|
|
|
2,516 |
|
|
|
262 |
|
Adjusted NI (loss) available to common stockholders (f) |
$ |
(20,805 |
) |
|
$ |
(4,624 |
) |
|
|
$ |
45,192 |
|
|
$ |
46,012 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average diluted common shares outstanding (g) |
|
28,355 |
|
|
|
29,617 |
|
|
|
|
29,317 |
|
|
|
30,378 |
|
Diluted earnings (loss) per common share (e÷g) |
$ |
(0.57 |
) |
|
$ |
(0.20 |
) |
|
|
$ |
1.80 |
|
|
$ |
1.54 |
|
Diluted adjusted earnings (loss) per common share (f÷g) |
$ |
(0.73 |
) |
|
$ |
(0.16 |
) |
|
|
$ |
1.54 |
|
|
$ |
1.51 |
|
GAAP stockholders’ equity to adjusted common stockholders’ equity |
||||||||||||
|
As of |
|||||||||||
|
September 30, |
|
September 30, |
|
|
December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2023 |
|
GAAP stockholders’ equity |
$ |
400,245 |
|
|
$ |
301,502 |
|
|
|
$ |
341,297 |
|
less: Preferred equity |
|
100 |
|
|
|
100 |
|
|
|
|
100 |
|
Common stockholders’ equity (h) |
|
400,145 |
|
|
|
301,402 |
|
|
|
|
341,197 |
|
less: Accumulated other comprehensive (loss), net of taxes |
|
(45,593 |
) |
|
|
(107,115 |
) |
|
|
|
(74,172 |
) |
Adjusted common stockholders’ equity (i) |
$ |
445,738 |
|
|
$ |
408,517 |
|
|
|
$ |
415,369 |
|
|
|
|
|
|
|
|
||||||
Common shares outstanding (j) |
|
28,286 |
|
|
|
29,186 |
|
|
|
|
28,966 |
|
Book value per common share (h÷j) |
$ |
14.15 |
|
|
$ |
10.33 |
|
|
|
$ |
11.78 |
|
Adjusted book value per common share (i÷j) |
$ |
15.76 |
|
|
$ |
14.00 |
|
|
|
$ |
14.34 |
|
GAAP return on common equity (ROCE) to adjusted ROCE |
|||||||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
Year Ended |
||||||||||||||
|
September 30, |
|
|
September 30, |
|
|
December 31, |
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2023 |
|
Actual or Annualized NI (loss) available to common stockholders (k) |
$ |
(64,664 |
) |
|
$ |
(23,672 |
) |
|
|
$ |
70,536 |
|
|
$ |
62,421 |
|
|
|
$ |
66,813 |
|
Average common stockholders’ equity (l) |
|
396,641 |
|
|
|
317,987 |
|
|
|
|
370,671 |
|
|
|
294,599 |
|
|
|
|
314,497 |
|
ROCE (k÷l) |
|
(16.3 |
)% |
|
|
(7.4 |
)% |
|
|
|
19.0 |
% |
|
|
21.2 |
% |
|
|
|
21.2 |
% |
Annualized adjusted NI (loss) available to common stockholders (m) |
$ |
(83,220 |
) |
|
$ |
(18,496 |
) |
|
|
$ |
60,256 |
|
|
$ |
61,349 |
|
|
|
$ |
58,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted average common stockholders’ equity4 (n) |
|
454,977 |
|
|
|
420,120 |
|
|
|
|
426,699 |
|
|
|
399,646 |
|
|
|
|
399,396 |
|
Adjusted ROCE (m÷n) |
|
(18.3 |
)% |
|
|
(4.4 |
)% |
|
|
|
14.1 |
% |
|
|
15.4 |
% |
|
|
|
14.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
4 Adjusted average common stockholders’ equity excludes current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. |
|||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024931358/en/
Investors/Media:
Arash Soleimani, CFA, CPA, CPCU, ARe
Chief Strategy Officer
954-804-8874
asoleimani@universalproperty.com
Source: Universal Insurance Holdings
FAQ
What was Universal Insurance Holdings (UVE) earnings per share in Q3 2024?
How much did UVE's direct premiums written grow in Q3 2024?
What was Universal Insurance Holdings (UVE) combined ratio in Q3 2024?
How much capital did UVE return to shareholders in Q3 2024?
