The following is a summary of the Universal Insurance Holdings, Inc. (UVE) Q2 2024 Earnings Call Transcript:
Financial Performance:
Universal Insurance reported a 30.5% annualized adjusted return on common equity and a 35.6% adjusted diluted earnings per share growth year-over-year.
Adjusted diluted earnings per common share was $1.18, up from $0.87 in the prior year quarter.
Core revenue increased by 12.5% year-over-year to $379.2 million, primarily due to higher net premiums earned and net investment income.
Direct premiums written grew by 5.7%, and net premiums earned increased by 13.7% year-over-year.
Net combined ratio improved to 95.9%, down 3.2 points from the previous year, with a net loss ratio of 70.6%, also down by 3.2 points.
Business Progress:
Florida policies in force increased sequentially and overall policies in force increased year-over-year for the first time since 2021.
Completed the placement of the 2024-2025 reinsurance renewal with both long-standing and new partners, maintaining modest cost increases despite more demand.
Opportunities:
Successfully managing higher demand for private market reinsurance and maintaining modest increases in the overall cost of the reinsurance program.
Risks:
No explicit risks/opportunities detected.
More details: Universal Insurance Holdings Inc IR
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