- Diluted GAAP earnings per share (“EPS”) of $0.24, adjusted EPS1
of $0.47
- Annualized return on average common equity (“ROCE”) of 7.7%,
adjusted1 ROCE of 12.8%
- Direct premiums written of $532.5 million, up 12.4% from the
prior year quarter
- Repurchased 282,552 shares for $3.5 million. Total capital
returned to shareholders of $8.5 million, including $0.16 per share
regular quarterly dividend.
Universal Insurance Holdings (NYSE: UVE) (“Universal” or the
“Company”) reported 2022 second quarter diluted GAAP EPS of $0.24
and adjusted EPS of $0.47.
1 Reconciliations of GAAP to non-GAAP financial measures are
provided in the attached tables.
“We reported a 12.8% annualized adjusted return on common equity
in the quarter, an impressive feat in the current environment,”
said Stephen J. Donaghy, Chief Executive Officer. “Direct premiums
written growth of 12.4% accelerated from 8.5% in the first quarter
of this year, and significantly outpaced an 8.5% policies in force
decline. In addition to rate increases, we continue to optimize and
rebalance our portfolio, increasing exposure to more profitable
regions, while reducing exposure to less profitable geographies.
Our capital position remains strong at both of our insurance
subsidiaries and on an enterprise-wide basis, and I’m particularly
proud of the robust reinsurance program that we completed prior to
the June 1 renewal date. Despite the challenging reinsurance
market, our program includes full protection for both hurricanes
and tropical storms, has no gaps in coverage and no
co-participation and provides coverage across multiple events. We
are well prepared for hurricane season and expect the actions we’ve
taken to bear fruit in future periods.”
Quarterly Financial Results
Summary Financial Results
($thousands, except per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
Change
2022
2021
Change
GAAP
comparison
Total revenues
$
292,006
$
279,181
4.6
%
$
579,488
$
541,938
6.9
%
Income before income taxes
$
10,680
$
30,059
(64.5
) %
$
33,151
$
66,410
(50.1
) %
Income before income taxes
margin
3.7
%
10.8
%
(7.1
) pts
5.7
%
12.3
%
(6.6
) pts
Net income
$
7,370
$
21,941
(66.4
) %
$
24,907
$
48,349
(48.5
) %
Diluted EPS
$
0.24
$
0.70
(65.7
) %
$
0.80
$
1.54
(48.1
) %
Annualized ROCE
7.7
%
18.8
%
(11.1
) pts
12.5
%
20.8
%
(8.3
) pts
Book value per share, end of period
$
11.93
$
15.37
(22.4
) %
11.93
15.37
(22.4
) %
Non-GAAP
comparison2
Core revenue
$
301,615
$
277,456
8.7
%
$
592,435
$
540,165
9.7
%
Adjusted operating income
$
22,020
$
28,369
(22.4
) %
$
49,437
$
64,692
(23.6
) %
Adjusted operating income margin
7.3
%
10.2
%
(2.9
) pts
8.3
%
12.0
%
(3.7
) pts
Adjusted net income
$
14,648
$
20,627
(29.0
) %
$
34,711
$
46,995
(26.1
) %
Adjusted EPS
$
0.47
$
0.65
(27.7
) %
$
1.12
$
1.50
(25.3
) %
Annualized adjusted ROCE
12.8
%
17.3
%
(4.5
) pts
15.3
%
20.2
%
(4.9
) pts
Adjusted book value per share, end of
period
$
14.80
$
15.55
(4.8
) %
$
14.80
$
15.55
(4.8
) %
Underwriting
Summary
Premiums:
Premiums in force
$
1,766,542
$
1,618,576
9.1
%
$
1,766,542
$
1,618,576
9.1
%
Policies in force
894,618
977,251
(8.5
) %
894,618
977,251
(8.5
) %
Direct premiums written
$
532,527
$
473,627
12.4
%
$
929,008
$
838,941
10.7
%
Direct premiums earned
$
428,805
$
392,574
9.2
%
$
843,408
$
768,180
9.8
%
Ceded premiums earned
$
(151,744
)
$
(136,402
)
11.2
%
$
(297,283
)
$
(268,703
)
10.6
%
Ceded premium ratio
35.4
%
34.7
%
0.7
pts
35.2
%
35.0
%
0.2
pts
Net premiums earned
$
277,061
$
256,172
8.2
%
$
546,125
$
499,477
9.3
%
Net ratios:
Loss ratio
72.3
%
65.3
%
7.0
pts
70.6
%
62.3
%
8.3
pts
Expense ratio
28.6
%
32.0
%
(3.4
) pts
28.8
%
32.9
%
(4.1
) pts
Combined ratio
100.9
%
97.3
%
3.6
pts
99.4
%
95.2
%
4.2
pts
2 Reconciliation of GAAP to non-GAAP
financial measures are provided in the attached tables. Adjusted
net income, adjusted EPS and core revenue exclude net realized
gains (losses) on investments and net change in unrealized gains
(losses) of equity securities. Adjusted operating income excludes
net realized and unrealized gains and losses on investments and
interest and amortization of debt issuance costs. Adjusted book
value per share excludes accumulated other comprehensive income,
net of taxes. Adjusted ROCE is calculated by dividing annualized
adjusted net income attributable 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) of equity
securities.
Net Income and Adjusted Net
Income
Net income was $7.4 million, down from $21.9 million in the
prior year quarter, and adjusted net income was $14.6 million, down
from $20.6 million in the prior year quarter. The decline in
adjusted net income primarily stems from a higher net loss ratio,
partly offset by a lower net expense ratio and higher commission
revenue and net investment income.
Revenues
Overall revenue was $292.0 million, up 4.6% from the prior year
quarter and core revenue was $301.6 million, up 8.7% from the prior
year quarter. The increase in core revenue primarily stems from
higher net premiums earned, net investment income and commission
revenue.
Direct premiums written were $532.5 million, up 12.4% from the
prior year quarter. The increase stems from 13.2% growth in Florida
and 8.3% growth in other states. Overall growth primarily reflects
rate increases, partly offset by lower policies in force.
Direct premiums earned were $428.8 million, up 9.2% from the
prior year quarter. The increase stems from direct premiums written
growth over the past twelve months.
The ceded premium ratio was 35.4%, up from 34.7% in the prior
year quarter. The increase primarily reflects higher reinsurance
pricing and higher reinsurance costs associated with the increase
in insured values.
Net premiums earned were $277.1 million, up 8.2% from the prior
year quarter. The increase is primarily attributable to higher
direct premiums earned, partly offset by higher ceded premiums
earned, as described above.
Net investment income was $5.2 million, up from $2.9 million in
the prior year quarter. The increase primarily stems from higher
fixed income reinvestment yields and higher average invested
assets.
Commissions, policy fees and other revenue were $19.3 million,
up 4.9% from the prior year quarter. The increase primarily
reflects higher reinsurance brokerage commission revenue, which
benefited from higher ceded premiums and the difference in our
reinsurance program’s structure relative to the prior year quarter,
partly offset by policy fee and other revenue declines associated
with lower policies in force.
Margins
The income before income taxes margin was 3.7%, down 7.1 points
from the prior year quarter and the adjusted operating margin was
7.3%, down from 10.2% in the prior year. The lower adjusted
operating margin primarily reflects a higher net combined ratio,
partly offset by higher net investment income and commission
revenues.
The net loss ratio was 72.3%, up 7.0 points compared to the
prior year quarter. The increase primarily reflects a higher
initial accident year attritional loss pick associated with the
challenging Florida claims environment and inflationary and weather
trends, partly offset by lower adverse prior year reserve
development as a percentage of net premiums earned.
The net expense ratio was 28.6%, down 3.4 points compared to the
prior year quarter. The reduction primarily reflects lower renewal
commission rates paid to distribution partners, economies of scale
and disciplined expense management.
The net combined ratio was 100.9%, up 3.6 points compared to the
prior year quarter. The increase reflects a higher net loss ratio,
partly offset by a lower net expense ratio, as described above.
Capital Deployment
During the second quarter, the Company repurchased approximately
283 thousand shares at an aggregate cost of $3.5 million. The
Company’s current share repurchase authorization program has $10.4
million remaining as of June 30, 2022 and runs through November 3,
2022.
On July 19, 2022, the Board of Directors declared a quarterly
cash dividend of 16 cents per share of common stock, payable on
August 9, 2022, to shareholders of record as of the close of
business on August 2, 2022.
Guidance
The Company is maintaining its guidance for 2022 (assuming no
further extraordinary weather events):
- Adjusted EPS in a range of $1.80 - $2.20
- Annualized adjusted ROCE in a range of 12.5% - 15.0%
Conference Call and Webcast
- Thursday, July 28, 2022 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/BIdd1435dd6e8c4f96b2f705a2f37d27d0.
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 shortly after the investor
call concludes.
About Universal
Universal Insurance Holdings, Inc. (NYSE: UVE) is a holding
company offering 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
sell insurance products through both our appointed independent
agents and through our direct online distribution channels in the
United States across 19 states (primarily Florida). Learn more at
universalinsuranceholdings.com.
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 U.S. Securities and
Exchange Commission (“SEC”), including core revenue, adjusted net
income attributable to common stockholders and diluted adjusted
earnings per common share, which exclude the impact of net realized
gains (losses) on investments and net change in unrealized gains
(losses) of equity securities. Adjusted operating income and
adjusted operating income margin exclude the impact of net realized
gains (losses) on investments and net change in unrealized gains
(losses) of equity securities and interest and amortization of debt
issuance costs. Adjusted common stockholders’ equity and adjusted
book value per share exclude accumulated other comprehensive income
(AOCI), net of taxes. Adjusted return on common equity excludes
after-tax net realized gains (losses) on investments and net change
in unrealized gains (losses) of equity securities from the
numerator and AOCI, net of taxes, and current period after-tax net
realized gains (losses) on investments and net change in unrealized
gains (losses) of equity securities from the denominator. A
“non-GAAP financial measure” is generally defined as a numerical
measure of a company’s historical or future performance that
excludes or includes amounts, or is subject to adjustments, so as
to be different from the most directly comparable measure
calculated and presented in accordance with generally accepted
accounting principles (“GAAP”). UVE management believes that these
non-GAAP financial measures are meaningful, as they allow investors
to evaluate underlying revenue and profitability trends and enhance
comparability across periods. When considered together with the
GAAP financial measures, management believes these metrics provide
information that is useful to investors in understanding
period-over-period operating results separate and apart from items
that may, or could, have a disproportionately positive or negative
impact on results in any particular period. UVE management also
believes that these non-GAAP financial measures enhance the ability
of investors to analyze UVE’s business trends and to understand
UVE’s operational performance. UVE’s management utilizes these
non-GAAP financial measures as guides in long-term planning.
Non-GAAP financial measures should be considered in addition to,
and not as a substitute for or superior to, financial measures
presented in accordance with GAAP. For more information regarding
our key performance indicators, please refer to the section titled
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations – Key Performance Indicators” in our
forthcoming Quarterly Report on Form 10-Q for the quarter ended
June 30, 2022.
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 2021
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)
June 30,
December 31,
2022
2021
ASSETS:
Invested Assets
Fixed maturities, at fair value
$
1,021,006
$
1,040,455
Equity securities, at fair value
79,844
47,334
Investment real estate, net
5,798
5,891
Total invested assets
1,106,648
1,093,680
Cash and cash equivalents
316,952
250,508
Restricted cash and cash equivalents
20,125
2,635
Prepaid reinsurance premiums
590,093
240,993
Reinsurance recoverable
33,344
185,589
Premiums receivable, net
79,309
64,923
Property and equipment, net
54,027
53,682
Deferred policy acquisition costs
110,983
108,822
Goodwill
2,319
2,319
Other assets
68,968
52,990
TOTAL ASSETS
$
2,382,768
$
2,056,141
LIABILITIES AND STOCKHOLDERS'
EQUITY
LIABILITIES:
Unpaid losses and loss adjustment
expenses
$
186,349
$
346,216
Unearned premiums
943,369
857,769
Advance premium
86,271
53,694
Reinsurance payable, net
637,846
188,662
Long-term debt, net
103,161
103,676
Other liabilities
59,221
76,422
Total liabilities
2,016,217
1,626,439
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock
($0.01 par value)3
—
—
Common stock ($0.01 par value)4
471
470
Treasury shares, at cost - 16,400 and
15,797
(234,496
)
(227,115
)
Additional paid-in capital
110,089
108,202
Accumulated other comprehensive income
(loss), net of taxes
(88,134
)
(15,568
)
Retained earnings
578,621
563,713
Total stockholders' equity
366,551
429,702
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
2,382,768
$
2,056,141
Notes:
3 Cumulative convertible preferred stock
($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10
shares; Outstanding - 10 and 10 shares; Minimum liquidation
preference - $9.99 and $9.99 per share.
4 Common stock ($0.01 par value):
Authorized - 55,000 shares; Issued - 47,116 and 47,018 shares;
Outstanding 30,716 and 31,221 shares.
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
(in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
REVENUES
Net premiums earned
$
277,061
$
256,172
$
546,125
$
499,477
Net investment income
5,221
2,858
9,263
5,844
Net realized gains (losses) on
investments
(725
)
496
(667
)
1,038
Net change in unrealized gains (losses) of
equity securities
(8,884
)
1,229
(12,280
)
735
Commission revenue
11,404
9,860
22,565
18,986
Policy fees
5,940
6,575
10,719
11,962
Other revenue
1,989
1,991
3,763
3,896
Total revenues
292,006
279,181
579,488
541,938
EXPENSES
Losses and loss adjustment expenses
200,304
167,221
385,410
311,184
Policy acquisition costs
54,100
56,766
108,823
113,224
Other operating expenses
25,191
25,100
48,765
51,065
Total operating costs and
expenses
279,595
249,087
542,998
475,473
Interest and amortization of debt issuance
costs
1,731
35
3,339
55
Income before income taxes
10,680
30,059
33,151
66,410
Income tax expense
3,310
8,118
8,244
18,061
NET INCOME
$
7,370
$
21,941
$
24,907
$
48,349
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
SHARE AND PER SHARE
INFORMATION
(in thousands, except per
share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Weighted average common shares outstanding
- basic
30,829
31,240
30,987
31,224
Weighted average common shares outstanding
- diluted
30,883
31,310
31,060
31,292
Shares outstanding, end of period
30,716
31,269
30,716
31,269
Basic earnings per common share
$
0.24
$
0.70
$
0.80
$
1.55
Diluted earnings per common share
$
0.24
$
0.70
$
0.80
$
1.54
Cash dividend declared per common
share
$
0.16
$
0.16
$
0.32
$
0.32
Book value per share, end of period
$
11.93
$
15.37
$
11.93
$
15.37
Annualized return on average common equity
(ROCE)
7.7
%
18.8
%
12.5
%
20.8
%
UNIVERSAL INSURANCE HOLDINGS,
INC. AND SUBSIDIARIES
SUPPLEMENTARY
INFORMATION
(in thousands, except for
Policies In Force data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Premiums
Direct premiums written - Florida
$
453,168
$
400,370
$
787,605
$
707,381
Direct premiums written - Other States
79,359
73,257
141,403
131,560
Direct premiums written - Total
$
532,527
$
473,627
$
929,008
$
838,941
Direct premiums earned
$
428,805
$
392,574
$
843,408
$
768,180
Net premiums earned
$
277,061
$
256,172
$
546,125
$
499,477
Underwriting Ratios - Net
Loss and loss adjustment expense ratio
72.3
%
65.3
%
70.6
%
62.3
%
Policy acquisition cost ratio
19.5
%
22.2
%
19.9
%
22.7
%
Other operating expense ratio
9.1
%
9.8
%
8.9
%
10.2
%
Expense ratio
28.6
%
32.0
%
28.8
%
32.9
%
Combined ratio
100.9
%
97.3
%
99.4
%
95.2
%
Other Items
(Favorable)/Unfavorable prior year's
reserve development
$
3,710
$
7,731
$
4,365
$
6,494
Points on the loss and loss adjustment
expense ratio
1.3 pts
3.0 pts
0.8 pts
1.3 pts
As of
June 30,
2022
2021
Policies in force
Florida
654,276
723,390
Other States
240,342
253,861
Total
894,618
977,251
Premiums in force
Florida
$
1,473,193
$
1,345,532
Other States
293,349
273,044
Total
$
1,766,542
$
1,618,576
Total Insured Value
Florida
$
202,691,987
$
200,600,028
Other States
118,766,758
112,637,726
Total
$
321,458,745
$
313,237,754
Three Months Ended June 30,
2022
Direct
Loss Ratio
Ceded
Loss Ratio
Net
Loss Ratio
Premiums earned
$
428,805
$
151,744
$
277,061
Loss and loss adjustment
expenses:
Core losses
$
196,630
45.9
%
$
36
—
%
$
196,594
71.0
%
Weather events5
—
—
%
—
—
%
—
—
%
Prior year’s reserve development
63,600
14.8
%
59,890
39.5
%
3,710
1.3
%
Total losses and loss adjustment
expenses
$
260,230
60.7
%
$
59,926
39.5
%
$
200,304
72.3
%
5 Includes only current year weather
events beyond those expected.
Three Months Ended June 30,
2021
Direct
Loss Ratio
Ceded
Loss Ratio
Net
Loss Ratio
Premiums earned
$
392,574
136,402
$
256,172
Loss and loss adjustment
expenses:
Core losses
$
159,412
40.6
%
$
(78
)
(0.1
)%
$
159,490
62.3
%
Weather events5
—
—
%
—
—
%
—
—
%
Prior year’s reserve development
116,890
29.8
%
109,159
80.0
%
7,731
3.0
%
Total losses and loss adjustment
expenses
$
276,302
70.4
%
$
109,081
80.0
%
$
167,221
65.3
%
5 Includes only current year weather
events beyond those expected.
Six Months Ended June 30,
2022
Direct
Loss Ratio
Ceded
Loss Ratio
Net
Loss Ratio
Premiums earned
$
843,408
$
297,283
$
546,125
Loss and loss adjustment
expenses:
Core losses
$
376,580
44.7
%
$
80
—
%
$
376,500
69.0
%
Weather events5
4,545
0.5
%
—
—
%
4,545
0.8
%
Prior year’s reserve development
74,260
8.8
%
69,895
23.5
%
4,365
0.8
%
Total losses and loss adjustment
expenses
$
455,385
54.0
%
$
69,975
23.5
%
$
385,410
70.6
%
5 Includes only current year weather
events beyond those expected.
Six Months Ended June 30,
2021
Direct
Loss Ratio
Ceded
Loss Ratio
Net
Loss Ratio
Premiums earned
$
768,180
$
268,703
$
499,477
Loss and loss adjustment
expenses:
Core losses
$
304,640
39.7
%
$
(50
)
—
%
$
304,690
61.0
%
Weather events5
—
—
%
—
—
%
—
—
%
Prior year’s reserve development
208,960
27.2
%
202,466
75.3
%
6,494
1.3
%
Total losses and loss adjustment
expenses
$
513,600
66.9
%
$
202,416
75.3
%
$
311,184
62.3
%
5 Includes only current year weather
events beyond those expected.
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
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
GAAP revenue
$
292,006
$
279,181
$
579,488
$
541,938
less: Net realized gains (losses) on
investments
(725
)
496
(667
)
1,038
less: Net change in unrealized gains
(losses) of equity securities
(8,884
)
1,229
(12,280
)
735
Core revenue
$
301,615
$
277,456
$
592,435
$
540,165
GAAP income before income taxes to
adjusted operating income
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
GAAP income before income taxes
$
10,680
$
30,059
$
33,151
$
66,410
add: Interest and amortization of debt
issuance costs
1,731
35
3,339
55
GAAP operating income
12,411
30,094
36,490
66,465
less: Net realized gains (losses) on
investments
(725
)
496
(667
)
1,038
less: Net change in unrealized gains
(losses) of equity securities
(8,884
)
1,229
(12,280
)
735
Adjusted operating income
$
22,020
$
28,369
$
49,437
$
64,692
GAAP operating income margin to
adjusted operating income margin
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
GAAP operating income (a)
$
12,411
$
30,094
$
36,490
$
66,465
GAAP revenue (b)
292,006
279,181
579,488
541,938
GAAP operating income margin
(a÷b)
4.3
%
10.8
%
6.3
%
12.3
%
Adjusted operating income (c)
22,020
28,369
49,437
64,692
Core revenue (d)
301,615
277,456
592,435
540,165
Adjusted operating income margin
(c÷d)
7.3
%
10.2
%
8.3
%
12.0
%
GAAP net income (NI) to adjusted NI
attributable to common stockholders
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
GAAP NI
$
7,370
$
21,941
$
24,907
$
48,349
less: Preferred dividends
2
2
5
5
GAAP NI attributable to common
stockholders (e)
7,368
21,939
24,902
48,344
less: Net realized gains (losses) on
investments
(725
)
496
(667
)
1,038
less: Net change in unrealized gains
(losses) of equity securities
(8,884
)
1,229
(12,280
)
735
add: Income tax effect on above
adjustments
(2,329
)
413
(3,138
)
424
Adjusted NI attributable to common
stockholders (f)
$
14,648
$
20,627
$
34,711
$
46,995
Weighted average diluted common shares
outstanding (g)
30,883
31,310
31,060
31,292
Diluted earnings per common share
(e÷g)
$
0.24
$
0.70
$
0.80
$
1.54
Diluted adjusted earnings per common share
(f÷g)
$
0.47
$
0.65
$
1.12
$
1.50
GAAP stockholders’ equity to adjusted
common stockholders’ equity
As of
June 30,
June 30,
December 31,
2022
2021
2021
GAAP stockholders’ equity
$
366,551
$
480,842
$
429,702
less: Preferred equity
100
100
100
Common stockholders’ equity (h)
366,451
480,742
429,602
less: Accumulated other comprehensive
(loss), net of taxes
(88,134
)
(5,571
)
(15,568
)
Adjusted common stockholders’ equity
(i)
$
454,585
$
486,313
$
445,170
Shares outstanding (j)
30,716
31,269
31,221
Book value per common share (h÷j)
$
11.93
$
15.37
$
13.76
Adjusted book value per common share
(i÷j)
$
14.80
$
15.55
$
14.26
GAAP return on common equity (ROCE) to
adjusted ROCE
Three Months Ended
Six Months Ended
Year Ended
June 30,
June 30,
December 31,
2022
2021
2022
2021
2021
Annualized NI attributable to common
stockholders (k)
$
29,472
$
87,756
$
49,804
$
96,688
$
20,397
Average common stockholders’ equity
(l)
381,346
467,654
398,027
464,952
439,382
ROCE (k÷l)
7.7
%
18.8
%
12.5
%
20.8
%
4.6
%
Annualized adjusted NI attributable to
common stockholders (m)
$
58,592
$
82,508
$
69,422
$
93,990
$
18,959
Adjusted average common stockholders’
equity6 (n)
458,292
476,567
454,782
465,392
444,775
Adjusted ROCE (m÷n)
12.8
%
17.3
%
15.3
%
20.2
%
4.3
%
6 Adjusted average common stockholders’
equity excludes current period after-tax net realized gains
(losses) on investments and net change in unrealized gains (losses)
of equity securities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220727005837/en/
Investors/Media: Arash Soleimani, CFA, CPA Chief Strategy
Officer 954-804-8874 asoleimani@universalproperty.com
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