Universal Insurance (UVE) Tops Q3 EPS by 10c

November 2, 2016 5:14 PM EDT

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Universal Insurance (NYSE: UVE) reported Q3 EPS of $0.75, $0.10 better than the analyst estimate of $0.65.

"During the third quarter, Universal reported record top line results with record premiums earned, net and total revenues and strong profitability even as we experienced severe weather in our coverage areas," said Sean P. Downes, Universal's Chairman and Chief Executive Officer. "Our strong performance is a testament to the fundamental strength of our business model, including our focus on maintaining high underwriting standards, and more importantly this quarter, our claims handling abilities. The rigorous planning we conduct on an ongoing basis to prepare for severe weather events served us well in the quarter, and allowed us to respond quickly and effectively following Hurricane Hermine.

"Looking ahead, we remain focused on writing high quality, rate adequate organic business, both in Florida and across our expanding geographic footprint. We will also continue to pursue new business through our unique direct-to-consumer platform, Universal DirectSM, both organically and by seeking partnerships and joint ventures to deliver an even broader scope of products and services to our customers. Universal enters the fourth quarter well positioned to drive profitable growth, and we remain confident in our ability to deliver increasing shareholder value."

Third-Quarter 2016 & Recent Highlights

  • Net earned premiums grew by $13.4 million, or 9.2%, to $159.5 million.
  • Total revenues increased by $15.4 million, or 9.8%, to $172.4 million.
  • Net income decreased by $3.4 million, or 11.3%, to $26.9 million.
  • Diluted EPS decreased by $0.09, or 10.7%, to $0.75 per share.
  • Paid dividends of $0.14 per share.
  • Wrote our first policy in Virginia.
  • Announced the launch of a Commercial Residential Program.
  • Universal DirectSM is now offered in 11 states.

For earnings history and earnings-related data on Universal Insurance (UVE) click here.

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