Universal Insurance (UVE) Misses Q4 EPS by 20c, Revenues Miss

Universal Insurance (NYSE: UVE) reported Q4 EPS of $0.13, $0.20 worse than the analyst estimate of $0.33. Revenue for the quarter came in at $216.37 million versus the consensus estimate of $226.55 million.

"We reported strong top line growth, book value growth and return on equity for the year, marking our sixth consecutive year with greater than 20% return on equity, despite three consecutive years of active catastrophic events and the systemic claims representation in Florida that resulted in an increase in prior year development. Our results are supported by our comprehensive reinsurance program and our vertically integrated service businesses. To that end, over the past year, particularly in the fourth quarter, we have accelerated our operational focus on claims resolutions, with expectations to help create earnings stability for the future," said Sean P. Downes, Chairman and Chief Executive Officer.

"Looking forward, we continue to focus on the customer experience and have launched a customer-facing digital transformation. We believe these changes provide key value-added services to our consumers, better positioning us for the future. As part of this effort, we are launching 'Clovered,' our new digital insurance distribution channel. Clovered will go live on March 1st and enables consumers to 'Prepare, Protect, and Recover' from the unexpected with educational resources that we plan to eventually supplement with the ability to purchase a policy online as we currently do with our proof of concept, Universal Direct. In addition, we have revitalized our parent company brand and launched an all-new investor website as well as rebranded certain subsidiaries to provide distinction for our primary insurance lines subsidiaries and suite of integrated service capabilities. Lastly, we have refreshed our 'Universal Property' brand and created a new online presence for Universal Property and American Platinum that enables consumers to download policy documents, track a claim for certain loss types, and purchase a policy. We are excited about taking steps to strengthen our foundation for the future and what it means for our consumers, our combined business, and our stakeholders."

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

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