UPDATE: Universal Insurance (UVE) Tops Q1 EPS by 6c, Slight Beat on Revenues (CORRECTION)

(updated to correct consensus)

Universal Insurance (NYSE: UVE) reported Q1 EPS of $1.00, $0.06 better than the analyst estimate of $0.94. Revenue for the quarter came in at $236.59 million versus the consensus estimate of $236.42 million.

"We are off to a good start to 2019 with solid first quarter results, including a 31.5% increase in other states direct premiums written, strong performance from our investment portfolio, and a total annualized return on average equity of 30.4%," said Sean P. Downes, Chairman and Chief Executive Officer.

"In addition, we received rate increase approvals in Florida and Georgia for new and renewal business, including high single digit increases in certain territories, the majority of which will take effect in the latter part of the second quarter. We also continued to expand our addressable market in the first quarter through the launch of Universal Property in Illinois, one of the top five largest personal residential homeowners states in the country by direct premiums written. Lastly, we added nine carrier appointments to our digital insurance distribution channel CloveredSM across Homeowners, Auto, Flood, and E&S lines. These milestones mark good progress against our strategic priorities and put us in position to focus on disciplined growth, maximize earnings stability, and continue to strengthen our foundation."

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

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