Universal Insurance (UVE) Tops Q2 EPS by 25c, Revenues Beat

Universal Insurance (NYSE: UVE) reported Q2 EPS of $1.29, $0.25 better than the analyst estimate of $1.04. Revenue for the quarter came in at $209.79 million versus the consensus estimate of $203.93 million.

Universal Insurance Holdings, Inc. Chairman and Chief Executive Officer Sean P. Downes commented: "Universal once again reported excellent top line growth and strong underwriting profitability, leading to a solid bottom line result and an annualized ROE of 37.8% for the second quarter. We continue to post strong organic growth in our home state of Florida, while our expansion efforts into Other States remain on track and are delivering excellent results. Universal DirectSM continues to generate steady growth, and contributed in each of our active states during the quarter. Our vertically integrated structure again contributed favorably to results, with improved profitability at Universal Adjusting Corporation (UAC) resulting from increased service activity following Hurricane Irma. Our balance sheet remains strong and conservatively positioned, and we completed our 2018-2019 reinsurance program during the quarter, building further on the recent trend of adding conservatism to our reinsurance program while lowering the percentage of premium spent on reinsurance. We were also active on the capital management front during the quarter, repurchasing $8.4 million of UVE stock and announcing an increased quarterly dividend beginning in the third quarter. We are very pleased with our second quarter results and believe Universal remains well positioned to deliver outstanding value to shareholders going forward."

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

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