Universal Insurance Holdings Inc (UVE) Q3 2024 Earnings Call Highlights: Navigating Challenges ...

GuruFocus.com10-26

Adjusted Loss Per Common Share: $0.73, compared to $0.16 in the prior year quarter. Core Revenue: $381.4 million, up 5.4% year over year. Direct Premiums Written: $574.4 million, up 8% from the prior ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUniversal Insurance Holdings Inc (UVE) Q3 2024 Earnings Call Highlights: Navigating Challenges ...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-26 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/universal-insurance-holdings-inc-uve-110021880.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Adjusted Loss Per Common Share: $0.73, compared to $0.16 in the prior year quarter.\nCore Revenue: $381.4 million, up 5.4% year over year.\nDirect Premiums Written: $574.4 million, up 8% from the prior ...</p>\n\n<a href=\"https://finance.yahoo.com/news/universal-insurance-holdings-inc-uve-110021880.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"UVE","symbol_name":"万全保险","start_time":0,"source_url":"https://finance.yahoo.com/news/universal-insurance-holdings-inc-uve-110021880.html","article_id":"2478057923","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2478057923","pubTimestamp":1729940421,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Adjusted Loss Per Common Share: $0.73, compared to $0.16 in the prior year quarter.Core Revenue: $381.4 million, up 5.4% year over year.Direct Premiums Written: $574.4 million, up 8% from the prior year quarter.Direct Premiums Earned: $507.7 million, up 7% from the prior year quarter.Net Premiums Earned: $345.7 million, up 4.4% from the prior year quarter.Net Combined Ratio: 116.9%, up 6.2 points compared to the prior year quarter.Net Loss Ratio: 91.7%, up 4.7 points compared to the prior year quarter.Net Expense Ratio: 25.2%, up 1.5 points compared to the prior year quarter.Share Repurchase: 226,000 shares at an aggregate cost of $4.4 million.Quarterly Cash Dividend: $0.16 per share of common stock.GuruFocus has detected 6 Warning Sign with UVE.Universal Insurance Holdings Inc  reported a 5.4% year-over-year increase in core revenue, driven by higher net premiums earned, net investment income, and commission revenue.Direct premiums written increased by 8% from the prior year quarter, ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"UVE":"万全保险"},"translate_title":"万能保险控股公司(UVE)2024年第三季度收益看涨期权亮点：应对挑战...","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UVE":1},"content_text":"Adjusted Loss Per Common Share: $0.73, compared to $0.16 in the prior year quarter.\nCore Revenue: $381.4 million, up 5.4% year over year.\nDirect Premiums Written: $574.4 million, up 8% from the prior year quarter.\nDirect Premiums Earned: $507.7 million, up 7% from the prior year quarter.\nNet Premiums Earned: $345.7 million, up 4.4% from the prior year quarter.\nNet Combined Ratio: 116.9%, up 6.2 points compared to the prior year quarter.\nNet Loss Ratio: 91.7%, up 4.7 points compared to the prior year quarter.\nNet Expense Ratio: 25.2%, up 1.5 points compared to the prior year quarter.\nShare Repurchase: 226,000 shares at an aggregate cost of $4.4 million.\nQuarterly Cash Dividend: $0.16 per share of common stock.\n\n\nWarning! GuruFocus has detected 6 Warning Sign with UVE.\n\nRelease Date: October 25, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nUniversal Insurance Holdings Inc (NYSE:UVE) reported a 5.4% year-over-year increase in core revenue, driven by higher net premiums earned, net investment income, and commission revenue.\nDirect premiums written increased by 8% from the prior year quarter, with significant growth of 32.9% in states outside Florida.\nThe company has expanded its operations to Wisconsin, marking its 19th state, which diversifies its book of business and grows its addressable market.\nUniversal Insurance Holdings Inc (NYSE:UVE) has substantial reinsurance protection and strong reinsurance relationships, providing financial resilience against high-frequency and high-severity storm seasons.\nThe company repurchased 226,000 shares at an aggregate cost of $4.4 million, indicating a commitment to returning value to shareholders.\n\n Negative Points \n\nThe adjusted loss per common share increased to $0.73 from $0.16 in the prior year quarter, primarily due to lower underwriting income.\nThe net combined ratio rose to 116.9%, up 6.2 points compared to the prior year quarter, reflecting higher net loss and expense ratios.\nThe net loss ratio increased by 4.7 points to 91.7%, mainly due to higher weather losses from hurricane Helene.\nThe net expense ratio rose by 1.5 points to 25.2%, driven by higher policy acquisition costs and operating costs.\nThe company faces significant financial impacts from recent hurricanes, with estimated losses ranging between $600 million and $900 million.\n\n Q & A Highlights \nQ: Can we talk about the reserve to start with? Just give us some ideas about what the sources of the development was. A: Frank Wilcox, Chief Financial Officer: We had favorable development this quarter of around $2.2 million from prior year catastrophes, including some minor and more significant events like IMA, Matthew, and Michael.\nQ: Any additional detail you can give us on the cat losses in the quarter between Helene and others? Is there anything unusual in those cat losses? A: Stephen Donaghy, Chief Executive Officer: The three hurricanes, Debbie, Helene, and Milton, are expected to cost the company between $600 million and $900 million. Our net retention for these is under $20 million for Debbie, $111 million for Helene, and $45 million for Milton. We are handling claims internally to ensure quality and efficiency.\nQ: Do you think most of the recovery revenue from claims management will happen in the fourth quarter, or might it extend into the first quarter? A: Stephen Donaghy, Chief Executive Officer: We are not sure if all expenses will be recovered in Q4; some may extend into 2025. Our focus is on assisting policyholders and ensuring their recovery.\nQ: Given the weather, what are your thoughts on normalized underwriting results? Are improvements expected next year? A: Stephen Donaghy, Chief Executive Officer: We are optimistic about favorable underwriting results. Our agency relationships are strong, and legislative reforms and rate adjustments have been positive. We are cautious but confident about future growth and stability.\nQ: Are there any additional reinstatement premiums expected following Milton? A: Frank Wilcox, Chief Financial Officer: Many lower-end layers are covered by reinstatement premium protection, so not all would trigger a premium. Stephen Donaghy added that no reinstatement premiums are expected in Q4 due to the pace of claims.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2478057923"}