UVE - Earnings call transcript Q2 2024 | Universal Insurance Holdings, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to Universal Second Quarter 2024 Earnings Conference Call.

As a reminder, this conference call is being recorded. I would now like to turn the conference over to Arash Soleimani, Chief Strategy Officer.

Arash Soleimani

Good morning. Thank you for joining us today. earnings quarterly our to call. Welcome

with On Chief are Donaghy, today Officer; the and call Executive Officer. Frank Steve Financial me Wilcox, Chief

we today's and Before note contain please statements forward-looking discussion non-GAAP may measures. financial begin,

assumptions, involve differ to those actual from statements that could risks Forward-looking materially cause statements. results uncertainties and

of Universal's website. universalinsuranceholdings.com on press financial For section the in non-GAAP and press of more A and of GAAP all our included Universal's also the see at filings, information, at website on release be Investors SEC's the which reconciliation please website comparable universalinsuranceholdings.com. is to release SEC are can measures on and available found measures quarterly the

over Steve. the that, turn With to I'll call

Stephen Donaghy

XX.X% diluted litigation return sequentially a policies XX.X% overall the we claims underwriting annualized equity Florida and Thanks, increased by per were earnings year-over-year since common in adjusted continue quarter, Good Arash. first in everyone. solid quarter In trends. on adjusted second morning, growth and strong for the time increased and driven XXXX. year-over-year. share force row in performance, the force Results a we encouraging see policies to and delivered for

from previously, insurance partners outcome and XXXX-XXXX of the completed renewal for new as we received with reinsurance support the well. reinsurance our mentioned placement and of long-standing we entities. As partners pleased we very program We're our the the our from

reinsurance, of only following Importantly, was cost despite Reinsurance expirations our overall market catastrophe Assist more modestly. the and of private substantially up our Policyholders the bond, having for demand to the layer program

Frank? to walk Frank our it results. over financial turn to I'll through

Frank Wilcox

was $X.XX by the investment premiums from underwriting share The year net offset primarily morning. was prior million, revenue Good partially up Adjusted net per increase Steve. diluted XX.X% commission year-over-year mostly investment $X.XX, growth up lower income, higher stemming Core and with $XXX.X and revenue. common from from earned in of Thanks, net stems income. higher quarter. earnings

million, states. year up and prior and last year million, over prior earned premiums $XXX.X from reflecting other months. XX including in higher were written X.X% growth force. policies higher X.X% rates, premiums written adjustments the Direct Overall reflects quarter, premiums the X.X% Direct up in Florida quarter, were $XXX.X growth direct mostly growth growth in from XX.X% inflation the

points Net up premiums and $XXX reflects decrease earned higher year a premiums current points direct lower the lower current prior primarily ratio million, the earned The loss net loss associated year was attributable to to down X.X a quarter. from year compared the XX.X% primarily increase ratio in were a of ratio. prior ratio. premium and quarter net down reserve earned prior higher development The was the lack quarter, reinsurance lower quarter. costs XX.X% attributable compared with net The the ceded X.X to to year with net quarter. combined premiums the decrease XX.X%, year The is in

year The expense ratio the from unchanged was quarter. prior net XX.X%,

quarterly on of shareholders of cash per record close stock Directors $XX.X During $X.X share approximately million authorization program an remaining. The as XX, the dividend of a $X.XX company million. payable the XXXX X, on quarter, Board XXX,XXX approximately at of second July company's current the shares declared of has business aggregate August the XXXX, to share repurchase XXXX. XX, of common of On repurchased cost August

line like to open the I'd questions. the ask for that, With to operator

Operator

from our Piper comes Paul And first Sandler. question Instructions] [Operator with Newsome

Jon Paul Newsome

of thoughts And got quarter. Congrats sort in I just tort ask. the questions to -- any I've Florida? on reform of impact ask other on to the just going was updated miscellaneous

Stephen Donaghy

affecting from impacts flow [ continues the ], through, relative litigation represented continue legislation we see positive book. of is to to to primarily and and this Paul, Yes, 'XX Steve December Donaghy. the it our

from turned be optimistic share obviously and see cautiously positive and really very So us continue which repurchases optimistic on see impacts, a with right to leads outlook, we happy to positive back, while position in continue we're now. our to to positive the

Jon Paul Newsome

in reserves there development in the any the quarter? wise Great. movement Were

Frank Wilcox

-- this X Paul, Frank. is had We

development So net no, this we quarter X on had reserves.

Jon Paul Newsome

the Okay. looks you've What it losses, good and weather about on quarter, I the all even. knock things was like catastrophe above weather in plan. about think pretty talked It past, like wood,

Frank Wilcox

we loss Yes, quarter, every pick. contained our sure. I well weather within have was but it mean

Jon Paul Newsome

Great.

not we So back lower fairly be push rates reform? to maybe, thoughts rate are something a this at the questions to Is reform filed and back, we're that competition to should the declines. industry on point tort regulators going watching? if Any or some about with given coming tort is get that for quick the in question, whether going of asking level the

Stephen Donaghy

interesting from anything it's an not getting question. or any relative anyone Paul, rates We're pressure else. to

We along. rates of seeing are our on be XXXX. clearly, our analyzing We the currently in reform, passed expecting do is reduction what tort the impacts the to external are in will see supposed with midst of to a actuaries the impact we're be -- and actuaries what

we worry successful. don't then as going again, about the we're But rate we hope company, have And market that forward. the And tremendous is optimistic. as how continue to a But take that always with we we amount weigh we'll as will the be competition. market see a the

proven and adequacy with focused agency be our to our rate force has We on are stellar. really relationship

confidence market our So we be a ability we'll forward in positioned. have and relative the where going high to degree of

Operator

I'd are you. back at any time. no to for to over turn questions There Thank remarks. Steve Donaghy call this the further like closing

Stephen Donaghy

force continued associates, of day. their a Have great consumers, all for Universal. thank support Thank and you. I'd like our agency our to stakeholders our of

Operator

for This the your you does participation. Thank program. conclude

have great Everyone, day. disconnect. now may a You

Universal Insurance (UVE) 26 Jul 242024 Q2 Earnings call transcript