Universal Insurance Holdings(UVE) - 2024 Q2 - Quarterly Report

Financial Performance - Total revenues for the period increased by 12.0% to $380.2 million, up from$339.6 million, driven by a 13.7% increase in net earned premiums to $345.0 million[41]. - Net income for the period was$35.4 million, representing a 24.0% increase compared to $28.6 million in the prior year[41]. - For the six months ended June 30, 2024, net income was$69,073,000, up from $52,739,000 in 2023, indicating a 30.9$35,416,000, compared to $28,566,000 for the same period in 2023, representing a 24.8$2.35 for the six months ended June 30, 2024, up 36.6% from $1.72 in the prior year[105]. Premiums and Policies - For the three months ended June 30, 2024, Florida represented 79.7$578.3 million, an increase of 5.7% from $547.1 million in the previous period[25][41]. - Direct premiums written increased by$67.2 million, or 7.0%, for the six months ended June 30, 2024, driven by premium growth in Florida and other states[95]. - The number of policies-in-force increased by 23,748, or 2.9%, to 833,433 as of June 30, 2024, compared to the same date in 2023[78]. - For the six months ended June 30, 2024, direct premium earned increased by $54.0 million, or 5.9$243.6 million, reflecting ongoing challenges in the Florida market[41]. - General and administrative expenses increased to $87.1 million for the three months ended June 30, 2024, compared to$76.7 million during the same period in 2023[67]. - Total operating costs and expenses increased to $649.5 million, an 11.5$582.5 million in the prior year[105]. - The total costs for reinsurance as a percentage of direct earned premium increased to 33.0%, compared to approximately 31.8% in the previous contract period[79]. Investment Income - The company reported a net investment income of $14.7 million, a significant increase of 29.9$11.3 million in the previous period[41]. - Net investment income rose to $28.2 million for the six months ended June 30, 2024, an increase of 28.2$29.375 million, up from $23.138 million in the same period of 2023[192]. Shareholder Returns - The company declared dividends of$0.16 per common share and $0.25 per preferred share, totaling$4,771 thousand for the quarter ended June 30, 2024[113]. - The company has maintained a consistent dividend policy, reflecting its commitment to returning value to shareholders[113]. Market and Operational Focus - The company operates in 18 states as of June 30, 2024, with a primary focus on residential homeowners' insurance, particularly in Florida[159]. - The company continues to focus on enhancing its operational efficiency and expanding its market presence through strategic investments and product development[113]. Legal and Compliance - The company has established significant in-house legal services to address the high volume of litigated claims as cost-effectively as possible[46]. - The Company issued $100 million of 5.625$50 million revolving credit line with JP Morgan Chase Bank, with no amounts borrowed as of June 30, 2024[213]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to $2,678,535,000, an increase from$2,316,561,000 as of December 31, 2023, reflecting a 15.7% rise[148]. - Total liabilities increased to $2,285,298,000 as of June 30, 2024, compared to$1,975,264,000 at the end of 2023, marking a 15.7% increase[148]. - The company’s total stockholders' equity increased to $393,237,000 as of June 30, 2024, from$341,297,000 at the end of 2023, reflecting a 15.2% growth[148].