Universal Insurance Holdings(UVE) - 2024 Q3 - Quarterly Results

Financial Performance - Loss per common share was $0.57, with an adjusted loss per common share of$0.73[1] - Total revenues reached $387.6 million, a 7.6$381.4 million, up 5.4%[6] - The company reported a net loss of $16.2 million in Q3 2024, compared to a loss of$5.9 million in Q3 2023[17] - Basic earnings per share for Q3 2024 were $(0.57), compared to$(0.20) in Q3 2023[18] - The annualized return on average common equity (ROCE) for Q3 2024 was (16.3)%, compared to (7.4)% in Q3 2023[18] - GAAP net income available to common stockholders for the nine months ended September 30, 2024, was $52,902, compared to$46,816 in 2023, showing an increase of 12.5%[23] - The diluted earnings per share for the nine months ended September 30, 2024, was $1.80, compared to$1.54 in 2023, reflecting a year-over-year increase of 16.9%[23] Premiums and Policies - Direct premiums written totaled $574.4 million, representing an 8.0$345.7 million, up 4.4% from the prior year quarter[7] - Direct premiums written for Florida increased to $440,018, up from$430,946, while total direct premiums written rose to $574,351 from$531,988, representing a growth of 7.5% year-over-year[19] - The total number of policies in force increased to 844,539, up from 807,553, with Florida policies slightly up to 570,432 from 570,339[20] Investment and Assets - Net investment income was $15.4 million, an increase from$12.8 million in the prior year quarter[7] - Net investment income rose to $15.4 million in Q3 2024, up from$12.8 million in Q3 2023, marking a 20.5% increase[17] - Total assets increased to $2.65 billion in 2024, compared to$2.32 billion in 2023, representing a growth of 14.4%[16] - Total liabilities grew to $2.25 billion in 2024, up from$1.98 billion in 2023, an increase of 13.7%[16] Book Value - Book value per share increased to $14.15, up 37.0$15.76, up 12.6% year-over-year[1] - Book value per share at the end of Q3 2024 was $14.15, up from$10.33 in Q3 2023, reflecting a 36.5% increase[18] - Adjusted book value per common share increased to $15.76 from$14.00 year-over-year, indicating a growth of 12.6%[24] Ratios and Performance Metrics - The net combined ratio was 116.9%, an increase of 6.2 points compared to the prior year quarter[8] - The ceded premium ratio rose to 31.9%, up from 30.2% in the prior year quarter[6] - The combined ratio for the three months ended September 30, 2024, was 116.9%, compared to 110.7% in 2023, indicating a deterioration in underwriting performance[19] - The loss and loss adjustment expense ratio for the three months ended September 30, 2024, was 91.7%, up from 87.0% in 2023, reflecting increased claims costs[19] Strategic Initiatives - The company opened for business in Wisconsin, expanding its market presence to 19 states[3] - The company plans to enhance its market presence through new product offerings and strategic partnerships in the upcoming quarters[14] Operational Profitability - The company reported an adjusted operating income of $(22,657) for the three months ended September 30, 2024, compared to$(4,530) in 2023, indicating a significant decline in operational profitability[22] Total Insured Value - The total insured value increased to $347,996,437 from$320,580,520, representing an increase of 8.6% year-over-year[20]