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Earnings Call Summary | Universal Insurance Holdings Inc(UVE.US) Q1 2024 Earnings Conference

moomoo AI ·  Apr 26 18:52  · Conference Call

The following is a summary of the Universal Insurance Holdings, Inc. (UVE) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Universal Insurance delivered a strong Q1 with a 29.4% annualized adjusted return on common equity and a 35.4% YoY increase in adjusted diluted earnings per share.

  • The company reported a core revenue increase by 15.4% YoY, due primarily to higher net premiums earned and net investment income.

  • Direct premiums written increased by 8.8% YoY with the net combined ratio down to 95.5%, a 4.5 point drop from the previous year.

Business Progress:

  • The company saw growth in quarterly direct premiums written, primarily due to policy stabilization after underwriting initiatives.

  • Their reinsurance renewal for 2024-2025 is fully set with the addition of strong, new reinsurers.

  • Reported a growth of 5.2% in Florida and 25.6% in other states due to higher rates, inflation adjustments, and stable policies-in-force.

  • The management showed confidence in competitive markets and noted an increasing retention rate quarter-over-quarter.

More details: Universal Insurance Holdings Inc IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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