United Insurance Holdings Corp. Reports Financial Results for Its Third Quarter Ended September 30, 2017
Company to Host Quarterly Conference Call at
($ in thousands, except per share) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||
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2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Gross premiums written | $ | 267,219 | $ | 194,341 | 37.5 | % | $ | 788,408 | $ | 541,053 | 45.7 | % | ||||||||||
Gross premiums earned | $ | 268,001 | $ | 173,520 | 54.4 | % | $ | 711,650 | $ | 484,607 | 46.9 | % | ||||||||||
Net premiums earned | $ | 152,494 | $ | 120,221 | 26.8 | % | $ | 419,295 | $ | 335,770 | 24.9 | % | ||||||||||
Total revenues | $ | 171,128 | $ | 127,202 | 34.5 | % | $ | 471,834 | $ | 355,684 | 32.7 | % | ||||||||||
Earnings before income tax | $ | (45,487 | ) | $ | 5,041 | (1,002.3 | )% | $ | (26,899 | ) | $ | 24,581 | (209.4 | )% | ||||||||
Net income (loss) | $ | (28,012 | ) | $ | 3,423 | (918.3 | )% | $ | (16,856 | ) | $ | 16,215 | (204.0 | )% | ||||||||
Net income (loss) per diluted share | $ | (0.66 | ) | $ | 0.16 | (512.5 | )% | $ | (0.47 | ) | $ | 0.75 | (162.7 | )% | ||||||||
Reconciliation of net income (loss) to operating income (loss): | ||||||||||||||||||||||
Plus: Merger expenses, net of tax | $ | 8 | $ | 300 | (97.3 | )% | $ | 4,489 | $ | 747 | 500.9 | % | ||||||||||
Plus: Non-cash amortization of intangible assets, net of tax | $ | 6,736 | $ | 2,510 | 168.4 | % | $ | 15,309 | $ | 5,220 | 193.3 | % | ||||||||||
Less: Realized gains (losses), net of tax | $ | (46 | ) | $ | 69 | (166.7 | )% | $ | (360 | ) | $ | 311 | (215.8 | )% | ||||||||
Operating income (loss) | $ | (21,222 | ) | $ | 6,164 | (444.3 | )% | $ | 3,302 | $ | 21,871 | (84.9 | )% | |||||||||
Operating income (loss) per diluted share | $ | (0.50 | ) | $ | 0.28 | (278.6 | )% | $ | 0.09 | $ | 1.01 | (91.1 | )% | |||||||||
Book value per share | $ | 11.73 | $ | 11.99 | (2.2 | )% | ||||||||||||||||
"I'm proud of the way our company performed during the quarter," said
Return on Equity and Operating Return on Equity
Return on Equity is a ratio the Company calculates by dividing the net income for the most recent twelve months by the average shareholder's equity for the most recent twelve months. Operating Return on Equity (see calculation below) is a ratio calculated using non-GAAP measures. It is calculated by dividing the operating income for the most recent twelve months by the average shareholders’ equity for the most recent twelve months. Operating income is an after-tax non-GAAP measure that is calculated by excluding from net income the effect of non-cash amortization of intangible assets, non-recurring expenses such as merger-related professional fees, and realized gains or losses on the Company's investment portfolio. In the opinion of the Company’s management, operating income, operating income per share and operating return on equity are meaningful indicators to investors of the Company's underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses operating income, operating income per share and operating return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The following table reconciles operating return on equity to return on equity, the most directly comparable GAAP measure.
($ in thousands) | Three Months Ended | Nine Months Ended | ||||||||||||||
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2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | (28,012 | ) | $ | 3,423 | $ | (16,856 | ) | $ | 16,215 | ||||||
Return on equity based on GAAP net income (loss) (1) | (29.3 | )% | 5.5 | % | (5.9 | )% | 8.7 | % | ||||||||
Operating income (loss) | $ | (21,222 | ) | $ | 6,164 | $ | 3,302 | $ | 21,871 | |||||||
Operating return on equity (1) | (22.2 | )% | 9.9 | % | 1.2 | % | 11.7 | % | ||||||||
(1) Return on equity is calculated on an annualized basis. |
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The calculations of the Company's combined ratio and underlying combined ratio are shown below.
($ in thousands, except per share) | Three Months Ended | Nine Months Ended | ||||||||||||||||
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2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||
Loss ratio, net(1) | 93.9 | % | 60.5 | % | 33.4 | pts | 70.0 | % | 59.4 | % | 10.6 | pts | ||||||
Expense ratio, net(2) | 47.7 | % | 40.9 | % | 6.8 | pts | 48.4 | % | 39.1 | % | 9.3 | pts | ||||||
Combined ratio (CR)(3) | 141.6 | % | 101.4 | % | 40.2 | pts | 118.4 | % | 98.5 | % | 19.9 | pts | ||||||
Effect of current year catastrophe losses on CR | 54.2 | % | 4.2 | % | 50.0 | pts | 27.4 | % | 7.1 | % | 20.3 | pts | ||||||
Effect of prior year (favorable) development on CR | (0.7 | )% | 4.9 | % | (5.6 | ) pts | (0.7 | )% | 2.9 | % | (3.6 | ) pts | ||||||
Effect of ceding commission income on CR | 6.6 | % | 0.9 | % | 5.7 | pts | 7.2 | % | 0.8 | % | 6.4 | pts | ||||||
Underlying combined ratio(4)(5) | 81.5 | % | 91.4 | % | (9.9 | ) pts | 84.5 | % | 87.7 | % | (3.2 | ) pts |
(1) | Loss ratio, net is calculated as losses and loss adjustment expenses (LAE) relative to net premiums earned. | |
(2) | Expense ratio, net is calculated as the sum of all operating expenses less interest expense relative to net premiums earned. | |
(3) | Combined ratio is the sum of the loss ratio, net and expense ratio, net. | |
(4) |
Underlying combined ratio, a measure that is not based on |
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(5) | Included in both the expense ratio and the combined ratio are |
Quarterly Financial Results
Net loss for the third quarter of 2017 was
The Company's total gross written premium increased by
($ in thousands) | Three Months Ended |
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2017 | 2016 | Change | Growth % | ||||||||||||
Direct Written and Assumed Premium by Region (1) | |||||||||||||||
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$ | 130,309 | $ | 83,816 | $ | 46,493 | 55.5 | % | |||||||
Gulf | 58,240 | 47,279 | 10,961 | 23.2 | |||||||||||
Northeast | 43,652 | 39,265 | 4,387 | 11.2 | |||||||||||
Southeast | 25,431 | 24,070 | 1,361 | 5.7 | |||||||||||
Total direct written premium by region | 257,632 | 194,430 | 63,202 | 32.5 | % | ||||||||||
Assumed premium (2) | 9,587 | (89 | ) | 9,676 | (10,871.9 | ) | |||||||||
Total gross written premium by region | $ | 267,219 | $ | 194,341 | $ | 72,878 | 37.5 | % | |||||||
Gross Written Premium by Line of Business | |||||||||||||||
Personal property | $ | 217,970 | $ | 189,278 | $ | 28,692 | 15.2 | % | |||||||
Commercial property | 49,249 | 5,063 | 44,186 | 872.7 | |||||||||||
Total gross written premium by line of business | $ | 267,219 | $ | 194,341 | $ | 72,878 | 37.5 | % |
(1) | Each region is comprised of the following states: Gulf includes |
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(2) | Assumed premium written for 2017 includes commercial property business assumed from an unaffiliated insurer and 2016 premium assumed includes homeowners business from |
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Loss and LAE increased by
During the third quarter of 2017, the Company's catastrophe losses included claims from Hurricane Harvey, which made landfall as a category 4 storm in
Policy acquisition costs increased by
Operating expenses increased by
General and administrative expenses increased by
Combined Ratio Analysis
The calculations of the Company's loss ratios and underlying loss ratios are shown below.
($ in thousands) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
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2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||
Loss and LAE | $ | 143,127 | $ | 72,746 | $ | 70,381 | $ | 293,398 | $ | 199,615 | $ | 93,783 | ||||||||||||
% of Gross earned premiums | 53.4 | % | 41.9 | % | 11.5 | pts | 41.2 | % | 41.2 | % | — | pts | ||||||||||||
% of Net earned premiums | 93.9 | % | 60.5 | % | 33.4 | pts | 70.0 | % | 59.4 | % | 10.6 | pts | ||||||||||||
Less: | ||||||||||||||||||||||||
Current year catastrophe losses | $ | 82,615 | $ | 5,109 | $ | 77,506 | $ | 115,025 | $ | 23,885 | $ | 91,140 | ||||||||||||
Prior year reserve (favorable) development | (1,029 | ) | 5,909 | (6,938 | ) | (2,819 | ) | 9,585 | (12,404 | ) | ||||||||||||||
Underlying Loss and LAE (1) | $ | 61,541 | $ | 61,728 | $ | (187 | ) | $ | 181,192 | $ | 166,145 | $ | 15,047 | |||||||||||
% of Gross earned premiums | 23.0 | % | 35.6 | % | (12.6 | ) pts | 25.5 | % | 34.3 | % | (8.8 | ) pts | ||||||||||||
% of Net earned premiums | 40.4 | % | 51.4 | % | (11.0 | ) pts | 43.2 | % | 49.4 | % | (6.2 | ) pts |
(1) |
Underlying Loss and LAE is a non-GAAP financial measure and is reconciled above to Net Loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented can be found in this press release is in the "Definitions of Non-GAAP Measures" section, below. |
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The calculations of the Company's expense ratio and underlying expense ratios are shown below.
($ in thousands) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
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2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||
Policy acquisition costs | $ | 46,546 | $ | 31,333 | $ | 15,213 | $ | 125,302 | $ | 84,086 | $ | 41,216 | ||||||||||||
Operating and underwriting | 6,891 | 5,558 | 1,333 | 19,020 | 15,326 | 3,694 | ||||||||||||||||||
General and administrative | 19,316 | 12,329 | 6,987 | 58,825 | 31,759 | 27,066 | ||||||||||||||||||
Total Operating Expenses | $ | 72,753 | $ | 49,220 | $ | 23,533 | $ | 203,147 | $ | 131,171 | $ | 71,976 | ||||||||||||
% of Gross earned premiums | 27.1 | % | 28.4 | % | (1.3 | ) pts | 28.5 | % | 27.1 | % | 1.4 | pts | ||||||||||||
% of Net earned premiums | 47.7 | % | 40.9 | % | 6.8 | pts | 48.4 | % | 39.1 | % | 9.3 | pts | ||||||||||||
Less: | ||||||||||||||||||||||||
Ceding commission income | $ | 10,091 | $ | 1,031 | $ | 9,060 | $ | 30,185 | $ | 2,796 | $ | 27,389 | ||||||||||||
Merger expenses and amortization | 10,374 | 4,324 | 6,050 | 30,457 | 9,181 | 21,276 | ||||||||||||||||||
Underlying Expense (1) | $ | 52,288 | $ | 43,865 | $ | 8,423 | $ | 142,505 | $ | 119,194 | $ | 23,311 | ||||||||||||
% of Gross earned premiums | 19.5 | % | 25.3 | % | (5.8 | ) pts | 20.0 | % | 24.6 | % | (4.6 | ) pts | ||||||||||||
% of Net earned premiums | 34.3 | % | 36.5 | % | (2.2 | ) pts | 34.0 | % | 35.5 | % | (1.5 | ) pts |
(1) |
Underlying Expense is a non-GAAP financial measure and is reconciled above to total operating expenses, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
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Reinsurance Costs as a % of Earned Premium
Excluding the Company's flood business, for which it cedes 100% of the risk of loss, reinsurance costs in the third quarter of 2017 were 41.3% of gross premiums earned compared to 27.8% of gross premiums earned for the third quarter of 2016. The increase in this ratio was driven entirely by the Company's quota share reinsurance program, which was in effect during the third quarter of 2017 but not during the third quarter of 2016. If not for the effects of the quota share, the Company's reinsurance costs as a percent of earned premium would have decreased by 1.1 points during the quarter.
Investment Portfolio Highlights
The Company's cash and investment holdings totaled
Book Value Analysis
Book value per share increased 5.2% from
($ in thousands, except for per share data) | |
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2017 | 2016 | ||||||
Book Value per Share | |||||||
Numerator: | |||||||
Common shareholders' equity | $ | 501,216 | $ | 241,327 | |||
Denominator: | |||||||
Total Shares Outstanding | 42,741,004 | 21,646,614 | |||||
Book Value Per Common Share | $ | 11.73 | $ | 11.15 | |||
Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI) | |||||||
Numerator: | |||||||
Common shareholders' equity | $ | 501,216 | $ | 241,327 | |||
Accumulated other comprehensive income | 7,678 | 822 | |||||
Shareholders' Equity, excluding AOCI | $ | 493,538 | $ | 240,505 | |||
Denominator: | |||||||
Total Shares Outstanding | 42,741,004 | 21,646,614 | |||||
Underlying Book Value Per Common Share(1) | $ | 11.55 | $ | 11.11 |
(1) |
Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
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Definitions of Non-GAAP Measures
We believe that investors' understanding of
Combined ratio excluding the effects of current year catastrophe losses, prior year reserve development and ceding commission income earned (underlying combined ratio) is a non-GAAP ratio, which is computed by subtracting the effect of current year catastrophe losses, prior year development, and ceding commission income earned related to the Company's quota share reinsurance agreement from the combined ratio. The Company believes that this ratio is useful to investors and it is used by management to reveal the trends in the Company's business that may be obscured by current year catastrophe losses, losses from lines in run-off, prior year development, and ceding commission income earned. Current year catastrophe losses cause the Company's loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under the Company's quota share agreement. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most direct comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company's business.
Net Loss and LAE excluding the effects of current year catastrophe losses and reserve development (underlying Loss and LAE) is a non-GAAP measure which is computed by subtracting current year catastrophe losses and prior year reserve development from Loss and LAE.
Operating Expense excluding the effects of ceding commission income earned, merger expenses, and amortization of intangible assets (underlying expense) is a non-GAAP measure which is computed by subtracting ceding income earned related to the Company's quota share reinsurance agreement, merger expenses and amortization from operating expenses. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under the Company's quota share reinsurance agreement. Merger expenses are directly related to past mergers and are not reflective of current period operating performance. Similarly, amortization expense is related to the amortization of intangible assets acquired through merger and therefore the expense does not arise through normal operations. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most direct comparable GAAP measure is the expense ratio. The underlying expense measure should not be considered a substitute for the expense ratio and does not reflect the overall profitability of the Company's business.
Net Income excluding the effects of merger expenses, non-cash amortization of intangible assets and realized gains (losses), net of tax (operating income) is a non-GAAP measure which is computed by adding merger expenses, net of tax, and amortization, net of tax, to net income and subtracting realized gains (losses) net of tax, from net income. Merger expenses are directly related to past mergers and are not reflective of current period operating performance. Similarly, amortization expense is related to the amortization of intangible assets acquired through merger and therefore the expense does not arise through normal operations. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most direct comparable GAAP measure is net income. The operating income measure should not be considered a substitute for net income and does not reflect the overall profitability of the Company's business.
Conference Call Details |
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Date and Time: |
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Participant Dial-In: |
( |
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(International): 201-493-6724 | ||
Webcast: |
To listen to the live webcast, please go to www.upcinsurance.com (Investor Relations) and click on the conference call link, or go to: http://upcinsurance.equisolvewebcast.com/q3-2017 |
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About
Founded in 1999,
Forward-Looking Statements
Statements in this press release, the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” or “continue” or the negative variations thereof or comparable terminology are intended to identify forward-looking statements. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the
Consolidated Statements of Comprehensive Income In thousands, except share and per share amounts |
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Three Months Ended | Nine Months Ended | |||||||||||||||
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2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUE: | ||||||||||||||||
Gross premiums written | $ | 267,219 | $ | 194,341 | $ | 788,408 | $ | 541,053 | ||||||||
Decrease (increase) in gross unearned premiums | 782 | (20,821 | ) | (76,758 | ) | (56,446 | ) | |||||||||
Gross premiums earned | 268,001 | 173,520 | 711,650 | 484,607 | ||||||||||||
Ceded premiums earned | (115,507 | ) | (53,299 | ) | (292,355 | ) | (148,837 | ) | ||||||||
Net premiums earned | 152,494 | 120,221 | 419,295 | 335,770 | ||||||||||||
Investment income | 4,901 | 2,663 | 12,489 | 7,786 | ||||||||||||
Net realized gains (losses) | (71 | ) | 106 | (554 | ) | 478 | ||||||||||
Other revenue | 13,804 | 4,212 | 40,604 | 11,650 | ||||||||||||
Total revenues | $ | 171,128 | $ | 127,202 | $ | 471,834 | $ | 355,684 | ||||||||
EXPENSES: | ||||||||||||||||
Losses and loss adjustment expenses | 143,127 | 72,746 | 293,398 | 199,615 | ||||||||||||
Policy acquisition costs | 46,546 | 31,333 | 125,302 | 84,086 | ||||||||||||
Operating expenses | 6,891 | 5,558 | 19,020 | 15,326 | ||||||||||||
General and administrative expenses | 19,316 | 12,329 | 58,825 | 31,759 | ||||||||||||
Interest expense | 771 | 206 | 2,282 | 397 | ||||||||||||
Total expenses | 216,651 | 122,172 | 498,827 | 331,183 | ||||||||||||
Income (loss) before other income | (45,523 | ) | 5,030 | (26,993 | ) | 24,501 | ||||||||||
Other income | 36 | 11 | 94 | 80 | ||||||||||||
Income (loss) before income taxes | (45,487 | ) | 5,041 | (26,899 | ) | 24,581 | ||||||||||
Provision (benefit) for income taxes | (17,475 | ) | 1,618 | (10,043 | ) | 8,366 | ||||||||||
Net income (loss) | $ | (28,012 | ) | $ | 3,423 | $ | (16,856 | ) | $ | 16,215 | ||||||
OTHER COMPREHENSIVE INCOME: | ||||||||||||||||
Change in net unrealized gains (losses) on investments | 2,672 | (3,495 | ) | 10,509 | 10,305 | |||||||||||
Reclassification adjustment for net realized investment losses (gains) | 71 | (106 | ) | 554 | (478 | ) | ||||||||||
Income tax expense (benefit) related to items of other comprehensive income | (1,050 | ) | 1,298 | (4,207 | ) | (3,776 | ) | |||||||||
Total comprehensive income (loss) | $ | (26,319 | ) | $ | 1,120 | $ | (10,000 | ) | $ | 22,266 | ||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 42,524,400 | 21,448,892 | 35,341,994 | 21,406,599 | ||||||||||||
Diluted | 42,741,004 | 21,643,401 | 35,563,032 | 21,604,135 | ||||||||||||
Earnings per share | ||||||||||||||||
Basic | $ | (0.66 | ) | $ | 0.16 | $ | (0.48 | ) | $ | 0.76 | ||||||
Diluted | $ | (0.66 | ) | $ | 0.16 | $ | (0.47 | ) | $ | 0.75 | ||||||
Dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.17 | ||||||||
Consolidated Balance Sheets In thousands, except share amounts |
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ASSETS | ||||||||
Investments available for sale, at fair value: | ||||||||
Fixed maturities | $ | 718,785 | $ | 494,516 | ||||
Equity securities | 61,639 | 28,398 | ||||||
Other investments | 8,157 | 5,733 | ||||||
Total investments | $ | 788,581 | $ | 528,647 | ||||
Cash and cash equivalents | 280,268 | 150,688 | ||||||
Accrued investment income | 5,229 | 3,735 | ||||||
Property and equipment, net | 19,344 | 17,860 | ||||||
Premiums receivable, net | 70,019 | 38,883 | ||||||
Reinsurance recoverable on paid and unpaid losses | 489,348 | 24,028 | ||||||
Prepaid reinsurance premiums | 285,121 | 132,564 | ||||||
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59,679 | 14,254 | ||||||
Deferred policy acquisition costs | 101,314 | 65,473 | ||||||
Intangible assets | 55,109 | 12,371 | ||||||
Other assets | 29,210 | 11,183 | ||||||
Total Assets | $ | 2,183,222 | $ | 999,686 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Liabilities: | ||||||||
Unpaid losses and loss adjustment expenses | $ | 682,161 | $ | 140,855 | ||||
Unearned premiums | 577,805 | 372,223 | ||||||
Reinsurance payable | 241,768 | 99,891 | ||||||
Other liabilities | 127,153 | 91,215 | ||||||
Notes payable | 53,119 | 54,175 | ||||||
Total Liabilities | $ | 1,682,006 | $ | 758,359 | ||||
Commitments and contingencies | ||||||||
Stockholders' Equity: | ||||||||
Preferred stock, |
— | — | ||||||
Common stock, |
4 | 2 | ||||||
Additional paid-in capital | 375,666 | 99,353 | ||||||
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(431 | ) | (431 | ) | ||||
Accumulated other comprehensive income | 7,678 | 822 | ||||||
Retained earnings | 118,299 | 141,581 | ||||||
Total Stockholders' Equity | $ | 501,216 | $ | 241,327 | ||||
Total Liabilities and Stockholders' Equity | $ | 2,183,222 | $ | 999,686 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20171106006241/en/
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Source:
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