Universal Insurance Holdings Reports Third Quarter 2019 Results
- 3Q19 total revenue up 11.4% to
$229.6 million ; YTD19 up 15.2% to$699.9 million - 3Q19 direct premiums written (“DPW”) up 10.9% to
$342.9 million ; YTD19 up 7.4% to$990.1 million - 3Q19 other states (non-
Florida ) DPW up 27.6%; YTD19 up 29.1% - 3Q19 diluted GAAP earnings per share (“EPS”) of
$0.59 , non-GAAP adjusted EPS1 of$0.61 - Year-over-year book value per share up 12.7% to
$17.13 - YTD19 diluted GAAP EPS of
$2.82 , non-GAAP adjusted EPS1 of$2.67 - YTD19 combined ratio of 90.5%
- YTD19 annualized return on average equity of 23.9%
- YTD19 Returned a record
$49.9 million to shareholders through opportunistic share repurchases
“We achieved double digit revenue growth for both the third quarter and year-to-date periods, with solid profitability, resulting in a strong year-to-date total annualized return on average equity of 23.9%,” said
1 |
Excludes net realized and unrealized gains and losses on investments as well as extraordinary reinstatement premiums and associated commissions (“non-GAAP adjusted EPS”). Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables. |
Summary Financial Results
($thousands, except per share data) |
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||||||||
|
2019 |
|
2018 |
|
Change |
|
|
2019 |
|
2018 |
|
Change |
||||||||||
(GAAP comparison) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenue |
$ |
229,641 |
|
|
$ |
206,155 |
|
|
11.4 |
% |
|
|
$ |
699,949 |
|
|
$ |
607,443 |
|
|
15.2 |
% |
Income before income taxes |
27,896 |
|
|
51,167 |
|
|
(45.5 |
)% |
|
|
132,570 |
|
|
164,114 |
|
|
(19.2 |
)% |
||||
Income before income taxes margin |
12.1 |
% |
|
24.8 |
% |
|
(12.7 |
) pts |
|
|
18.9 |
% |
|
27.0 |
% |
|
(8.1 |
) pts |
||||
Diluted EPS |
$ |
0.59 |
|
|
$ |
1.04 |
|
|
(43.3 |
)% |
|
|
$ |
2.82 |
|
|
$ |
3.45 |
|
|
(18.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Annualized return on average equity (ROE) |
14.0 |
% |
|
28.4 |
% |
|
(14.4 |
) pts |
|
|
23.9 |
% |
|
33.1 |
% |
|
(9.2 |
) pts |
||||
Book value per share, end of period |
17.13 |
|
|
15.20 |
|
|
12.7 |
% |
|
|
17.13 |
|
|
15.20 |
|
|
12.7 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Non-GAAP comparison)2 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted operating income |
28,476 |
|
|
66,826 |
|
|
(57.4 |
)% |
|
|
125,520 |
|
|
189,518 |
|
|
(33.8 |
)% |
||||
Adjusted EPS |
$ |
0.61 |
|
|
$ |
1.37 |
|
|
(55.5 |
)% |
|
|
$ |
2.67 |
|
|
$ |
3.98 |
|
|
(32.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2 Reconciliation of GAAP to non-GAAP financial measures are provided in the attached tables. Adjusted operating income excludes net realized and unrealized gains and losses on investments, interest expense, and extraordinary reinstatement premiums and associated commissions. Non-GAAP adjusted EPS excludes net realized and unrealized gains and losses on investments, as well as extraordinary reinstatement premiums and associated commissions. |
Total revenue grew double digits for both the quarter and year-to-date periods, driven primarily by continued organic premium volume growth, pricing and investment portfolio performance. Income before income tax produced a 12.1% margin for the quarter, impacted by weather events above plan, partially offset by returns on our investment portfolio and integrated services performance. Year-to-date income before income tax produced an 18.9% margin. GAAP diluted EPS and non-GAAP adjusted EPS results for both the quarter and year-to-date reflect positive momentum from premium growth, investment performance and a reduced share count, offset by a higher core booked loss ratio (when compared to 2018), weather events above plan and a lower benefit from integrated services as prior years’ claims concluded. In addition, the year-to-date EPS decline relative to 2018 was driven by a pre-tax
Underwriting
($thousands, except policies in force) |
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||||||||
|
2019 |
|
2018 |
|
Change |
|
|
2019 |
|
2018 |
|
Change |
||||||||||
Policies in force (as of end of period) |
872,603 |
|
|
818,493 |
|
|
6.6 |
% |
|
|
872,603 |
|
|
818,493 |
|
|
6.6 |
% |
||||
Premiums in force (as of end of period) |
$ |
1,267,681 |
|
|
$ |
1,168,372 |
|
|
8.5 |
% |
|
|
$ |
1,267,681 |
|
|
$ |
1,168,372 |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Direct premiums written |
$ |
342,872 |
|
|
$ |
309,176 |
|
|
10.9 |
% |
|
|
$ |
990,066 |
|
|
$ |
921,941 |
|
|
7.4 |
% |
Direct premiums earned |
313,065 |
|
|
288,404 |
|
|
8.6 |
% |
|
|
911,550 |
|
|
824,692 |
|
|
10.5 |
% |
||||
Net premiums earned |
206,599 |
|
|
188,938 |
|
|
9.3 |
% |
|
|
626,683 |
|
|
563,787 |
|
|
11.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Expense ratio3 |
33.5 |
% |
|
36.5 |
% |
|
(3.0 |
) pts |
|
|
33.2 |
% |
|
33.9 |
% |
|
(0.7 |
) pts |
||||
Loss & LAE ratio |
64.3 |
% |
|
45.5 |
% |
|
18.8 |
pts |
|
|
57.3 |
% |
|
44.6 |
% |
|
12.7 |
pts |
||||
Combined ratio |
97.8 |
% |
|
82.0 |
% |
|
15.8 |
pts |
|
|
90.5 |
% |
|
78.6 |
% |
|
11.9 |
pts |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
3 Expense ratio excludes interest expense. |
Direct premiums written were up double digits for the quarter, led by the full quarter’s impact of rate increases in
On the expense side, the combined ratio increased 15.8 points for the quarter and 11.9 points year-to-date. The increases were driven primarily by increased losses in connection with the diversified growth in the Company’s underlying business, increased core booked loss ratio at the start of 2019, weather events above plan and a reduced benefit from our claims adjusting business, partially offset by a reduction in the expense ratio as set forth below.
- The expense ratio improved by 3 points for the quarter, primarily related to a 2.3 point improvement in the other operating expense ratio. Year-to-date, the expense ratio improved by 70 basis points. The year-to-date improvement was driven by a 1.7 point decrease in the other operating expense ratio, which was partially offset by a 90 basis point increase in the policy acquisition cost ratio.
- The improvement in the other operating expense ratio for the quarter and year-to-date periods was due to economies of scale, executive compensation reductions, and higher reinstatement premiums in the prior year’s comparison, affecting the base of the ratio.
- The increase in the policy acquisition cost ratio year-to-date relative to the first nine months of 2018 was due to a non-recurring benefit of
$6.5 million recorded in the second quarter of 2018 related to a refund of prior year premium taxes as a result of a settlement with theFlorida Department of Revenue , and higher reinstatement premiums in the prior year’s comparison, affecting the base of the ratio.
- The net loss and loss adjustment expense (“LAE”) ratio increased 18.8 points for the quarter and 12.7 points year-to-date. Quarterly and year-to-date drivers include:
- Weather events in excess of plan of
$15 million or 7.3 points ($7.5 million in 3Q18) for the quarter was related to weather events inMinnesota and a series of wind events in southeastern states, including Hurricane Dorian. Year-to-date, weather events in excess of plan were$22.0 million or 3.5 points ($12.5 million in YTD18). - Prior year reserve development of
$3.2 million or 1.6 points for the quarter (immaterial in 3Q18) and$3.7 million or 60 basis points year-to-date ($2.2 million YTD18) were related to prior year’s catastrophe events. - All other losses and loss adjustment expense of
$114.4 million or 55.4 points for the quarter, and$333.3 million or 53.2 points for the year-to-date period, were primarily related to diversified growth, an increase in our core booked loss ratio at the start of 2019, and a reduced benefit from our adjusting business as prior years’ claims concluded.
- Weather events in excess of plan of
Services
($thousands) |
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||||||||
|
2019 |
|
2018 |
|
Change |
|
|
2019 |
|
2018 |
|
Change |
||||||||||
Commission revenue |
$ |
7,380 |
|
|
$ |
5,658 |
|
|
30.4 |
% |
|
|
$ |
18,933 |
|
|
$ |
16,638 |
|
|
13.8 |
% |
Policy fees |
5,569 |
|
|
5,204 |
|
|
7.0 |
% |
|
|
16,587 |
|
|
15,743 |
|
|
5.4 |
% |
||||
Other revenue |
1,929 |
|
|
1,783 |
|
|
8.2 |
% |
|
|
5,369 |
|
|
5,258 |
|
|
2.1 |
% |
||||
Total |
$ |
14,878 |
|
|
$ |
12,645 |
|
|
17.7 |
% |
|
|
$ |
40,889 |
|
|
$ |
37,639 |
|
|
8.6 |
% |
Total services revenue increased 17.7% for the quarter and 8.6% year-to-date. The increase was driven by commission revenue earned on ceded premiums and an increase in policy fees and other revenue related to volume.
Investments
($thousands) |
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||||||||
|
2019 |
|
2018 |
|
Change |
|
|
2019 |
|
2018 |
|
Change |
||||||||||
Net investment income |
$ |
7,613 |
|
|
$ |
6,642 |
|
|
14.6 |
% |
|
|
$ |
23,165 |
|
|
$ |
17,213 |
|
|
34.6 |
% |
Realized gains (losses) |
(22 |
) |
|
403 |
|
|
NM |
|
|
(13,152 |
) |
|
(2,093 |
) |
|
NM |
||||||
Unrealized gains (losses) |
573 |
|
|
(2,473 |
) |
|
NM |
|
|
22,364 |
|
|
(9,103 |
) |
|
NM |
||||||
NM = Not Meaningful |
||||||||||||||||||||||
Net investment income increased 14.6% for the quarter and 34.6% year-to-date, primarily due to increased assets under management and an asset mix shift to higher yielding investment grade bonds during 2018 and 2019 which are having a greater impact on net investment income. Yields from the fixed income portfolio are dependent on future market forces, monetary policy and interest rate policy from the
Capital Deployment
During the third quarter, the Company repurchased approximately 964 thousand shares at an aggregate cost of
On
Conference Call and Webcast
-
Thursday, October 31, 2019 at9:00 a.m. ET -
U.S. Dial -in Number: (855) 752-6647 - International: (503) 343-6667
- Participant code: 9183243
- Listen to live webcast and view presentation: UniversalInsuranceHoldings.com
- Replay of the call will be available on the UVE website and by phone at (855) 859-2056 or internationally at (404) 537-3406 using the participant code: 9183243 through
November 14, 2019
About
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “will,” “plan,” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on plans, products and lines of business, marketing arrangements, reinsurance programs and other business developments and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future results could differ materially from those described, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risk factors that could affect the Company’s operations and future results, refer to the Company’s reports filed with the
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data) |
||||||||
|
|
|
|
|
||||
|
|
2019 |
|
2018 |
||||
ASSETS: |
|
|
|
|
||||
Invested Assets |
|
|
|
|
||||
Fixed maturities, at fair value |
|
$ |
878,567 |
|
|
$ |
820,438 |
|
Equity securities, at fair value |
|
43,141 |
|
|
63,277 |
|
||
Investment real estate, net |
|
15,688 |
|
|
24,439 |
|
||
Total invested assets |
|
937,396 |
|
|
908,154 |
|
||
Cash and cash equivalents |
|
159,638 |
|
|
166,428 |
|
||
Restricted cash and cash equivalents |
|
2,635 |
|
|
2,635 |
|
||
Prepaid reinsurance premiums |
|
280,297 |
|
|
142,750 |
|
||
Reinsurance recoverable |
|
217,301 |
|
|
418,603 |
|
||
Premiums receivable, net |
|
70,388 |
|
|
59,858 |
|
||
Property and equipment, net |
|
41,016 |
|
|
34,991 |
|
||
Deferred policy acquisition costs |
|
94,820 |
|
|
84,686 |
|
||
|
|
2,319 |
|
|
2,319 |
|
||
Other assets |
|
23,468 |
|
|
37,966 |
|
||
TOTAL ASSETS |
|
$ |
1,829,278 |
|
|
$ |
1,858,390 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
LIABILITIES: |
|
|
|
|
||||
Unpaid losses and loss adjustment expenses |
|
$ |
166,342 |
|
|
$ |
472,829 |
|
Unearned premiums |
|
680,195 |
|
|
601,679 |
|
||
Advance premium |
|
40,669 |
|
|
26,222 |
|
||
Reinsurance payable, net |
|
300,094 |
|
|
93,306 |
|
||
Long-term debt |
|
10,294 |
|
|
11,397 |
|
||
Other liabilities |
|
62,703 |
|
|
151,324 |
|
||
Total liabilities |
|
1,260,297 |
|
|
1,356,757 |
|
||
STOCKHOLDERS' EQUITY: |
|
|
|
|
||||
Cumulative convertible preferred stock ( |
|
— |
|
|
— |
|
||
Common stock ( |
|
467 |
|
|
465 |
|
||
|
|
(180,331 |
) |
|
(130,399 |
) |
||
Additional paid-in capital |
|
93,546 |
|
|
86,353 |
|
||
Accumulated other comprehensive income (loss), net of taxes |
|
21,089 |
|
|
(8,010 |
) |
||
Retained earnings |
|
634,210 |
|
|
553,224 |
|
||
Total stockholders' equity |
|
568,981 |
|
|
501,633 |
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
1,829,278 |
|
|
$ |
1,858,390 |
|
|
|
|
|
|
||||
Notes: |
|
|
|
|
||||
4 Cumulative convertible preferred stock ( |
||||||||
5 Common stock ( |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands) |
|||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
||||||||
REVENUES |
|
|
|
|
|
|
|
|
|
||||||||
Net premiums earned |
|
$ |
206,599 |
|
|
$ |
188,938 |
|
|
|
$ |
626,683 |
|
|
$ |
563,787 |
|
Net investment income |
|
7,613 |
|
|
6,642 |
|
|
|
23,165 |
|
|
17,213 |
|
||||
Net realized gains/(losses) on investments |
|
(22 |
) |
|
403 |
|
|
|
(13,152 |
) |
|
(2,093 |
) |
||||
Net change in unrealized gains/(losses) of equity securities |
|
573 |
|
|
(2,473 |
) |
|
|
22,364 |
|
|
(9,103 |
) |
||||
Commission revenue |
|
7,380 |
|
|
5,658 |
|
|
|
18,933 |
|
|
16,638 |
|
||||
Policy fees |
|
5,569 |
|
|
5,204 |
|
|
|
16,587 |
|
|
15,743 |
|
||||
Other revenue |
|
1,929 |
|
|
1,783 |
|
|
|
5,369 |
|
|
5,258 |
|
||||
Total revenues |
|
$ |
229,641 |
|
|
$ |
206,155 |
|
|
|
$ |
699,949 |
|
|
$ |
607,443 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
EXPENSES |
|
|
|
|
|
|
|
|
|
||||||||
Losses and loss adjustment expenses |
|
$ |
132,571 |
|
|
$ |
85,947 |
|
|
|
$ |
358,961 |
|
|
$ |
251,715 |
|
Policy acquisition costs |
|
45,131 |
|
|
42,745 |
|
|
|
132,863 |
|
|
114,333 |
|
||||
Other operating expenses |
|
23,986 |
|
|
26,207 |
|
|
|
75,352 |
|
|
77,023 |
|
||||
Interest expense |
|
57 |
|
|
89 |
|
|
|
203 |
|
|
258 |
|
||||
Total expenses |
|
$ |
201,745 |
|
|
$ |
154,988 |
|
|
|
$ |
567,379 |
|
|
$ |
443,329 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income before income tax expense |
|
$ |
27,896 |
|
|
$ |
51,167 |
|
|
|
$ |
132,570 |
|
|
$ |
164,114 |
|
Income tax expense |
|
$ |
7,750 |
|
|
$ |
13,787 |
|
|
|
$ |
34,983 |
|
|
$ |
40,595 |
|
NET INCOME |
|
$ |
20,146 |
|
|
$ |
37,380 |
|
|
|
$ |
97,587 |
|
|
$ |
123,519 |
|
SHARE AND PER SHARE INFORMATION (in thousands, except per share data) |
|||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
||||||||
Weighted average common shares outstanding - basic |
|
33,649 |
|
|
34,861 |
|
|
|
34,230 |
|
|
34,870 |
|
||||
Weighted average common shares outstanding - diluted |
|
33,930 |
|
|
35,919 |
|
|
|
34,565 |
|
|
35,754 |
|
||||
Shares outstanding, end of period |
|
33,211 |
|
|
34,933 |
|
|
|
33,211 |
|
|
34,933 |
|
||||
Basic earnings per common share |
|
$ |
0.60 |
|
|
$ |
1.07 |
|
|
|
$ |
2.85 |
|
|
$ |
3.54 |
|
Diluted earnings per common share |
|
$ |
0.59 |
|
|
$ |
1.04 |
|
|
|
$ |
2.82 |
|
|
$ |
3.45 |
|
Cash dividend declared per common share |
|
$ |
0.16 |
|
|
$ |
0.16 |
|
|
|
$ |
0.48 |
|
|
$ |
0.44 |
|
Book value per share, end of period |
|
17.13 |
|
|
15.20 |
|
|
|
17.13 |
|
|
15.20 |
|
||||
Annualized return on average equity (ROE) |
|
14.0 |
% |
|
28.4 |
% |
|
|
23.9 |
% |
|
33.1 |
% |
SUPPLEMENTARY INFORMATION (in thousands, except for Policies In Force data) |
|||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
||||||||
Premiums |
|
|
|
|
|
|
|
|
|
||||||||
Direct premiums written - |
|
$ |
280,141 |
|
|
$ |
260,024 |
|
|
|
$ |
819,185 |
|
|
$ |
789,539 |
|
Direct premiums written - Other States |
|
62,731 |
|
|
49,152 |
|
|
|
170,881 |
|
|
132,402 |
|
||||
Direct premiums written - Total |
|
$ |
342,872 |
|
|
$ |
309,176 |
|
|
|
$ |
990,066 |
|
|
$ |
921,941 |
|
Direct premiums earned |
|
$ |
313,065 |
|
|
$ |
288,404 |
|
|
|
$ |
911,550 |
|
|
$ |
824,692 |
|
Net premiums earned |
|
$ |
206,599 |
|
|
$ |
188,938 |
|
|
|
$ |
626,683 |
|
|
$ |
563,787 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Underwriting Ratios - Net |
|
|
|
|
|
|
|
|
|
||||||||
Loss and loss adjustment expense ratio |
|
64.3 |
% |
|
45.5 |
% |
|
|
57.3 |
% |
|
44.6 |
% |
||||
Policy acquisition cost ratio |
|
21.8 |
% |
|
22.6 |
% |
|
|
21.2 |
% |
|
20.3 |
% |
||||
Other operating expense ratio6 |
|
11.6 |
% |
|
13.9 |
% |
|
|
12.0 |
% |
|
13.7 |
% |
||||
General and administrative expense ratio6 |
|
33.5 |
% |
|
36.5 |
% |
|
|
33.2 |
% |
|
33.9 |
% |
||||
Combined ratio |
|
97.8 |
% |
|
82.0 |
% |
|
|
90.5 |
% |
|
78.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Other Items |
|
|
|
|
|
|
|
|
|
||||||||
(Favorable)/Unfavorable prior year reserve development |
|
$ |
3,218 |
|
|
$ |
(39 |
) |
|
|
$ |
3,703 |
|
|
$ |
2,227 |
|
Points on the loss and loss adjustment expense ratio |
|
156 |
bps |
|
(2 |
)bps |
|
|
59 |
bps |
|
40 |
bps |
||||
|
|
|
|
|
|
|
|
|
|
||||||||
6 Expense ratio excludes interest expense. |
|
|
|
|
|
|
|
|
|
|
|
As of |
||||||
|
|
|
||||||
|
|
2019 |
|
2018 |
||||
Policies in force |
|
|
|
|
||||
|
|
653,202 |
|
|
636,985 |
|
||
Other States |
|
219,401 |
|
|
181,508 |
|
||
Total |
|
872,603 |
|
|
818,493 |
|
||
|
|
|
|
|
||||
Premiums in force |
|
|
|
|
||||
|
|
$ |
1,051,030 |
|
|
$ |
1,001,791 |
|
Other States |
|
216,651 |
|
|
166,581 |
|
||
Total |
|
$ |
1,267,681 |
|
|
$ |
1,168,372 |
|
|
|
|
|
|
||||
Total Insured Value |
|
|
|
|
||||
|
|
$ |
161,761,450 |
|
|
$ |
154,932,275 |
|
Other States |
|
87,516,672 |
|
|
67,744,874 |
|
||
Total |
|
$ |
249,278,122 |
|
|
$ |
222,677,149 |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in thousands, except for per share data) |
||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
||||||||
Income Before Income Taxes |
$ |
27,896 |
|
|
$ |
51,167 |
|
|
|
$ |
132,570 |
|
|
$ |
164,114 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Reinstatement premium, net of commissions7 |
1,074 |
|
|
13,500 |
|
|
|
1,959 |
|
|
13,950 |
|
||||
Net unrealized (gains)/losses on equity securities |
(573 |
) |
|
2,473 |
|
|
|
(22,364 |
) |
|
9,103 |
|
||||
Net realized (gains)/losses on investments |
22 |
|
|
(403 |
) |
|
|
13,152 |
|
|
2,093 |
|
||||
Interest Expense |
57 |
|
|
89 |
|
|
|
203 |
|
|
258 |
|
||||
Total Adjustments |
580 |
|
|
15,659 |
|
|
|
(7,050 |
) |
|
25,404 |
|
||||
Non-GAAP Adjusted Operating Income |
$ |
28,476 |
|
|
$ |
66,826 |
|
|
|
$ |
125,520 |
|
|
$ |
189,518 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
GAAP Diluted EPS |
$ |
0.59 |
|
|
$ |
1.04 |
|
|
|
$ |
2.82 |
|
|
$ |
3.45 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Reinstatement premium, net of commissions7 |
0.03 |
|
|
0.38 |
|
|
|
0.06 |
|
|
0.39 |
|
||||
Net unrealized (gains)/losses on equity securities |
(0.01 |
) |
|
0.07 |
|
|
|
(0.64 |
) |
|
0.25 |
|
||||
Net realized (gains)/losses on investments |
— |
|
|
(0.01 |
) |
|
|
0.38 |
|
|
0.06 |
|
||||
Total Pre-Tax Adjustments |
0.02 |
|
|
0.44 |
|
|
|
(0.20 |
) |
|
0.70 |
|
||||
Income Tax on Above Adjustments |
— |
|
|
(0.11 |
) |
|
|
0.05 |
|
|
(0.17 |
) |
||||
Total Adjustments |
0.02 |
|
|
0.33 |
|
|
|
(0.15 |
) |
|
0.53 |
|
||||
Non-GAAP Adjusted EPS |
$ |
0.61 |
|
|
$ |
1.37 |
|
|
|
$ |
2.67 |
|
|
$ |
3.98 |
|
|
|
|
|
|
|
|
|
|
||||||||
7 Includes reinstatement premiums not covered by reinstatement premium protection and related commissions.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20191030005602/en/
Investor Relations Contact:
VP, Corporate Development, Strategy & IR
[email protected]
Media Relations Contact:
Source:
United Insurance Holdings Corp. Reports Financial Results for Its Third Quarter Ended September 30, 2019
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