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Jun 30, 2020
Universal Insurance Q2 2020 Earnings Report
Reported solid second quarter results driven by top line growth and expansion of CloveredSM, but adjusted outlook due to weather events.
Key Takeaways
Universal Insurance Holdings reported a diluted EPS of $0.62 on a GAAP basis and $0.52 non-GAAP adjusted EPS for the second quarter of 2020. Direct premiums written increased by 13.1% year-over-year to $404.7 million. The company is adjusting its 2020 outlook to account for above-average weather events during the quarter.
Direct premiums written increased by 13.1% to $404.7 million.
Non-Florida direct premiums written increased by 14.5%.
Diluted GAAP EPS was $0.62, and non-GAAP adjusted EPS was $0.52.
Annualized return on average equity was 15.6%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is updating its guidance for 2020 to reflect the previously announced historically above average second quarter weather events (assuming no further extraordinary weather events in 2H20).
Positive Outlook
- GAAP EPS in a range of $2.31 - $2.61 (reduced from previous range of $2.80 - $3.10)
- Non-GAAP Adjusted EPS in a range of $2.40 - $2.70 (reduced from previous range of $2.80 - $3.10)
- Annualized return on average equity (derived from GAAP measures) in a range of 13.5% - 16.5% (reduced from previous range of 17% - 20%)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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