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Sep 30, 2022
Universal Insurance Q3 2022 Earnings Report
Reported a GAAP loss and an adjusted loss per share due to Hurricane Ian losses, but direct premiums written increased.
Key Takeaways
Universal Insurance Holdings reported a GAAP loss per share of $2.36 and an adjusted loss per share of $2.27 for Q3 2022. The results were impacted by $111 million of retained Hurricane Ian losses. Despite the loss, direct premiums written increased by 15.6% year-over-year, driven by growth in both Florida and other states.
Diluted GAAP loss per common share was $2.36, and diluted adjusted loss per common share was $2.27.
Direct premiums written increased by 15.6% to $500.7 million compared to the prior year quarter.
The company repurchased 203,244 shares for $2.4 million.
Total capital returned to shareholders was $7.4 million, including a $0.16 per share regular quarterly dividend.
Revenue by Geographic Location
Forward Guidance
Universal Insurance Holdings is in the planning process for the 2023 Atlantic hurricane season.
Positive Outlook
- Almost $400 million of pre-negotiated multi-year capacity below the FHCF attachment point.
- Approximately $200 million of estimated cost free coverage from the Reinsurance to Assist Policyholders (RAP) program.
- Projected $150 million from our catastrophe bond.
- 90% participation in the FHCF.
- The vast majority of first event 2023 catastrophe reinsurance program will be insulated from open market pricing dynamics.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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