Universal Insurance Holdings reported a 10.6% increase in Q4 total revenue to $239.4 million, but diluted GAAP EPS was $(1.55) and non-GAAP adjusted EPS was $(1.57). The results were affected by prior years' adverse development, reduced subrogation recoveries, current year strengthening, and weather events above plan.
Total revenue increased by 10.6% to $239.4 million in Q4 2019.
Diluted GAAP EPS was reported at $(1.55) for Q4 2019.
Non-GAAP adjusted EPS was $(1.57) for Q4 2019.
Direct premiums written increased by 12.5% year-over-year to $302.7 million.
Universal Insurance initiated FY20 guidance with GAAP and non-GAAP adjusted EPS between $2.80 - $3.10, assuming no extraordinary weather events, and a Return on Average Equity of 17% - 20%.
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