Universal insurance holdings, inc. (UVE)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written

334,553

302,655

342,872

357,960

289,234

268,934

309,176

342,781

269,984

239,536

274,744

296,191

245,415

212,835

241,888

271,921

227,973

199,261

222,572

249,971

211,605

182,216

195,435

220,009

191,917

173,730

186,079

219,946

204,139

174,571

192,986

222,568

190,003

163,438

171,370

213,479

173,175

152,662

208,020

Change in unearned premium

8,602

-

-

-

-6,143

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Ceded premiums written

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,933

106,497

-

103,492

76,483

121,649

121,941

124,961

133,897

141,317

118,961

132,776

102,433

163,434

119,306

123,984

145,798

123,891

108,539

121,304

Net premiums written

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

242,038

105,108

-

91,943

143,526

70,268

51,789

61,118

86,049

62,822

55,610

60,210

120,135

26,569

44,132

47,386

67,681

49,284

44,123

86,716

Change in unearned premium

-

-

-29,807

-54,852

-

-

-20,772

-68,754

-7,723

-

-19,935

-51,568

-9,040

25,821

-7,388

-45,102

-6,721

101,050

-7,769

-129,150

-10,748

62,020

2,345

-70,164

-6,461

14,663

7,809

-19,182

2,587

-

-698

-

-

-

-

-

-

-

-

Direct premium earned

325,951

321,571

313,065

303,108

295,377

296,948

288,404

274,027

262,261

263,391

254,809

244,623

236,375

238,656

234,500

226,819

221,252

-

214,803

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Ceded premium earned

105,122

105,752

106,466

92,751

85,650

92,353

99,466

81,755

79,684

79,683

80,292

75,614

74,816

74,683

74,966

70,358

68,804

-

68,650

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in net unearned premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-64,441

22,071

-

2,248

-18,157

-1,280

4,708

-45,356

Premiums earned, net

220,829

215,819

206,599

210,357

209,727

204,595

188,938

192,272

182,577

183,708

174,517

169,009

161,559

163,973

159,534

156,461

152,448

150,598

146,153

112,888

94,360

95,420

94,288

73,362

63,807

66,452

68,927

66,867

65,409

67,274

59,512

55,694

48,640

51,823

49,634

49,524

48,004

48,831

41,360

Net investment income

6,834

7,578

7,613

7,410

8,142

7,603

6,642

5,786

4,785

4,448

3,085

3,223

2,704

3,489

2,304

2,142

1,605

1,779

1,307

1,207

862

801

644

412

518

1,397

382

137

12

278

215

-16

-36

430

122

-21

257

66

118

Net realized gains (losses) on investments

299

437

-22

-1,605

-11,525

4

403

145

-2,641

120

803

1,710

-63

950

101

576

667

768

11

110

171

274

501

3,950

902

1,242

56

-1

-16,037

353

-3,142

-1,705

-7,449

-10,146

5,884

2,960

3,652

6,149

4,457

Net change in unrealized gains (losses) of equity securities

-8,024

824

573

3,759

18,032

-8,066

-2,473

-1,521

-5,109

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net change in unrealized gains (losses) on investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-62

15

23

7,874

-2,047

8,091

-5,788

9,187

4,627

-15,985

-9,640

2,588

6,281

-

Net foreign currency gains (losses) on investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

0

0

23

1,916

-455

0

71

-8

125

Commission revenue

7,015

7,168

7,380

6,048

5,505

5,800

5,658

5,709

5,271

6,707

5,304

4,644

4,598

4,807

4,603

4,210

4,113

4,113

4,115

3,474

3,168

3,323

3,123

3,670

4,089

4,178

4,180

5,271

4,986

4,889

4,822

6,131

4,541

5,194

5,192

4,941

4,180

4,423

4,244

Policy fees

5,540

-

-

-

5,021

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Policy fees

-

-

5,569

5,997

-

4,532

5,204

5,764

4,775

4,244

4,861

5,250

4,483

3,787

4,226

4,753

4,114

3,436

3,820

4,352

3,832

3,155

3,416

3,899

3,512

2,924

3,231

3,819

3,687

3,041

3,461

4,072

3,901

3,188

3,535

4,402

4,173

3,525

4,540

Other revenue

2,782

2,603

1,929

1,756

1,684

1,905

1,783

1,633

1,842

2,085

1,673

1,651

1,593

1,599

1,668

1,660

1,499

1,406

1,637

1,560

1,417

1,509

1,528

1,696

1,477

1,449

1,577

1,640

1,524

1,440

1,578

1,540

1,440

1,411

1,486

1,506

1,408

1,468

1,016

Total premiums earned and other revenues

235,275

239,402

229,641

233,722

236,586

216,373

206,155

209,788

191,500

201,312

190,243

185,487

174,874

178,605

172,436

169,802

164,446

162,100

157,043

123,591

103,810

104,482

103,500

86,989

74,305

77,580

78,368

77,756

67,455

75,227

74,537

59,928

60,247

58,443

49,413

53,672

64,333

70,735

55,860

OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses

135,048

244,445

132,571

113,296

113,094

162,740

85,947

89,842

75,926

83,299

116,375

80,184

70,570

101,481

73,548

60,083

66,117

60,591

53,854

39,704

33,590

34,590

34,181

27,679

26,825

28,598

28,335

25,199

26,483

34,275

36,301

29,437

26,174

42,929

29,343

25,852

26,185

29,370

24,835

General and administrative expenses

72,643

64,010

69,174

69,496

69,748

64,874

69,041

58,698

63,875

59,422

57,269

57,380

56,933

54,397

54,725

54,825

57,230

53,629

55,289

42,667

32,197

32,966

32,167

28,901

24,363

22,989

24,920

22,869

21,210

31,588

24,262

17,499

17,844

19,236

18,827

14,699

15,072

20,053

13,389

Total operating costs and expenses

207,691

308,455

201,745

182,792

182,842

227,614

154,988

148,540

139,801

142,721

173,644

137,564

127,503

155,878

128,273

114,908

123,347

114,220

109,143

82,371

65,787

67,556

66,348

56,580

51,188

51,587

53,255

48,068

47,693

65,863

60,563

46,936

44,018

62,165

48,170

40,551

41,257

49,423

38,224

INCOME BEFORE INCOME TAXES

27,584

-69,053

27,896

50,930

53,744

-11,241

51,167

61,248

51,699

58,591

16,599

47,923

47,371

22,727

44,163

54,894

41,099

47,880

47,900

41,220

38,023

36,926

37,152

30,409

23,117

25,993

25,113

29,688

19,762

9,364

13,974

12,992

16,229

-3,722

1,243

13,121

23,076

21,312

17,636

Income taxes, current

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,142

12,351

3,947

7,950

624

9,086

774

-2,538

7,331

9,622

8,737

7,359

8,172

Income taxes, deferred

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,564

308

3,856

-2,992

5,094

-3,871

5,582

1,129

-7,063

-4,050

441

876

-1,303

Income tax expense

7,500

-17,997

7,800

13,600

13,600

-4,778

13,800

15,200

11,600

22,195

6,635

18,547

16,172

9,072

17,281

21,247

15,873

18,728

17,602

16,516

15,693

15,954

15,811

13,283

9,568

10,411

10,706

12,659

7,803

4,958

5,718

5,215

6,356

-1,409

268

5,572

9,178

8,235

6,869

NET INCOME

20,067

-51,073

20,146

37,293

40,148

-6,468

37,380

46,084

40,055

36,396

9,964

29,376

31,199

13,655

26,882

33,647

25,226

29,152

30,298

24,704

22,330

20,972

21,341

17,126

13,549

15,582

14,407

17,029

11,959

4,406

8,256

7,777

9,873

-2,313

975

7,549

13,898

13,077

10,767

Basic earnings per common share (in dollars per share)

0.62

-1.48

0.60

1.09

1.16

-0.18

1.07

1.32

1.15

1.05

0.29

0.84

0.89

0.39

0.77

0.96

0.73

0.83

0.87

0.71

0.65

0.62

0.64

0.50

0.41

0.44

0.43

0.47

0.30

0.11

0.21

0.20

0.24

-0.05

0.02

0.19

0.35

0.33

0.27

Weighted average common shares outstanding - Basic (in shares)

32,591

32,871

33,649

34,311

34,741

34,815

34,861

34,909

34,839

34,579

34,686

34,959

35,140

35,045

35,042

35,062

34,527

34,688

34,911

35,019

34,578

33,454

33,432

33,968

33,422

33,511

33,658

36,378

39,917

39,721

39,679

39,668

39,388

38,971

39,190

39,187

39,388

39,167

39,167

Diluted earnings per common share (in dollars per share)

0.61

-1.45

0.59

1.08

1.14

-0.18

1.04

1.29

1.12

1.03

0.28

0.82

0.86

0.39

0.75

0.94

0.71

0.82

0.84

0.69

0.62

0.60

0.61

0.49

0.38

0.43

0.40

0.44

0.29

0.12

0.20

0.19

0.24

-0.05

0.02

0.19

0.34

0.32

0.27

Weighted average common shares outstanding - Diluted (in shares)

32,731

33,184

33,930

34,612

35,206

35,976

35,919

35,589

35,660

35,483

35,615

35,958

36,180

35,634

35,723

35,649

35,594

35,454

35,999

36,002

36,081

34,973

34,812

35,174

35,641

35,980

35,611

38,314

41,199

41,093

40,450

40,377

40,544

39,955

40,330

40,645

40,838

40,276

40,446

Cash dividend declared per common share (in dollars per share)

0.16

0.29

0.16

0.16

0.16

0.29

0.16

0.14

0.14

0.27

0.14

0.14

0.14

0.27

0.14

0.14

0.14

0.27

0.12

0.12

0.12

0.25

0.10

0.10

0.10

0.23

0.10

0.08

0.08

0.20

0.08

0.08

0.10

0.14

0.08

0.00

0.10

-

0.10

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income

20,067

-51,073

20,146

37,293

40,148

-6,468

37,380

46,084

40,055

36,396

9,964

29,376

31,199

-

26,882

33,647

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,256

7,777

9,873

-2,313

975

7,549

13,898

13,077

10,767

Change in net unrealized gains (losses) on available for sale investments, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

409

791

Comprehensive income (loss)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,256

7,777

9,873

-

-

-

-

13,486

11,558