Universal Insurance Holdings Inc · NYSE:UVE

Universal Insurance — Q2 2019 Earnings Presentation

9 slides from Universal Insurance's earnings presentation, Aug 1, 2019

  1. Slide 1: Second Quarter 2019 Results

    Second Quarter 2019 Results Earnings Call Presentation August 1, 2019 1

  2. Slide 2: Forward-looking statements and Regulation G Disclosure Statement

    Forward-looking statements and Regulation G Disclosure Statement Forward-looking statements This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," and similar expressions iden

  3. Slide 3: 2Q19 & 1H19: Strong progress against strategic priorities

    2Q19 & 1H19: Strong progress against strategic priorities  Total revenue up 11.4%; 1H19 up 17.2%.  Other states (Non-Florida) direct premiums written up 28.7%; 1H19 up 29.9%. 1 Focus on disciplined growth  Diluted GAAP EPS of $1.08, non-GAAP adjusted EPS* of $1.05.  1H19 Annualized return on ave

  4. Slide 4: 2Q19 and 1H19 financial results

    2Q19 and 1H19 financial results Total Revenue Annualized Return on Average Equity (ROE) Premium volume, pricing, and investment portfolio driving growth, partially offset by ($million) realized losses related to underperforming equity securities 40.0% 36.1% 1 233.7 300.0% 500.0 470.3 300.0% 35.0% 0.

  5. Slide 5: Underwriting

    Underwriting Policies in force Premiums in force Total Insured Value (TIV) (thousands) ($million) ($million) 1,200.0 80% 1,400 30% 300,000.0 80% 1,233 1,000.0 70% 1,200 1,130 250,000.0 241,613 70% +9.2% 854.8 25% 214,291 800.7 60% 1,000 +12.7% 60% 800.0 200,000.0 +6.8% 50% 800 50% 600.0 20% 150,000.

  6. Slide 6: Underwriting

    Underwriting Revenue (Direct and net premiums) ($million) 700.0 1 2Q Direct premiums written up 4.4%; 1H19 up 5.6% 400.0 1 647.2 0.95 612.8 ꟷ 17.1% of total direct premiums written in 2Q from Other States 358.0 0.95 +5.6% 0.9 Direct Premiums Written 342.8 0.9 600.0 0.85 350.0 0.85 ꟷ 2Q other states

  7. Slide 7: Underwriting

    Underwriting Consolidated GAAP Combined Ratio (related expense / Net premiums earned) 2Q & 1H19 Expense ratio increase driven primarily by a non-recurring 0.88 benefit recorded in 2018 related to a refund of prior year premium 100.0% 86.9% 88.0% 100.0% 87.1% 0.86 taxes Expense 90.0% Other op. ratio

  8. Slide 8: Services

    Services Revenue ($million) 30.0 1 0.95 26.0 16.0 1 25.0 0.9 2Q Services revenue up 5.3%; 1H19 up 4.1% 0.85 25.0 0.95 +4.1% 13.8 0.9 0.8 14.0 13.1 0.85 0.75 +5.3% 0.8 0.7 12.0 0.75 20.0 0.65 ꟷ 2Q risk management commissions up 5.9% to $6.0M; 1H19 0.7 0.6 up 5.2% to $11.6M 0.65 0.55 10.0 0.6 15.0 0.5

  9. Slide 9: Investments

    Investments Net investment income ($million) 17.0 15.6 2Q Total unrestricted cash and invested assets up 6.2% to $1.1B 10.0 15.0 9.0 +47.1% ꟷ Invested Assets: $942.3M 8.0 7.4 ꟷ Unrestricted cash: $181.6M 13.0 Net Investment 7.0 Income* +28.1% 6.0 5.8 11.0 10.6 5.0 2Q Net investment income up 28.1% t

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