Overview

* Universal Insurance ( UVE ) Q3 revenue grows 3.5% yr/yr

* Diluted GAAP EPS for Q3 was $1.38, adjusted EPS was $1.36

* Company returned $12.8 mln to shareholders, including share repurchases and dividends

Outlook

* Company did not provide specific future financial guidance in its press release

Result Drivers

* PREMIUM GROWTH - Direct premiums written increased 3.2%, driven by 22.2% growth in other states, offsetting a 2.6% decrease in Florida

* LOSS RATIO IMPROVEMENT - Net loss ratio decreased by 21.5 points due to absence of hurricanes this quarter

* INVESTMENT INCOME - Higher net investment income contributed to revenue growth, driven by higher fixed income reinvestment yields and invested assets

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $400.98 $366.35

Revenue mln mln (1

Analyst)

Q3 Core $400.03

Revenue mln

Q3 $39.11

Adjusted mln

Net

Income

Q3 Net $39.82

Income mln

Analyst Coverage

* The one available analyst rating on the shares is "buy"

* The average consensus recommendation for the property & casualty insurance peer group is "buy"

* Wall Street's median 12-month price target for Universal Insurance Holdings Inc ( UVE ) is $29.00, about 2.4% above its October 21 closing price of $28.29

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)