Universal Insurance Holdings, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 27, 2023 at 04:10 pm
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Universal Insurance Holdings, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 339.57 million compared to USD 292.01 million a year ago. Net income was USD 28.57 million compared to USD 7.37 million a year ago. Basic earnings per share from continuing operations was USD 0.94 compared to USD 0.24 a year ago. Diluted earnings per share from continuing operations was USD 0.93 compared to USD 0.24 a year ago.
For the six months, revenue was USD 656.08 million compared to USD 579.49 million a year ago. Net income was USD 52.74 million compared to USD 24.91 million a year ago. Basic earnings per share from continuing operations was USD 1.74 compared to USD 0.8 a year ago. Diluted earnings per share from continuing operations was USD 1.72 compared to USD 0.8 a year ago.
Universal Insurance Holdings, Inc. is a holding company that offers property and casualty insurance and value-added insurance services. It develops, markets, and underwrites insurance products for consumers in the personal residential homeownerâs lines of business and other insurance-related services for its insurance entities, including risk management, claims management, and distribution. Its primary insurance entities include Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company. UPCIC distributes policies through its independent agency force and offers various types of personal residential insurance, such as homeowners, renters/tenants, condo unit owners, and dwelling/fire. It also offers allied lines, coverage for other structures, and personal property, liability, and personal articles coverages. Through its subsidiary, Evolution Risk Advisors, Inc., it advises on actuarial issues and administers claims payments.