ユニバーサル・インシュアランス・ホールディングス（UVE）2026年第3四半期決算説明会：コンバインド・レシオが91%に低下

主要な要点

• 普通株主帰属の調整後希薄化1株当たり利益は、前年同期の1.36ドルから1.93ドルへと増加しました。主に保険引き受け利益および純投資利益の増加を反映しています。
• コア収益は前年同期比11.1%増の4億4,430万ドルに増加し、既経過正味保険料も12.1%増の4億320万ドルに増加しました。
• 正味コンバインド・ラシオは5.4ポイント改善して91.0%となりました。これは主に、正味損害率が5.6ポイント低下して64.6%となったことによるものです。
• 保有契約数は8%増加しました。フロリダ州外の元受保険料は18.5%増加したものの、フロリダ州での3.3%減少により一部相殺されました。
• ユニバーサルは年換算普通株主資本利益率（ROE）32.7%を達成しました。経営陣は、これまでの保険金請求状況に基づき、ハリケーン「イザイアス」の影響は管理可能な範囲内であると述べています。
• 同社は当四半期中に約17万4,000株を740万ドルで買い戻し、現在の授権枠に基づく残数は約110万株となっています。

主要財務データ

事業および運用パフォーマンス

保険料の成長軸は引き続き、ユニバーサルの複数州にわたる広域事業展開へと移行しました。フロリダ州外の元受保険料が18.5%増加した一方、フロリダ州は3.3%減少しました。経営陣は、全体的な成長の主な要因として、同社の事業展開地域全体における保有契約数の増加を挙げています。

既経過正味保険料の12.1%増加は、既経過元受保険料の増加と出再保険料比率の低下を反映したものです。この同じ要因が正味損害率の改善にも寄与しました。

正味事業費率は26.4%へとわずかに上昇しました。ユニバーサルはこの上昇について、フロリダ州外での事業拡大に伴う保険契約獲得費用の増加や営業費用の増加によるものとしており、出再保険料比率の低下によって一部相殺されたと説明しています。

経営陣は、フロリダ州での法改正が市場に好影響をもたらしており、同社の代理店ネットワークが引き続き新規契約獲得を後押ししていると述べました。フロリダ州外において、ユニバーサルは無差別に成長を追求するのではなく、適正な価格設定が見込める地域を標的にしています。

リスクと注視点

当四半期末後、ハリケーン「イザイアス」がフロリダ・パンハンドル西部のデスティン近郊にカテゴリー2の強さで上陸しました。ユニバーサルは現地アジャスターを配置し、契約者に連絡を取ることで被害調査と保険金支払いを迅速化しました。経営陣は、これまでの請求状況に基づき本件の影響は管理可能な範囲内であると述べていますが、その評価は今後の請求進展に依拠するとしています。

フロリダ州の元受保険料は前年同期比3.3%減少した一方、同州外での事業拡大により契約獲得費用および営業費用が増加しました。

アナリスト質疑応答の要点

競合環境と成長について質問された際、経営陣はユニバーサルが既存展開州での自律的成長モデルに引き続き自信を持っていると述べました。フロリダ州外における価格設定の規律を強調し、料率の適正性が魅力的な場合にのみ引き受けを行うと述べています。

資本配分について、最高財務責任者（CFO）のフランク・ウィルコックス氏は、契約者保護と保険事業体の十分な自己資本の維持が最優先事項であると述べました。また、同社は配当を通じた株主還元を継続する意向であり、残りの自社株買い授権枠について取締役会と協議する予定です。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good morning, ladies and gentlemen, and welcome to Universal's Third Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Arash Soleimani, Chief Strategy Officer.

Arash Soleimani

Good morning. Thank you for joining us today. Welcome to our quarterly earnings call. On the call with me today are Steve Donaghy, Chief Executive Officer; and Frank Wilcox, Chief Financial Officer.

Before we begin, please note today's discussion may contain forward-looking statements and non-GAAP financial measures. Forward-looking statements involve assumptions, risks, and uncertainties that could cause actual results to differ materially from those statements. For more information, please see the press release on Universal's SEC filings, all of which are available on the Investor section of our website at universalinsuranceholdings.com and on the SEC's website. A reconciliation of non-GAAP financial measures to comparable GAAP measures is included in the quarterly press release and can also be found on Universal's website at universalinsuranceholdings.com.

With that, I'll turn the call over to Steve.

Stephen Donaghy

Thanks, Arash. Good morning, everyone. In the quarter, we delivered a very strong 32.7% annualized return on common equity, driven by solid underwriting and revenue performance. Our net loss ratio continues to improve, and new business trends are solid, including 8% growth in policies in-force. Subsequent to quarter end, Hurricane Isaias made landfall near Destin in the western Florida Panhandle as a Category 2 hurricane and quickly weakened as it moved inland.

Our claims team was deployed immediately with field adjusters on the ground in the affected areas. And we have been in direct contact with policyholders to expedite inspections and payments. Our focus is on helping our customers recover as quickly as possible, and we view the storm as manageable based on claims activity to date.

I'll turn it over to Frank to walk through our financial results. Frank.

Frank Wilcox

Thanks, Steve, and good morning. Adjusted diluted earnings per common share was $1.93 compared to an adjusted diluted earnings per common share of $1.36 in the prior year quarter. The higher adjusted diluted earnings per common share mostly stems from higher underwriting and net investment income.

Core revenue of $444.3 million was up 11.1% year-over-year, with growth primarily stemming from higher net premiums earned and net investment income. Direct premiums written were $608.9 million, up 2.7% from the prior year quarter. The increase stems from 18.5% growth in other states, partially offset by a 3.3% decrease in Florida. Overall growth mostly reflects higher policies in-force across our multi-state footprint.

Direct premiums earned were $556.7 million, up 4.2% from the prior year quarter, reflecting the direct written premiums growth over the last 12 months. Net premiums earned were $403.2 million, up 12.1% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned and a lower ceded premium ratio.

The net combined ratio was 91%, down 5.4 points compared to the prior year quarter. The decrease reflects a lower net loss ratio, partially offset by a higher net expense ratio. The 64.6% net loss ratio was down 5.6 points compared to the prior year quarter, with the decrease reflecting a lower ceded premium ratio. The net expense ratio was 26.4%, up 0.2 points compared to the prior year quarter, with the increase driven by higher policy acquisition costs associated with growth outside of Florida and higher other operating costs and expenses, partly offset by a lower ceded premium ratio.

During the third quarter, the company repurchased approximately 174,000 shares at an aggregate cost of $7.4 million. The company's current share repurchase authorization program has approximately 1.1 million remaining. On July 8th, 2026, the Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock payable on August 7, 2026, to shareholders of record as of the close of business on July 31, 2026.

With that, I'd like to ask the operator to open up the line for questions.

Operator

[Operator Instructions] Our first question comes from Paul Newsome with Piper Sandler.

質疑応答

Jon Paul Newsome

Congratulations on the quarter. Maybe some thoughts on the competitive environment, both in Florida and outside of Florida, and how you see the prospects for Universal's growth in the various markets here.

Stephen Donaghy

Good morning, Paul, and thank you. We continue to write business at a very good clip, as you saw in our release, and we feel very confident about our organic growth model across all the states that we currently serve. The legislation in Florida has proven to be a benefit to the entire market, and our relationships with our agency force continues to serve us extremely well. So we continue to write business at a very good clip. Outside of Florida, we find various niches of rate adequacy and we feel really good about the business we're bringing on due to the rate adequacy. So we don't chase the business. We want to write the business where we feel good about it and it continues to serve us well.

Jon Paul Newsome

Given the very high ROEs this year, any updated thoughts on capital management, where you want to allocate the capital you're accumulating?

Frank Wilcox

Well, I think that we're going to continue on the path that we have in terms of returning value to shareholders through dividends. As you know, that repurchase plan has only got 1.1 million. We'll go to the board and have a discussion around that and the appetite for it. Number one priority has always been and will continue to be to ensure that the insurance entities are adequately capitalized for the protection of the policyholders in addition to their ability to continue to generate the premium that offers opportunities for the entire organization.

Operator

This concludes the question and answer session. I would now like to turn it back to Steve Donaghy, Chief Executive Officer, for closing remarks.

Stephen Donaghy

I'd like to thank all of our associates, consumers, agents, and our stakeholders for their continued support of Universal. Have a nice day.

Operator

This concludes today's conference call. Thank you for participating. You may now disconnect.