环球保险控股 (UVE) 2026年第三季度业绩电话会议：综合成本率降至91%

核心要点

• 调整后每股普通股摊薄收益增至1.93美元，高于上年同期的1.36美元，主要反映出承保收益和净投资收益的增加。
• 核心营收同比增长11.1%至4.443亿美元，同时已赚净保费增长12.1%至4.032亿美元。
• 净综合成本率改善了5.4个百分点至91.0%，主要受净赔付率下降5.6个百分点至64.6%的推动。
• 有效保单量增长8%。佛罗里达州以外地区的直接签单保费增长18.5%，但被佛罗里达州3.3%的下滑部分抵消。
• 环球保险实现了32.7%的年化普通股股东权益回报率。管理层表示，根据迄今为止的报案理赔情况，飓风“以赛亚斯”的影响似乎可控。
• 公司在本季度回购了约17.4万股股票，耗资740万美元，在当前授权下仍保留约110万股的回购额度。

关键财务数据

业务与运营表现

保费增长继续向环球保险的跨州业务倾斜。佛罗里达州以外地区的直接签单保费增长18.5%，而佛罗里达州下降3.3%。管理层将整体增长主要归因于公司覆盖业务区域内有效保单数的增加。

已赚净保费增长12.1%，反映出直接已赚保费的增加和分出保费比例的降低。这一因素也推动了净赔付率的改善。

净费用率小幅上升至26.4%。环球保险将该增幅归因于佛罗里达州以外业务扩张带来的保单获取成本上升以及运营成本增加，但分出保费比例的下降抵消了部分影响。

管理层表示，佛罗里达州的法律法规变更利好市场发展，且公司的代理关系持续支持新业务拓展开发。在佛罗里达州以外，环球保险重点关注定价充足的地区，而非盲目追求增长。

风险与关注点

本季度结束后，飓风“以赛亚斯”以2级飓风级别在佛罗里达州狭长地带西部的德斯廷附近登陆。环球保险部署了现场理赔员并主动联系保户，以加快查勘和赔付流程。管理层表示，基于截至目前的理赔活动，该事件影响可控，但这一评估仍取决于后续的理赔进展。

佛罗里达州直接签单保费同比下降3.3%，而该州以外的业务扩张导致保单获取成本和运营成本上升。

分析师问答要点

在被问及竞争与增长时，管理层表示，环球保险对在其现有各州的内生性增长模式充满信心。公司强调了在佛罗里达州以外地区的定价纪律，并表示仅在费率充足度具有吸引力的地区承保业务。

关于资本配置，首席财务官弗兰克·威尔克斯（Frank Wilcox）表示，保护保单持有人利益以及保持保险实体的充足资本仍是首要任务。公司还预计将继续通过股息回报股东，并计划与董事会讨论剩余的股票回购授权。

业绩电话会完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.