Universal Insurance Holdings Inc (UVE) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Universal's first-quarter 2026 earnings conference call. As a reminder, this conference call is being recorded.

各位女士、先生，早安，歡迎參加 Universal 2026 年第一季財報電話會議。提醒各位，本次電話會議將進行錄音。

I'll now turn the conference over to Arash Soleimani, Chief Strategy Officer.

接下來我把會議交給策略長 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.

早安。感謝各位今天加入我們。歡迎參加我們的季度財報電話會議。今天與我一同出席的有執行長 Steve Donaghy，以及財務長 Frank Wilcox。在開始之前，請注意今天的討論可能包含前瞻性陳述以及非 GAAP 財務衡量指標。

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 and Universal's SEC filings, all of which are available on the Investors 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.

前瞻性陳述涉及各項假設、風險與不確定性，可能導致實際結果與該等陳述存在重大差異。更多資訊請參閱新聞稿與 Universal 向 SEC 提交的文件，相關資料可於我們網站 universalinsuranceholdings.com 的投資人專區以及 SEC 網站查閱。非 GAAP 財務衡量指標與可比較 GAAP 指標之調節表已載於季度新聞稿中，亦可於 Universal 網站 universalinsuranceholdings.com 查詢。

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

接下來我把電話會議交給 Steve。

Thanks, Arash. Good morning, everyone. We had a fantastic start to the year with a 38.5% annualized adjusted return on common equity. Our top-line results were strong with growth across our multistate footprint, including in Florida. On a separate note, I'm pleased to announce the completion of our 2026-2027 reinsurance renewal for our insurance entities as our program is now fully supported and secured. During the renewal process in 2026, we also secured $352 million of additional multiyear coverage, taking us through the 2027-2028 treaty period.

謝謝你，Arash。各位早安。我們今年開局非常亮眼，普通股權益的年化調整後報酬率達 38.5%。我們的營收（top-line）表現強勁，在多州營運版圖全面成長，包括佛羅里達州。另外，我很高興宣布，我們已完成旗下保險實體 2026-2027 年度的再保險續約，目前整體方案已獲充分支持並完成鎖定。在 2026 年的續約過程中，我們也額外取得 3.52 億美元的多年期保障，使保障延伸至 2027-2028 合約期。

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

接下來我請 Frank 帶大家回顧我們的財務結果。Frank？

Thank you, Steve, and good morning. Adjusted diluted earnings per common share was $2 compared to an adjusted diluted earnings per common share of $1.44 in the prior year quarter. The higher adjusted diluted earnings per common share mostly stems from a lower net loss ratio and higher net investment income.

謝謝你，Steve，大家早安。普通股每股調整後稀釋盈餘為 2 美元，相較去年同期普通股每股調整後稀釋盈餘 1.44 美元。普通股每股調整後稀釋盈餘較高，主要來自較低的淨損失率以及較高的淨投資收益。

Core revenue of $398.2 million was up 0.8% year over year with growth primarily stemming from higher net investment income and net premiums earned. Direct premiums written were $506.5 million, up 8.5% from the prior year quarter. The increase stems from 4.9% growth in Florida and 18.3% growth in other states.

核心營收為 3.982 億美元，年增 0.8%，成長主要來自較高的淨投資收益與已賺保費淨額。直接簽單保費為 5.065 億美元，較去年同期成長 8.5%。此增幅來自佛羅里達州 4.9% 的成長，以及其他州 18.3% 的成長。

Overall growth mostly reflects higher policies in force and inflation adjustments across our multistate footprint. Direct premiums earned were $531.4 million, up 3.5% from the prior year quarter, reflecting direct premiums written growth over the last 12 months.

整體成長主要反映我們多州營運版圖中，在保單有效件數增加以及通膨調整的帶動下所致。直接已賺保費為 5.314 億美元，較去年同期成長 3.5%，反映過去 12 個月直接簽單保費的成長。

Net premiums earned were $356.9 million, up 0.3% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned, partially offset by a higher ceded premium ratio.

已賺保費淨額為 3.569 億美元，較去年同期成長 0.3%。增加主要歸因於直接已賺保費較高，但部分被較高的分出保費比率所抵銷。

The net combined ratio was 89.7%, down 5.3 points compared to the prior year quarter. The decrease reflects a lower net loss ratio, partially offset by a higher net expense ratio. The 63.9% net loss ratio was down 6.6 points compared to the prior year quarter, with the decrease reflecting better current accident year results. The net expense ratio was 25.8%, up 1.3 points compared to the prior year quarter, with the increase primarily driven by a higher ceded premium ratio and higher policy acquisition costs associated with growth outside of Florida.

淨綜合比率為 89.7%，較去年同期下降 5.3 個百分點。下降反映淨損失率較低，但部分被較高的淨費用率所抵銷。淨損失率為 63.9%，較去年同期下降 6.6 個百分點，下降反映本期事故年度（current accident year）結果改善。淨費用率為 25.8%，較去年同期上升 1.3 個百分點，上升主要由較高的分出保費比率，以及佛羅里達州以外成長所帶動的較高保單取得成本所致。

During the first quarter, the company repurchased approximately 210,000 shares at an aggregate cost of $7.1 million. The company's current share repurchase authorization program has approximately $13.1 million remaining.

第一季期間，公司以總成本約 710 萬美元回購約 21 萬股。公司目前的庫藏股回購授權方案尚餘約 1,310 萬美元額度。

On April 10, 2026, the Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock payable on May 15, 2026, to shareholders of record as of the close of business on May 8, 2026.

2026 年 4 月 10 日，董事會宣告普通股每股 0.16 美元的季度現金股利，將於 2026 年 5 月 15 日支付給截至 2026 年 5 月 8 日營業結束時之登記在冊股東。

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

接下來，我想請接線員開放提問。

(Operator Instructions) Paul Newsome, Piper Sandler.

(接線員指示) Paul Newsome，Piper Sandler。

Good morning. Congratulations on the quarter. Maybe we could just start off with some thoughts or color on the competitive environment, both in Florida and outside of Florida. It gets lots of investor questions about whether or not we're seeing a change in the number of folks who are competing in those markets and maybe the speed at which -- obviously, the ROEs that you and others are reporting are so huge, whether or not that will attract a lot of new competitors.

早安。恭喜本季表現。或許我們可以先談談競爭環境的一些看法或補充說明，包含佛羅里達州以及佛州以外的市場。投資人常問到，我們是否看到在這些市場競爭者人數出現變化，以及變化的速度——顯然你們和其他公司所揭露的 ROE 都非常高，這是否會吸引大量新的競爭者進入。

Hey, Paul, good morning and thank you. I think from a competitive perspective, we analyze our rates and are chasing rate adequacy more than we are chasing business. So from a competitive perspective, we feel good about where we stand. And obviously, from the quarter, we can bring on business when we want to and we see the markets profitably.

嗨，Paul，早安，謝謝你。我認為從競爭的角度來看，我們會分析自身的費率，而我們追求的是費率的充分性（rate adequacy），多於追逐業務量。因此從競爭面來看，我們對自身所處的位置感到很有信心。而且顯然，從本季的表現來看，我們在想要的時候就能承接業務，並且能在市場上以具獲利性的方式看到機會。

So that's probably the answer I would give you. There is competition everywhere, but we feel good about our position and our relationship with our agents has never been stronger. So yeah.

所以這大概就是我會給你的答案。各處都有競爭，但我們對自己的定位很有信心，而且我們與代理人的關係從未如此緊密。所以，是的。

Should we expect further price adjustments and rate adjustments for you folks in the future?

未來我們是否應該預期你們還會進一步調整價格與費率？

We haven't kicked off our rate analysis at this point. So as we get ready to do that, we will analyze the past 12 months and see how that impacts. And I think as we continue to benefit from the legislative environment and our business, we will do the right thing by our shareholders and our partners. So we'll take that all into account and continue to do the right thing.

我們目前還沒有啟動費率分析。因此，當我們準備開始時，我們會分析過去12個月的情況，看看會帶來什麼影響。我認為，隨著我們持續受惠於立法環境以及我們的業務，我們會對股東與合作夥伴做正確的事。所以我們會把這些都納入考量，並持續做正確的事。

Maybe some thoughts on capital management. Obviously, given where the returns are accumulating some excess capital, how do you balance the various uses of that capital today? And should we expect further purchases as a focus or not? Or just maybe you could just kind of prioritize how you think about that.

想請教一些資本管理方面的看法。顯然，鑑於目前報酬正在累積一些超額資本，你們今天如何在資本的各種用途之間取得平衡？我們是否應該預期你們會把進一步的收購作為重點，或不會？或者你能否大致排一下你對資本運用優先順序的思考？

Good morning, Paul, this is Frank. I think we're going to stay the course. Our number one priority with capital has always been to support the insurance entities, ensuring that they are adequately capitalized so that we can continue to produce the business that benefits the entire holding company system. That, combined with continuing to return shareholder value.

早安，Paul，我是Frank。我認為我們會維持既定方針。我們在資本方面的第一優先事項一向是支持保險實體，確保它們資本充足，讓我們能持續產出有利於整個控股公司體系的業務。同時也會持續回饋股東價值。

I'll let somebody else ask questions. I appreciate the help. Thank you.

我讓其他人來提問。感謝你們的協助。謝謝。

Thanks, Paul. Have a good day.

謝謝，Paul。祝你今天愉快。

Nicolas Iacoviello, Dowling & Partners.

Nicolas Iacoviello，Dowling & Partners。

Good morning. Congrats on the quarter. Could we just start -- I was wondering if there's any additional details or commentary you could provide around the outcome of your reinsurance renewal?

早安。恭喜本季表現。我們能否先從這裡開始——我想請問，關於你們再保險續約的結果，是否有任何你們可以提供的額外細節或評論？

Good morning, Nick, and thanks. I appreciate the comments. I think from the reinsurance perspective, we are very excited to be done and have it fully secured for 2026, '27. We were quite happy that we also extended our multiyear agreements.

早安，Nick，謝謝。感謝你的評論。我認為從再保險的角度來看，我們非常高興已經完成，並且已為2026、2027年全面確保到位。我們也很高興同時延長了我們的多年期協議。

From a pricing perspective, we're going to sit on that until we get to May and release all the details as normal. We think it'd be premature for us to kind of make public comments relative to how we did, but we were very pleased with the market and very pleased with our partners for many, many years and how they treated us relative to this year.

就定價而言，我們會等到5月再說，並照常公布所有細節。我們認為現在就針對我們做得如何發表公開評論可能還太早，但我們對市場非常滿意，也對多年來一直合作的夥伴非常滿意，以及他們今年對待我們的方式。

Got it. And I know we'll see more details in May. But I mean, is there anything you could comment on how we should think about the retention? Is it fair to assume it would be similar on a GAAP basis versus prior year, and it would include some captive usage. I get, obviously, you'll have the opportunity to maybe buy down. But as it stands today, is that a fair assumption?

了解。我知道我們會在5月看到更多細節。不過，我是想問，你們對自留額（retention）我們應該如何看待？是否可以合理假設，在GAAP基礎下會與前一年相近，並且會包含一些自保公司（captive）的使用？我理解，顯然你們可能有機會去降低自留。但以目前的狀況來看，這樣的假設合理嗎？

Yeah. The retentions will remain the same for the insurance entities, $45 million. We plan to continue to use the captive in the same manner for the $66 million layer above $45 million for the first event. So structurally identical to last year.

是的。保險實體的自留額將維持不變，為4,500萬美元。我們計畫在第一個事件中，針對高於4,500萬美元之上的6,600萬美元層，繼續以相同方式使用自保公司（captive）。因此在結構上與去年完全相同。

Okay. Appreciate it, guys. Thank you.

好的。謝謝各位，感謝。謝謝。

Thanks, Nick. Have a good day.

謝謝，Nick。祝你今天愉快。

Thank you. I'm showing no further questions at this time. I'll now turn it back to Steve Donaghy, Chief Executive Officer, for closing remarks.

謝謝。我這邊顯示目前沒有其他問題。接下來我將把時間交回給執行長Steve Donaghy作結語。

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

謝謝。我想感謝我們所有同仁、消費者、代理人以及利害關係人持續對Universal的支持。祝大家有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參與今天的電話會議。本次會議到此結束。您現在可以掛線。