Universal Insurance Holdings Inc (UVE) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Universal's second quarter 2026 earnings conference call. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Arash Soleimani, Chief Strategy Officer.

各位女士、先生，早安，歡迎參加 Universal 2026 年第二季財報電話會議。提醒各位，本次電話會議將進行錄音。現在我想把電話會議交給首席策略長 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 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.

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及 Universal 向 SEC 提交的文件，相關資料皆可於我們網站 universalinsuranceholdings.com 的投資人專區，以及 SEC 網站查閱。

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.

非 GAAP 財務衡量指標與可比較 GAAP 指標之調節表已收錄於本季新聞稿中，亦可於 Universal 網站 universalinsuranceholdings.com 查閱。接下來我把電話會議交給 Steve。

Thanks, Arash. Good morning, everyone. In the quarter, we delivered a very strong 33.2% annualized adjusted return on common equity, driven by solid underwriting and revenue performance. Notably, the net loss ratio improved by 7.5 points year-over-year, driven by favorable claims and litigation trends that we expect to benefit non-catastrophe margins throughout the year.

謝謝你，Arash。各位早安。本季我們交出非常亮眼的年化調整後普通股權益報酬率 33.2%，主要受惠於穩健的承保與營收表現。值得注意的是，淨損失率較去年同期改善 7.5 個百分點，主要由有利的理賠與訴訟趨勢所帶動；我們預期這些趨勢將在全年持續提升非巨災（non-catastrophe）利潤率。

Strong retention and new business generation resulted in 4.1% direct premiums written growth, including growth in Florida and across our multi-state footprint. The favorable claims and litigation trends in our results are a direct product of Florida's legislative reforms.

強勁的續保率與新業務拓展帶動直接簽單保費（direct premiums written）成長 4.1%，其中包含佛羅里達州以及我們多州布局的成長。我們業績中呈現的有利理賠與訴訟趨勢，直接源自佛羅里達州的立法改革。

Thanks to the efforts of the governor, the legislature, and the OIR, the Florida homeowners insurance market has stabilized and now operates much more like the rest of the country. Our litigation inventory is back down to levels that preceded Florida's litigation crisis and the impact of pre-reform claims practices is behind us.

在州長、州議會以及 OIR 的努力下，佛羅里達州住宅保險市場已趨於穩定，且目前的運作方式更接近全美其他地區。我們的訴訟案件存量已回落至佛州訴訟危機之前的水準，改革前理賠作業做法所造成的影響也已成為過去。

As a result, we believe our aggregate reserves provide a meaningful margin above expected ultimate losses. Combined with more favorable reinsurance rates and our ability to write rate adequate premium throughout our robust, organic new business pipeline, we believe we are well positioned to deliver sustained profitable growth.

因此，我們認為整體準備金相較於預期最終損失提供了具意義的安全邊際。再加上再保費率更為有利，以及我們能透過強勁、自然成長的新業務管道承作費率充足的保費，我們相信公司已具備條件實現可持續的獲利成長。

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

接下來我把時間交給 Frank，請他說明我們的財務結果。Frank？

Thanks, Steve. Good morning. Adjusted diluted earnings per common share was $1.84 compared to an adjusted diluted earnings per common share of $1.23 in the prior year quarter. The higher adjusted diluted earnings per common share mostly stems from a lower net loss ratio and a higher net premiums earned and net investment income.

謝謝你，Steve。早安。普通股每股調整後稀釋盈餘為 1.84 美元，去年同期普通股每股調整後稀釋盈餘為 1.23 美元。普通股每股調整後稀釋盈餘提高，主要來自較低的淨損失率，以及較高的已賺淨保費（net premiums earned）與淨投資收益。

Core revenue of $419.4 million was up 4.6% year-over-year, with growth primarily stemming from higher net premiums earned and net investment income. Direct premiums written were $621.3 million, up 4.1% from the prior year quarter. The increase stems from 0.8% growth in Florida and 14.4% growth in other states.

核心營收為 4.194 億美元，年增 4.6%，成長主要來自較高的已賺淨保費與淨投資收益。直接簽單保費為 6.213 億美元，較去年同期成長 4.1%。增幅來自佛羅里達州 0.8% 的成長，以及其他州 14.4% 的成長。

Overall, growth mostly reflects higher policies and force across our multistate footprint. Direct premiums earned were $544.8 million, up 4.1% from the prior year quarter, reflecting direct premiums written growth over the last 12 months. Net premiums earned were $377.3 million, up 4.7% from the prior year quarter.

整體而言，成長主要反映我們多州布局下保單數與在保規模的提升。直接已賺保費（direct premiums earned）為 5.448 億美元，較去年同期成長 4.1%，反映過去 12 個月直接簽單保費的成長。已賺淨保費為 3.773 億美元，較去年同期成長 4.7%。

The increase is primarily attributable to higher direct premiums earned in a lower seeded premium ratio. The net combined ratio is 91.6%, down 6.2 points compared to the prior year quarter. The decrease reflects a lower net loss ratio partially offset by a higher net expense ratio. The 64.8% net loss ratio was down 7.5 points compared to the prior year quarter, with the decrease reflecting better current accident year results.

增幅主要歸因於直接已賺保費提高，以及分出保費比率（ceded premium ratio）下降。淨綜合比率為 91.6%，較去年同期下降 6.2 個百分點。下降反映淨損失率降低，但部分被較高的淨費用率所抵銷。淨損失率為 64.8%，較去年同期下降 7.5 個百分點；下降主要反映本事故年度（current accident year）結果改善。

The net expense ratio was 26.8%, up 1.3 points compared to the prior year quarter, with the increase primarily driven by higher policy acquisition costs associated with growth outside of Florida, partially offset by a lower seeded premium ratio.

淨費用率為 26.8%，較去年同期上升 1.3 個百分點；上升主要由佛羅里達州以外成長所帶動的較高保單取得成本所致，但部分被較低的分出保費比率所抵銷。

During the second quarter, the company repurchased approximately 122,000 shares at an aggregate cost of $4.5 million. The company's current share repurchase authorization program has approximately $8.6 million remaining.

在第二季，公司以總成本約 450 萬美元回購約 122,000 股股票。公司目前的股票回購授權計畫尚餘約 860 萬美元可用。

On July 8, 2026, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock payable on August 7, 2026, to shareholders of record as of the close of business on July 31, 2026.

2026 年 7 月 8 日，董事會宣告每股普通股 16 美分的季度現金股利，將於 2026 年 8 月 7 日支付給截至 2026 年 7 月 31 日營業結束時登記在冊的股東。

(Operator Instructions)

(接線員指示)

Paul Newsome, Piper Sandler.

Paul Newsome，Piper Sandler。

Congratulations on the quarter, folks. Maybe some updated thoughts on the competitive environment today and where you fit into it, both in Florida and outside of Florida. It looks like you're moving a little bit more outside of Florida as well, which is great. Any thoughts would be very appreciated.

各位，恭喜本季表現。想請教一下對當前競爭環境以及你們在其中定位的最新看法，無論是在佛羅里達州內或佛州以外。看起來你們也在更積極地拓展佛州以外的業務，這很棒。任何想法都將非常感謝。

Yes, good morning, Paul. Yes, we continue to write new business across our portfolio. We are laser focused on our internal profitability model and how and where we write business. And our goal is to continue to write rate adequate business where possible.

是的，早安，Paul。是的，我們持續在整體產品組合中承作新業務。我們高度聚焦於內部獲利模型，以及我們如何、在哪裡承作業務。我們的目標是在可行之處持續承作費率充足的業務。

So from a competitive perspective, we feel really good about where we sit and really good about our relationships with our agents. And our growth in Florida reflects our positivity on that book of business.

因此，從競爭角度來看，我們對自身所處位置非常有信心，也對與代理人的關係非常有信心。而我們在佛羅里達的成長也反映出我們對該業務組合的正向看法。

Thoughts on the business outside of Florida, and is that something that you would think about accelerating further?

那對佛羅里達以外的業務有何看法？這是否是你們會考慮進一步加速的方向？

Yes, I think it's the same response, Paul. I apologize if I didn't hit it in the first pass. But I think we are -- again, we study the profitability models that our actuaries put together in the other states, and we continue to take rate in many of the other states. So, as rate adequacy improves, we open up additional areas and write more business.

是的，我想回答是一樣的，Paul。如果我第一輪沒有提到，先跟你致歉。但我想我們——再次強調——會研究精算師在其他州建立的獲利模型，並且我們在許多其他州持續調整費率。因此，隨著費率充足性改善，我們會開放更多區域並承作更多業務。

And again, I think the agents see us as a really good resource in those markets when they need help. So we feel really good about the entire footprint we sit on.

而且再次強調，我認為當代理人在那些市場需要協助時，他們會把我們視為非常好的資源。所以我們對目前所涵蓋的整體營運版圖都感到非常有信心。

Great. It sounds like there may be some changes in -- potentially in the citizen situation. Any thoughts on that or even the regulatory environment in Florida?

很好。聽起來在——可能在 Citizens 的情況上——可能會有一些變化。對此你有什麼看法？或者甚至對佛羅里達的監管環境有何想法？

I apologize, Paul. What was it you said? Which situation or --

抱歉，Paul。你剛剛說的是什麼？是哪一個情況，或--

Citizens. I've heard rumblings of potential changes with citizen situation, but also just regulatory environment thoughts in Florida, which obviously have been very favorable, so now they would. But any updated thoughts there?

Citizens。我聽到一些傳聞，說 Citizens 的情況可能會有變動；另外也想聽聽你對佛羅里達監管環境的看法，這顯然一直都非常有利，所以現在可能會……但你那邊有沒有最新的想法？

I think from a citizen's perspective, Paul, you know, they have reduced substantially and are almost at a low that we've not seen in many, many years. So they're not a competitive threat whatsoever to us any longer. And I think they've done some good things relative to ensuring they don't take on new business that they don't want.

Paul，我認為從 Citizens 的角度來看，你知道，他們已大幅縮減，幾乎降到我們多年來未見的低點。因此，他們不再對我們構成任何競爭威脅。而且我認為他們在確保不承接不想要的新業務方面也做了一些不錯的措施。

I think from a regulatory perspective, the state of Florida has been very steady. And I think Michael and the department have been very -- they really have done admirable work relative to ensuring and encouraging people to come into the state. So I think the market reflects the positivity across the board right now.

我認為從監管角度來看，佛羅里達州一直相當穩定。我認為 Michael 和主管機關一直——他們確實做了令人欽佩的工作，致力於確保並鼓勵業者進入該州。所以我認為目前市場反映出整體的正向氛圍。

I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to Mr. Steve Donaghy, Chief Executive Officer, for any closing remarks.

我目前看到隊列中沒有其他問題。我想把電話會議交回給執行長 Steve Donaghy 先生，請他做任何結語。

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

謝謝。我想感謝我們的同仁、消費者、代理人以及利害關係人，持續支持 Universal。祝大家有美好的一天。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day. Speakers, stand by.

各位女士、先生，感謝參與今天的電話會議。本次議程到此結束。您現在可以掛線。各位，祝大家有美好的一天。講者請稍候。