Universal Insurance Holdings, Inc. reported a net income of $41.4 million for the first quarter of 2025, a 23.1% increase from $33.7 million in the same period last year. This translates to diluted earnings per share of $1.44, up from $1.14 in 2024. The company attributed this growth to a 6.5% rise in net premiums earned, which reached $355.7 million, alongside an 18.8% increase in net investment income, totaling $16.1 million. The overall revenue for the quarter was $394.9 million, reflecting a 7.3% increase compared to $368.0 million in the prior year.
The company experienced a 4.7% increase in direct premiums written, amounting to $467.1 million, driven by a significant 34.7% growth in premiums outside of Florida. However, premiums in Florida decreased by 3.0%, or $10.8 million. The total number of policies in force rose by 1.1%, reaching 864,817 as of March 31, 2025. The net loss ratio improved to 70.5% from 71.9% year-over-year, while the combined ratio slightly decreased to 95.0% from 95.5%.
In terms of operational developments, Universal Insurance Holdings continues to expand its footprint, now offering insurance products in 19 states, with Florida representing 73.7% of direct premiums written. The company has also seen favorable trends in claims from policies issued after the legislative reforms enacted in December 2022, which aimed to reduce claims costs and improve service standards. The company reported no significant weather-related losses during the quarter, contributing to the positive financial results.
Looking ahead, Universal Insurance Holdings remains focused on managing its risk exposure and improving profitability through strategic rate adjustments and operational efficiencies. The company has declared a quarterly cash dividend of $0.16 per share, payable on May 16, 2025. The outlook for the remainder of the year appears cautiously optimistic, with management monitoring market conditions and regulatory changes that could impact future performance.
About UNIVERSAL INSURANCE HOLDINGS, INC.
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