This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

United Insurance Holdings Corp. Reports Financial Results For Its Fourth Quarter And Twelve Months Ended December 31, 2012

United Insurance Holdings Corp. (NASDAQ: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today reported its financial results for the fourth quarter and year ended December 31, 2012.

Financial and Operational Highlights
  • Fourth quarter 2012 net income was $1.0 million, or $0.09 per diluted share
  • Full year 2012 net income was $9.7 million, or $0.91 per diluted share
  • Fourth quarter 2012 gross premiums written increased 37% to $59.5 million
  • Full year gross premiums written increased 25% to $255 million
  • Cash and investment holdings were $223.4 million at December 31, 2012
  • Book value per share was $5.70 at December 31, 2012
  • Full year return on average equity was 16.1% and combined ratio was 94.8%
       
($ in thousands, except per share and ratios) Three months ended Twelve months ended
December 31,   December 31,  
2012     2011     Change 2012     2011     Change
Gross premiums written $ 59,524 $ 43,469 36.9 % $ 254,909 $ 203,806 25.1 %
Total revenues $ 37,895 $ 26,462 43.2 % $ 131,234 $ 96,417 36.1 %
Earnings before income tax $ 1,846 $ 5,192 (64.4 )% $ 15,714 $ 13,015 20.7 %
Net income $ 983 $ 3,225 (69.5 )% $ 9,705 $ 8,087 20.0 %
Net income per diluted share $ 0.09 $ 0.31 (71.0 )% $ 0.91 $ 0.77 18.2 %
Book value per share $ 5.70 $ 5.31 7.3 %
Return on average equity 16.1 % 16.1 %
Loss ratio, net 1 55.5 % 38.1 % 17.4 pts 47.9 % 43.1 % 4.8 pts
Expense ratio 2 51.8 % 47.5 % 4.3 pts 46.9 % 48.6 % -1.7 pts
Combined ratio (CR) 3 107.3 % 85.6 % 21.7 pts 94.8 % 91.7 % 3.1 pts
Effect of current year catastrophe losses on CR (2.1 )% (0.1 )% -2.0 pts (2.8 )% (0.8 )% -2.0 pts
Effect of prior year development on CR (10.1 )% 7.7 % -17.8 pts (0.6 )% 4.7 % -5.3 pts
Effect of FIGA assessment on CR (4.8 )% -4.8 pts (1.4 )% -1.4 pts
Underlying combined ratio 4 90.3 % 93.2 % -2.9 pts 90.0 % 95.6 % -5.6 pts
 
 

1

Loss ratio, net is losses and loss adjustment expenses relative to net premiums earned.

2

Expense ratio is calculated as the sum of all operating expenses less interest expense relative to net premiums earned.

3

Combined ratio is the sum of the loss ratio, net and the expense ratio.

4

Underlying Combined Ratio, a measure that is not based on accounting principles generally accepted in the United States of America (GAAP), is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this release is in the “Definitions of Non-GAAP Measures” section of this document.
 

2012 Fourth Quarter

UPC Insurance reported total revenues for the quarter ended December 31, 2012, of $37.9 million, a 43% increase from the $26.5 million reported in the prior year period. The strong growth was primarily due to an increase in net premiums earned to $34.2 million, from $24.8 million for the fourth quarter of 2011. The growth in net premiums earned for the quarter was driven by continued growth in new business in Florida and other states as well as exceptional retention of renewal business. Net investment income, realized gains and other revenues increased to $3.7 million for the quarter, compared to $1.6 million in the prior year quarter.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs