Universal Insurance jumps after FY profit vs year-ago loss

Universal Insurance Holdings

23/02/2024 15:05

** Shares property and casualty insurer Universal Insurance
Holdings  UVE.N  rise ~11.2% to $19.16 in morning trading
    ** Co after market on Thursday reported adjusted profit in
full-year 2023 of $1.95/share vs a loss of 41 cents/share a year
earlier 
    ** "We closed out both the fourth quarter and full year with
double-digit adjusted returns on common equity" - CEO Stephen
Donaghy
    ** UVE's Q4 total revenue jumped ~13.7% to $375.50 mln vs
$330.40 mln a year earlier
    ** Co's direct premiums written in Q4 came in at $432.60
mln, up 4% from the prior year
    ** Stock up ~20% this year; surged ~52% in 2023

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))