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Universal Insurance Holdings, Inc. Reports Record Fourth Quarter And

The following excerpt is from the company's SEC filing.

Full-Year 2015 Financial Results

Achieved Highest Fourth Quarter and Full-Year Net Income and EPS in Company History

Fort Lauderdale, FL, February 24, 2016 Universal Insurance Holdings, Inc. (NYSE: UVE)

today reported record fourth quarter net income in 2015 of $29.2 million, an increase of 39.0%, or $8.2 million, over the same period in 2014. Diluted earnings per share (EPS) were $0.82 for the fourth quarter of 2015, an increase of 39.0%, or $0.23 per share, over the same quarter in 2014. This compares to net income of $21.0 million, or $0.59 per diluted share, for the same period in 2014 .

For the full year 2015, the Company reported record net income of $106.5 million, an increase of $33.5 million, or 45.9% compared to net income of $73.0 million for 2014. For earnings per share on a diluted basis, the Company reported $2.97 per share in 2015, as compared to $2.08 per share for 2014.

I am very pleased with our outstanding fourth quarter results, concluding a year in which we delivered the highest earned premiums, total revenues, net income and diluted EPS in Company history, said Sean P. Downes, Universals Chairman, President and Chief Executive Officer. Our track record of delivering consistent, organically generated growth is a testament to the strength of our strategy and business model. We continued to maintain focus on writing high quality, rate-adequate business, investing in our vertically integrated business model, improving our claims handling and customer service and building strong relationships with our independent agency force. We also continued to gain traction throughout 2015 on our geographic expansion efforts, concluding the year with a presence in 16 states. As a result of our efforts, our total insured value in states outside of Florida reached 16% as of the end of 2015, and policy count outside of Florida increased by 49%.

Our record performance reflects the diligence and hard work of our employees and independent agents who form the cornerstone of our continued success. Looking ahead, we are better positioned now than at any other time in our history from an operational and financial standpoint, and we will continue to leverage our financial strength to return capital to our shareholders through dividends and share buybacks. As we enter 2016, our entire team is aligned on our goal of driving profitable growth and increasing shareholder value.

Fourth-Quarter 2015 & Recent Highlights

Net earned premiums grew by $55.2 million, or 57.8%, to $150.6 million.

Total revenues increased by $57.6 million, or 55.1%, to $162.1 million.

Net income increased by $8.2 million, or 39.0%, to $29.2 million.

Diluted EPS grew by $0.23, or 39.0%, to $0.82 per share.

Paid dividends of $0.27 per share.

Received Certificate of Authority from New Hampshire.

Fourth-Quarter 2015 Results

Net income for the fourth quarter of 2015 of $29.2 million reflects an improvement across multiple measures including an increase in direct premiums written, net premiums written, net earned premiums, net investment income, realized gains, commissions, policy fees, and income before taxes. The increase in net earned premiums reflects both growth in policies in force and lower reinsurance costs, including the elimination of quota share reinsurance effective June 2015.

Stockholders equity reached an all-time high of $293.1 million as of December 31, 2015 compared to $218.9 million pro-forma stockholders equity as of December 31, 2014.

Full-Year 2015 Results

For the full year of...