United Insurance Holdings Corporation (UIHC) has reported a 32.12 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $3.90 million, or $0.18 a share in the quarter, compared with $2.95 million, or $0.14 a share for the same period last year.
Revenue during the quarter grew 14.01 percent to $122.63 million from $107.56 million in the previous year period. Net premium earned for the quarter increased 5.73 percent or $5.81 million to $107.18 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $116.73 million, or 108.91 percent of premium earned from $103.25 million or 101.86 percent of premium earned in the last year period. Operating income for the quarter was $5.90 million, compared with $4.31 million in the previous year period.
Net investment income was at $2.95 million for the quarter, up 23.16 percent or $0.56 million from year-ago period. The company has booked a loss on investments of $0.35 million in the quarter compared with a gain of $0.27 million for the previous year period.
"We continued to grow and diversify in Q1 2017, but weather-related losses kept us from achieving our bottom line goals," said John Forney, President & CEO of UPC Insurance. "The biggest news of the quarter, though, was that we brought our merger with American Coastal to the brink of closure, and became one company on the first business day of Q2. We are excited to move forward on this next phase of our company's journey, and look forward to working with Dan Peed and his team at American Coastal and AmRisc."
Liabilities outpace assets growth
Total assets increased 28.35 percent or $210.03 million to $950.88 million on Mar. 31, 2017. On the other hand, total liabilities were at $703.78 million as on Mar. 31, 2017, up 41.99 percent or $208.12 million from year-ago.
Return on assets stood at 0.49 percent in the quarter, up 0.08 from 0.41 percent in the last year period. At the same time, return on equity was at 1.58 percent in the quarter, up 0.37 from 1.20 percent in the last year period.
Investments move up
Investments stood at $541.11 million as on Mar. 31, 2017, up 19 percent or $86.38 million from year-ago. Meanwhile, yield on investments went up 2 basis points to 0.55 percent in the quarter.
Meanwhile, reinsurance recoverables moved down 21.53 percent or $9.82 million over the year to $35.79 million on Mar. 31, 2017.
Total debt was at $53.82 million as on Mar. 31, 2017, up 346.32 percent or $41.76 million from year-ago. Shareholders equity stood at $247.11 million as on Mar. 31, 2017, up 0.78 percent or $1.91 million from year-ago. As a result, debt to equity ratio went up 17 basis points to 0.22 percent in the quarter from 0.05 percent in the last year period.
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