Universal Insurance Holdings has reported total revenues of $55.8m for the second quarter ended June 30, 2010, an increase of 17.4% compared to $47.5m for the same quarter in 2009.
Net premiums earned increased 10.7% in the second quarter of 2010 compared to the same quarter in 2009. Meanwhile, second-quarter 2010 general and administrative expenses increased 26.3% to $13.4m from $10.6m in the 2009 second quarter.
For the quarter ended June 30, 2010, the company posted a net income of $10.8m, or $0.27 per share, compared to $7.6m, or $0.19 per share, for the same period last year.
In addition, the company’s investment portfolio generated $4.5m in realized gains on investments in the second quarter of 2010.
At June 30, 2010, stockholders’ equity increased to $123.6m from $114.8m at March 31, 2010, representing growth of 7.7%.
Headquartered in Fort Lauderdale, Florida, Universal Insurance is a vertically integrated insurance holding company, which through its subsidiaries, covers all aspects of insurance underwriting, distribution, claims processing and exposure management.