UPC Insurance Company Overview and ESG Strategy
Q2-2021 Results
Higher reinsurance and loss costs drove the y/y decline in core earnings
Core income (loss)
Q2-20 Change
Q2-21
$
(24,636) $ 8,816 -379.5%
$
(0.57) $ 0.20
per diluted share (CEPS)
Included the following items
Net current year catastrophe loss & LAE incurred
$
40,257 $ 29,799
Net (favorable) unfavorable reserve development
Total items
$
(372) $ (823)
$
39,885 $ 28,976
Core income (loss) excluding items
CEPS excluding items
$
6,873 $ 13,022
-47.2%
$
0.16 $ 0.30
Direct Loss & LAE ratio - NonCAT
Direct Loss & LAE ratio - CAT
Gross expense ratio
33.4%
26.3%
7.1 pts
25.5%
22.2%
3.3 pts
19.1%
24.0%
(5.0) pts
Net loss & LAE ratio - NonCAT
53.5%
38.8%
14.7 pts
Net loss & LAE ratio - CAT
27.7%
16.0%
11.7 pts
Net expense ratio
46.7%
44.6%
2.1 pts
Combined ratio
127.9%
99.4%
28.5 pts
Net current year catastrophe loss & LAE incurred
-27.7%
-16.1%
Net favorable (unfavorable) reserve development
Underlying combined ratio
0.3%
100.5%
0.4%
83.7%
16.8 pts
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