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Universal Insurance Holdings, Inc.
reported net income of $20.1 million, or $0.50 per diluted share, for the full year of 2011, compared to $37.0 million, or $0.91 per diluted share, for the full year of 2010. For the fourth quarter of 2011, the Company reported a net loss of $2.3 million, or $0.06 per diluted share, compared to net income of $6.2 million, or $0.19.965 per diluted share, for the same period in 2010.
Full-Year 2011 Results
For the full year of 2011, the Company's net income and diluted earnings per share declined $16.9 million and $0.41, respectively, compared to the full year of 2010. The decline is primarily attributable to net losses in the Company's investment portfolio recorded during 2011 compared to net gains recorded in the Company's investment portfolio in 2010. Meanwhile, the Company's net premiums earned improved in 2011, as an increase in premium rates occurring in the beginning of 2011 and the latter part of 2009 mitigated somewhat the negative effect of wind mitigation credits. The improvement in net premiums earned in 2011 outpaced the increase in operating costs and expenses, which contributed positively to results.
During 2011, the performance of the Company's investment portfolio reduced income before income taxes by $14.5 million. During 2010, the performance of the Company's investment portfolio contributed $30.6 million to income before income taxes. The net losses in the Company's investment portfolio during 2011 reflect a particularly steep decline in the value of the equity securities holdings within the Company's investment portfolio occurring mostly during the second half of the year ended December 31, 2011.
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