Including, close to 12% top line growth, margin expansion in excess of 200 basis points, and a total annualized return on average equity of 23.2%.
In addition, we were encouraged earlier this month when the Florida Senate passed Bill 76, which would enable Floridians to have reliable access to property insurance.
That being said, we continue to monitor closely the companion bill in the House, House Bill 305, which has differences from the Senate Bill 76.
We ended the first quarter with total revenue up 11.7% to $262.8 million, driven by primary rate increases from 2020, earning through the book as policies renew and an improvement in the unrealized portion of the investment portfolio, partially offset by the impact of higher reinsurance costs when compared to the first quarter of 2020.
Margins expanded by 210 basis points for the quarter, driven by the incremental fall-through profit from the top line as previously discussed, lower losses in LAE and lower operating expenses as a percentage of direct premiums earned.
EPS for the quarter was $0.84 on a GAAP and non-GAAP adjusted basis.
As to underwriting, direct premiums written were up 9.2% for the quarter, led by direct premium growth of 10.2% in Florida.
On the expense side, the combined ratio improved one point for the quarter to 93.1%.
The expense ratio improved on a direct earned basis by 45 basis points as a result of operating efficiencies but was more than offset by the impact of increased reinsurance costs on the net ratio resulting in a one-point increase in the net expense ratio for the quarter.
On our investment portfolio, net investment income decreased by 56.3% to $3 million for the quarter, primarily due to significantly lower yields on the reinvested portfolio following the sale of a majority of securities in the portfolio that were in an unrealized gain position in the third and fourth quarters of 2020.
Total invested assets increased 10.6% to $1 billion since year-end 2020.
In regards to capital deployment, during the first quarter, the company repurchased approximately 15,000 shares at an aggregate cost of $245,000.
On April 22, 2021, the Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, which is payable on May 21, 2021, to shareholders of record as of the close of business on May 14, 2021.
As mentioned in our release yesterday, we are maintaining our guidance for 2021.
We still expect GAAP and non-GAAP adjusted earnings per share range of between $2.75 and $3 and a return on average equity of between 17% and 19%.

Summary:
We ended the first quarter with total revenue up 11.7% to $262.8 million, driven by primary rate increases from 2020, earning through the book as policies renew and an improvement in the unrealized portion of the investment portfolio, partially offset by the impact of higher reinsurance costs when compared to the first quarter of 2020.
EPS for the quarter was $0.84 on a GAAP and non-GAAP adjusted basis.
As mentioned in our release yesterday, we are maintaining our guidance for 2021.