Diluted GAAP earnings per common share (EPS) of $1.21; diluted adjusted* EPS of $1.23
Annualized return on average common equity ("ROCE") of 31.9%, annualized adjusted* ROCE of 29.4%
Direct premiums written of $596.7 million, up 3.2% from the prior year quarter
Book value per share of $16.39, up 18.9% year-over-year; adjusted book value per share of $17.85, up 8.6% year-over-year
Total capital returned to shareholders of $12.0 million, including $7.4 million of share repurchases and a $0.16 per share regular dividend

Universal Insurance Holdings (NYSE:UVE) ("Universal" or the "Company") reported second quarter 2025 results.

^*Reconciliations of non-GAAP to GAAP financial measures are provided in the attached tables.

"In the quarter, we delivered a very strong 29.4% adjusted return on common equity," said Stephen J. Donaghy, Chief Executive Officer. "We are encouraged by favorable underwriting trends, as the Florida market continues to improve and we are optimistic as we look ahead."

Summary Financial Results

($ in thousands, except per share data)	Three Months Ended June 30,								Six Months Ended June 30,
		2025			2024		Change			2025			2024		Change
GAAP comparison
Total revenues	$	400,141		$	380,214		5.2	%	$	795,008		$	748,173		6.3	%
Operating income	$	47,994		$	49,528		(3.1	)%	$	105,062		$	98,634		6.5	%
Operating income margin		12.0	%		13.0	%	(1.0)	pts		13.2	%		13.2	%	—	pts

Net income available to common stockholders	$	35,091		$	35,414		(0.9	)%	$	76,527		$	69,068		10.8	%
Diluted earnings per common share	$	1.21		$	1.21		—	%	$	2.64		$	2.35		12.3	%

Annualized ROCE		31.9	%		37.4	%	(5.5)	pts		36.8	%		37.6	%	(0.8)	pts
Book value per share, end of period	$	16.39		$	13.79		18.9	%	$	16.39		$	13.79		18.9	%

Non-GAAP comparison¹
Core revenue	$	400,922		$	379,170		5.7	%	$	795,793		$	744,100		6.9	%
Adjusted operating income	$	48,775		$	48,484		0.6	%	$	105,847		$	94,561		11.9	%
Adjusted operating income margin		12.2	%		12.8	%	(0.6)	pts		13.3	%		12.7	%	0.6	pts

Adjusted net income available to common stockholders	$	35,680		$	34,627		3.0	%	$	77,119		$	65,997		16.9	%
Adjusted diluted earnings per common share	$	1.23		$	1.18		4.2	%	$	2.66		$	2.25		18.2	%

Annualized adjusted ROCE		29.4	%		30.5	%	(1.1)	pts		33.0	%		30.0	%	3.0	pts
Adjusted book value per share, end of period	$	17.85		$	16.44		8.6	%	$	17.85		$	16.44		8.6	%

Underwriting Summary
Premiums:
Premiums in force	$	2,114,219		$	1,999,705		5.7	%	$	2,114,219		$	1,999,705		5.7	%
Policies in force		872,343			833,433		4.7	%		872,343			833,433		4.7	%

Direct premiums written	$	596,720		$	578,267		3.2	%	$	1,063,798		$	1,024,446		3.8	%
Direct premiums earned	$	523,425		$	490,649		6.7	%	$	1,036,682		$	972,721		6.6	%
Ceded premiums earned	$	(163,232	)	$	(145,691	)	12.0	%	$	(320,768	)	$	(293,738	)	9.2	%
Ceded premium ratio		31.2	%		29.7	%	1.5	pts		30.9	%		30.2	%	0.7	pts
Net premiums earned	$	360,193		$	344,958		4.4	%	$	715,914		$	678,983		5.4	%

Net ratios:
Loss ratio		72.3	%		70.6	%	1.7	pts		71.4	%		71.2	%	0.2	pts
Expense ratio		25.5	%		25.3	%	0.2	pts		25.0	%		24.5	%	0.5	pts
Combined ratio		97.8	%		95.9	%	1.9	pts		96.4	%		95.7	%	0.7	pts
¹Reconciliation of non-GAAP to GAAP financial measures are provided in the attached tables. Adjusted net income (loss) available to common stockholders, adjusted diluted earnings (loss) per common share and core revenue exclude net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. Adjusted operating income (loss) excludes the items above and interest and amortization of debt issuance costs. Adjusted book value per share excludes accumulated other comprehensive income (loss), net of taxes. Adjusted ROCE is calculated by dividing annualized adjusted net income (loss) available to common stockholders by average adjusted book value per share, with the denominator further excluding current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments.

Net Income and Adjusted Net Income

Net income available to common stockholders was $35.1 million, down from $35.4 million in the prior year quarter, and adjusted net income available to common stockholders was $35.7 million, up from $34.6 million in the prior year quarter. The higher adjusted net income available to common stockholders mostly stems from higher direct premiums earned, net investment income and commission revenue, partly offset by a higher ceded premium ratio.

Revenues

Revenue was $400.1 million, up 5.2% from the prior year quarter and core revenue was $400.9 million, up 5.7% from the prior year quarter. The increase in core revenue primarily stems from higher net premiums earned, net investment income and commission revenue.

Direct premiums written were $596.7 million, up 3.2% from the prior year quarter. The increase stems from 25.4% growth in other states, partly offset by a 2.5% decrease in Florida. Overall growth mostly reflects higher policies in force, higher rates and inflation adjustments across our multi-state footprint.

Direct premiums earned were $523.4 million, up 6.7% from the prior year quarter. The increase stems from direct premiums written growth over the past twelve months.

The ceded premium ratio was 31.2%, up from 29.7%, in the prior year quarter. The increase primarily reflects replacement of the Reinsurance to Assist Policyholders (RAP) layer, which was provided by the state of Florida, with private market coverage.

Net premiums earned were $360.2 million, up 4.4% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned, partly offset by a higher ceded premium ratio, as described above.

Net investment income was $17.3 million, up from $14.7 million in the prior year quarter. The increase stems from higher fixed income reinvestment yields and higher invested assets.

Commissions, policy fees and other revenue were $23.5 million, up 20.0% from the prior year quarter. The increase primarily reflects higher reinsurance brokerage commissions stemming from replacement of the RAP layer with private market coverage and replacement of the catastrophe bond with traditional reinsurance coverage in the 2024-2025 program.

Margins

The operating income margin was 12.0%, compared to an operating income margin of 13.0% in the prior year quarter. The adjusted operating income margin was 12.2%, compared to an adjusted operating income margin of 12.8% in the prior year quarter. The lower adjusted operating income margin primarily reflects a higher ceded premium ratio, partly offset by higher net investment income and commission revenue.

The net loss ratio was 72.3% up 1.7 points compared to the prior year quarter. The increase primarily reflects a higher ceded premium ratio.

The net expense ratio was 25.5%, up 0.2 points from 25.3% in the prior year quarter. The increase was primarily driven by a higher ceded premium ratio and higher policy acquisition costs associated with growth outside Florida, partly offset by economies of scale.

The net combined ratio was 97.8%, up 1.9 points compared to the prior year quarter. The increase reflects higher net loss and expense ratios, as described above.

Capital Deployment

During the second quarter, the Company repurchased approximately 287 thousand shares at an aggregate cost of $7.4 million. The Company's current share repurchase authorization program has approximately $15.2 million remaining.

On July 9, 2025, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on August 8, 2025, to shareholders of record as of the close of business on August 1, 2025.

Conference Call and Webcast

Friday, July 25, 2025 at 10:00 a.m. ET
Investors and other interested parties may listen to the call by accessing the online, real-time webcast at universalinsuranceholdings.com/investors or by registering in advance via teleconference at https://register.vevent.com/register/BI790e26e2fbb842a28dbb61116474c3ae. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. An online replay of the call will be available at universalinsuranceholdings.com/investors soon after the investor call concludes.

About Universal

Universal Insurance Holdings, Inc. (NYSE:UVE) is a holding company providing property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We provide insurance products in the United States through both our appointed independent agents and our direct online distribution channels, primarily in Florida. Learn more at universalinsuranceholdings.com or get an insurance quote at Clovered.com.

Non-GAAP Financial Measures and Key Performance Indicators

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission ("SEC"), including core revenue, adjusted net income available to common stockholders and diluted adjusted earnings (loss) per common share, which exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. Adjusted operating income (loss) and adjusted operating income (loss) margin exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) on investments and interest and amortization of debt issuance costs. Adjusted common stockholders' equity and adjusted book value per share exclude accumulated other comprehensive income (loss) (AOCI), net of taxes. Adjusted return on common equity excludes after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments from the numerator and AOCI, net of taxes, and current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments from the denominator. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles ("GAAP"). UVE management believes that these non-GAAP financial measures are meaningful, as they allow investors to evaluate underlying revenue and profitability trends and enhance comparability across periods. When considered together with the GAAP financial measures, management believes these metrics provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. UVE management also believes that these non-GAAP financial measures enhance the ability of investors to analyze UVE's business trends and to understand UVE's operational performance. UVE's management utilizes these non-GAAP financial measures as guides in long-term planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures presented in accordance with GAAP. For more information regarding our key performance indicators, please refer to the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations – Key Performance Indicators" in our forthcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "will," "plan," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on plans, products and lines of business, marketing arrangements, reinsurance programs and other business developments and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, including those risks and uncertainties described under the heading "Risk Factors" and "Liquidity and Capital Resources" in our 2024 Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q. Future results could differ materially from those described, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risk factors that could affect the Company's operations and future results, refer to the Company's reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and the most recent quarterly reports on Form 10-Q.


UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share data)

	June 30,			December 31,
		2025			2024
ASSETS:
Invested Assets
Fixed maturities, at fair value	$	1,395,029		$	1,269,079
Equity securities, at fair value		92,866			77,752
Other investments, at fair value		3,932			16,123
Investment real estate, net		8,179			8,322
Total invested assets		1,500,006			1,371,276
Cash and cash equivalents		367,108			259,441
Restricted cash and cash equivalents		68,635			2,635
Prepaid reinsurance premiums		639,022			262,716
Reinsurance recoverable		381,989			627,617
Premiums receivable, net		83,593			77,936
Property and equipment, net		47,679			48,653
Deferred policy acquisition costs		125,221			121,178
Deferred income tax asset, net		15,093			42,163
Goodwill		2,319			2,319
Other assets		45,153			25,927
TOTAL ASSETS	$	3,275,818		$	2,841,861

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses	$	765,855		$	959,291
Unearned premiums		1,087,562			1,060,446
Advance premium		83,812			46,237
Income taxes payable		—			6,561
Reinsurance payable, net		709,453			220,328
Commission payable		29,383			25,931
Long-term debt, net		100,862			101,243
Other liabilities and accrued expenses		41,083			48,574
Total liabilities		2,818,010			2,468,611
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock ($0.01 par value)²		—			—
Common stock ($0.01 par value)³		476			475
Treasury shares, at cost - 19,669 and 19,382		(290,120	)		(282,693	)
Additional paid-in capital		123,919			121,781
Accumulated other comprehensive income (loss), net of taxes		(40,782	)		(63,166	)
Retained earnings		664,315			596,853
Total stockholders' equity		457,808			373,250
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,275,818		$	2,841,861

Notes:
²Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10 shares; Outstanding - 10 and 10 shares; Minimum liquidation preference - $9.99 and $9.99 per share.
³Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 47,596 and 47,478 shares; Outstanding 27,927 and 28,096 shares.


UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
REVENUES
Net premiums earned	$	360,193		$	344,958		$	715,914		$	678,983
Net investment income		17,258			14,660			33,318			28,183
Net realized gains (losses) on investments		5,280			(311	)		5,266			(388	)
Net change in unrealized gains (losses) on investments		(6,061	)		1,355			(6,051	)		4,461
Commission revenue		15,854			11,679			32,129			22,712
Policy fees		5,603			5,576			10,096			9,981
Other revenue		2,014			2,297			4,336			4,241
Total revenues		400,141			380,214			795,008			748,173

EXPENSES
Losses and loss adjustment expenses		260,305			243,572			510,860			483,759
Policy acquisition costs		61,878			56,615			122,452			111,435
Other operating expenses		29,964			30,499			56,634			54,345
Total operating costs and expenses		352,147			330,686			689,946			649,539
Interest and amortization of debt issuance costs		1,608			1,623			3,220			3,245
Income before income tax expense		46,386			47,905			101,842			95,389
Income tax expense		11,293			12,489			25,310			26,316
NET INCOME	$	35,093		$	35,416		$	76,532		$	69,073


UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Weighted average common shares outstanding - basic		27,972			28,600			28,066			28,734
Weighted average common shares outstanding - diluted		29,072			29,308			28,977			29,369
Shares outstanding, end of period		27,927			28,513			27,927			28,513
Basic earnings per common share	$	1.25		$	1.24		$	2.73		$	2.40
Diluted earnings per common share	$	1.21		$	1.21		$	2.64		$	2.35
Cash dividend declared per common share	$	0.16		$	0.16		$	0.32		$	0.32
Book value per share, end of period	$	16.39		$	13.79		$	16.39		$	13.79
Annualized return on average common equity (ROCE)		31.9	%		37.4	%		36.8	%		37.6	%


UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION
(in thousands, except for Policies In Force data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
*Premiums*
Direct premiums written - Florida	$	449,715		$	461,018		$	793,760		$	815,843
Direct premiums written - Other States		147,005			117,249			270,038			208,603
Direct premiums written - Total	$	596,720		$	578,267		$	1,063,798		$	1,024,446
Direct premiums earned	$	523,425		$	490,649		$	1,036,682		$	972,721
Net premiums earned	$	360,193		$	344,958		$	715,914		$	678,983

*Underwriting Ratios - Net*
Loss and loss adjustment expense ratio		72.3	%		70.6	%		71.4	%		71.2	%
General and administrative expense ratio		25.5	%		25.3	%		25.0	%		24.5	%
Policy acquisition cost ratio		17.2	%		16.4	%		17.1	%		16.4	%
Other operating expense ratio		8.3	%		8.9	%		7.9	%		8.1	%
Combined ratio		97.8	%		95.9	%		96.4	%		95.7	%

	As of
	June 30,
		2025		2024
Policies in force
Florida		559,171		572,860
Other States		313,172		260,573
Total		872,343		833,433

Premiums in force
Florida	$	1,581,628	$	1,597,080
Other States		532,591		402,625
Total	$	2,114,219	$	1,999,705

Total Insured Value
Florida	$	184,748,208	$	188,408,742
Other States		191,679,346		149,623,623
Total	$	376,427,554	$	338,032,365


UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except for per share data)

GAAP revenue to core revenue
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
GAAP revenue	$	400,141		$	380,214		$	795,008		$	748,173
less: Net realized gains (losses) on investments		5,280			(311	)		5,266			(388	)
less: Net change in unrealized gains (losses) on investments		(6,061	)		1,355			(6,051	)		4,461
Core revenue	$	400,922		$	379,170		$	795,793		$	744,100

GAAP operating income to adjusted operating income
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
GAAP income before income tax expense	$	46,386		$	47,905		$	101,842		$	95,389
add: Interest and amortization of debt issuance costs		1,608			1,623			3,220			3,245
GAAP operating income		47,994			49,528			105,062			98,634
less: Net realized gains (losses) on investments		5,280			(311	)		5,266			(388	)
less: Net change in unrealized gains (losses) on investments		(6,061	)		1,355			(6,051	)		4,461
Adjusted operating income	$	48,775		$	48,484		$	105,847		$	94,561

GAAP operating income margin to adjusted operating income margin

Three Months Ended

Six Months Ended

June 30,

2025

2024

2025

2024

GAAP operating income (a)

47,994

49,528

105,062

98,634

GAAP revenue (b)

400,141

380,214

795,008

748,173

GAAP operating income margin (a÷b)

12.0

13.0

13.2

Adjusted operating income (c)

48,775

48,484

105,847

94,561

Core revenue (d)

400,922

379,170

795,793

744,100

Adjusted operating income margin (c÷d)

12.2

12.8

13.3

12.7

GAAP net income (NI) to adjusted NI available to common stockholders
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
GAAP NI	$	35,093		$	35,416		$	76,532		$	69,073
less: Preferred dividends		2			2			5			5
GAAP NI available to common stockholders (e)		35,091			35,414			76,527			69,068
less: Net realized gains (losses) on investments		5,280			(311	)		5,266			(388	)
less: Net change in unrealized gains (losses) on investments		(6,061	)		1,355			(6,051	)		4,461
add: Income tax effect on above adjustments		(192	)		257			(193	)		1,002
Adjusted NI available to common stockholders (f)	$	35,680		$	34,627		$	77,119		$	65,997

Weighted average diluted common shares outstanding (g)		29,072			29,308			28,977			29,369
Diluted earnings per common share (e÷g)	$	1.21		$	1.21		$	2.64		$	2.35
Diluted adjusted earnings per common share (f÷g)	$	1.23		$	1.18		$	2.66		$	2.25

GAAP stockholders' equity to adjusted common stockholders' equity
	As of
	June 30,						December 31,
		2025			2024			2024
GAAP stockholders' equity	$	457,808		$	393,237		$	373,250
less: Preferred equity		100			100			100
Common stockholders' equity (h)		457,708			393,137			373,150
less: Accumulated other comprehensive (loss), net of taxes		(40,782	)		(75,718	)		(63,166	)
Adjusted common stockholders' equity (i)	$	498,490		$	468,855		$	436,316

Common shares outstanding (j)		27,927			28,513			28,096
Book value per common share (h÷j)	$	16.39		$	13.79		$	13.28
Adjusted book value per common share (i÷j)	$	17.85		$	16.44		$	15.53

GAAP return on common equity (ROCE) to adjusted ROCE
	Three Months Ended						Six Months Ended						Year Ended
	June 30,						June 30,						December 31,
		2025			2024			2025			2024			2024
Actual or Annualized NI available to common stockholders (k)	$	140,364		$	141,656		$	153,054		$	138,136		$	58,918
Average common stockholders' equity (l)		439,998			378,851			415,429			367,167			357,174
ROCE (k÷l)		31.9	%		37.4	%		36.8	%		37.6	%		16.5	%
Annualized adjusted NI available to common stockholders (m)	$	142,720		$	138,508		$	154,238		$	131,994		$	52,418

Adjusted average common stockholders' equity⁴(n)		486,219			454,673			467,699			440,577			422,593
Adjusted ROCE (m÷n)		29.4	%		30.5	%		33.0	%		30.0	%		12.4	%

⁴Adjusted average common stockholders' equity excludes current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250724272686/en/

Investors/Media:

Arash Soleimani, CFA, CPA, CPCU, ARe

Chief Strategy Officer

954-804-8874

asoleimani@universalproperty.com

Universal Reports Second Quarter 2025 Results