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Universal Insurance Holdings (NYSE: UVE) Q2 EPS hits $2.04, ROCE 38.8%

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Universal Insurance Holdings reported second quarter 2026 results with total revenues of $427,033 (in thousands), net income available to common stockholders of $59,186 (in thousands) and diluted EPS of $2.04, all higher than a year earlier, including a 68.7% increase in net income and 68.6% increase in diluted EPS. Annualized return on average common equity reached 38.8%, while adjusted diluted EPS was $1.84 and annualized adjusted ROCE was 33.2%.

Underwriting performance strengthened: the net loss ratio declined to 64.8%, producing a net combined ratio of 91.6% versus 97.8% in the prior-year quarter, despite a modestly higher expense ratio. Direct premiums written were $621,314 (in thousands), up 4.1%, with growth in both Florida and other states. Net premiums earned rose 4.7% to $377,273 (in thousands), and net investment income increased to $20,213 (in thousands).

Book value per share increased to $22.89, up 39.7% year-over-year, and adjusted book value per share to $24.17, up 35.4%. Management highlighted favorable claims and litigation trends associated with Florida legislative reforms and a new reinsurance program. The company repurchased approximately 122 thousand shares for $4.5 million, declared a quarterly dividend of $0.16 per share, and grew policies in force 7.1% to 934,371.

Positive

  • Net income to common $59,186 (in thousands), up 68.7% year-over-year, with diluted EPS rising to $2.04, reflecting materially higher profitability.
  • Net combined ratio improved to 91.6%, a 6.2-point better result driven by a 7.5-point lower loss ratio and favorable claims trends.
  • Book value per share climbed to $22.89, up 39.7% year-over-year, while adjusted book value per share reached $24.17, up 35.4%.

Negative

  • None.

Filing Explained

At June 30, common equity was $637,155 thousand, with 27,830 thousand common shares outstanding.

This completed Universal Insurance Holdings quarter-end disclosure adds a capital and share-count view to the reported operating results: stockholders’ equity was $637,155 thousand and 27,830 thousand common shares were outstanding on June 30, 2026.

An 8-K reports specified material events, and this one furnishes the results release as Exhibit 99.1; the filing states that the release is not deemed filed under Section 18 or incorporated by reference unless expressly stated.

The balance sheet shows 48,388 thousand common shares issued and 27,830 thousand outstanding at June 30, 2026, versus 48,234 thousand issued and 28,008 thousand outstanding at December 31, 2025. Thus, issued shares increased while outstanding shares declined, reflecting the separate treasury-share balance and the company’s repurchases.

The next specified milestones are the conference call on July 24, 2026, and the forthcoming Form 10-Q for the quarter ended June 30, 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total revenues $427,033 (in thousands) Three months ended June 30, 2026
Net income to common $59,186 (in thousands) Three months ended June 30, 2026; up 68.7% year-over-year
Diluted EPS $2.04 Three months ended June 30, 2026; up 68.6% year-over-year
Annualized ROCE 38.8% Three months ended June 30, 2026
Net combined ratio 91.6% Three months ended June 30, 2026; down 6.2 points vs prior-year quarter
Direct premiums written $621,314 (in thousands) Three months ended June 30, 2026; up 4.1% year-over-year
Book value per share $22.89 End of period June 30, 2026; up 39.7% year-over-year
Share repurchases 122 thousand shares; $4.5 million Shares repurchased during second quarter 2026
combined ratio financial
"The net combined ratio was 91.6%, down 6.2 points compared to the prior year"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
ceded premium ratio financial
"The ceded premium ratio was 30.8%, down from 31.2%, in the prior year quarter"
Ceded premium ratio is the share of an insurer’s written insurance premiums that it passes on to a reinsurer to reduce its own exposure. Think of it like a restaurant sending part of each large order to a partner kitchen so it won’t be overwhelmed; a higher ratio means more risk is outsourced. Investors watch this number because it affects how much risk and potential profit the insurer keeps, and it influences capital needs and earnings volatility.
premiums in force financial
"Premiums in force $ 2,204,705 ... $ 2,114,219 ... 4.3 %"
non-GAAP financial measures regulatory
"This press release contains non-GAAP financial measures within the meaning of Regulation G"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
return on common equity financial
"Annualized return on average common equity (ROCE) of 38.8%"
Return on common equity measures the profit a company generates for ordinary shareholders over a period, usually a year, by dividing net income available to those common shareholders by the average common shareholders’ equity. It tells investors how efficiently their invested dollars are being used—like checking how much profit each dollar of ownership produces—and helps compare profitability across companies and evaluate management performance.
Total revenues $427,033 (in thousands) up 6.7% vs Q2 2025
Net income available to common stockholders $59,186 (in thousands) up 68.7% vs Q2 2025
Diluted EPS $2.04 up 68.6% vs Q2 2025
Adjusted diluted EPS $1.84 up 49.6% vs Q2 2025
Net combined ratio 91.6% improved by 6.2 points vs Q2 2025
Direct premiums written $621,314 (in thousands) up 4.1% vs Q2 2025
Book value per share $22.89 up 39.7% year-over-year
Adjusted book value per share $24.17 up 35.4% year-over-year
Annualized ROCE 38.8% up 6.9 points vs Q2 2025
Annualized adjusted ROCE 33.2% up 3.8 points vs Q2 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Universal Insurance Holdings (UVE) Q2 2026 earnings per share?
Universal reported diluted EPS of $2.04 for Q2 2026, up from $1.21 a year earlier, a 68.6% increase. Adjusted diluted EPS was $1.84, compared with $1.23 in the prior-year quarter, reflecting stronger underwriting and investment results.

How did Universal Insurance Holdings (UVE) revenue and premiums perform in Q2 2026?
Total revenue was $427,033 (in thousands), up 6.7% year-over-year. Net premiums earned rose to $377,273 (in thousands), up 4.7%, while direct premiums written reached $621,314 (in thousands), a 4.1% increase, with growth in both Florida and other states.

What were Universal Insurance Holdings (UVE) key underwriting metrics in Q2 2026?
The net loss ratio improved to 64.8% from 72.3%, while the expense ratio increased to 26.8% from 25.5%. The resulting net combined ratio was 91.6%, better than 97.8% a year earlier, driven mainly by improved loss experience.

How did Universal Insurance Holdings (UVE) deploy capital in Q2 2026?
The company repurchased about 122 thousand shares for $4.5 million during the quarter. In addition, the board declared a quarterly cash dividend of $0.16 per share, payable August 7, 2026, to shareholders of record on July 31, 2026.

How did book value and ROCE change for Universal Insurance Holdings (UVE) in Q2 2026?
Book value per share increased to $22.89, up 39.7% year-over-year, and adjusted book value per share reached $24.17, up 35.4%. Annualized ROCE was 38.8%, up from 31.9%, and annualized adjusted ROCE was 33.2%.

What growth did Universal Insurance Holdings (UVE) see in policies and premiums in force by June 30, 2026?
Policies in force rose to 934,371, up 7.1% from 872,343 a year earlier. Premiums in force reached $2,204,705 (in thousands), a 4.3% increase, supported by growth across Florida and other states in the company’s personal homeowners portfolio.
0000891166false00008911662026-07-232026-07-23
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 23, 2026
a01uvelogoa02.jpg
Universal Insurance Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-33251 65-0231984
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
1110 W. Commercial Blvd., Fort Lauderdale, Florida 33309
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (954) 958-1200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueUVENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02Results of Operations and Financial Condition
On July 23, 2026, Universal Insurance Holdings, Inc. issued a press release announcing its financial results for the fiscal quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01Financial Statements and Exhibits
(d) Exhibits:
 
Exhibit NumberDescription
99.1
Press Release dated July 23, 2026.
104
The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: July 23, 2026
UNIVERSAL INSURANCE HOLDINGS, INC.
By:/s/ Frank C. Wilcox
Name:Frank C. Wilcox
Title:Chief Financial Officer


a01uvelogoa02.jpg
Exhibit 99.1
Universal Reports Second Quarter 2026 Results

•Diluted GAAP earnings per common share (EPS) of $2.04; diluted adjusted* EPS of $1.84
•Annualized return on average common equity (“ROCE”) of 38.8%, annualized adjusted* ROCE of 33.2%
•Direct premiums written of $621.3 million, up 4.1% from the prior year quarter
•Book value per share of $22.89, up 39.7% year-over-year; adjusted book value per share* of $24.17, up 35.4% year-over-year
*Reconciliations of non-GAAP to GAAP financial measures are provided in the attached tables.

Fort Lauderdale, Fla., July 23, 2026 – Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported second quarter 2026 results.
“In the quarter, we delivered a very strong 38.8% annualized return on common equity, driven by solid underwriting and revenue performance,” said Stephen J. Donaghy, Chief Executive Officer. “Notably, the net loss ratio improved by 7.5 points year-over-year, driven by favorable claims and litigation trends that we expect to benefit non-catastrophe margins throughout the year. Strong retention and new business generation resulted in 4.1% direct premiums written growth, including growth in Florida and across our multi-state footprint.”
“The favorable claims and litigation trends in our results are a direct product of Florida’s legislative reforms. Thanks to the efforts of the Governor, the Legislature, and the OIR, the Florida homeowners insurance market has stabilized and now operates much more like the rest of the country. Our litigation inventory is back down to levels that preceded Florida’s litigation crisis, and the impact of pre-reform claims practices is behind us. As a result, we believe our aggregate reserves provide a meaningful margin above expected ultimate losses. Combined with more favorable reinsurance rates and our ability to write rate-adequate premium through our robust organic new business pipeline, we believe we are well positioned to deliver sustained profitable growth.”
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Summary Financial Results
($ in thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
Change
2026
2025
Change
GAAP comparison
Total revenues$427,033 $400,141 6.7 %$820,598 $795,008 3.2 %
Operating income$81,610 $47,994 70.0 %$154,897 $105,062 47.4 %
Operating income margin19.1 %12.0 %7.1 pts18.9 %13.2 %5.7 pts
Net income available to common stockholders$59,186 $35,091 68.7 %$113,474 $76,527 48.3 %
Diluted earnings per common share$2.04 $1.21 68.6 %$3.93 $2.64 48.9 %
Annualized ROCE38.8 %31.9 %6.9  pts38.2 %36.8 %1.4 pts
Book value per share, end of period$22.89 $16.39 39.7 %$22.89 $16.39 39.7 %
Non-GAAP comparison1
Core revenue$419,376 $400,922 4.6 %$817,538 $795,793 2.7 %
Adjusted operating income$73,953 $48,775 51.6 %$151,837 $105,847 43.4 %
Adjusted operating income margin17.6 %12.2 %5.4  pts18.6 %13.3 %5.3 pts
Adjusted net income available to common stockholders$53,413 $35,680 49.7 %$111,167 $77,119 44.1 %
Adjusted diluted earnings per common share$1.84 $1.23 49.6 %$3.85 $2.66 44.7 %
Annualized adjusted ROCE33.2 %29.4 %3.8  pts35.6 %33.0 %2.6  pts
Adjusted book value per share, end of period$24.17 $17.85 35.4 %$24.17 $17.85 35.4 %
Underwriting Summary
Premiums:
Premiums in force$2,204,705 $2,114,219 4.3 %$2,204,705 $2,114,219 4.3 %
Policies in force934,371 872,343 7.1 %934,371 872,343 7.1 %
Direct premiums written$621,314 $596,720 4.1 %$1,127,861 $1,063,798 6.0 %
Direct premiums earned$544,806 $523,425 4.1 %$1,076,227 $1,036,682 3.8 %
Ceded premiums earned$(167,533)$(163,232)2.6 %$(342,052)$(320,768)6.6 %
Ceded premium ratio30.8 %31.2 %(0.4) pts31.8 %30.9 %0.9  pts
Net premiums earned$377,273 $360,193 4.7 %$734,175 $715,914 2.6 %
Net ratios:
Loss ratio64.8 %72.3 %(7.5) pts64.4 %71.4 %(7.0) pts
Expense ratio26.8 %25.5 %1.3  pts26.3 %25.0 %1.3  pts
Combined ratio91.6 %97.8 %(6.2) pts90.7 %96.4 %(5.7) pts
1 Reconciliation 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.
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Net Income and Adjusted Net Income
Net income available to common stockholders was $59.2 million, compared to net income of $35.1 million in the prior year quarter, and adjusted net income available to common stockholders was $53.4 million, compared to adjusted net income of $35.7 million in the prior year quarter. The higher adjusted net income available to common stockholders mostly stems from a lower net loss ratio and higher net premiums earned and net investment income.

Revenues
Revenue was $427.0 million, up 6.7% from the prior year quarter and core revenue was $419.4 million, up 4.6% from the prior year quarter. The increase in core revenue primarily stems from higher net premiums earned and net investment income.

Direct premiums written were $621.3 million, up 4.1% from the prior year quarter. The increase stems from 0.8% growth in Florida and 14.4% growth in other states. Overall growth mostly reflects higher policies in force across our multi-state footprint.

Direct premiums earned were $544.8 million, up 4.1% from the prior year quarter. The increase stems from direct premiums written growth over the past twelve months.

The ceded premium ratio was 30.8%, down from 31.2%, in the prior year quarter. The decrease primarily reflects Universal’s new reinsurance program, which incepted on June 1, 2026.

Net premiums earned were $377.3 million, up 4.7% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned and a lower ceded premium ratio, as described above.

Net investment income was $20.2 million, up from $17.3 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 $21.9 million, down 6.7% from the prior year quarter. The decrease primarily reflects commissions earned on reinstatements in the prior year quarter.

Margins
The operating income margin was 19.1%, compared to an operating income margin of 12.0% in the prior year quarter. The adjusted operating income margin was 17.6%, compared to an adjusted operating income margin of 12.2% in the prior year quarter. The higher adjusted operating income margin primarily stems from a lower net loss ratio.

The net loss ratio was 64.8%, down 7.5 points compared to the prior year quarter. The decrease reflects better current accident year results.

The net expense ratio was 26.8%, up 1.3 points from 25.5% in the prior year quarter. The increase was primarily driven by higher policy acquisition costs associated with growth outside Florida, partly offset by a lower ceded premium ratio.

The net combined ratio was 91.6%, down 6.2 points compared to the prior year quarter. The decrease reflects a lower net loss ratio, partly offset by a higher net expense ratio, as described above.

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Capital Deployment
During the second quarter, the Company repurchased approximately 122 thousand shares at an aggregate cost of $4.5 million. The Company’s current share repurchase authorization program has approximately $8.6 million remaining.

On July 8, 2026, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on August 7, 2026, to shareholders of record as of the close of business on July 31, 2026.

Conference Call and Webcast
•Friday, July 24, 2026 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-conf.media-server.com/register/BIdc4bc2764e6b4f8884cc9b237d9a34ab. 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 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. 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 (loss) 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
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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, 2026.

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, other business developments, projections, and estimates, and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Important factors that could cause our actual results or performance to differ materially from those contained in or implied by our forward-looking statements include, but are not limited to, the following:
•we may face significant losses, and our financial results may vary from period to period, due to exposure to catastrophic events and severe weather conditions, the frequency and severity of which could be affected by climate change;
•if we fail to adequately price the risks we underwrite and/or the estimates we make, or if emerging trends outpace our ability to adjust prices timely, or if we lose desirable exposures to competitors by overpricing our risks, we may experience underwriting losses depleting surplus at our risk-bearing insurance subsidiaries and capital at the holding company;
•unanticipated increases in the severity or frequency of claims adversely affect our profitability and financial condition;
•the failure of the risk mitigation strategies we utilize could have a material adverse effect on our financial condition or results of operations; and
•the risks and uncertainties, as they may be amended from time to time, set forth in our filings with the U.S. Securities and Exchange Commission, including under the heading “Risk Factors” and “Liquidity and Capital Resources” in our most recent Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q.

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. 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.


Investors/Media:
Arash Soleimani, CFA, CPA, CPCU, ARe
Chief Strategy Officer
954-804-8874
asoleimani@universalproperty.com
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
June 30,December 31,
20262025
(unaudited)
ASSETS:
Invested Assets
  Fixed maturities, at fair value, net
$1,506,146 $1,431,028 
  Equity securities, at fair value111,829 85,420 
  Other investments, at fair value11,155 10,693 
  Investment real estate, net5,367 5,463 
  Total invested assets1,634,497 1,532,604 
Cash and cash equivalents532,160 408,868 
Restricted cash and cash equivalents68,635 68,970 
Prepaid reinsurance premiums562,104 291,031 
Reinsurance recoverables
176,889 232,918 
Premiums receivable, net85,537 75,721 
Property and equipment, net48,640 49,349 
Deferred policy acquisition costs135,222 128,564 
Income taxes recoverable16,407 — 
Deferred income tax asset, net
14,238 27,658 
Goodwill2,319 2,319 
Other assets29,516 21,693 
TOTAL ASSETS$3,306,164 $2,839,695 
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses$633,613 $680,712 
Unearned premiums1,143,593 1,091,959 
Advance premium84,860 61,847 
Income taxes payable
— 28,554 
Reinsurance payable, net627,776 257,242 
Commission payable
33,379 26,307 
Debt, net of issuance costs
97,852 100,481 
Other liabilities and accrued expenses
47,936 41,558 
Total liabilities
2,669,009 2,288,660 
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock2
— — 
Common stock3
483 482 
Treasury shares, at cost - 20,558 and 20,226, respectively
(316,751)(305,064)
Additional paid-in capital127,300 124,319 
Accumulated other comprehensive income (loss), net of taxes(35,520)(26,151)
Retained earnings861,643 757,449 
Total stockholders' equity
637,155 551,035 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$3,306,164 $2,839,695 
Notes:
2 Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; 10 issued and 10 outstanding; Minimum liquidation preference - $9.99 and $9.99 per share.
3 Common stock ($0.01 par value): Authorized - 55,000 shares; 48,388 and 48,234 issued; 27,830 and 28,008 outstanding, respectively.

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
REVENUES
  Net premiums earned
$377,273 $360,193 $734,175 $715,914 
Net investment income 20,213 17,258 39,700 33,318 
Net realized gains (losses) on investments1,257 5,280 1,991 5,266 
  Net change in unrealized gains (losses) on investments
6,400 (6,061)1,069 (6,051)
Commission revenue13,780 15,854 28,511 32,129 
Policy fees6,039 5,603 11,021 10,096 
Other revenue2,071 2,014 4,131 4,336 
Total revenues427,033 400,141 820,598 795,008 
EXPENSES
Losses and loss adjustment expenses244,562 260,305 472,658 510,860 
  Policy acquisition costs
68,067 61,878 132,540 122,452 
  Other operating costs and expenses
32,794 29,964 60,503 56,634 
Total operating costs and expenses345,423 352,147 665,701 689,946 
Interest and amortization of debt issuance costs1,995 1,608 3,590 3,220 
Income before income tax expense79,615 46,386 151,307 101,842 
Income tax expense20,427 11,293 37,828 25,310 
NET INCOME$59,188 $35,093 $113,479 $76,532 


UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Weighted average common shares outstanding - basic27,618 27,972 27,588 28,066 
Weighted average common shares outstanding - diluted29,043 29,072 28,901 28,977 
Shares outstanding, end of period27,830 27,927 27,830 27,927 
Basic earnings per common share$2.14 $1.25 $4.11 $2.73 
Diluted earnings per common share$2.04 $1.21 $3.93 $2.64 
Cash dividend declared per common share$0.16 $0.16 $0.32 $0.32 
Book value per share, end of period$22.89 $16.39 $22.89 $16.39 
Annualized return on average common equity (ROCE)38.8 %31.9 %38.2 %36.8 %

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


Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Premiums
     Direct premiums written - Florida$453,169 $449,715 $814,110 $793,759 
     Direct premiums written - Other States168,145 147,005 313,751 270,039 
Direct premiums written - Total$621,314 $596,720 $1,127,861 $1,063,798 
Direct premiums earned$544,806 $523,425 $1,076,227 $1,036,682 
Net premiums earned$377,273 $360,193 $734,175 $715,914 
Underwriting Ratios - Net
Loss ratio
64.8 %72.3 %64.4 %71.4 %
Expense ratio
26.8 %25.5 %26.3 %25.0 %
   Policy acquisition cost ratio
18.1 %17.2 %18.1 %17.1 %
   Other operating costs and expenses ratio
8.7 %8.3 %8.2 %7.9 %
Combined ratio91.6 %97.8 %90.7 %96.4 %

As of
June 30,
20262025
Policies in force
Florida590,893 559,171 
Other States343,478 313,172 
Total934,371 872,343 
Premiums in force
Florida$1,574,707 $1,581,628 
Other States629,998 532,591 
Total$2,204,705 $2,114,219 
Total Insured Value
Florida$195,906,480 $184,748,208 
Other States220,117,758 191,679,346 
Total$416,024,238 $376,427,554 




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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 EndedSix Months Ended
June 30,June 30,
2026202520262025
GAAP revenue$427,033 $400,141 $820,598 $795,008 
less: Net realized gains (losses) on investments1,257 5,280 1,991 5,266 
less: Net change in unrealized gains (losses) on investments
6,400 (6,061)1,069 (6,051)
Core revenue$419,376 $400,922 $817,538 $795,793 

GAAP operating income to adjusted operating income
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
GAAP income before income tax expense$79,615 $46,386 $151,307 $101,842 
add: Interest and amortization of debt issuance costs1,995 1,608 3,590 3,220 
GAAP operating income81,610 47,994 154,897 105,062 
less: Net realized gains (losses) on investments1,257 5,280 1,991 5,266 
less: Net change in unrealized gains (losses) on investments
6,400 (6,061)1,069 (6,051)
Adjusted operating income$73,953 $48,775 $151,837 $105,847 

GAAP operating income margin to adjusted operating income margin
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
GAAP operating income (a)$81,610 $47,994 $154,897 $105,062 
GAAP revenue (b)427,033 400,141 820,598 795,008 
GAAP operating income margin (a÷b)19.1 %12.0 %18.9 %13.2 %
Adjusted operating income (c)73,953 48,775 151,837 105,847 
Core revenue (d)419,376 400,922 817,538 795,793 
Adjusted operating income margin (c÷d)17.6 %12.2 %18.6 %13.3 %
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GAAP net income (NI) to adjusted NI available to common stockholders
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
GAAP NI$59,188 $35,093 $113,479 $76,532 
less: Preferred dividends2 2 5 5 
GAAP NI available to common stockholders (e)59,186 35,091 113,474 76,527 
less: Net realized gains (losses) on investments1,257 5,280 1,991 5,266 
less: Net change in unrealized gains (losses) on investments
6,400 (6,061)1,069 (6,051)
add: Income tax effect on above adjustments1,884 (192)753 (193)
Adjusted NI available to common stockholders (f)$53,413 $35,680 $111,167 $77,119 
Weighted average diluted common shares outstanding (g)29,043 29,072 28,901 28,977 
Diluted earnings per common share (e÷g)$2.04 $1.21 $3.93 $2.64 
Diluted adjusted earnings per common share (f÷g)$1.84 $1.23 $3.85 $2.66 

GAAP stockholders’ equity to adjusted common stockholders’ equity
As of
June 30,December 31,
202620252025
GAAP stockholders’ equity$637,155 $457,808 $551,035 
less: Preferred equity100100100
Common stockholders’ equity (h)637,055 457,708 550,935 
less: Accumulated other comprehensive income (loss), net of taxes(35,520)(40,782)(26,151)
Adjusted common stockholders’ equity (i)$672,575 $498,490 $577,086 
Common shares outstanding (j)
27,830 27,927 28,008 
Book value per common share (h÷j)$22.89 $16.39 $19.67 
Adjusted book value per common share (i÷j)$24.17 $17.85 $20.60 

GAAP return on common equity (ROCE) to adjusted ROCE
Three Months EndedSix Months EndedYear Ended
June 30,June 30,December 31,
20262025202620252025
Actual or Annualized NI available to common stockholders (k)$236,744 $140,364 $226,948 $153,054 $182,941 
Average common stockholders’ equity (l)610,850 439,998 593,995 415,429 462,043 
Actual or Annualized ROCE (k÷l)
38.8 %31.9 %38.2 %36.8 %39.6 %
Annualized adjusted NI available to common stockholders (m)$213,652 $142,720 $222,334 $154,238 $179,532 
Adjusted average common stockholders’ equity4 (n)
642,981 486,219 623,677 467,699 504,997 
Actual or Annualized Adjusted ROCE (m÷n)
33.2 %29.4 %35.6 %33.0 %35.6 %
4 Adjusted average common stockholders’ equity excludes current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments.
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Source: View Original Filing on SEC EDGAR

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