# EDGAR Filing Document

**Accession Number:** 0000891166
**File Stem:** 0000891166-25-000114
**Filing Date:** 2025-7
**Character Count:** 44642
**Document Hash:** cc3b03a82b11d86a352b9f5c173439d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000891166-25-000114.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0000891166-25-000114

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIVERSAL INSURANCE HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0000891166
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 650231984
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33251
- **FILM NUMBER:** 251147024

**BUSINESS ADDRESS:**
- **STREET 1:** 1110 W. COMMERCIAL BLVD.
- **STREET 2:** SUITE 100
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33309
- **BUSINESS PHONE:** 954-958-1200

**MAIL ADDRESS:**
- **STREET 1:** 1110 W. COMMERCIAL BLVD.
- **STREET 2:** SUITE 100
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL INSURANCE HOLDINGS INC
- **DATE OF NAME CHANGE:** 20010330

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL HEIGHTS INC
- **DATE OF NAME CHANGE:** 19950817

?xml version='1.0' encoding='ASCII'? uve-20250724

  

**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 24, 2025**

    

![a01uvelogoa02.jpg](uve-20250724_g1.jpg)

**Universal Insurance Holdings, Inc.** 

**(Exact name of registrant as specified in its charter)**

    

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| | | |
|:---|:---|:---|
| **Delaware** | **001-33251** | **65-0231984** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>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:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 Par Value | UVE | New 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. ☐

  

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| | |
|:---|:---|
| **Item 2.02** | **<u>Results of Operations and Financial Condition</u>** |

---

On July 24, 2025, Universal Insurance Holdings, Inc. issued a press release announcing its financial results for the fiscal quarter ended June 30, 2025. 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 9.01** | **<u>Financial Statements and Exhibits</u>** |

---

(d) Exhibits:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](a2q25uveex-991xearningspre.htm)</u> | <u>[Press Release dated July 24, 2025.](a2q25uveex-991xearningspre.htm)</u> |
| 104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101). |

---

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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 24, 2025 | **UNIVERSAL INSURANCE HOLDINGS, INC.** | **UNIVERSAL INSURANCE HOLDINGS, INC.** |
|  | By: | /s/ Frank C. Wilcox |
|  | Name: | Frank C. Wilcox |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

**Exhibit 99.1**

**Universal Reports Second Quarter 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted GAAP earnings per common share (EPS) of $1.21; diluted adjusted\* EPS of $1.23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annualized return on average common equity ("ROCE") of 31.9%, annualized adjusted\* ROCE of 29.4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct premiums written of $596.7 million, up 3.2% from the prior year quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total capital returned to shareholders of $12.0 million, including $7.4 million of share repurchases and a $0.16 per share regular dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>\*</sup>*Reconciliations of non-GAAP to GAAP financial measures are provided in the attached tables.* 

**Fort Lauderdale, Fla., July 24, 2025** – Universal Insurance Holdings (NYSE: UVE) ("Universal" or the "Company") reported second quarter 2025 results.

"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."

------

![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

**Summary Financial Results**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ in thousands, except per share data) | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **Change** | **Change** | **2025** | **2024** | **Change** | **Change** |
| **<u>GAAP comparison</u>** |  |  |  |  |  |  |  |  |
| Total revenues | $400141 | $380214 | 5.2 | % | $795008 | $748173 | 6.3 | % |
| Operating income | $47994 | $49528 | (3.1) | % | $105062 | $98634 | 6.5 | % |
| Operating income margin | 12.0% | 13.0% | (1.0) | pts | 13.2% | 13.2% |  | pts |
| Net income available to common stockholders | $35091 | $35414 | (0.9) | % | $76527 | $69068 | 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 | % |
| **<u>Non-GAAP comparison</u>**<sup>1</sup> |  |  |  |  |  |  |  |  |
| Core revenue | $400922 | $379170 | 5.7 | % | $795793 | $744100 | 6.9 | % |
| Adjusted operating income | $48775 | $48484 | 0.6 | % | $105847 | $94561 | 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 | $35680 | $34627 | 3.0 | % | $77119 | $65997 | 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 | % |
| **<u>Underwriting Summary</u>** |  |  |  |  |  |  |  |  |
| **Premiums:** |  |  |  |  |  |  |  |  |
| Premiums in force | $2114219 | $1999705 | 5.7 | % | $2114219 | $1999705 | 5.7 | % |
| Policies in force | 872343 | 833433 | 4.7 | % | 872343 | 833433 | 4.7 | % |
| Direct premiums written | $596720 | $578267 | 3.2 | % | $1063798 | $1024446 | 3.8 | % |
| Direct premiums earned | $523425 | $490649 | 6.7 | % | $1036682 | $972721 | 6.6 | % |
| Ceded premiums earned | $(163232) | $(145691) | 12.0 | % | $(320768) | $(293738) | 9.2 | % |
| Ceded premium ratio | 31.2% | 29.7% | 1.5 | pts | 30.9% | 30.2% | 0.7 | pts |
| Net premiums earned | $360193 | $344958 | 4.4 | % | $715914 | $678983 | 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 |
| <sup>1</sup> 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.  | <sup>1</sup> 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.  | <sup>1</sup> 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.  | <sup>1</sup> 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.  | <sup>1</sup> 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.  | <sup>1</sup> 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.  | <sup>1</sup> 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.  | <sup>1</sup> 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.  | <sup>1</sup> 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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![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

**<u>Net Income and Adjusted Net Income</u>**

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.

**<u>Revenues</u>**

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.

**<u>Margins</u>**

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.

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![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

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.

**<u>Capital Deployment</u>**

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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Friday, July 25, 2025 at 10:00 a.m. ET

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

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.

**Investors/Media:**

Arash Soleimani, CFA, CPA, CPCU, ARe

Chief Strategy Officer

954-804-8874

asoleimani@universalproperty.com

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![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

**UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**(in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS:** |  |  |
| *Invested Assets* |  |  |
| &nbsp;&nbsp;&nbsp; Fixed maturities, at fair value | $1395029 | $1269079 |
| &nbsp;&nbsp;&nbsp; Equity securities, at fair value | 92866 | 77752 |
| &nbsp;&nbsp;&nbsp; Other investments, at fair value | 3932 | 16123 |
| &nbsp;&nbsp;&nbsp; Investment real estate, net | 8179 | 8322 |
| &nbsp;&nbsp;&nbsp; **Total invested assets** | **1500006** | **1371276** |
| Cash and cash equivalents | 367108 | 259441 |
| Restricted cash and cash equivalents | 68635 | 2635 |
| Prepaid reinsurance premiums | 639022 | 262716 |
| Reinsurance recoverable | 381989 | 627617 |
| Premiums receivable, net | 83593 | 77936 |
| Property and equipment, net | 47679 | 48653 |
| Deferred policy acquisition costs | 125221 | 121178 |
| Deferred income tax asset, net | 15093 | 42163 |
| Goodwill | 2319 | 2319 |
| Other assets | 45153 | 25927 |
| **TOTAL ASSETS** | $**3275818** | $**2841861** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **LIABILITIES:** |  |  |
| Unpaid losses and loss adjustment expenses | $765855 | $959291 |
| Unearned premiums | 1087562 | 1060446 |
| Advance premium | 83812 | 46237 |
| Income taxes payable |  | 6561 |
| Reinsurance payable, net | 709453 | 220328 |
| Commission payable | 29383 | 25931 |
| Long-term debt, net | 100862 | 101243 |
| Other liabilities and accrued expenses | 41083 | 48574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **2818010** | **2468611** |
| **STOCKHOLDERS' EQUITY:** |  |  |
| Cumulative convertible preferred stock ($0.01 par value)<sup>2</sup> |  |  |
| Common stock ($0.01 par value)<sup>3</sup> | 476 | 475 |
| Treasury shares, at cost - 19,669 and 19,382 | (290120) | (282693) |
| Additional paid-in capital | 123919 | 121781 |
| Accumulated other comprehensive income (loss), net of taxes | (40782) | (63166) |
| Retained earnings | 664315 | 596853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **457808** | **373250** |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | $**3275818** | $**2841861** |
| Notes: |  |  |
| <sup>2</sup> Cumulative 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. | <sup>2</sup> Cumulative 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. | <sup>2</sup> Cumulative 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. |
| <sup>3</sup> Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 47,596 and 47,478 shares; Outstanding 27,927 and 28,096 shares. | <sup>3</sup> Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 47,596 and 47,478 shares; Outstanding 27,927 and 28,096 shares. | <sup>3</sup> Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 47,596 and 47,478 shares; Outstanding 27,927 and 28,096 shares. |

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![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

**UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)**

**(in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **REVENUES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums earned | $360193 | $344958 | $715914 | $678983 |
| &nbsp;&nbsp;Net investment income | 17258 | 14660 | 33318 | 28183 |
| &nbsp;&nbsp;Net realized gains (losses) on investments | 5280 | (311) | 5266 | (388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments | (6061) | 1355 | (6051) | 4461 |
| &nbsp;&nbsp;Commission revenue | 15854 | 11679 | 32129 | 22712 |
| &nbsp;&nbsp;Policy fees | 5603 | 5576 | 10096 | 9981 |
| &nbsp;&nbsp;Other revenue | 2014 | 2297 | 4336 | 4241 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **400141** | **380214** | **795008** | **748173** |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;Losses and loss adjustment expenses | 260305 | 243572 | 510860 | 483759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs | 61878 | 56615 | 122452 | 111435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 29964 | 30499 | 56634 | 54345 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating costs and expenses** | **352147** | **330686** | **689946** | **649539** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and amortization of debt issuance costs | 1608 | 1623 | 3220 | 3245 |
| **Income before income tax expense** | **46386** | **47905** | **101842** | **95389** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 11293 | 12489 | 25310 | 26316 |
| **NET INCOME** | $**35093** | $**35416** | $**76532** | $**69073** |

---

**UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES**

**SHARE AND PER SHARE INFORMATION**

**(in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Weighted average common shares outstanding - basic | 27972 | 28600 | 28066 | 28734 |
| Weighted average common shares outstanding - diluted | 29072 | 29308 | 28977 | 29369 |
| Shares outstanding, end of period | 27927 | 28513 | 27927 | 28513 |
| 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% |

---

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![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

**UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES**

**SUPPLEMENTARY INFORMATION**

**(in thousands, except for Policies In Force data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| ***Premiums*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct premiums written - Florida | $449715 | $461018 | $793760 | $815843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct premiums written - Other States | 147005 | 117249 | 270038 | 208603 |
| Direct premiums written - Total | $596720 | $578267 | $1063798 | $1024446 |
| Direct premiums earned | $523425 | $490649 | $1036682 | $972721 |
| Net premiums earned | $360193 | $344958 | $715914 | $678983 |
| ***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% |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition cost ratio | 17.2% | 16.4% | 17.1% | 16.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expense ratio | 8.3% | 8.9% | 7.9% | 8.1% |
| Combined ratio | 97.8% | 95.9% | 96.4% | 95.7% |

---

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| **Policies in force** |  |  |
| Florida | 559171 | 572860 |
| Other States | 313172 | 260573 |
| Total | 872343 | 833433 |
| **Premiums in force** |  |  |
| Florida | $1581628 | $1597080 |
| Other States | 532591 | 402625 |
| Total | $2114219 | $1999705 |
| **Total Insured Value** |  |  |
| Florida | $184748208 | $188408742 |
| Other States | 191679346 | 149623623 |
| Total | $376427554 | $338032365 |

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![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

**UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NON-GAAP FINANCIAL MEASURES**

**(in thousands, except for per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>GAAP revenue to core revenue</u>** | **<u>GAAP revenue to core revenue</u>** | **<u>GAAP revenue to core revenue</u>** | **<u>GAAP revenue to core revenue</u>** | **<u>GAAP revenue to core revenue</u>** |
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **GAAP revenue** | $**400141** | $**380214** | $**795008** | $**748173** |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Net realized gains (losses) on investments | 5280 | (311) | 5266 | (388) |
| &nbsp;&nbsp;&nbsp;less: Net change in unrealized gains (losses) on investments | (6061) | 1355 | (6051) | 4461 |
| **Core revenue** | $**400922** | $**379170** | $**795793** | $**744100** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>GAAP operating income to adjusted operating income</u>** | **<u>GAAP operating income to adjusted operating income</u>** | **<u>GAAP operating income to adjusted operating income</u>** | **<u>GAAP operating income to adjusted operating income</u>** | **<u>GAAP operating income to adjusted operating income</u>** |
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **GAAP income before income tax expense** | $**46386** | $**47905** | $**101842** | $**95389** |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Interest and amortization of debt issuance costs | 1608 | 1623 | 3220 | 3245 |
| **GAAP operating income** | **47994** | **49528** | **105062** | **98634** |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Net realized gains (losses) on investments | 5280 | (311) | 5266 | (388) |
| &nbsp;&nbsp;&nbsp;less: Net change in unrealized gains (losses) on investments | (6061) | 1355 | (6051) | 4461 |
| **Adjusted operating income** | $**48775** | $**48484** | $**105847** | $**94561** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>GAAP operating income margin to adjusted operating income margin</u>** | **<u>GAAP operating income margin to adjusted operating income margin</u>** | **<u>GAAP operating income margin to adjusted operating income margin</u>** | **<u>GAAP operating income margin to adjusted operating income margin</u>** | **<u>GAAP operating income margin to adjusted operating income margin</u>** |
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **GAAP operating income (a)** | $**47994** | $**49528** | $**105062** | $**98634** |
| GAAP revenue (b) | 400141 | 380214 | 795008 | 748173 |
| **GAAP operating income margin (a÷b)** | **12.0%** | **13.0%** | **13.2%** | **13.2%** |
| **Adjusted operating income (c)** | **48775** | **48484** | **105847** | **94561** |
| Core revenue (d) | 400922 | 379170 | 795793 | 744100 |
| **Adjusted operating income margin (c÷d)** | **12.2%** | **12.8%** | **13.3%** | **12.7%** |

---

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![a01uvelogoa02.jpg](a01uvelogoa02.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>GAAP net income (NI) to adjusted NI available to common stockholders</u>** | **<u>GAAP net income (NI) to adjusted NI available to common stockholders</u>** | **<u>GAAP net income (NI) to adjusted NI available to common stockholders</u>** | **<u>GAAP net income (NI) to adjusted NI available to common stockholders</u>** | **<u>GAAP net income (NI) to adjusted NI available to common stockholders</u>** |
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **GAAP NI**  | $**35093** | $**35416** | $**76532** | $**69073** |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Preferred dividends | 2 | 2 | 5 | 5 |
| **GAAP NI available to common stockholders (e)** | **35091** | **35414** | **76527** | **69068** |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Net realized gains (losses) on investments | 5280 | (311) | 5266 | (388) |
| &nbsp;&nbsp;&nbsp;less: Net change in unrealized gains (losses) on investments | (6061) | 1355 | (6051) | 4461 |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Income tax effect on above adjustments | (192) | 257 | (193) | 1002 |
| **Adjusted NI available to common stockholders (f)** | $**35680** | $**34627** | $**77119** | $**65997** |
| Weighted average diluted common shares outstanding (g) | 29072 | 29308 | 28977 | 29369 |
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>GAAP stockholders' equity to adjusted common stockholders' equity</u>** | **<u>GAAP stockholders' equity to adjusted common stockholders' equity</u>** | **<u>GAAP stockholders' equity to adjusted common stockholders' equity</u>** | **<u>GAAP stockholders' equity to adjusted common stockholders' equity</u>** |
| | **As of** | **As of** | **As of** |
| | **June 30,** | **June 30,** | **December 31,** |
|  | **2025** | **2024** | **2024** |
| **GAAP stockholders' equity** | $**457808** | $**393237** | $**373250** |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Preferred equity | 100 | 100 | 100 |
| **Common stockholders' equity (h)** | **457708** | **393137** | **373150** |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Accumulated other comprehensive (loss), net of taxes | (40782) | (75718) | (63166) |
| **Adjusted common stockholders' equity (i)** | $**498490** | $**468855** | $**436316** |
| Common shares outstanding (j) | 27927 | 28513 | 28096 |
| 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 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>GAAP return on common equity (ROCE) to adjusted ROCE</u>** | **<u>GAAP return on common equity (ROCE) to adjusted ROCE</u>** | **<u>GAAP return on common equity (ROCE) to adjusted ROCE</u>** | **<u>GAAP return on common equity (ROCE) to adjusted ROCE</u>** | **<u>GAAP return on common equity (ROCE) to adjusted ROCE</u>** | **<u>GAAP return on common equity (ROCE) to adjusted ROCE</u>** |
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Year Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2024** |
| Actual or Annualized NI available to common stockholders (k) | $140364 | $141656 | $153054 | $138136 | $58918 |
| Average common stockholders' equity (l) | 439998 | 378851 | 415429 | 367167 | 357174 |
| **ROCE (k÷l)** | **31.9%** | **37.4%** | **36.8%** | **37.6%** | **16.5%** |
| Annualized adjusted NI available to common stockholders (m) | $142720 | $138508 | $154238 | $131994 | $52418 |
| Adjusted average common stockholders' equity<sup>4</sup> (n) | 486219 | 454673 | 467699 | 440577 | 422593 |
| **Adjusted ROCE (m÷n)** | **29.4%** | **30.5%** | **33.0%** | **30.0%** | **12.4%** |
| <sup>4</sup> 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. | <sup>4</sup> 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. | <sup>4</sup> 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. | <sup>4</sup> 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. | <sup>4</sup> 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. | <sup>4</sup> 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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