US Market News
2月前
Universal Reports First Quarter 2026 ResultsApril 23, 2026 4:10 PM
Business Wire
Diluted GAAP earnings per common share (EPS) of $1.88; diluted adjusted* EPS of $2.00
Annualized return on average common equity (“ROCE”) of 38.2%, annualized adjusted* ROCE of 38.5%
Direct premiums written of $506.5 million, up 8.5% from the prior year quarter
Book value per share of $20.95, up 39.9% year-over-year; adjusted book value per share of $22.19, up 32.2% year-over-year
Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported first quarter 2026 results.
“We had a fantastic start to the year, with a 38.2% annualized return on common equity,” said Stephen J. Donaghy, Chief Executive Officer. “Our top-line results were strong, with growth across our multi-state footprint, including in Florida.”
“On a separate note, I'm pleased to announce the completion of our 2026-2027 reinsurance renewal for our insurance entities, as our program is now fully supported and secured. During the renewal process in 2026, we also secured $352 million of additional multi-year coverage, taking us through the 2027-2028 treaty period.”
*Reconciliations of non-GAAP to GAAP financial measures are provided in the attached tables.
Summary Financial Results
($ in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Change
GAAP comparison
Total revenues
$
393,565
$
394,867
(0.3
)%
Operating income (loss)
$
73,287
$
57,068
28.4
%
Operating income (loss) margin
18.6
%
14.5
%
4.1 pts
Net income (loss) available to common stockholders
$
54,288
$
41,436
31.0
%
Diluted earnings (loss) per common share
$
1.88
$
1.44
30.6
%
Annualized ROCE
38.2
%
41.7
%
(3.5) pts
Book value per share, end of period
$
20.95
$
14.98
39.9
%
Non-GAAP comparison1
Core revenue
$
398,162
$
394,871
0.8
%
Adjusted operating income (loss)
$
77,884
$
57,072
36.5
%
Adjusted operating income (loss) margin
19.6
%
14.5
%
5.1 pts
Adjusted net income (loss) available to common stockholders
$
57,754
$
41,439
39.4
%
Adjusted diluted earnings (loss) per common share
$
2.00
$
1.44
38.9
%
Annualized adjusted ROCE
38.5
%
36.4
%
2.1 pts
Adjusted book value per share, end of period
$
22.19
$
16.79
32.2
%
Underwriting Summary
Premiums:
Premiums in force
$
2,178,427
$
2,094,505
4.0
%
Policies in force
915,306
864,817
5.8
%
Direct premiums written
$
506,547
$
467,078
8.5
%
Direct premiums earned
$
531,421
$
513,257
3.5
%
Ceded premiums earned
$
(174,519
)
$
(157,536
)
10.8
%
Ceded premium ratio
32.8
%
30.7
%
2.1 pts
Net premiums earned
$
356,902
$
355,721
0.3
%
Net ratios:
Loss ratio
63.9
%
70.5
%
(6.6) pts
Expense ratio
25.8
%
24.5
%
1.3 pts
Combined ratio
89.7
%
95.0
%
(5.3) 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.
Net Income and Adjusted Net Income
Net income available to common stockholders was $54.3 million, compared to net income of $41.4 million in the prior year quarter, and adjusted net income available to common stockholders was $57.8 million, compared to adjusted net income of $41.4 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 investment income.
Revenues
Revenue was $393.6 million, down 0.3% from the prior year quarter and core revenue was $398.2 million, up 0.8% from the prior year quarter. The increase in core revenue primarily stems from higher net investment income and net premiums earned.
Direct premiums written were $506.5 million, up 8.5% from the prior year quarter. The increase stems from 4.9% growth in Florida and 18.3% growth in other states. Overall growth mostly reflects higher policies in force and inflation adjustments across our multi-state footprint.
Direct premiums earned were $531.4 million, up 3.5% from the prior year quarter. The increase stems from direct premiums written growth over the past twelve months.
The ceded premium ratio was 32.8%, up from 30.7%, in the prior year quarter. The increase primarily reflects the purchase of additional reinsurance coverage relative to the prior year quarter.
Net premiums earned were $356.9 million, up 0.3% 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 $19.5 million, up from $16.1 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 $21.8 million, down 5.7% from the prior year quarter. The decrease primarily reflects commissions earned on reinstatements in the prior year quarter.
Margins
The operating income margin was 18.6%, compared to an operating income margin of 14.5% in the prior year quarter. The adjusted operating income margin was 19.6%, compared to an adjusted operating income margin of 14.5% in the prior year quarter. The higher adjusted operating income margin primarily stems from a lower net loss ratio and higher core revenue.
The net loss ratio was 63.9%, down 6.6 points compared to the prior year quarter. The decrease reflects better current accident year results.
The net expense ratio was 25.8%, up 1.3 points from 24.5% 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.
The net combined ratio was 89.7%, down 5.3 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.
Capital Deployment
During the first quarter, the Company repurchased approximately 210 thousand shares at an aggregate cost of $7.1 million. The Company’s current share repurchase authorization program has approximately $13.1 million remaining.
On April 10, 2026, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on May 15, 2026, to shareholders of record as of the close of business on May 8, 2026.
Conference Call and Webcast
Friday, April 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/BIf7338475e3b6498088eb9078ae971a72. 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 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 March 31, 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.
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31,
December 31,
2026
2025
(unaudited)
ASSETS:
Invested Assets
Fixed maturities, at fair value, net
$
1,421,952
$
1,431,028
Equity securities, at fair value
98,624
85,420
Other investments, at fair value
10,693
10,693
Investment real estate, net
5,419
5,463
Total invested assets
1,536,688
1,532,604
Cash and cash equivalents
595,771
408,868
Restricted cash and cash equivalents
2,635
68,970
Prepaid reinsurance premiums
116,996
291,031
Reinsurance recoverables
201,921
232,918
Premiums receivable, net
75,962
75,721
Property and equipment, net
49,346
49,349
Deferred policy acquisition costs
126,159
128,564
Deferred income tax asset, net
37,809
27,658
Goodwill
2,319
2,319
Other assets
23,783
21,693
TOTAL ASSETS
$
2,769,389
$
2,839,695
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses
$
668,723
$
680,712
Unearned premiums
1,067,085
1,091,959
Advance premium
86,907
61,847
Income taxes payable
53,614
28,554
Reinsurance payable, net
135,791
257,242
Commission payable
28,260
26,307
Debt, net of issuance costs
100,290
100,481
Other liabilities and accrued expenses
43,975
41,558
Total liabilities
2,184,645
2,288,660
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock2
—
—
Common stock3
483
482
Treasury shares, at cost - 20,436 and 20,226, respectively
(312,213
)
(305,064
)
Additional paid-in capital
123,910
124,319
Accumulated other comprehensive income (loss), net of taxes
(34,516
)
(26,151
)
Retained earnings
807,080
757,449
Total stockholders' equity
584,744
551,035
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
2,769,389
$
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; 48,341 and 48,234 issued; 27,905 and 28,008 outstanding, respectively.
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands)
Three Months Ended
March 31,
2026
2025
REVENUES
Net premiums earned
$
356,902
$
355,721
Net investment income
19,487
16,060
Net realized gains (losses) on investments
734
(14
)
Net change in unrealized gains (losses) on investments
(5,331
)
10
Commission revenue
14,731
16,275
Policy fees
4,982
4,493
Other revenue
2,060
2,322
Total revenues
393,565
394,867
EXPENSES
Losses and loss adjustment expenses
228,096
250,555
Policy acquisition costs
64,473
60,574
Other operating costs and expenses
27,709
26,670
Total operating costs and expenses
320,278
337,799
Interest and amortization of debt issuance costs
1,595
1,612
Income (loss) before income tax expense (benefit)
71,692
55,456
Income tax expense (benefit)
17,401
14,017
NET INCOME (LOSS)
$
54,291
$
41,439
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)
Three Months Ended
March 31,
2026
2025
Weighted average common shares outstanding - basic
27,651
28,091
Weighted average common shares outstanding - diluted
28,831
28,779
Shares outstanding, end of period
27,905
28,190
Basic earnings (loss) per common share
$
1.96
$
1.48
Diluted earnings (loss) per common share
$
1.88
$
1.44
Cash dividend declared per common share
$
0.16
$
0.16
Book value per share, end of period
$
20.95
$
14.98
Annualized return on average common equity (ROCE)
38.2
%
41.7
%
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION
(in thousands, except for Policies In Force data)
Three Months Ended
March 31,
2026
2025
Premiums
Direct premiums written - Florida
$
360,941
$
344,044
Direct premiums written - Other States
145,606
123,034
Direct premiums written - Total
$
506,547
$
467,078
Direct premiums earned
$
531,421
$
513,257
Net premiums earned
$
356,902
$
355,721
Underwriting Ratios - Net
Loss ratio
63.9
%
70.5
%
Expense ratio
25.8
%
24.5
%
Policy acquisition cost ratio
18.1
%
17.0
%
Other operating costs and expenses ratio
7.7
%
7.5
%
Combined ratio
89.7
%
95.0
%
As of
March 31,
2026
2025
Policies in force
Florida
579,127
562,845
Other States
336,179
301,972
Total
915,306
864,817
Premiums in force
Florida
$
1,569,627
$
1,592,100
Other States
608,800
502,405
Total
$
2,178,427
$
2,094,505
Total Insured Value
Florida
$
191,601,373
$
185,514,184
Other States
213,273,616
182,277,095
Total
$
404,874,989
$
367,791,279
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
March 31,
2026
2025
GAAP revenue
$
393,565
$
394,867
less: Net realized gains (losses) on investments
734
(14
)
less: Net change in unrealized gains (losses) on investments
(5,331
)
10
Core revenue
$
398,162
$
394,871
GAAP operating income (loss) to adjusted operating income (loss)
Three Months Ended
March 31,
2026
2025
GAAP income (loss) before income tax expense (benefit)
$
71,692
$
55,456
add: Interest and amortization of debt issuance costs
1,595
1,612
GAAP operating income (loss)
73,287
57,068
less: Net realized gains (losses) on investments
734
(14
)
less: Net change in unrealized gains (losses) on investments
(5,331
)
10
Adjusted operating income (loss)
$
77,884
$
57,072
GAAP operating income (loss) margin to adjusted operating income (loss) margin
Three Months Ended
March 31,
2026
2025
GAAP operating income (loss) (a)
$
73,287
$
57,068
GAAP revenue (b)
393,565
394,867
GAAP operating income (loss) margin (a÷b)
18.6
%
14.5
%
Adjusted operating income (loss) (c)
77,884
57,072
Core revenue (d)
398,162
394,871
Adjusted operating income (loss) margin (c÷d)
19.6
%
14.5
%
GAAP net income (NI) (loss) to adjusted NI available to common stockholders
Three Months Ended
March 31,
2026
2025
GAAP NI (loss)
$
54,291
$
41,439
less: Preferred dividends
3
3
GAAP NI (loss) available to common stockholders (e)
54,288
41,436
less: Net realized gains (losses) on investments
734
(14
)
less: Net change in unrealized gains (losses) on investments
(5,331
)
10
add: Income tax effect on above adjustments
(1,131
)
(1
)
Adjusted NI (loss) available to common stockholders (f)
$
57,754
$
41,439
Weighted average diluted common shares outstanding (g)
28,831
28,779
Diluted earnings (loss) per common share (e÷g)
$
1.88
$
1.44
Diluted adjusted earnings (loss) per common share (f÷g)
$
2.00
$
1.44
GAAP stockholders’ equity to adjusted common stockholders’ equity
As of
March 31,
December 31,
2026
2025
2025
GAAP stockholders’ equity
$
584,744
$
422,387
$
551,035
less: Preferred equity
100
100
100
Common stockholders’ equity (h)
584,644
422,287
550,935
less: Accumulated other comprehensive (loss), net of taxes
(34,516
)
(51,072
)
(26,151
)
Adjusted common stockholders’ equity (i)
$
619,160
$
473,359
$
577,086
Common shares outstanding (j)
27,905
28,190
28,008
Book value per common share (h÷j)
$
20.95
$
14.98
$
19.67
Adjusted book value per common share (i÷j)
$
22.19
$
16.79
$
20.60
GAAP return on common equity (ROCE) to adjusted ROCE
Three Months Ended
Year Ended
March 31,
December 31,
2026
2025
2025
Actual or Annualized NI (loss) available to common stockholders (k)
$
217,152
$
165,744
$
182,941
Average common stockholders’ equity (l)
567,790
397,719
462,043
Actual or Annualized ROCE (k÷l)
38.2
%
41.7
%
39.6
%
Annualized adjusted NI (loss) available to common stockholders (m)
$
231,016
$
165,756
$
179,532
Adjusted average common stockholders’ equity4 (n)
599,856
454,839
504,997
Actual or Annualized Adjusted ROCE (m÷n)
38.5
%
36.4
%
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260423332219/en/
Investors/Media:
Arash Soleimani, CFA, CPA, CPCU, ARe
Chief Strategy Officer
954-804-8874
asoleimani@universalproperty.com
Original: Universal Reports First Quarter 2026 Results
US Market News
4月前
Universal Reports Fourth Quarter 2025 ResultsFebruary 24, 2026 4:10 PM
Business Wire
Diluted GAAP earnings per common share (EPS) of $2.28; diluted adjusted* EPS of $2.17
Annualized return on average common equity (“ROCE”) of 50.9%, annualized adjusted* ROCE of 46.1%
Direct premiums written of $483.7 million, up 2.7% from the prior year quarter
Book value per share of $19.67, up 48.1% year-over-year; adjusted book value per share of $20.60, up 32.6% year-over-year
Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported fourth quarter and full year 2025 results.
“We had an outstanding quarter and I am proud of the progress we have made in 2025,” said Stephen J. Donaghy, Chief Executive Officer. “We’re continuing to see the benefits of Florida’s legislative reforms, which have stabilized the market, benefiting all stakeholders. Our capital position is robust and we believe our aggregate reserves are more than adequate. We are well underway negotiating and placing our 2026 reinsurance program with 90% of our first event catastrophe tower already placed, along with meaningful additional multi-year capacity secured for the 2027 hurricane season.”
* Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
Summary Financial Results
($thousands, except per share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
Change
2025
2024
Change
GAAP comparison
Total revenues
$
407,926
$
384,809
6.0
%
$
1,603,915
$
1,520,536
5.5
%
Operating income
$
90,049
$
8,957
905.3
%
$
249,491
$
91,087
173.9
%
Operating income margin
22.1
%
2.3
%
19.8 pts
15.6
%
6.0
%
9.6 pts
Net income available to common stockholders
$
66,587
$
6,016
1,006.8
%
$
182,941
$
58,918
210.5
%
Diluted earnings per common share
$
2.28
$
0.21
985.7
%
$
6.32
$
2.01
214.4
%
Annualized ROCE
50.9
%
6.2
%
44.7 pts
39.6
%
16.5
%
23.1 pts
Book value per share, end of period
$
19.67
$
13.28
48.1
%
19.67
$
13.28
48.1
%
Non-GAAP comparison1
Core revenue
$
403,571
$
386,414
4.4
%
$
1,599,394
$
1,511,915
5.8
%
Adjusted operating income
$
85,694
$
10,562
711.3
%
$
244,970
$
82,466
197.1
%
Adjusted operating income margin
21.2
%
2.7
%
18.5 pts
15.3
%
5.5
%
9.8 pts
Adjusted net income available to common stockholders
$
63,303
$
7,226
776.0
%
$
179,532
$
52,418
242.5
%
Adjusted diluted earnings per common share
$
2.17
$
0.25
768.0
%
$
6.20
$
1.79
246.4
%
Annualized adjusted ROCE
46.1
%
6.5
%
39.6 pts
35.6
%
12.4
%
23.2 pts
Adjusted book value per share, end of period
$
20.60
$
15.53
32.6
%
$
20.60
$
15.53
32.6
%
Underwriting Summary
Premiums:
Premiums in force
$
2,147,941
$
2,079,069
3.3
%
$
2,147,941
$
2,079,069
3.3
%
Policies in force
895,927
855,526
4.7
%
895,927
855,526
4.7
%
Direct premiums written
$
483,684
$
470,895
2.7
%
$
2,140,256
$
2,069,692
3.4
%
Direct premiums earned
$
537,955
$
519,339
3.6
%
$
2,108,743
$
1,999,805
5.4
%
Ceded premiums earned
$
(174,530
)
$
(170,985
)
2.1
%
$
(669,728
)
$
(626,732
)
6.9
%
Ceded premium ratio
32.4
%
32.9
%
(0.5) pts
31.8
%
31.3
%
0.5 pts
Net premiums earned
$
363,425
$
348,354
4.3
%
$
1,439,015
$
1,373,073
4.8
%
Net ratios:
Loss ratio
61.3
%
82.3
%
(21.0) pts
68.5
%
79.2
%
(10.7) pts
Expense ratio
26.2
%
25.6
%
0.6 pts
25.6
%
24.9
%
0.7 pts
Combined ratio
87.5
%
107.9
%
(20.4) pts
94.1
%
104.1
%
(10.0) pts
1 Reconciliation of GAAP to non-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 $66.6 million, up from net income of $6.0 million in the prior year quarter, and adjusted net income available to common stockholders was $63.3 million, up from adjusted net income of $7.2 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 $407.9 million, up 6.0% from the prior year quarter and core revenue was $403.6 million, up 4.4% 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 $483.7 million, up 2.7% from the prior year quarter. The increase stems from 18.2% growth in other states, partly offset by a 3.1% decrease in Florida. Overall growth mostly reflects higher policies in force and inflation adjustments across our multi-state footprint.
Direct premiums earned were $538.0 million, up 3.6% from the prior year quarter. The increase stems from direct premiums written growth over the past twelve months.
The ceded premium ratio was 32.4%, down from 32.9% in the prior year quarter. The decrease primarily reflects higher reinsurance spend in the prior year quarter.
Net premiums earned were $363.4 million, up 4.3% 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 $19.0 million, up from $15.6 million in the prior year quarter. The increase primarily stems from higher fixed income reinvestment yields and higher invested assets.
Commissions, policy fees and other revenue were $21.2 million, down 5.9% from the prior year quarter. The decrease primarily reflects higher reinsurance spend in the prior year quarter.
Margins
The operating income margin was 22.1%, up from an operating income margin of 2.3% in the prior year quarter. The adjusted operating income margin was 21.2%, up from an adjusted operating income margin of 2.7% in the prior year quarter. The higher adjusted operating income margin primarily stems from a lower net loss ratio and higher core revenue.
The net loss ratio was 61.3%, down 21.0 points compared to the prior year quarter. The decrease reflects better current accident year results and the inclusion of Hurricane Milton in the prior year quarter.
The net expense ratio was 26.2%, up 0.6 points from 25.6% in the prior year quarter. The increase was primarily driven by higher other operating costs.
The net combined ratio was 87.5%, down 20.4 points compared to the prior year quarter. The decrease reflects a lower net loss ratio, slightly offset by a higher net expense ratio, as described above.
Capital Deployment
During the fourth quarter, the Company repurchased approximately 210 thousand shares at an aggregate cost of $6.9 million.
On January 7, 2026, the Company announced a new share repurchase program under which the Company may repurchase up to $20 million of its outstanding shares of common stock through January 8, 2028.
On February 4, 2026, the Board of Directors declared a regular quarterly cash dividend of 16 cents per share of common stock, payable March 13, 2026 to shareholders of record as of the close of business on March 6, 2026.
Conference Call and Webcast
Wednesday, February 25, 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/BI41559db1e1244b5489ead3bc4a1ba3b6. 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 shortly 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 Annual Report on Form 10-K for the year ended December 31, 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, 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 the Insurance Entities 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.
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share data)
December 31,
December 31,
2025
2024
ASSETS
Invested Assets
Fixed maturities, at fair value
$
1,431,028
$
1,269,079
Equity securities, at fair value
85,420
77,752
Other investments, at fair value
10,693
16,123
Investment real estate, net
5,463
8,322
Total invested assets
1,532,604
1,371,276
Cash and cash equivalents
408,868
259,441
Restricted cash and cash equivalents
68,970
2,635
Prepaid reinsurance premiums
291,031
262,716
Reinsurance recoverable
232,918
627,617
Premiums receivable, net
75,721
77,936
Property and equipment, net
49,349
48,653
Deferred policy acquisition costs
128,564
121,178
Deferred income tax asset, net
27,658
42,163
Goodwill
2,319
2,319
Other assets
21,693
25,927
TOTAL ASSETS
$
2,839,695
$
2,841,861
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses
$
680,712
$
959,291
Unearned premiums
1,091,959
1,060,446
Advance premium
61,847
46,237
Income taxes payable
28,554
6,561
Reinsurance payable, net
257,242
220,328
Commission payable
26,307
25,931
Debt, net of issuance costs
100,481
101,243
Other liabilities and accrued expenses
41,558
48,574
Total liabilities
2,288,660
2,468,611
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock ($0.01 par value)2
—
—
Common stock ($0.01 par value)3
482
475
Treasury shares, at cost - 20,226 and 19,382
(305,064
)
(282,693
)
Additional paid-in capital
124,319
121,781
Accumulated other comprehensive income (loss), net of taxes
(26,151
)
(63,166
)
Retained earnings
757,449
596,853
Total stockholders' equity
551,035
373,250
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
2,839,695
2,841,861
Notes:
2 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.
3 Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 48,234 and 47,478 shares; Outstanding - 28,008 and 28,096 shares.
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
(in thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
REVENUES
Net premiums earned
$
363,425
$
348,354
$
1,439,015
$
1,373,073
Net investment income
18,972
15,559
70,627
59,148
Net realized gains (losses) on investments
777
219
5,698
(1,315
)
Net change in unrealized gains (losses) on investments
3,578
(1,824
)
(1,177
)
9,936
Commission revenue
14,609
16,121
61,336
51,792
Policy fees
4,615
4,315
20,100
19,490
Other revenue
1,950
2,065
8,316
8,412
Total revenues
407,926
384,809
1,603,915
1,520,536
EXPENSES
Losses and loss adjustment expenses
222,739
286,652
985,878
1,087,366
Policy acquisition costs
64,200
63,344
250,246
233,444
Other operating expenses
30,938
25,856
118,300
108,639
Total operating costs and expenses
317,877
375,852
1,354,424
1,429,449
Interest and amortization of debt issuance costs
1,599
1,612
6,422
6,476
Income before income tax expense
88,450
7,345
243,069
84,611
Income tax expense
21,861
1,327
60,118
25,683
NET INCOME
$
66,589
$
6,018
$
182,951
$
58,928
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
Weighted average common shares outstanding - basic
27,797
28,173
27,890
28,498
Weighted average common shares outstanding - diluted
29,161
29,118
28,956
29,274
Shares outstanding, end of period
28,008
28,096
28,008
28,096
Basic earnings per common share
$
2.40
$
0.21
$
6.56
$
2.07
Diluted earnings per common share
$
2.28
$
0.21
$
6.32
$
2.01
Cash dividend declared per common share
$
0.29
$
0.29
$
0.77
$
0.77
Book value per share, end of period
$
19.67
$
13.28
$
19.67
$
13.28
Annualized return on average common equity (ROCE)
50.9
%
6.2
%
39.6
%
16.5
%
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION
(in thousands, except for Policies In Force data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
Premiums
Direct premiums written - Florida
$
331,950
$
342,565
$
1,554,345
$
1,598,426
Direct premiums written - Other States
151,734
128,330
585,911
471,266
Direct premiums written - Total
$
483,684
$
470,895
$
2,140,256
$
2,069,692
Direct premiums earned
$
537,955
$
519,339
$
2,108,743
$
1,999,805
Net premiums earned
$
363,425
$
348,354
$
1,439,015
$
1,373,073
Underwriting Ratios - Net
Loss and loss adjustment expense ratio
61.3
%
82.3
%
68.5
%
79.2
%
Expense ratio
26.2
%
25.6
%
25.6
%
24.9
%
Policy acquisition cost ratio
17.7
%
18.2
%
17.4
%
17.0
%
Other operating expense ratio
8.5
%
7.4
%
8.2
%
7.9
%
Combined ratio
87.5
%
107.9
%
94.1
%
104.1
%
As of
December 31,
2025
2024
Policies in force
Florida
567,095
567,307
Other States
328,832
288,219
Total
895,927
855,526
Premiums in force
Florida
$
1,561,889
$
1,608,142
Other States
586,052
470,927
Total
$
2,147,941
$
2,079,069
Total Insured Value
Florida
$
186,809,542
$
186,751,842
Other States
206,539,990
171,759,368
Total
$
393,349,532
$
358,511,210
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
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
GAAP revenue
$
407,926
$
384,809
$
1,603,915
$
1,520,536
less: Net realized gains (losses) on investments
777
219
5,698
(1,315
)
less: Net change in unrealized gains (losses) on investments
3,578
(1,824
)
(1,177
)
9,936
Core revenue
$
403,571
$
386,414
$
1,599,394
$
1,511,915
GAAP operating income to adjusted operating income
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
GAAP income before income tax expense
$
88,450
$
7,345
$
243,069
$
84,611
add: Interest and amortization of debt issuance costs
1,599
1,612
6,422
6,476
GAAP operating income
90,049
8,957
249,491
91,087
less: Net realized gains (losses) on investments
777
219
5,698
(1,315
)
less: Net change in unrealized gains (losses) on investments
3,578
(1,824
)
(1,177
)
9,936
Adjusted operating income
$
85,694
$
10,562
$
244,970
$
82,466
GAAP operating income margin to adjusted operating income margin
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
GAAP operating income (a)
$
90,049
$
8,957
$
249,491
$
91,087
GAAP revenue (b)
407,926
384,809
1,603,915
1,520,536
GAAP operating income margin (a÷b)
22.1
%
2.3
%
15.6
%
6.0
%
Adjusted operating income (c)
85,694
10,562
244,970
82,466
Core revenue (d)
403,571
386,414
1,599,394
1,511,915
Adjusted operating income margin (c÷d)
21.2
%
2.7
%
15.3
%
5.5
%
GAAP net income (NI) to adjusted NI available to common stockholders
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
GAAP NI
$
66,589
$
6,018
$
182,951
$
58,928
less: Preferred dividends
2
2
10
10
GAAP NI available to common stockholders (e)
66,587
6,016
182,941
58,918
less: Net realized gains (losses) on investments
777
219
5,698
(1,315
)
less: Net change in unrealized gains (losses) on investments
3,578
(1,824
)
(1,177
)
9,936
add: Income tax effect on above adjustments
1,071
(395
)
1,112
2,121
Adjusted NI available to common stockholders (f)
$
63,303
$
7,226
$
179,532
$
52,418
Weighted average diluted common shares outstanding (g)
29,161
29,118
28,956
29,274
Diluted earnings per common share (e÷g)
$
2.28
$
0.21
$
6.32
$
2.01
Diluted adjusted earnings per common share (f÷g)
$
2.17
$
0.25
$
6.20
$
1.79
GAAP stockholders’ equity to adjusted common stockholders’ equity
As of
December 31,
December 31,
December 31,
2025
2024
2023
GAAP stockholders’ equity
$
551,035
$
373,250
$
341,297
less: Preferred equity
100
100
100
Common stockholders’ equity (h)
550,935
373,150
341,197
less: Accumulated other comprehensive (loss), net of taxes
(26,151
)
(63,166
)
(74,172
)
Adjusted common stockholders’ equity (i)
$
577,086
$
436,316
$
415,369
Common shares outstanding (j)
28,008
28,096
28,966
Book value per common share (h÷j)
$
19.67
$
13.28
$
11.78
Adjusted book value per common share (i÷j)
$
20.60
$
15.53
$
14.34
GAAP return on common equity (ROCE) to adjusted ROCE
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
2023
Actual or Annualized NI (loss) available to common stockholders (k)
$
266,348
$
24,064
$
182,941
$
58,918
$
66,813
Average common stockholders’ equity (l)
522,939
386,648
462,043
357,174
314,497
ROCE (k÷l)
50.9
%
6.2
%
39.6
%
16.5
%
21.2
%
Annualized adjusted NI (loss) available to common stockholders (m)
$
253,212
$
28,904
$
179,532
$
52,418
$
58,657
Adjusted average common stockholders’ equity4 (n)
549,750
441,632
504,997
422,593
399,396
Adjusted ROCE (m÷n)
46.1
%
6.5
%
35.6
%
12.4
%
14.7
%
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260224074931/en/
Investors/Media:
Arash Soleimani, CFA, CPA, CPCU, ARe
Chief Strategy Officer
954-804-8874
asoleimani@universalproperty.com
Original: Universal Reports Fourth Quarter 2025 Results
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