Universal Insurance Holdings, Inc 8-K, filed Oct 22, 2026
Universal Insurance Holdings, Inc. (UVE)
8-K
2026-10-22
For: 2026-10-22
View Original
Added on
October 22, 2026
About this 8-K
Universal Insurance Holdings, Inc filed this 8-K on October 22, 2026.
Universal Insurance Holdings reported third-quarter 2026 results: diluted GAAP EPS of $1.80, adjusted EPS of $1.93, direct premiums written of $608.9 million, and book value per share of $23.37; net combined ratio was 91.0%. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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): October 22, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(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 class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 2.02 | Results of Operations and Financial Condition | ||||
On October 22, 2026, Universal Insurance Holdings, Inc. issued a press release announcing its financial results for the fiscal quarter ended September 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 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits:
| Exhibit Number | Description | |||||||
| 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: | UNIVERSAL INSURANCE HOLDINGS, INC. | |||||||||||||||||||
| By: | /s/ Frank C. Wilcox | |||||||||||||||||||
| Name: | Frank C. Wilcox | |||||||||||||||||||
| Title: | Chief Financial Officer | |||||||||||||||||||
Exhibit 99.1
Universal Reports Third Quarter 2026 Results
•Diluted GAAP earnings per common share (EPS) of $1.80; diluted adjusted* EPS of $1.93
•Annualized return on average common equity (“ROCE”) of 32.7%, annualized adjusted* ROCE of 32.3%
•Direct premiums written of $608.9 million, up 2.7% from the prior year quarter
•Book value per share of $23.37, up 32.4% year-over-year; adjusted book value per share* of $25.90, up 38.2% year-over-year
*Reconciliations of non-GAAP to GAAP financial measures are provided in the attached tables.
Fort Lauderdale, Fla., October 22, 2026 – Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported third quarter 2026 results.
“In the quarter, we delivered a very strong 32.7% annualized return on common equity, driven by solid underwriting and revenue performance,” said Stephen J. Donaghy, Chief Executive Officer. “Our net loss ratio continues to improve and new business trends are solid, including 8% growth in policies in force.”
“Subsequent to quarter end, Hurricane Isaias made landfall near Destin in the western Florida Panhandle as a Category 2 hurricane before quickly weakening as it moved inland. Our claims team responded immediately, deploying field adjusters to affected communities and working directly with policyholders to expedite inspections and claims payments. Our priority remains helping our customers recover and return to normal as quickly as possible. While we recognize the challenges this storm has created for those impacted, claims activity to date has been less significant than initially anticipated.”
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Summary Financial Results
| ($ in thousands, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||||||
| GAAP comparison | ||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 439,319 | $ | 400,981 | 9.6 | % | $ | 1,259,917 | $ | 1,195,989 | 5.3 | % | ||||||||||||||||||||||||||
| Operating income | $ | 72,229 | $ | 54,380 | 32.8 | % | $ | 227,126 | $ | 159,442 | 42.5 | % | ||||||||||||||||||||||||||
| Operating income margin | 16.4 | % | 13.6 | % | 2.8 | pts | 18.0 | % | 13.3 | % | 4.7 | pts | ||||||||||||||||||||||||||
| Net income available to common stockholders | $ | 52,506 | $ | 39,827 | 31.8 | % | $ | 165,980 | $ | 116,354 | 42.7 | % | ||||||||||||||||||||||||||
| Diluted earnings per common share | $ | 1.80 | $ | 1.38 | 30.4 | % | $ | 5.73 | $ | 4.03 | 42.2 | % | ||||||||||||||||||||||||||
| Annualized ROCE | 32.7 | % | 33.4 | % | (0.7) | pts | 37.0 | % | 35.7 | % | 1.3 | pts | ||||||||||||||||||||||||||
| Book value per share, end of period | $ | 23.37 | $ | 17.65 | 32.4 | % | $ | 23.37 | $ | 17.65 | 32.4 | % | ||||||||||||||||||||||||||
Non-GAAP comparison1 | ||||||||||||||||||||||||||||||||||||||
| Core revenue | $ | 444,310 | $ | 400,030 | 11.1 | % | $ | 1,261,848 | $ | 1,195,823 | 5.5 | % | ||||||||||||||||||||||||||
| Adjusted operating income | $ | 77,220 | $ | 53,429 | 44.5 | % | $ | 229,057 | $ | 159,276 | 43.8 | % | ||||||||||||||||||||||||||
| Adjusted operating income margin | 17.4 | % | 13.4 | % | 4.0 | pts | 18.2 | % | 13.3 | % | 4.9 | pts | ||||||||||||||||||||||||||
| Adjusted net income available to common stockholders | $ | 56,269 | $ | 39,110 | 43.9 | % | $ | 167,436 | $ | 116,229 | 44.1 | % | ||||||||||||||||||||||||||
| Adjusted diluted earnings per common share | $ | 1.93 | $ | 1.36 | 41.9 | % | $ | 5.78 | $ | 4.02 | 43.8 | % | ||||||||||||||||||||||||||
| Annualized adjusted ROCE | 32.3 | % | 30.6 | % | 1.7 | pts | 34.5 | % | 32.2 | % | 2.3 | pts | ||||||||||||||||||||||||||
| Adjusted book value per share, end of period | $ | 25.90 | $ | 18.74 | 38.2 | % | $ | 25.90 | $ | 18.74 | 38.2 | % | ||||||||||||||||||||||||||
| Underwriting Summary | ||||||||||||||||||||||||||||||||||||||
| Premiums: | ||||||||||||||||||||||||||||||||||||||
| Premiums in force | $ | 2,228,923 | $ | 2,135,237 | 4.4 | % | $ | 2,228,923 | $ | 2,135,237 | 4.4 | % | ||||||||||||||||||||||||||
| Policies in force | 953,611 | 883,888 | 7.9 | % | 953,611 | 883,888 | 7.9 | % | ||||||||||||||||||||||||||||||
| Direct premiums written | $ | 608,878 | $ | 592,774 | 2.7 | % | $ | 1,736,739 | $ | 1,656,572 | 4.8 | % | ||||||||||||||||||||||||||
| Direct premiums earned | $ | 556,724 | $ | 534,106 | 4.2 | % | $ | 1,632,951 | $ | 1,570,788 | 4.0 | % | ||||||||||||||||||||||||||
| Ceded premiums earned | $ | (153,528) | $ | (174,430) | (12.0) | % | $ | (495,580) | $ | (495,198) | 0.1 | % | ||||||||||||||||||||||||||
| Ceded premium ratio | 27.6 | % | 32.7 | % | (5.1) | pts | 30.3 | % | 31.5 | % | (1.2) | pts | ||||||||||||||||||||||||||
| Net premiums earned | $ | 403,196 | $ | 359,676 | 12.1 | % | $ | 1,137,371 | $ | 1,075,590 | 5.7 | % | ||||||||||||||||||||||||||
| Net ratios: | ||||||||||||||||||||||||||||||||||||||
| Loss ratio | 64.6 | % | 70.2 | % | (5.6) | pts | 64.5 | % | 71.0 | % | (6.5) | pts | ||||||||||||||||||||||||||
| Expense ratio | 26.4 | % | 26.2 | % | 0.2 | pts | 26.3 | % | 25.4 | % | 0.9 | pts | ||||||||||||||||||||||||||
| Combined ratio | 91.0 | % | 96.4 | % | (5.4) | pts | 90.8 | % | 96.4 | % | (5.6) | 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 common stockholders’ equity, with the denominator further excluding current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. | ||||||||||||||||||||||||||||||||||||||
2
Net Income and Adjusted Net Income
Net income available to common stockholders was $52.5 million, compared to net income of $39.8 million in the prior year quarter, and adjusted net income available to common stockholders was $56.3 million, compared to adjusted net income of $39.1 million in the prior year quarter. The higher adjusted net income available to common stockholders mostly stems from higher underwriting and net investment income.
Revenues
Revenue was $439.3 million, up 9.6% from the prior year quarter and core revenue was $444.3 million, up 11.1% 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 $608.9 million, up 2.7% from the prior year quarter. The increase stems from 18.5% growth in other states, partly offset by a 3.3% decrease in Florida. Overall growth mostly reflects higher policies in force across our multi-state footprint.
Direct premiums earned were $556.7 million, up 4.2% from the prior year quarter. The increase stems from direct premiums written growth over the past twelve months.
The ceded premium ratio was 27.6%, down from 32.7%, in the prior year quarter. The decrease primarily reflects Universal’s new reinsurance program, which incepted on June 1, 2026.
Net premiums earned were $403.2 million, up 12.1% 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 $21.5 million, up from $18.3 million in the prior year quarter. The increase stems from higher invested assets and fixed income reinvestment yields.
Commissions, policy fees and other revenue were $19.6 million, down 10.8% from the prior year quarter. The decrease primarily reflects Universal’s new reinsurance program.
Margins
The operating income margin was 16.4%, compared to an operating income margin of 13.6% in the prior year quarter. The adjusted operating income margin was 17.4%, compared to an adjusted operating income margin of 13.4% in the prior year quarter. The higher adjusted operating income margin primarily stems from a lower net combined ratio.
The net loss ratio was 64.6%, down 5.6 points compared to the prior year quarter. The decrease primarily reflects a lower ceded premium ratio.
The net expense ratio was 26.4%, up 0.2 points from 26.2% in the prior year quarter. The increase was driven by higher policy acquisition costs associated with growth outside Florida and higher other operating costs and expenses, partly offset by a lower ceded premium ratio.
The net combined ratio was 91.0%, down 5.4 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.
3
Capital Deployment
During the third quarter, the Company repurchased approximately 174 thousand shares at an aggregate cost of $7.4 million. The Company’s current share repurchase authorization program has approximately $1.1 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, October 23, 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/BI2f99a141d3be4c6f9d7d63b02b65192c. 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
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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 September 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
5
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
| September 30, | December 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
(unaudited) | ||||||||||||||
| ASSETS: | ||||||||||||||
| Invested Assets | ||||||||||||||
Fixed maturities, at fair value, net | $ | 1,474,856 | $ | 1,431,028 | ||||||||||
| Equity securities, at fair value | 117,710 | 85,420 | ||||||||||||
| Other investments, at fair value | 8,099 | 10,693 | ||||||||||||
| Investment real estate, net | 5,316 | 5,463 | ||||||||||||
| Total invested assets | 1,605,981 | 1,532,604 | ||||||||||||
| Cash and cash equivalents | 569,461 | 408,868 | ||||||||||||
| Restricted cash and cash equivalents | 68,635 | 68,970 | ||||||||||||
| Prepaid reinsurance premiums | 409,251 | 291,031 | ||||||||||||
Reinsurance recoverables | 157,038 | 232,918 | ||||||||||||
| Premiums receivable, net | 98,155 | 75,721 | ||||||||||||
| Property and equipment, net | 47,876 | 49,349 | ||||||||||||
| Deferred policy acquisition costs | 144,706 | 128,564 | ||||||||||||
| Income taxes recoverable | 15,009 | — | ||||||||||||
Deferred income tax asset, net | 35,340 | 27,658 | ||||||||||||
| Goodwill | 2,319 | 2,319 | ||||||||||||
| Other assets | 29,799 | 21,693 | ||||||||||||
| TOTAL ASSETS | $ | 3,183,570 | $ | 2,839,695 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
| LIABILITIES: | ||||||||||||||
| Unpaid losses and loss adjustment expenses | $ | 616,079 | $ | 680,712 | ||||||||||
| Unearned premiums | 1,195,747 | 1,091,959 | ||||||||||||
| Advance premium | 80,422 | 61,847 | ||||||||||||
Income taxes payable | — | 28,554 | ||||||||||||
| Reinsurance payable, net | 453,650 | 257,242 | ||||||||||||
Commission payable | 37,041 | 26,307 | ||||||||||||
Debt, net of issuance costs | 97,336 | 100,481 | ||||||||||||
Other liabilities and accrued expenses | 57,259 | 41,558 | ||||||||||||
Total liabilities | 2,537,534 | 2,288,660 | ||||||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||||||
Cumulative convertible preferred stock2 | — | — | ||||||||||||
Common stock3 | 483 | 482 | ||||||||||||
Treasury shares, at cost - 20,731 and 20,226, respectively | (324,243) | (305,064) | ||||||||||||
| Additional paid-in capital | 130,188 | 124,319 | ||||||||||||
| Accumulated other comprehensive income (loss), net of taxes | (69,938) | (26,151) | ||||||||||||
| Retained earnings | 909,546 | 757,449 | ||||||||||||
Total stockholders' equity | 646,036 | 551,035 | ||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 3,183,570 | $ | 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; 48,372 and 48,234 issued; 27,641 and 28,008 outstanding, respectively. | ||||||||||||||
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| REVENUES | |||||||||||||||||||||||||||||
Net premiums earned | $ | 403,196 | $ | 359,676 | $ | 1,137,371 | $ | 1,075,590 | |||||||||||||||||||||
| Net investment income | 21,478 | 18,337 | 61,178 | 51,655 | |||||||||||||||||||||||||
| Net realized gains (losses) on investments | 973 | (345) | 2,964 | 4,921 | |||||||||||||||||||||||||
Net change in unrealized gains (losses) on investments | (5,964) | 1,296 | (4,895) | (4,755) | |||||||||||||||||||||||||
| Commission revenue | 11,841 | 14,598 | 40,352 | 46,727 | |||||||||||||||||||||||||
| Policy fees | 5,634 | 5,389 | 16,655 | 15,485 | |||||||||||||||||||||||||
| Other revenue | 2,161 | 2,030 | 6,292 | 6,366 | |||||||||||||||||||||||||
| Total revenues | 439,319 | 400,981 | 1,259,917 | 1,195,989 | |||||||||||||||||||||||||
| EXPENSES | |||||||||||||||||||||||||||||
| Losses and loss adjustment expenses | 260,488 | 252,279 | 733,146 | 763,139 | |||||||||||||||||||||||||
Policy acquisition costs | 71,486 | 63,594 | 204,026 | 186,046 | |||||||||||||||||||||||||
Other operating costs and expenses | 35,116 | 30,728 | 95,619 | 87,362 | |||||||||||||||||||||||||
| Total operating costs and expenses | 367,090 | 346,601 | 1,032,791 | 1,036,547 | |||||||||||||||||||||||||
| Interest and amortization of debt issuance costs | 2,081 | 1,603 | 5,671 | 4,823 | |||||||||||||||||||||||||
| Income before income tax expense | 70,148 | 52,777 | 221,455 | 154,619 | |||||||||||||||||||||||||
| Income tax expense | 17,639 | 12,947 | 55,467 | 38,257 | |||||||||||||||||||||||||
| NET INCOME | $ | 52,509 | $ | 39,830 | $ | 165,988 | $ | 116,362 | |||||||||||||||||||||
UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Weighted average common shares outstanding - basic | 27,607 | 27,851 | 27,546 | 27,971 | |||||||||||||||||||||||||
| Weighted average common shares outstanding - diluted | 29,185 | 28,808 | 28,968 | 28,903 | |||||||||||||||||||||||||
| Shares outstanding, end of period | 27,641 | 28,048 | 27,641 | 28,048 | |||||||||||||||||||||||||
| Basic earnings per common share | $ | 1.90 | $ | 1.43 | $ | 6.03 | $ | 4.16 | |||||||||||||||||||||
| Diluted earnings per common share | $ | 1.80 | $ | 1.38 | $ | 5.73 | $ | 4.03 | |||||||||||||||||||||
| Cash dividend declared per common share | $ | 0.16 | $ | 0.16 | $ | 0.48 | $ | 0.48 | |||||||||||||||||||||
| Book value per share, end of period | $ | 23.37 | $ | 17.65 | $ | 23.37 | $ | 17.65 | |||||||||||||||||||||
| Annualized return on average common equity (ROCE) | 32.7 | % | 33.4 | % | 37.0 | % | 35.7 | % | |||||||||||||||||||||
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION
(in thousands, except for Policies In Force data)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Premiums | |||||||||||||||||||||||||||||
| Direct premiums written - Florida | $ | 414,404 | $ | 428,635 | $ | 1,228,514 | $ | 1,222,395 | |||||||||||||||||||||
| Direct premiums written - Other States | 194,474 | 164,139 | 508,225 | 434,177 | |||||||||||||||||||||||||
| Direct premiums written - Total | $ | 608,878 | $ | 592,774 | $ | 1,736,739 | $ | 1,656,572 | |||||||||||||||||||||
| Direct premiums earned | $ | 556,724 | $ | 534,106 | $ | 1,632,951 | $ | 1,570,788 | |||||||||||||||||||||
| Net premiums earned | $ | 403,196 | $ | 359,676 | $ | 1,137,371 | $ | 1,075,590 | |||||||||||||||||||||
| Underwriting Ratios - Net | |||||||||||||||||||||||||||||
Loss ratio | 64.6 | % | 70.2 | % | 64.5 | % | 71.0 | % | |||||||||||||||||||||
Expense ratio | 26.4 | % | 26.2 | % | 26.3 | % | 25.4 | % | |||||||||||||||||||||
Policy acquisition cost ratio | 17.7 | % | 17.7 | % | 17.9 | % | 17.3 | % | |||||||||||||||||||||
Other operating costs and expenses ratio | 8.7 | % | 8.5 | % | 8.4 | % | 8.1 | % | |||||||||||||||||||||
| Combined ratio | 91.0 | % | 96.4 | % | 90.8 | % | 96.4 | % | |||||||||||||||||||||
| As of | ||||||||||||||
| September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Policies in force | ||||||||||||||
| Florida | 598,104 | 561,546 | ||||||||||||
| Other States | 355,507 | 322,342 | ||||||||||||
| Total | 953,611 | 883,888 | ||||||||||||
| Premiums in force | ||||||||||||||
| Florida | $ | 1,567,671 | $ | 1,572,199 | ||||||||||
| Other States | 661,252 | 563,038 | ||||||||||||
| Total | $ | 2,228,923 | $ | 2,135,237 | ||||||||||
| Total Insured Value | ||||||||||||||
| Florida | $ | 198,396,329 | $ | 184,971,114 | ||||||||||
| Other States | 231,171,948 | 200,031,575 | ||||||||||||
| Total | $ | 429,568,277 | $ | 385,002,689 | ||||||||||
8
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 | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| GAAP revenue | $ | 439,319 | $ | 400,981 | $ | 1,259,917 | $ | 1,195,989 | ||||||||||||||||||
| less: Net realized gains (losses) on investments | 973 | (345) | 2,964 | 4,921 | ||||||||||||||||||||||
less: Net change in unrealized gains (losses) on investments | (5,964) | 1,296 | (4,895) | (4,755) | ||||||||||||||||||||||
| Core revenue | $ | 444,310 | $ | 400,030 | $ | 1,261,848 | $ | 1,195,823 | ||||||||||||||||||
| GAAP operating income to adjusted operating income | ||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| GAAP income before income tax expense | $ | 70,148 | $ | 52,777 | $ | 221,455 | $ | 154,619 | ||||||||||||||||||
| add: Interest and amortization of debt issuance costs | 2,081 | 1,603 | 5,671 | 4,823 | ||||||||||||||||||||||
| GAAP operating income | 72,229 | 54,380 | 227,126 | 159,442 | ||||||||||||||||||||||
| less: Net realized gains (losses) on investments | 973 | (345) | 2,964 | 4,921 | ||||||||||||||||||||||
less: Net change in unrealized gains (losses) on investments | (5,964) | 1,296 | (4,895) | (4,755) | ||||||||||||||||||||||
| Adjusted operating income | $ | 77,220 | $ | 53,429 | $ | 229,057 | $ | 159,276 | ||||||||||||||||||
| GAAP operating income margin to adjusted operating income margin | ||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| GAAP operating income (a) | $ | 72,229 | $ | 54,380 | $ | 227,126 | $ | 159,442 | ||||||||||||||||||
| GAAP revenue (b) | 439,319 | 400,981 | 1,259,917 | 1,195,989 | ||||||||||||||||||||||
| GAAP operating income margin (a÷b) | 16.4 | % | 13.6 | % | 18.0 | % | 13.3 | % | ||||||||||||||||||
| Adjusted operating income (c) | 77,220 | 53,429 | 229,057 | 159,276 | ||||||||||||||||||||||
| Core revenue (d) | 444,310 | 400,030 | 1,261,848 | 1,195,823 | ||||||||||||||||||||||
| Adjusted operating income margin (c÷d) | 17.4 | % | 13.4 | % | 18.2 | % | 13.3 | % | ||||||||||||||||||
9
| GAAP net income (NI) to adjusted NI available to common stockholders | ||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| GAAP NI | $ | 52,509 | $ | 39,830 | $ | 165,988 | $ | 116,362 | ||||||||||||||||||
| less: Preferred dividends | 3 | 3 | 8 | 8 | ||||||||||||||||||||||
| GAAP NI available to common stockholders (e) | 52,506 | 39,827 | 165,980 | 116,354 | ||||||||||||||||||||||
| less: Net realized gains (losses) on investments | 973 | (345) | 2,964 | 4,921 | ||||||||||||||||||||||
less: Net change in unrealized gains (losses) on investments | (5,964) | 1,296 | (4,895) | (4,755) | ||||||||||||||||||||||
| add: Income tax effect on above adjustments | (1,228) | 234 | (475) | 41 | ||||||||||||||||||||||
| Adjusted NI available to common stockholders (f) | $ | 56,269 | $ | 39,110 | $ | 167,436 | $ | 116,229 | ||||||||||||||||||
| Weighted average diluted common shares outstanding (g) | 29,185 | 28,808 | 28,968 | 28,903 | ||||||||||||||||||||||
| Diluted earnings per common share (e÷g) | $ | 1.80 | $ | 1.38 | $ | 5.73 | $ | 4.03 | ||||||||||||||||||
| Diluted adjusted earnings per common share (f÷g) | $ | 1.93 | $ | 1.36 | $ | 5.78 | $ | 4.02 | ||||||||||||||||||
| GAAP stockholders’ equity to adjusted common stockholders’ equity | |||||||||||||||||||||||||||||||||||
| As of | |||||||||||||||||||||||||||||||||||
| September 30, | December 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2025 | |||||||||||||||||||||||||||||||||
| GAAP stockholders’ equity | $ | 646,036 | $ | 495,043 | $ | 551,035 | |||||||||||||||||||||||||||||
| less: Preferred equity | 100 | 100 | 100 | ||||||||||||||||||||||||||||||||
| Common stockholders’ equity (h) | 645,936 | 494,943 | 550,935 | ||||||||||||||||||||||||||||||||
| less: Accumulated other comprehensive income (loss), net of taxes | (69,938) | (30,755) | (26,151) | ||||||||||||||||||||||||||||||||
| Adjusted common stockholders’ equity (i) | $ | 715,874 | $ | 525,698 | $ | 577,086 | |||||||||||||||||||||||||||||
Common shares outstanding (j) | 27,641 | 28,048 | 28,008 | ||||||||||||||||||||||||||||||||
| Book value per common share (h÷j) | $ | 23.37 | $ | 17.65 | $ | 19.67 | |||||||||||||||||||||||||||||
| Adjusted book value per common share (i÷j) | $ | 25.90 | $ | 18.74 | $ | 20.60 | |||||||||||||||||||||||||||||
| GAAP return on common equity (ROCE) to adjusted ROCE | |||||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | Year Ended | |||||||||||||||||||||||||||||||||
| September 30, | September 30, | December 31, | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | |||||||||||||||||||||||||||||||
| Actual or Annualized NI available to common stockholders (k) | $ | 210,024 | $ | 159,308 | $ | 221,307 | $ | 155,139 | $ | 182,941 | |||||||||||||||||||||||||
| Average common stockholders’ equity (l) | 641,496 | 476,326 | 598,436 | 434,047 | 462,043 | ||||||||||||||||||||||||||||||
Actual or Annualized ROCE (k÷l) | 32.7 | % | 33.4 | % | 37.0 | % | 35.7 | % | 39.6 | % | |||||||||||||||||||||||||
| Annualized adjusted NI available to common stockholders (m) | $ | 225,076 | $ | 156,440 | $ | 223,248 | $ | 154,972 | $ | 179,532 | |||||||||||||||||||||||||
Adjusted average common stockholders’ equity4 (n) | 696,106 | 511,736 | 647,208 | 480,945 | 504,997 | ||||||||||||||||||||||||||||||
Actual or Annualized Adjusted ROCE (m÷n) | 32.3 | % | 30.6 | % | 34.5 | % | 32.2 | % | 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. | |||||||||||||||||||||||||||||||||||
10