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

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported third quarter 2026 results.

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

“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."

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 comparison^1
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.

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.

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 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.

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 stock^2		—			—
Common stock^3		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:
^2Cumulative 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.
^3Common stock ($0.01 par value): Authorized - 55,000 shares; 48,372 and 48,234 issued; 27,641 and 28,008 outstanding, respectively.

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	%

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

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	%

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