Universal Reports Fourth Quarter 2025 Results
MWN-AI** Summary
Universal Insurance Holdings, Inc. (NYSE: UVE) reported an exceptional performance for Q4 2025, reflecting substantial growth across various financial metrics. The company achieved diluted GAAP earnings per share (EPS) of $2.28, a remarkable increase of 985.7% compared to the prior year's $0.21. Diluted adjusted EPS also surged to $2.17, up 768% year-over-year. Significant driving factors included a net income of $66.6 million, compared to just $6.0 million in Q4 2024.
Annualized return on average common equity (ROCE) soared to 50.9%, compared to 6.2% in the previous year, highlighting robust profitability. Direct premiums written increased to $483.7 million, a growth of 2.7% year-over-year, with a notable 18.2% rise in premiums from other states. Universal's book value per share reached $19.67, up 48.1% from $13.28 a year prior.
CEO Stephen J. Donaghy emphasized the benefits of Florida’s legislative reforms that have stabilized the insurance market and contributed positively to the company’s financial health. The firm is actively negotiating its 2026 reinsurance program, having already secured significant capacities for the upcoming hurricane season in 2027.
Operating revenues for Q4 2025 were $407.9 million, representing a growth of 6% over the same quarter last year. The operating income margin significantly improved to 22.1%, a stark increase from 2.3% in Q4 2024. The net combined ratio improved to 87.5% from 107.9% in the prior year, demonstrating enhanced underwriting efficiency.
In capital activities, Universal repurchased approximately 210,000 shares at a cost of $6.9 million and declared a quarterly cash dividend of $0.29 per share, payable in March 2026. Overall, Universal reported a successful quarter, positioning itself for continued growth in 2026.
MWN-AI** Analysis
Universal Insurance Holdings, Inc. (NYSE: UVE) recently reported its impressive fourth-quarter and full year 2025 results, showcasing substantial growth metrics that warrant attention from investors. Notably, diluted GAAP earnings per share (EPS) surged to $2.28, up from just $0.21 in the prior year, highlighting a significant recovery and operational improvement. Moreover, the company achieved an annualized return on average common equity (ROCE) of an exceptional 50.9%, indicating robust profitability relative to equity.
Universal's revenues climbed by 6% to $407.9 million in Q4, driven by a steady increase in direct premiums written, which reached $483.7 million, reflecting a 2.7% year-over-year increase. Importantly, the well-managed loss ratio decreased to 61.3%, down from 82.3% in the previous year, underscoring improved underwriting performance and better claims management.
The company's capital position remains strong, with a significant year-over-year increase in book value per share (up 48.1% to $19.67), and an additional multi-year capacity secured for future hurricane seasons, indicating a proactive approach to risk management.
With the current share price hovering around $20.00 as of late October 2023, the recent results suggest it might be a prudent time for investors with a risk appetite to consider opening positions in UVE. The high ROCE and the steady premium growth in a recovering insurance landscape, particularly influenced by Florida's legislative reforms, suggest a potential for sustained profitability.
Investors should closely monitor Universal's upcoming road to securing its 2026 reinsurance program and strategies in response to its operating environment. A prudent approach involving diversification and stemming any excessive exposure in a volatile market will be essential. The combination of aggressive share repurchase practices and regular dividends also adds a layer of investor confidence. Overall, Universal appears well-positioned for continued growth, making it a compelling stock for investors looking for value in the insurance sector.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
- 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
(, 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 comparison 1 | ||||||||||||||||||||||
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’ equity 4 (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
FAQ**
What factors contributed to the significant increase in diluted GAAP earnings per common share for UNIVERSAL INSURANCE HOLDINGS INC UVE, moving from $0.21 in 2024 to $2.28 in 2025?
How do the legislative reforms in Florida specifically benefit UNIVERSAL INSURANCE HOLDINGS INC UVE's capital position and reserve levels, as mentioned in their 20results?
Given the rise in book value per share from $13.28 in 2024 to $19.67 in 2025, what strategies is UNIVERSAL INSURANCE HOLDINGS INC UVE implementing to maintain this upward trajectory?
How is UNIVERSAL INSURANCE HOLDINGS INC UVE's decision to initiate a new share repurchase program expected to impact shareholder value and capital structure in the coming years?
**MWN-AI FAQ is based on asking OpenAI questions about UNIVERSAL INSURANCE HOLDINGS INC (NYSE: UVE).
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