環球保險控股公佈第二季業績 每股盈利2.04美元 ROCE達38.8%

EX-99.1
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a2q26uveex-991xearningspre.htm
EX-99.1

Document

Exhibit 99.1
Universal Reports Second Quarter 2026 Results

•Diluted GAAP earnings per common share (EPS) of $2.04; diluted adjusted* EPS of $1.84
•Annualized return on average common equity (“ROCE”) of 38.8%, annualized adjusted* ROCE of 33.2%
•Direct premiums written of $621.3 million, up 4.1% from the prior year quarter
•Book value per share of $22.89, up 39.7% year-over-year; adjusted book value per share* of $24.17, up 35.4% year-over-year
 *Reconciliations of non-GAAP to GAAP financial measures are provided in the attached tables. 

Fort Lauderdale, Fla., July 23, 2026 – Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported second quarter 2026 results. 
“In the quarter, we delivered a very strong 38.8% annualized return on common equity, driven by solid underwriting and revenue performance,” said Stephen J. Donaghy, Chief Executive Officer. “Notably, the net loss ratio improved by 7.5 points year-over-year, driven by favorable claims and litigation trends that we expect to benefit non-catastrophe margins throughout the year. Strong retention and new business generation resulted in 4.1% direct premiums written growth, including growth in Florida and across our multi-state footprint.”
“The favorable claims and litigation trends in our results are a direct product of Florida’s legislative reforms. Thanks to the efforts of the Governor, the Legislature, and the OIR, the Florida homeowners insurance market has stabilized and now operates much more like the rest of the country. Our litigation inventory is back down to levels that preceded Florida’s litigation crisis, and the impact of pre-reform claims practices is behind us. As a result, we believe our aggregate reserves provide a meaningful margin above expected ultimate losses. Combined with more favorable reinsurance rates and our ability to write rate-adequate premium through our robust organic new business pipeline, we believe we are well positioned to deliver sustained profitable growth.”
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Summary Financial Results

($ in thousands, except per share data)Three Months Ended June 30,
Six Months Ended June 30,

2026
2025
Change2026
2025
Change
GAAP comparison
Total revenues$427,033 $400,141 6.7 %$820,598 $795,008 3.2 %
Operating income$81,610 $47,994 70.0 %$154,897 $105,062 47.4 %
Operating income margin19.1 %12.0 %7.1 pts18.9 %13.2 %5.7 pts

Net income available to common stockholders$59,186 $35,091 68.7 %$113,474 $76,527 48.3 %
Diluted earnings per common share$2.04 $1.21 68.6 %$3.93 $2.64 48.9 %

Annualized ROCE38.8 %31.9 %6.9  pts38.2 %36.8 %1.4 pts
Book value per share, end of period$22.89 $16.39 39.7 %$22.89 $16.39 39.7 %

Non-GAAP comparison1

Core revenue$419,376 $400,922 4.6 %$817,538 $795,793 2.7 %
Adjusted operating income$73,953 $48,775 51.6 %$151,837 $105,847 43.4 %
Adjusted operating income margin17.6 %12.2 %5.4  pts18.6 %13.3 %5.3 pts

Adjusted net income available to common stockholders$53,413 $35,680 49.7 %$111,167 $77,119 44.1 %
Adjusted diluted earnings per common share$1.84 $1.23 49.6 %$3.85 $2.66 44.7 %

Annualized adjusted ROCE33.2 %29.4 %3.8  pts35.6 %33.0 %2.6  pts
Adjusted book value per share, end of period$24.17 $17.85 35.4 %$24.17 $17.85 35.4 %

Underwriting Summary
Premiums:
Premiums in force$2,204,705 $2,114,219 4.3 %$2,204,705 $2,114,219 4.3 %
Policies in force934,371 872,343 7.1 %934,371 872,343 7.1 %

Direct premiums written$621,314 $596,720 4.1 %$1,127,861 $1,063,798 6.0 %
Direct premiums earned$544,806 $523,425 4.1 %$1,076,227 $1,036,682 3.8 %
Ceded premiums earned$(167,533)$(163,232)2.6 %$(342,052)$(320,768)6.6 %
Ceded premium ratio30.8 %31.2 %(0.4) pts31.8 %30.9 %0.9  pts
Net premiums earned$377,273 $360,193 4.7 %$734,175 $715,914 2.6 %

Net ratios:
Loss ratio64.8 %72.3 %(7.5) pts64.4 %71.4 %(7.0) pts
Expense ratio26.8 %25.5 %1.3  pts26.3 %25.0 %1.3  pts
Combined ratio91.6 %97.8 %(6.2) pts90.7 %96.4 %(5.7) pts
1 Reconciliation of non-GAAP to GAAP financial measures are provided in the attached tables. Adjusted net income (loss) available to common stockholders, adjusted diluted earnings (loss) per common share and core revenue exclude net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. Adjusted operating income (loss) excludes the items above and interest and amortization of debt issuance costs. Adjusted book value per share excludes accumulated other comprehensive income (loss), net of taxes. Adjusted ROCE is calculated by dividing annualized adjusted net income (loss) available to common stockholders by average adjusted book value per share, with the denominator further excluding current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments.

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Net Income and Adjusted Net Income
Net income available to common stockholders was $59.2 million, compared to net income of $35.1 million in the prior year quarter, and adjusted net income available to common stockholders was $53.4 million, compared to adjusted net income of $35.7 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 $427.0 million, up 6.7% from the prior year quarter and core revenue was $419.4 million, up 4.6% 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 $621.3 million, up 4.1% from the prior year quarter. The increase stems from 0.8% growth in Florida and 14.4% growth in other states. Overall growth mostly reflects higher policies in force across our multi-state footprint.

Direct premiums earned were $544.8 million, up 4.1% from the prior year quarter. The increase stems from direct premiums written growth over the past twelve months.

The ceded premium ratio was 30.8%, down from 31.2%, in the prior year quarter. The decrease primarily reflects Universal’s new reinsurance program, which incepted on June 1, 2026.

Net premiums earned were $377.3 million, up 4.7% 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 $20.2 million, up from $17.3 million in the prior year quarter. The increase stems from higher fixed income reinvestment yields and higher invested assets.

Commissions, policy fees and other revenue were $21.9 million, down 6.7% from the prior year quarter. The decrease primarily reflects commissions earned on reinstatements in the prior year quarter.

Margins
The operating income margin was 19.1%, compared to an operating income margin of 12.0% in the prior year quarter. The adjusted operating income margin was 17.6%, compared to an adjusted operating income margin of 12.2% in the prior year quarter. The higher adjusted operating income margin primarily stems from a lower net loss ratio.

The net loss ratio was 64.8%, down 7.5 points compared to the prior year quarter. The decrease reflects better current accident year results.

The net expense ratio was 26.8%, up 1.3 points from 25.5% in the prior year quarter. The increase was primarily driven by higher policy acquisition costs associated with growth outside Florida, partly offset by a lower ceded premium ratio.

The net combined ratio was 91.6%, down 6.2 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.

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Capital Deployment
During the second quarter, the Company repurchased approximately 122 thousand shares at an aggregate cost of $4.5 million. The Company’s current share repurchase authorization program has approximately $8.6 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, July 24, 2026 at 10:00 a.m. ET
•Investors and other interested parties may listen to the call by accessing the online, real-time webcast at universalinsuranceholdings.com/investors or by registering in advance via teleconference at https://register-conf.media-server.com/register/BIdc4bc2764e6b4f8884cc9b237d9a34ab. 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 
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planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures presented in accordance with GAAP. For more information regarding our key performance indicators, please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Performance Indicators” in our forthcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 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
[email protected] 
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS 
(in thousands, except per share data)
June 30,December 31,
20262025
(unaudited)

ASSETS:
Invested Assets
  Fixed maturities, at fair value, net
$1,506,146 $1,431,028 
  Equity securities, at fair value111,829 85,420 
  Other investments, at fair value11,155 10,693 
  Investment real estate, net5,367 5,463 
  Total invested assets1,634,497 1,532,604 
Cash and cash equivalents532,160 408,868 
Restricted cash and cash equivalents68,635 68,970 
Prepaid reinsurance premiums562,104 291,031 
Reinsurance recoverables
176,889 232,918 
Premiums receivable, net85,537 75,721 
Property and equipment, net48,640 49,349 
Deferred policy acquisition costs135,222 128,564 
Income taxes recoverable16,407 — 
Deferred income tax asset, net
14,238 27,658 
Goodwill2,319 2,319 
Other assets29,516 21,693 
TOTAL ASSETS$3,306,164 $2,839,695 

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses$633,613 $680,712 
Unearned premiums1,143,593 1,091,959 
Advance premium84,860 61,847 
Income taxes payable
— 28,554 
Reinsurance payable, net627,776 257,242 
Commission payable
33,379 26,307 
Debt, net of issuance costs
97,852 100,481 
Other liabilities and accrued expenses
47,936 41,558 
Total liabilities
2,669,009 2,288,660 
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock2
— — 
Common stock3
483 482 
Treasury shares, at cost - 20,558 and 20,226, respectively
(316,751)(305,064)
Additional paid-in capital127,300 124,319 
Accumulated other comprehensive income (loss), net of taxes(35,520)(26,151)
Retained earnings861,643 757,449 
Total stockholders' equity
637,155 551,035 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$3,306,164 $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; 48,388 and 48,234 issued; 27,830 and 28,008 outstanding, respectively.

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
REVENUES
  Net premiums earned
$377,273 $360,193 $734,175 $715,914 
Net investment income 20,213 17,258 39,700 33,318 
Net realized gains (losses) on investments1,257 5,280 1,991 5,266 
  Net change in unrealized gains (losses) on investments
6,400 (6,061)1,069 (6,051)
Commission revenue13,780 15,854 28,511 32,129 
Policy fees6,039 5,603 11,021 10,096 
Other revenue2,071 2,014 4,131 4,336 
Total revenues427,033 400,141 820,598 795,008 

EXPENSES
Losses and loss adjustment expenses244,562 260,305 472,658 510,860 
  Policy acquisition costs
68,067 61,878 132,540 122,452 
  Other operating costs and expenses
32,794 29,964 60,503 56,634 
Total operating costs and expenses345,423 352,147 665,701 689,946 
Interest and amortization of debt issuance costs1,995 1,608 3,590 3,220 
Income before income tax expense79,615 46,386 151,307 101,842 
Income tax expense20,427 11,293 37,828 25,310 
NET INCOME$59,188 $35,093 $113,479 $76,532 

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Weighted average common shares outstanding - basic27,618 27,972 27,588 28,066 
Weighted average common shares outstanding - diluted29,043 29,072 28,901 28,977 
Shares outstanding, end of period27,830 27,927 27,830 27,927 
Basic earnings per common share$2.14 $1.25 $4.11 $2.73 
Diluted earnings per common share$2.04 $1.21 $3.93 $2.64 
Cash dividend declared per common share$0.16 $0.16 $0.32 $0.32 
Book value per share, end of period$22.89 $16.39 $22.89 $16.39 
Annualized return on average common equity (ROCE)38.8 %31.9 %38.2 %36.8 %

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION
(in thousands, except for Policies In Force data)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Premiums
     Direct premiums written - Florida$453,169 $449,715 $814,110 $793,759 
     Direct premiums written - Other States168,145 147,005 313,751 270,039 
Direct premiums written - Total$621,314 $596,720 $1,127,861 $1,063,798 
Direct premiums earned$544,806 $523,425 $1,076,227 $1,036,682 
Net premiums earned$377,273 $360,193 $734,175 $715,914 

Underwriting Ratios - Net
Loss ratio
64.8 %72.3 %64.4 %71.4 %
Expense ratio
26.8 %25.5 %26.3 %25.0 %
   Policy acquisition cost ratio
18.1 %17.2 %18.1 %17.1 %
   Other operating costs and expenses ratio
8.7 %8.3 %8.2 %7.9 %
Combined ratio91.6 %97.8 %90.7 %96.4 %

As of
June 30,
20262025
Policies in force
Florida590,893 559,171 
Other States343,478 313,172 
Total934,371 872,343 

Premiums in force
Florida$1,574,707 $1,581,628 
Other States629,998 532,591 
Total$2,204,705 $2,114,219 

Total Insured Value
Florida$195,906,480 $184,748,208 
Other States220,117,758 191,679,346 
Total$416,024,238 $376,427,554 

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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 EndedSix Months Ended
June 30,June 30,
2026202520262025
GAAP revenue$427,033 $400,141 $820,598 $795,008 
less: Net realized gains (losses) on investments1,257 5,280 1,991 5,266 
less: Net change in unrealized gains (losses) on investments
6,400 (6,061)1,069 (6,051)
Core revenue$419,376 $400,922 $817,538 $795,793 

GAAP operating income to adjusted operating income
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
GAAP income before income tax expense$79,615 $46,386 $151,307 $101,842 
add: Interest and amortization of debt issuance costs1,995 1,608 3,590 3,220 
GAAP operating income81,610 47,994 154,897 105,062 
less: Net realized gains (losses) on investments1,257 5,280 1,991 5,266 
less: Net change in unrealized gains (losses) on investments
6,400 (6,061)1,069 (6,051)
Adjusted operating income$73,953 $48,775 $151,837 $105,847 

GAAP operating income margin to adjusted operating income margin
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
GAAP operating income (a)$81,610 $47,994 $154,897 $105,062 
GAAP revenue (b)427,033 400,141 820,598 795,008 
GAAP operating income margin (a÷b)19.1 %12.0 %18.9 %13.2 %
Adjusted operating income (c)73,953 48,775 151,837 105,847 
Core revenue (d)419,376 400,922 817,538 795,793 
Adjusted operating income margin (c÷d)17.6 %12.2 %18.6 %13.3 %

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GAAP net income (NI) to adjusted NI available to common stockholders
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
GAAP NI$59,188 $35,093 $113,479 $76,532 
less: Preferred dividends2 2 5 5 
GAAP NI available to common stockholders (e)59,186 35,091 113,474 76,527 
less: Net realized gains (losses) on investments1,257 5,280 1,991 5,266 
less: Net change in unrealized gains (losses) on investments
6,400 (6,061)1,069 (6,051)
add: Income tax effect on above adjustments1,884 (192)753 (193)
Adjusted NI available to common stockholders (f)$53,413 $35,680 $111,167 $77,119 

Weighted average diluted common shares outstanding (g)29,043 29,072 28,901 28,977 
Diluted earnings per common share (e÷g)$2.04 $1.21 $3.93 $2.64 
Diluted adjusted earnings per common share (f÷g)$1.84 $1.23 $3.85 $2.66 

GAAP stockholders’ equity to adjusted common stockholders’ equity
As of
June 30,December 31,
202620252025
GAAP stockholders’ equity$637,155 $457,808 $551,035 
less: Preferred equity100100100
Common stockholders’ equity (h)637,055 457,708 550,935 
less: Accumulated other comprehensive income (loss), net of taxes(35,520)(40,782)(26,151)
Adjusted common stockholders’ equity (i)$672,575 $498,490 $577,086 

Common shares outstanding (j)
27,830 27,927 28,008 
Book value per common share (h÷j)$22.89 $16.39 $19.67 
Adjusted book value per common share (i÷j)$24.17 $17.85 $20.60 

GAAP return on common equity (ROCE) to adjusted ROCE
Three Months EndedSix Months EndedYear Ended
June 30,June 30,December 31,
20262025202620252025
Actual or Annualized NI available to common stockholders (k)$236,744 $140,364 $226,948 $153,054 $182,941 
Average common stockholders’ equity (l)610,850 439,998 593,995 415,429 462,043 
Actual or Annualized ROCE (k÷l)
38.8 %31.9 %38.2 %36.8 %39.6 %
Annualized adjusted NI available to common stockholders (m)$213,652 $142,720 $222,334 $154,238 $179,532 

Adjusted average common stockholders’ equity4 (n)
642,981 486,219 623,677 467,699 504,997 
Actual or Annualized Adjusted ROCE (m÷n)
33.2 %29.4 %35.6 %33.0 %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.

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