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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,
20262025Change20262025Change
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 margin16.4 %13.6 %2.8 pts18.0 %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 ROCE32.7 %33.4 %(0.7) pts37.0 %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 margin17.4 %13.4 %4.0  pts18.2 %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 ROCE32.3 %30.6 %1.7  pts34.5 %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 force953,611 883,888 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 ratio27.6 %32.7 %(5.1) pts30.3 %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 ratio64.6 %70.2 %(5.6) pts64.5 %71.0 %(6.5) pts
Expense ratio26.4 %26.2 %0.2  pts26.3 %25.4 %0.9  pts
Combined ratio91.0 %96.4 %(5.4) pts90.8 %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.
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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.

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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
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
September 30,December 31,
20262025
(unaudited)
ASSETS:
Invested Assets
  Fixed maturities, at fair value, net
$1,474,856 $1,431,028 
  Equity securities, at fair value117,710 85,420 
  Other investments, at fair value8,099 10,693 
  Investment real estate, net5,316 5,463 
  Total invested assets1,605,981 1,532,604 
Cash and cash equivalents569,461 408,868 
Restricted cash and cash equivalents68,635 68,970 
Prepaid reinsurance premiums409,251 291,031 
Reinsurance recoverables
157,038 232,918 
Premiums receivable, net98,155 75,721 
Property and equipment, net47,876 49,349 
Deferred policy acquisition costs144,706 128,564 
Income taxes recoverable15,009 — 
Deferred income tax asset, net
35,340 27,658 
Goodwill2,319 2,319 
Other assets29,799 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 premiums1,195,747 1,091,959 
Advance premium80,422 61,847 
Income taxes payable
— 28,554 
Reinsurance payable, net453,650 257,242 
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 capital130,188 124,319 
Accumulated other comprehensive income (loss), net of taxes(69,938)(26,151)
Retained earnings909,546 757,449 
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 EndedNine Months Ended
September 30,September 30,
2026202520262025
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 investments973 (345)2,964 4,921 
  Net change in unrealized gains (losses) on investments
(5,964)1,296 (4,895)(4,755)
Commission revenue11,841 14,598 40,352 46,727 
Policy fees5,634 5,389 16,655 15,485 
Other revenue2,161 2,030 6,292 6,366 
Total revenues439,319 400,981 1,259,917 1,195,989 
EXPENSES
Losses and loss adjustment expenses260,488 252,279 733,146 763,139 
  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 expenses367,090 346,601 1,032,791 1,036,547 
Interest and amortization of debt issuance costs2,081 1,603 5,671 4,823 
Income before income tax expense70,148 52,777 221,455 154,619 
Income tax expense17,639 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 EndedNine Months Ended
September 30,September 30,
2026202520262025
Weighted average common shares outstanding - basic27,607 27,851 27,546 27,971 
Weighted average common shares outstanding - diluted29,185 28,808 28,968 28,903 
Shares outstanding, end of period27,641 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 EndedNine Months Ended
September 30,September 30,
2026202520262025
Premiums
     Direct premiums written - Florida$414,404 $428,635 $1,228,514 $1,222,395 
     Direct premiums written - Other States194,474 164,139 508,225 434,177 
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 ratio91.0 %96.4 %90.8 %96.4 %

As of
September 30,
20262025
Policies in force
Florida598,104 561,546 
Other States355,507 322,342 
Total953,611 883,888 
Premiums in force
Florida$1,567,671 $1,572,199 
Other States661,252 563,038 
Total$2,228,923 $2,135,237 
Total Insured Value
Florida$198,396,329 $184,971,114 
Other States231,171,948 200,031,575 
Total$429,568,277 $385,002,689 


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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 EndedNine Months Ended
September 30,September 30,
2026202520262025
GAAP revenue$439,319 $400,981 $1,259,917 $1,195,989 
less: Net realized gains (losses) on investments973 (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 EndedNine Months Ended
September 30,September 30,
2026202520262025
GAAP income before income tax expense$70,148 $52,777 $221,455 $154,619 
add: Interest and amortization of debt issuance costs2,081 1,603 5,671 4,823 
GAAP operating income72,229 54,380 227,126 159,442 
less: Net realized gains (losses) on investments973 (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 EndedNine Months Ended
September 30,September 30,
2026202520262025
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 %
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GAAP net income (NI) to adjusted NI available to common stockholders
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
GAAP NI$52,509 $39,830 $165,988 $116,362 
less: Preferred dividends3 3 8 8 
GAAP NI available to common stockholders (e)52,506 39,827 165,980 116,354 
less: Net realized gains (losses) on investments973 (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,
202620252025
GAAP stockholders’ equity$646,036 $495,043 $551,035 
less: Preferred equity100100100
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 EndedNine Months EndedYear Ended
September 30,September 30,December 31,
20262025202620252025
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.
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