FORM 10-Q ________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________ For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0 ...

Financial Data and Key Metrics Changes - The company reported an adjusted return on common equity of 29.4% for the quarter, indicating strong performance [4] - Adjusted diluted earnings per common share increased to $1.23 from $1.18 in the prior year quarter, primarily due to higher direct premiums earned, net investment income, and commission revenue [4][5] - Core revenue reached $400.9 million, up 5.7% year over year, driven by higher net premiums earned and net investment income [5] - Direct premiums written were $596.7 million, a 3.2% increase from the prior year quarter, with significant growth in other states [5] - The net combined ratio was 97.8%, up 1.9 points from the prior year quarter, reflecting higher net loss and expense ratios [6] Business Line Data and Key Metrics Changes - Direct premiums earned were $523.4 million, up 6.7% from the prior year quarter, reflecting growth in direct premiums written [6] - Net premiums earned increased to $360.2 million, a 4.4% rise year over year, primarily due to higher direct premiums earned [6] - The net loss ratio was 72.3%, up 1.7 points compared to the prior year quarter, mainly due to a higher ceded premium ratio [7] - The net expense ratio was 25.5%, up 0.2 points from the prior year quarter, driven by higher ceded premium ratio and policy acquisition costs [7] Market Data and Key Metrics Changes - The company experienced a 25.4% growth in direct premiums written in states outside Florida, while Florida saw a 2.5% decrease [5] - The competitive environment in Florida has seen an increase in competitors, but the company does not perceive it as significantly more competitive than previous quarters [14] Company Strategy and Development Direction - The company is optimistic about favorable underwriting trends in the Florida market and has opened additional territories in the state [4][14] - The management emphasizes a focus on profitability rather than competition, leveraging 25 years of experience in Florida [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the Florida market's improvement and the company's strategic positioning [4] - The company noted that the cost of the new reinsurance program is not significantly different from previous periods, indicating stability in the market [20] Other Important Information - The company repurchased approximately 287,000 shares at a cost of $7.4 million, with $15.2 million remaining in the share repurchase authorization program [8] - A quarterly cash dividend of $0.16 per common share was declared, payable on August 8, 2025 [8] Q&A Session Summary Question: Can you provide details on the reinsurance ceding change? - Management explained that the comparison involves different reinsurance programs, with changes in structure affecting costs [10][11] Question: What is the company's perspective on capital and share buybacks? - Management stated that they will continue to purchase shares when they believe they are undervalued [12] Question: Is the market more competitive than before? - Management indicated that while there are more competitors, they do not see a significant increase in competition across Florida [14] Question: Was there any net prior year development or claims handling benefits in the quarter? - Management confirmed that there were negligible prior year developments [18][19] Question: Can you discuss the cost of the new reinsurance program? - Management noted that the cost is not significantly different from previous periods, which is a positive sign for the Florida marketplace [20]

Forward-looking statements This presentation 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 and other business developments and assumption ...

Universal Insurance Holdings (UVE) came out with quarterly earnings of $1.23 per share, beating the Zacks Consensus Estimate of $1.09 per share. This compares to earnings of $1.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +12.84%. A quarter ago, it was expected that this property and casualty insurance company would post earnings of $1.12 per share when it actually produced earnings of $1.44, delivering a surprise of +28 ...

[Second Quarter 2025 Financial Highlights](index=1&type=section&id=Universal%20Reports%20Second%20Quarter%202025%20Results) The company reported strong Q2 2025 results, with **adjusted ROCE at 29.4%**, **adjusted EPS up 4.2%**, and **book value per share increasing 18.9%** - CEO Stephen J. Donaghy highlighted a strong **29.4% adjusted return on common equity** and noted favorable underwriting trends, expressing optimism for the future as the Florida market improves[3](index=3&type=chunk) Q2 2025 Key Performance Indicators | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Diluted GAAP EPS | $1.21 | 0.0% | | Diluted Adjusted EPS | $1.23 | +4.2% | | Annualized Adjusted ROCE | 29.4% | -1.1 pts | | Direct Premiums Written | $596.7 million | +3.2% | | Book Value Per Share | $16.39 | +18.9% | | Adjusted Book Value Per Share | $17.85 | +8.6% | | Total Capital Returned | $12.0 million | N/A | [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) This section analyzes the company's Q2 2025 financial results, focusing on revenue, profitability, and capital deployment strategies [Summary Financial Results](index=2&type=section&id=Summary%20Financial%20Results) For the second quarter of 2025, the company reported stable GAAP EPS at $1.21, while adjusted EPS grew 4.2% to $1.23. Total revenues increased by 5.2% year-over-year. However, underwriting profitability saw a slight decline, with the combined ratio increasing by 1.9 percentage points to 97.8% Q2 2025 vs Q2 2024 Financial Summary ($ in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **GAAP Measures** | | | | | Total Revenues | $400,141 | $380,214 | +5.2% | | Net Income | $35,091 | $35,414 | -0.9% | | Diluted EPS | $1.21 | $1.21 | 0.0% | | **Non-GAAP Measures** | | | | | Core Revenue | $400,922 | $379,170 | +5.7% | | Adjusted Net Income | $35,680 | $34,627 | +3.0% | | Adjusted Diluted EPS | $1.23 | $1.18 | +4.2% | | **Underwriting** | | | | | Direct Premiums Written | $596,720 | $578,267 | +3.2% | | Combined Ratio | 97.8% | 95.9% | +1.9 pts | [Revenue Analysis](index=3&type=section&id=Revenues) Core revenue grew 5.7% to $400.9 million in Q2 2025, driven by higher net premiums earned, a 17.7% increase in net investment income, and a 20.0% rise in commissions and other revenue. Growth in direct premiums written was led by a 25.4% increase in states outside of Florida, which offset a 2.5% decline within Florida. The ceded premium ratio increased, primarily due to replacing state-provided reinsurance with private market coverage - Direct premiums written increased by **3.2% overall**, fueled by a significant **25.4% growth in states outside Florida**, which more than compensated for a **2.5% decrease in Florida premiums**[7](index=7&type=chunk) - The ceded premium ratio rose to **31.2% from 29.7% YoY**, mainly because the company replaced the state-provided Reinsurance to Assist Policyholders (RAP) layer with private market reinsurance[8](index=8&type=chunk) - Net investment income grew to **$17.3 million from $14.7 million** in the prior year quarter, an increase attributed to higher fixed income reinvestment yields and a larger asset base[9](index=9&type=chunk) - Commissions and other revenue increased by **20.0% to $23.5 million**, primarily due to higher reinsurance brokerage commissions from replacing the RAP layer and a catastrophe bond with traditional reinsurance[10](index=10&type=chunk) [Profitability and Margins](index=3&type=section&id=Margins) In Q2 2025, adjusted net income available to common stockholders increased to $35.7 million. However, profitability margins tightened, with the adjusted operating income margin decreasing to 12.2% from 12.8% YoY, primarily due to a higher ceded premium ratio. The net combined ratio deteriorated by 1.9 points to 97.8%, driven by increases in both the net loss ratio and the net expense ratio Net Income Comparison (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Income (Common) | $35.1M | $35.4M | -0.9% | | Adjusted Net Income (Common) | $35.7M | $34.6M | +3.0% | Underwriting Ratios Comparison (Q2 2025 vs Q2 2024) | Ratio | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Loss Ratio | 72.3% | 70.6% | +1.7 pts | | Net Expense Ratio | 25.5% | 25.3% | +0.2 pts | | Net Combined Ratio | 97.8% | 95.9% | +1.9 pts | - The adjusted operating income margin declined to **12.2% from 12.8%** in the prior year quarter, primarily reflecting the higher ceded premium ratio, which was partly offset by increased net investment income and commission revenue[11](index=11&type=chunk) [Capital Deployment](index=4&type=section&id=Capital%20Deployment) During the second quarter of 2025, the company returned $12.0 million to shareholders. This included repurchasing approximately 287,000 shares for $7.4 million and declaring a quarterly cash dividend of $0.16 per share - The company executed share repurchases totaling **$7.4 million** for approximately **287,000 shares**, with **$15.2 million** remaining under the current authorization program[14](index=14&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.16 per common share**, payable on August 8, 2025[14](index=14&type=chunk) [Detailed Financial Statements](index=6&type=section&id=Detailed%20Financial%20Statements) This section presents comprehensive financial statements, including balance sheets, income statements, per share data, and geographic performance [Consolidated Balance Sheets](index=6&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS%20(UNAUDITED)) As of June 30, 2025, the company's total assets increased to $3.28 billion from $2.84 billion at year-end 2024. This was driven by growth in invested assets and prepaid reinsurance premiums. Total liabilities also rose to $2.82 billion, while total stockholders' equity grew to $457.8 million from $373.3 million over the same period Key Balance Sheet Items ($ in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Invested Assets | $1,500,006 | $1,371,276 | | Total Assets | $3,275,818 | $2,841,861 | | Total Liabilities | $2,818,010 | $2,468,611 | | Total Stockholders' Equity | $457,808 | $373,250 | [Consolidated Statements of Income](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20(UNAUDITED)) For the three months ended June 30, 2025, total revenues were $400.1 million, a 5.2% increase year-over-year. Net income remained relatively flat at $35.1 million compared to $35.4 million in the prior year quarter. For the six-month period, net income grew 10.8% to $76.5 million Q2 2025 Income Statement Highlights ($ in thousands) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Premiums Earned | $360,193 | $344,958 | | Total Revenues | $400,141 | $380,214 | | Total Operating Costs and Expenses | $352,147 | $330,686 | | Income Before Income Tax | $46,386 | $47,905 | | Net Income | $35,093 | $35,416 | [Share and Per Share Information](index=8&type=section&id=SHARE%20AND%20PER%20SHARE%20INFORMATION) Diluted earnings per common share for Q2 2025 were $1.21, unchanged from the prior year quarter. The company declared a cash dividend of $0.16 per share. Book value per share saw significant growth, increasing 18.9% year-over-year to $16.39 Q2 Per Share Data Comparison | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Diluted EPS | $1.21 | $1.21 | | Cash Dividend Declared | $0.16 | $0.16 | | Book Value Per Share | $16.39 | $13.79 | [Supplementary Information](index=10&type=section&id=SUPPLEMENTARY%20INFORMATION) The supplementary data reveals a strategic geographic shift. While direct premiums written in Florida decreased by 2.5% in Q2 2025, they grew 25.4% in other states. Similarly, policies in force declined in Florida but increased significantly in other states, reflecting diversification efforts Q2 2025 Direct Premiums Written by Geography ($ in thousands) | Region | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Florida | $449,715 | $461,018 | -2.5% | | Other States | $147,005 | $117,249 | +25.4% | | **Total** | **$596,720** | **$578,267** | **+3.2%** | Policies in Force by Geography (as of June 30) | Region | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Florida | 559,171 | 572,860 | -2.4% | | Other States | 313,172 | 260,573 | +20.2% | | **Total** | **872,343** | **833,433** | **+4.7%** | [Reconciliation of GAAP to Non-GAAP Measures](index=11&type=section&id=RECONCILIATION%20OF%20NON-GAAP%20FINANCIAL%20MEASURES) This section reconciles GAAP to non-GAAP measures, including core revenue, adjusted net income, and book value, for clearer performance evaluation [Reconciliation of Revenue and Operating Income](index=11&type=section&id=Reconciliation%20of%20Revenue%20and%20Operating%20Income) For Q2 2025, GAAP revenue of $400.1 million was adjusted for net realized and unrealized investment gains/losses to arrive at core revenue of $400.9 million. Similarly, GAAP operating income of $48.0 million was adjusted to $48.8 million on a non-GAAP basis Q2 2025 Revenue and Operating Income Reconciliation ($ in thousands) | Metric | GAAP | Adjustments | Non-GAAP (Adjusted/Core) | | :--- | :--- | :--- | :--- | | Revenue | $400,141 | $781 | $400,922 | | Operating Income | $47,994 | $781 | $48,775 | [Reconciliation of Net Income and EPS](index=12&type=section&id=Reconciliation%20of%20Net%20Income%20and%20EPS) GAAP net income available to common stockholders of $35.1 million for Q2 2025 is reconciled to adjusted net income of $35.7 million by excluding after-tax investment gains and losses. This results in a diluted adjusted EPS of $1.23, compared to the GAAP diluted EPS of $1.21 Q2 2025 Net Income and EPS Reconciliation ($ in thousands, except per share) | Metric | Value | | :--- | :--- | | GAAP NI available to common stockholders | $35,091 | | less: Net realized/unrealized investment gains (pre-tax) | ($781) | | add: Income tax effect | ($192) | | **Adjusted NI available to common stockholders** | **$35,680** | | Diluted GAAP EPS | $1.21 | | **Diluted Adjusted EPS** | **$1.23** | [Reconciliation of Stockholders' Equity and Book Value](index=12&type=section&id=Reconciliation%20of%20Stockholders%27%20Equity%20and%20Book%20Value) As of June 30, 2025, GAAP common stockholders' equity of $457.7 million is adjusted by excluding accumulated other comprehensive loss of ($40.8 million) to arrive at adjusted common stockholders' equity of $498.5 million. This leads to an adjusted book value per share of $17.85, compared to the GAAP book value of $16.39 Equity and Book Value Reconciliation (as of June 30, 2025) | Metric | Value | | :--- | :--- | | GAAP Stockholders' Equity | $457,808 thousand | | Adjusted Common Stockholders' Equity | $498,490 thousand | | Book Value Per Common Share | $16.39 | | Adjusted Book Value Per Common Share | $17.85 | [Reconciliation of ROCE](index=12&type=section&id=Reconciliation%20of%20ROCE) The company's annualized GAAP Return on Common Equity (ROCE) for Q2 2025 was 31.9%. After adjusting both net income and average common equity for investment-related items and AOCI, the annualized adjusted ROCE was 29.4% Q2 2025 ROCE Reconciliation (Annualized) | Metric | Value | | :--- | :--- | | GAAP ROCE | 31.9% | | Adjusted ROCE | 29.4% | [Company and Report Information](index=4&type=section&id=Company%20and%20Report%20Information) This section provides essential company information, including business overview, conference call details, and important financial disclosures [About Universal Insurance Holdings](index=4&type=section&id=About%20Universal) Universal Insurance Holdings, Inc. (NYSE: UVE) is a holding company that provides property and casualty insurance, focusing predominantly on personal residential homeowners lines. The company develops, markets, and writes insurance products in the United States, primarily in Florida, through independent agents and direct online channels - The company's core business is providing property and casualty insurance, with a primary focus on personal residential homeowners lines[16](index=16&type=chunk) - Distribution channels include both appointed independent agents and direct online sales, with a significant presence in Florida[16](index=16&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call%20and%20Webcast) The company will host a conference call and webcast on Friday, July 25, 2025, at 10:00 a.m. ET to discuss the quarterly results. Interested parties can access the webcast on the company's investor relations website - A conference call to discuss Q2 2025 results is scheduled for Friday, July 25, 2025, at 10:00 a.m. ET[18](index=18&type=chunk) [Disclosures](index=4&type=section&id=Disclosures) This report contains non-GAAP financial measures, which management believes are useful for investors to evaluate underlying profitability trends. It also includes forward-looking statements that are subject to inherent risks and uncertainties, and actual results could differ materially - The company uses non-GAAP financial measures to allow investors to evaluate underlying revenue and profitability trends and enhance comparability across periods[17](index=17&type=chunk)[19](index=19&type=chunk) - The press release contains forward-looking statements, which are subject to risks and uncertainties. The company disclaims any obligation to update these statements[20](index=20&type=chunk)

Core Viewpoint - The article focuses on the recent Federal Reserve meeting, where it was decided to maintain interest rates unchanged, primarily due to the unclear impact of Trump's tariff policies on the U.S. economy and a stable job market. The market anticipates three rate cuts of 25 basis points each by the end of the year. Additionally, it highlights three dividend-paying companies for further investor research [5]. Group 1: Tenaris SA - Tenaris SA, a Luxembourg energy company, will distribute a dividend of $1.12 per share to shareholders registered by May 20 [7]. - The company has consistently increased its dividend since 2020, indicating potential for future dividend growth [9]. - Tenaris SA has a solid financial position, supporting its ability to maintain ongoing dividend payments [11]. Group 2: Artisan Partners Asset Management - Artisan Partners Asset Management has a dividend yield of approximately 8%, with its stock price showing signs of recovery [14]. - The ex-dividend date is May 16, with the payment date on May 21, aligning with Tenaris SA [14]. - The company has a dividend payout ratio of 80.33%, with an annualized dividend amount of $3.22 per share, indicating a strong commitment to returning value to shareholders [15]. Group 3: Universal Insurance Holdings - Universal Insurance Holdings has an ex-dividend date of May 9 and will pay dividends on May 16, demonstrating a history of stable dividend payments [18]. - The company's fundamentals are strong, and valuation models suggest a fair value increase of over 20% [21]. - The stock price is projected to test $51, indicating long-term potential for investors [17].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number ...

Investor Briefing FY25 Q1 Results Reported April 24th, 2025 1 Forward-looking statements and Regulation G Disclosure Statement Forward-looking statements This presentation 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 pla ...

Universal Insurance Holdings, Inc. (NYSE:UVE) Q1 2025 Earnings Conference Call April 25, 2025 10:00 AM ET Company Participants Arash Soleimani - CSO Steve Donaghy - CEO Frank Wilcox - CFO Conference Call Participants Paul Newsome - Piper Sandler Nicolas Iacoviello - Dowling & Partners Securities Arash Soleimani Ladies and gentlemen, and welcome to Universal Insurance Holdings, Inc.'s First Quarter 2025 Earnings Conference Call. As a reminder, this conference call is being recorded. I would now like to turn ...

Financial Data and Key Metrics Changes - Adjusted diluted earnings per common share was $1.44, down from $1.70 in the prior year quarter, primarily due to higher underwriting and net investment income and higher commission revenue [6] - Core revenue reached $394.9 million, an increase of 8.2% year over year, driven by higher net premiums earned, net investment income, and commission revenue [6] - Direct premiums written were $467.1 million, up 4.7% from the prior year quarter, with a 34.7% growth in other states, partially offset by a 3% decrease in Florida [7] - Net combined ratio improved to 95%, down 0.5 points compared to the prior year quarter, reflecting a lower net loss ratio [9] Business Line Data and Key Metrics Changes - Direct premiums earned were $513.3 million, up 6.5% from the prior year quarter, reflecting growth in direct premiums written [8] - Net premiums earned increased to $355.7 million, also up 6.5% from the prior year quarter, primarily due to higher direct premiums earned [8] - The net loss ratio was 70.5%, down 1.4 points compared to the prior year quarter, attributed to lower weather losses [9] Market Data and Key Metrics Changes - The company experienced lower weather losses in the current quarter, benefiting the loss and LAE ratio [4] - The competitive environment in Florida is improving, with new entrants but no significant growth across the entire state [13][14] Company Strategy and Development Direction - The company is focused on profitability and managing the overall book of business, aiming to grow where it can do so profitably [13] - The completion of the 2025-2026 reinsurance renewal was announced, securing $352 million of additional multiyear coverage [5] - Legislative reforms in Florida are seen as beneficial, providing stability to the property insurance market [4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the legislative changes and their positive impact on the market, indicating a healthier environment for growth [14][17] - The company is pleased with the reinsurance capacity and favorable rates, which reflect the market's response to recent legislative changes [16][17] - There was no prior year reserve development, indicating a conservative approach to reserves [19] Other Important Information - A regular quarterly cash dividend of $0.16 per share was declared, payable on May 16, 2025 [10] Q&A Session Summary Question: Can you provide more detail on the competitive environment and growth prospects? - Management emphasized a focus on profitability and managing the book of business, noting that competition does not drive pricing decisions [13] Question: Any updates on reinsurance costs and market conditions? - Management expressed satisfaction with the reinsurance response and indicated favorable rates compared to expectations, despite recent hurricanes [16] Question: Was there any reserve development in the quarter? - Management confirmed there was no prior year development, maintaining a conservative approach [19] Question: Any claims handling benefits booked in the quarter? - Management stated that any claims handling benefits were negligible [23] Question: What about GAAP retention and coverage? - Management confirmed plans to use the captive cover in the same capacity as before, covering the first layer above the retention [25]