Universal Insurance (UVE) investor relations material

Executive summary

• Delivered diluted GAAP EPS of $1.21 and adjusted EPS of $1.23 for Q2 2025, with annualized adjusted ROCE of 29.4% and book value per share up 18.9% year-over-year.

• Direct premiums written rose 3.2% year-over-year to $596.7 million, driven by 25.4% growth in other states, offset by a 2.5% decline in Florida.

• Returned $12.0 million to shareholders via $7.4 million in share repurchases and a $0.16 per share dividend.

• Net income for Q2 2025 was $35.1M, nearly flat year-over-year; adjusted net income available to common stockholders was $35.7M, up from $34.6M in Q2 2024.

• Combined ratio increased to 97.8% from 95.9% year-over-year, reflecting higher acquisition costs and reinsurance expenses.

Financial highlights

• Adjusted diluted EPS was $1.23, up from $1.18 in the prior year quarter, driven by higher direct premiums earned, net investment income, and commission revenue.

• Core revenue reached $400.9M, a 5.7% year-over-year increase, primarily from higher net premiums earned and investment income.

• Net investment income grew to $17.3M from $14.7M year-over-year.

• Net premiums earned were $360.2M, up 4.4% year-over-year, reflecting higher direct premiums earned.

• Commissions, policy fees, and other revenue increased 20.0% year-over-year to $23.5 million.

Key financial ratios and metrics

• Combined ratio was 97.8%, up 1.9 points year-over-year.

• Net loss ratio increased to 72.3% from 70.6% year-over-year.

• Net expense ratio was 25.5%, up 0.2 points, driven by higher ceded premium ratio and policy acquisition costs outside Florida.

• Adjusted operating income margin was 12.2% for Q2 2025, versus 12.8% in Q2 2024.

• Adjusted ROCE was 29.4% for the quarter.