Universal Insurance Holdings Inc · NYSE:UVE
Universal Insurance — Q1 2026 Earnings Presentation
32 slides from Universal Insurance's earnings presentation, April 2026
Slide 1: Investor Presentation
Investor Presentation FIRST QUARTER 2026 | NYSE: UVE
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation and accompanying prepared remarks contain forward-looking statements. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws. Words, and variations of words, such as "will
Slide 3: Agenda
Agenda 1 Company Overview p. 4–8 Company Overview • Leadership Team • Corporate Structure • Earnings Mix 2 Market Position p. 9–14 27 Years of Organic Growth • Geographic Footprint • Market Share • In-Force Book Mix • Distribution 3 Competitive Landscape p. 15–18 Our Competitive Moat • No Dependence
Slide 4: Company Overview
SECTION 1 Company Overview Company Overview • Leadership Team • Corporate Structure • Earnings Mix
Slide 5: Company Overview
Company Overview Universal Insurance Holdings, Inc. ("Universal") is a vertically integrated personal residential insurance holding company and the 13th largest homeowners' insurer in the U.S.1 $1.1B $40.52 $2.2B 915,306 Market Cap Stock Price Premiums-in-Force Policies-in-Force 27.9M Shares Outstan
Slide 6: Experienced Leadership Team
Experienced Leadership Team Deep insurance expertise with average management tenure of ~15 years Sean P. Downes Stephen J. Donaghy Frank C. Wilcox Michael J. Poloskey Executive Chairman Chief Executive Officer Chief Financial Officer Chief Operating Officer Exec Chair since 2019. CEO 2013- CEO since
Slide 7: Corporate Structure & Vertical Integration
Corporate Structure & Vertical Integration Wholly-owned subsidiaries control every step of the insurance value chain Universal Insurance Holdings, Inc. NYSE: UVE | Issuer Rating: BBB (KBRA) Insurance Entities (Risk-Bearing) Service Subsidiaries UPCIC APPCIC Evolution Risk Advisors (ERA) MGA — underw
Slide 8: Diversified Earnings Mix
Diversified Earnings Mix Universal generates earnings from four complementary sources — underwriting, investments, commissions, policy fees and other revenue1 Underwriting income $85M Net premiums earned, less losses and loss-adjustment expenses, policy acquisition costs and other operating Policy f
Slide 9: Market Position
SECTION 2 Market Position 27 Years of Organic Growth • Geographic Footprint • Market Share • In-Force Book Mix • Distribution
Slide 10: 27 Years of Organic, Consistent Growth
27 Years of Organic, Consistent Growth Gross Premiums Written (GPW) | $ in millions • Growth accelerated in 2006 after 8 hurricanes in 2004–05 created an opportunity to capture market $2.1B 65× 16.7% share from struggling competitors GPW in 2025 Growth Since 1998 27-Year CAGR • Organic growth — no d
Slide 11: Geographic Footprint
Geographic Footprint Personal Residential Insurance Operations Across 19 States + 1 Licensed State 19 Active States 1 Licensed 20 Total Reach Map Legend Active (19 states) Smart Diversification: UVE’s expansion targets states that complement its dominant FL franchise rather Licensed (1 state) than s
Slide 12: USA/FL Homeowners Insurance Market Share
USA/FL Homeowners Insurance Market Share Top 25 by Direct Premiums Written (DPW) | $ in millions | Source: S&P Capital IQ Pro USA HO Insurance Market Share FL HO Insurance Market Share Rank Company Share 2025 DPW Rank Company Share 2025 DPW 1 State Farm 18.7% $35,270 1 Citizens Property Ins 8.0% $1,
Slide 13: In-Force Book: Premium, Policy, and TIV Mix
In-Force Book: Premium, Policy, and TIV Mix As of March 31, 2026 $2.2B 915.3K $404.9B Premiums-in-Force Policies-in-Force Total Insured Value (TIV) FL policy premiums are higher than the national average, so FL's share of premiums-in-force (72%) outpaces its share of policies-in-force (63%) and TIV
Slide 14: Multi-Channel Distribution Strategy
Multi-Channel Distribution Strategy 9,500+ independent agents complemented by Clovered, our direct-to-consumer digital agency Independent Agents Clovered — D2C Digital Agency Clovered Highlights ~9,500+ 39 A+ appointed independent agents carrier partners BBB Rating • ~3,900 agents in Florida alone •
Slide 15: Competitive Landscape
SECTION 3 Competitive Landscape Our Competitive Moat • No Dependence on Citizens • Legislative Reform
Slide 16: Our Competitive Moat
Our Competitive Moat Structural Competitive Advantages Commission Revenues Claims / Legal Infrastructure Consistency ~$40-60M In-House 100% annual commission revenue claims & legal capability organic growth model • Full-service reinsurance brokerage in • Large, experienced claims and legal • Discipl
Slide 17: 100% Organic Book: No Dependence on Citizens
100% Organic Book: No Dependence on Citizens Citizens count down ~77% from 2023 peak — peers' takeout pipeline is winding down 1,600,000 1,400,000 1.4M Recent Peak Policy Count (2023) 1,200,000 1,000,000 800,000 322K 600,000 Current Count (−77% from 2023 peak) 400,000 200,000 No Takeouts Left 0 Citi
Slide 18: Legislative Reform
Legislative Reform Florida Senate Bill 2A — Landmark Insurance Reform Signed into law in December 2022, Senate Bill 2A represents the most significant property insurance reform in Florida in decades. The legislation directly addresses the Lawsuits litigation abuse and claims inflation that had drive
Slide 19: Balance Sheet Strength
SECTION 4 Balance Sheet Strength Reinsurance Program • Reinsurance Pricing Cycle • Investment Portfolio
Slide 20: Reinsurance Program
Reinsurance Program 2025-2026 program secures comprehensive catastrophe protection with top-rated partners Catastrophe Reinsurance Tower ($2.53B) Key Program Highlights Top of combined first-event catastrophe tower, up $110M from prior Private Market: ~$0.29B $2.526B Incl. $75M multi-year through 20
Slide 21: Reinsurance Pricing Cycle Turning in Universal's Favor
Reinsurance Pricing Cycle Turning in Universal's Favor Guy Carpenter U.S. Property Catastrophe Rate-on-Line Index as Presented by Artemis.bm | Annual % Change | 2026 = YTD through April 1 37% 35% 32% 27% 22% 17% 15% 12% 12% 8% 6% 7% 3% 1% 2% -3% -2% -8% -7% -13% -18% -14% 2017 2018 2019 2020 2021 20
Slide 22: Conservative Investment Portfolio
Conservative Investment Portfolio $1.54B of invested assets generating steadily growing net investment income | As of 1Q26 AFS DEBT MIX — $1,422M (92.5% OF $1.54B PORTFOLIO) NET INVESTMENT INCOME & PORTFOLIO YIELD NII ($M) Yield % Corporate bonds $938M 65.9% 4.9% 5.1% 4.7% Mortgage/asset-backed secu
Slide 23: Financials & Investment Thesis
SECTION 5 Financials & Investment Thesis FY 2025 & 1Q 2026 Results • Capital Return • Why Invest in Universal?
Slide 24: FY 2025 Results
FY 2025 Results Full-Year 2025 vs 2024 | Q4 2025 Earnings Release (Feb 24, 2026) $6.32 39.6% 15.6% 94.1% FY25 GAAP EPS FY25 GAAP ROCE FY25 Operating Margin FY25 Combined Ratio Adjusted1 $6.20 (+246%) Adjusted1 35.6% (+23.2 pts) Adjusted1 15.3% (+9.8 pts) vs 104.1% FY24 (−10.0 pts) FY2024 vs FY2025 K
Slide 25: 1Q 2026 Results
1Q 2026 Results 1Q26 vs 1Q25 | Q1 2026 Earnings Release (April 23, 2026) $1.88 38.2% 18.6% 89.7% 1Q26 GAAP EPS 1Q26 Ann. GAAP ROCE 1Q26 Operating Margin 1Q26 Combined Ratio Adjusted1 $2.00 (+39%) Adjusted1 38.5% (+2.1 pts) Adjusted1 19.6% (+5.1 pts) vs 95.0% (−5.3 pts) 1Q25 vs 1Q26 Key Metrics +8.5%
Slide 26: Capital Return & Shareholder Value
Capital Return & Shareholder Value Consistent capital deployment through dividends, buybacks, and book value growth Dividends Share Repurchases Capital Strength $0.16 / quarter $20M program $20.95 BVPS (1Q26) Regular quarterly dividend New auth. (Jan '26 through Jan '28) +40% year-over-year $0.77 to
Slide 27: Why Invest in Universal?
Why Invest in Universal? A leading homeowners insurer with robust value creation Legislative Tailwinds Growing Multi-State Platform 1 SB 2-A reform has dramatically reduced unnecessary and 4 Other states grew 24% YoY in 2025. FL now <50% of insured protracted litigation, driving sustained improvemen
Slide 28: Appendix
SECTION A Appendix Forward-Looking Statements • Non-GAAP Reconciliations • Get in Touch
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Revenue, operating income and operating margin GAAP revenue to core revenue ($ in thousands) Q1 2026 Q1 2025 FY 2025 FY 2024 GAAP revenue $393,565 $394,867 $1,603,915 $1,520,536 Less: Net realized gains (losses) on investments 734 (14) 5,698 (1,315) Less: Net change in unreal
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income and diluted EPS GAAP net income to adjusted net income available to common stockholders ($ in thousands, except per share data) Q1 2026 Q1 2025 FY 2025 FY 2024 GAAP net income $54,291 $41,439 $182,951 $58,928 Less: Preferred dividends 3 3 10 10 GAAP net income avai
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation Common stockholders' equity and return on common equity GAAP stockholders' equity to adjusted common stockholders' equity ($ in thousands, except per share data) Mar 31, 2026 Mar 31, 2025 Dec 31, 2025 Dec 31, 2024 GAAP stockholders' equity $584,744 $422,387 $551,035 $373,250
Slide 32: Get in Touch Investor Relations
Get in Touch Investor Relations Arash Soleimani, CFA, CPA, CPCU, ARe For financial reports, SEC filings, press releases, and investor C H I E F S T R AT E G Y O F F I C E R resources, visit our investor relations portal. 954-804-8874 VISIT ONLINE asoleimani@universalproperty.com universalinsuranceho
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