Universal Insurance Holdings Inc · NYSE:UVE
Universal Insurance — Q4 2025 Earnings Presentation
27 slides from Universal Insurance's earnings presentation, Feb 25, 2026
Slide 1: Investor Briefing FY25 Q4 Results
Investor Briefing FY25 Q4 Results Reported February 24th, 2026 1
Slide 2: Forward-looking statements and Regulation G Disclosure Statement
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
Slide 3: Universal Insurance Holdings (UVE) Overview
Universal Insurance Holdings (UVE) Overview Leading holding company of personal residential Doing business Licensed homeowners insurance and services ~$2.1B 15.1% MN 5-year average return on common FY25 Direct Premiums Written* NH equity* WI NY MA MI IA IL IN PA NJ DE 19 895.9K MD VA States actively
Slide 4: Financial Overview
Financial Overview Underwriting Non risk-bearing insurance Investments 80.0 1,600.0 100.0 ($million) 1,439.0 ($million) 89.8 ($million) 1,373.1 190.0% 2,000 70.6 81.1 90.0 1,400.0 1,251.9 80.4 79.7 70.0 72.0 170.0% 80.0 1,200.0 1,128.6 60.0 59.1 1,035.5 70.0 65.4 1,500 150.0% 1,000.0 923.6 50.0 48.4
Slide 5: Organized around protection and insurance systems capabilities
Organized around protection and insurance systems capabilities … Protection solutions Assurance Systems OAK90 5
Slide 6: ... with an end-market focus across the insurance value chain
… with an end-market focus across the insurance value chain Policy administration / Products Pricing / Underwriting Distribution Claims Risk Management back office (in partnership with Blue Atlantic) (in partnership with Evolution) Independent Agents ▪ Insurance offerings ▪ Actuarial analysis / ▪ Cu
Slide 7: Proven track record
Proven track record … 27.31 150 25.00 ($ per share) 149.8 7.64 21.19 19.85 149.6 19.68 19.75 19.41 20.00 18.20 19.67 4.55 5.32 16.60 7.91 149.4 15.72 6.09 3.78 7.63 15.00 3.05 15.13 12.95 14.42 14.43 149.2 13.76 6.86 13.28 2.36 12.67 10.02 11.78 149 10.59 10.00 1.67 9.74 8.35 148.8 Cumulative Divide
Slide 8: ... backed by the strength of our employees and agents
… backed by the strength of our employees and agents Talent (as of 12/31/2025) Other Marketing & Online Distribution Underwriting & Risk Claims Risk Management Service Management ▪ In-house reinsurance and ▪ Strong partner relationships actuary experience ▪ Quality customer advocates ▪ In-house clai
Slide 9: Large and growing Homeowners Multi-peril (MP) insurance opportunity
Large and growing Homeowners Multi-peril (MP) insurance opportunity P&C Industry Homeowners MP Direct Premiums Written Opportunistic expansion (U.S. & territories Homeowners Multi-Peril) ($billion) CY19-CY24 Price 200.0 CAGR 10.7% ꟷ Focus on rate adequate markets and positioning for 180.0 173.0 0.7
Slide 10: Multi-year strategic priorities – Strengthening the foundation
Multi-year strategic priorities – Strengthening the foundation Core franchises 1 Focus on disciplined growth and maximize earnings stability 2 Maintain a resilient balance sheet Protection Solutions Distribution 3 Make customer service and continuous improvement a way-of-life Risk Management Claims
Slide 11: Underwriting
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Slide 12: Overview of insurance offerings
Overview of insurance offerings Homeowners coverage Products offered Form Type Carrier ▪ HO2 – Broad Form (named perils only) Coverage A Coverage B ▪ HO3 – Special Form (Most common) Dwelling, attached structures Other structures (e.g., garages, decks) (e.g., detached garage, shed, fence) ▪ HO5 – Co
Slide 13: Underwriting Industry trends
Underwriting Industry trends Policies in force FY20 – FY25 CAGR (thousands) 984.8 1,200.0 943.6 90% (1.9)% 848.9 855.5 895.9 1,000.0 809.9 80% 70% Significantly improved rate adequacy 800.0 60% 34% 37% 30% 50% 600.0 26% 26% 27% 40% 400.0 30% Other States 200.0 20% 10% % of Total- 0% Competitor const
Slide 14: UVE organically grew into a top provider in FL
UVE organically grew into a top provider in FL FL Direct premiums written growth Top homeowners insurance provider in FL ($million) 2024 Homeowners MP FL segment* Citizens 14.7% UVE 2,500 0.8 8.0% Other 2,140 0.7 State Farm 2,070 Florida Peninsula 2,000 1,922 Slide 1,846 0.6 Tower Hill 1,671 USAA 0.
Slide 15: Leverage domain expertise in FL for geographic diversification
Leverage domain expertise in FL for geographic diversification and opportunistically grow commission base Geographic Expansion Complementary lines expansion (partners) Doing business Licensed Homeowners (# = Year commenced) 15 Flood 18 24 17 12 16 20 15 17 19 15 14 12 16 09 Auto E&S homeowners 20 08
Slide 16: Performance
Performance Revenue Consolidated GAAP Combined Ratio (Direct and net premiums) (Related expense / Net premiums earned) ($million) FY20 – FY25 CAGR 2,500.0 0.5 120.0% 7.1% 113.6% 110.2% 2,140.3 105.5% 103.6% 104.1% 2,069.7 0.3 100.0% 1,921.8 31.4% 27.0% 94.1% 1,845.8 2,000.0 Combined Ratio 30.2% 24.3
Slide 17: Resilient balance sheet supported by robust reinsurance program
Resilient balance sheet supported by robust reinsurance program ( All States) 1st Event coverage up to $2.575B First event CAT contracts Capacity placed through 5/31/23 Open Market subject to pricing changes 33% @ 6/1/26 67% Multi-Year (beyond 2025) + FHCF 2nd Event 3rd Event 4th Event Expiring cont
Slide 18: Non risk-bearing insurance
Non risk-bearing insurance 18
Slide 19: Non risk-bearing insurance revenues
Non risk-bearing insurance revenues Industry trends Revenue FY20 – FY25 CAGR ($million) 6.5% 100.0 0.5 89.8 90.0 81.0 80.4 79.7 0.3 Revenues enhanced by primary rate adequacy 80.0 72.0 70.0 65.4 0.1 60.0 Technology-enabled innovation improving the 50.0 -0.1 customer experience and operational effici
Slide 20: Risk Management
Risk Management Catastrophe modeling In-house reinsurance brokers, underwriters and licensed actuaries with insurance and reinsurance experience Daily operations catastrophe modeling utilizing licensed AIR and RMS models Exposure management through proprietary Internal Profitability Measure (IPM) mo
Slide 21: Claims management structure
Claims management structure Teams functionally organized around demand … … with significant experience Billions of dollars in claims paid or incurred* Fast Track (on-site, same day Catastrophe operations Streamlined processes to efficiently accelerate settlement capability) close rate Proprietary cl
Slide 22: Investing in technology: Device agnostic, digitally enabled distribution
Investing in technology: Device agnostic, digitally enabled distribution Go Paperless Environmentally and Socially Conscious ▪ Insurance Content Authority ▪ Prepare, Protect, Recover, Learn ▪ Get a Quote Partners ▪ Download policy documents ▪ Download policy documents ▪ Track certain types of claims
Slide 23: Investments
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Slide 24: Investments
Investments Investment Portfolio Net investment income ($1.5B as of 12/31/2025) Other (Preferreds, equities, municipal Real Estate, net bonds and investment in private limited U.S. Gov 0.4% partnership) Bonds 4.5% 1.9% Mutual ($million) 80.0 Funds and other 70.6 3.1% 70.0 59.1 Mortgage-Backed and 60
Slide 25: Capital deployment
Capital deployment Committed to returning capital to shareholders, and maintaining a resilient balance sheet ($million) 1,121 (80) 918 (116) (7) 5YR FCF Share repurchases Dividends Debt repayment Bolstering the Balance Sheet* *5 YR FCF (period ending 2025) less share repurchases, dividends, repaymen
Slide 26: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results 26
Slide 27: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results 4Q25 results ▪ Diluted GAAP earnings per common share (EPS) of $2.28; diluted adjusted* EPS of $2.17 ▪ Annualized return on average common equity (“ROCE”) of 50.9%, annualized adjusted* ROCE of 46.1% ▪ Direct premiums written of $483.7 million, up 2.7% from the prior year
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