Universal Insurance Holdings Inc · NYSE:UVE
Universal Insurance — Q2 2026 Earnings Presentation
32 slides from Universal Insurance's earnings presentation, Aug 1, 2026
Slide 1: Investor Presentation
Investor Presentation SECOND 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 Defined Competitive Moat • No Depend
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 $1.2B $42.81 $2.2B 934,371 Market Cap Stock Price Premiums-in-Force Policies-in-Force 27.8M 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 $2.1B 65× 16.7% 2004–05 created an opportunity to capture market 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 Powered by Bing Map Legend © GeoNames, Microsoft, TomTom Active (19 states) Smart Diversification: UVE’s expansion targets states that complement its dominant
Slide 12: Market Leader Across the U.S. and Florida
Market Leader Across the U.S. and Florida Top 25 by Homeowners (HO) 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 Prop
Slide 13: In-Force Book: Premium, Policy, and TIV Mix
In-Force Book: Premium, Policy, and TIV Mix As of June 30, 2026 $2.2B 934.4K $416.0B 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 (71%) 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 Better Business Bureau Rating • ~3,900 agents
Slide 15: Competitive Landscape
SECTION 3 Competitive Landscape Our Competitive Moat • No Dependence on Citizens • Legislative Reform
Slide 16: Defined Competitive Moat
Defined 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 • Dis
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 Lawsuits ↓ property insurance reform in Florida in decades. The legislation directly addresses the litigation abuse and claims inflation that had dri
Slide 19: Balance Sheet Strength
SECTION 4 Balance Sheet Strength Reinsurance Program • Reinsurance Pricing Cycle • Investment Portfolio
Slide 20: Reinsurance Program
Reinsurance Program 2026-2027 program secures comprehensive catastrophe protection with top-rated partners Catastrophe Reinsurance Tower ($2.62B) Key Program Highlights Top of combined first-event catastrophe tower, up $110M from prior Private Market: ~$0.26B $2.623B 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 July 1 37% 34% 32% 27% 22% 17% 15% 12% 10% 7% 5% 3% 2% 2% 2% -3% -8% -7% -13% -18% -16% 2017 2018 2019 2020 2021 2022 20
Slide 22: Conservative Investment Portfolio
Conservative Investment Portfolio $1.63B of invested assets generating steadily growing net investment income | As of 2Q26 AVAILABLE FOR SALE (AFS) DEBT MIX — $1,506M (92.1% OF $1.63B PORTFOLIO) NET INVESTMENT INCOME & PORTFOLIO YIELD NII ($M) Yield % Corporate bonds $956M 63.5% 4.9% 5.1% 4.7% Mortg
Slide 23: Financials & Investment Thesis
SECTION 5 Financials & Investment Thesis FY 2025 & 2Q 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: 2Q 2026 Results
2Q 2026 Results 2Q26 vs 2Q25 | Q2 2026 Earnings Release (July 23, 2026) $2.04 38.8% 19.1% 91.6% 2Q26 GAAP EPS 2Q26 Ann. GAAP ROCE 2Q26 Operating Margin 2Q26 Combined Ratio Adjusted1 $1.84 (+50%) Adjusted1 33.2% (+3.8 pts) Adjusted1 17.6% (+5.4 pts) vs 97.8% (−6.2 pts) 2Q25 vs 2Q26 Key Metrics +4.1%
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 $22.89BVPS (2Q26) Regular quarterly dividend New auth. (Jan '26 through Jan '28) +40% year-over-year $0.77 tot
Slide 27: Why Invest in Universal?
Why Invest in Universal? A leading homeowners insurer with robust value creation Legislative Tailwinds Growing Multi-State Platform 1 SB 2-A reform has dramatically reduced unnecessary and 4 Other states grew 24% YoY in 2025. FL now <50% of insured protracted litigation, driving sustained improvemen
Slide 28: Appendix
SECTION A Appendix Forward-Looking Statements • Non-GAAP Reconciliations • Get in Touch
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Revenue, operating income and operating margin GAAP revenue to core revenue ($ in thousands) Q2 2026 Q2 2025 YTD 2026 YTD 2025 GAAP revenue $427,033 $400,141 $820,598 $795,008 Less: Net realized gains (losses) on investments 1,257 5,280 1,991 5,266 Less: Net change in unreali
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income and diluted EPS GAAP net income to adjusted net income available to common stockholders ($ in thousands, except per share data) Q2 2026 Q2 2025 YTD 2026 YTD 2025 GAAP net income $59,188 $35,093 $113,479 $76,532 Less: Preferred dividends 2 2 5 5 GAAP net income avai
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation Common stockholders' equity and return on common equity GAAP stockholders' equity to adjusted common stockholders' equity ($ in thousands, except per share data) Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Dec 31, 2024 GAAP stockholders' equity $637,155 $457,808 $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 GY O F F I C E R resources, visit our investor relations portal. 954-804-8874 VISIT ONLINE asoleimani@universalproperty.com universalinsurancehol
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