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Exhibit 99.1
Universal Reports Second Quarter 2025 Results

•Diluted GAAP earnings per common share (EPS) of $1.21; diluted adjusted* EPS of $1.23
•Annualized return on average common equity (“ROCE”) of 31.9%, annualized adjusted* ROCE of 29.4%
•Direct premiums written of $596.7 million, up 3.2% from the prior year quarter
•Book value per share of $16.39, up 18.9% year-over-year; adjusted book value per share of $17.85, up 8.6% year-over-year
•Total capital returned to shareholders of $12.0 million, including $7.4 million of share repurchases and a $0.16 per share regular dividend
*Reconciliations of non-GAAP to GAAP financial measures are provided in the attached tables.

Fort Lauderdale, Fla., July 24, 2025 – Universal Insurance Holdings (NYSE: UVE) (“Universal” or the “Company”) reported second quarter 2025 results.

“In the quarter, we delivered a very strong 29.4% adjusted return on common equity,” said Stephen J. Donaghy, Chief Executive Officer. “We are encouraged by favorable underwriting trends, as the Florida market continues to improve and we are optimistic as we look ahead.”
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Summary Financial Results
($ in thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
Change
2025
2024
Change
GAAP comparison
Total revenues$400,141 $380,214 5.2 %$795,008 $748,173 6.3 %
Operating income$47,994 $49,528 (3.1)%$105,062 $98,634 6.5 %
Operating income margin12.0 %13.0 %(1.0)pts13.2 %13.2 %— pts
Net income available to common stockholders$35,091 $35,414 (0.9)%$76,527 $69,068 10.8 %
Diluted earnings per common share$1.21 $1.21 — %$2.64 $2.35 12.3 %
Annualized ROCE31.9 %37.4 %(5.5) pts36.8 %37.6 %(0.8)pts
Book value per share, end of period$16.39 $13.79 18.9 %$16.39 $13.79 18.9 %
Non-GAAP comparison1
Core revenue$400,922 $379,170 5.7 %$795,793 $744,100 6.9 %
Adjusted operating income$48,775 $48,484 0.6 %$105,847 $94,561 11.9 %
Adjusted operating income margin12.2 %12.8 %(0.6) pts13.3 %12.7 %0.6 pts
Adjusted net income available to common stockholders$35,680 $34,627 3.0 %$77,119 $65,997 16.9 %
Adjusted diluted earnings per common share$1.23 $1.18 4.2 %$2.66 $2.25 18.2 %
Annualized adjusted ROCE29.4 %30.5 %(1.1) pts33.0 %30.0 %3.0  pts
Adjusted book value per share, end of period$17.85 $16.44 8.6 %$17.85 $16.44 8.6 %
Underwriting Summary
Premiums:
Premiums in force$2,114,219 $1,999,705 5.7 %$2,114,219 $1,999,705 5.7 %
Policies in force872,343 833,433 4.7 %872,343 833,433 4.7 %
Direct premiums written$596,720 $578,267 3.2 %$1,063,798 $1,024,446 3.8 %
Direct premiums earned$523,425 $490,649 6.7 %$1,036,682 $972,721 6.6 %
Ceded premiums earned$(163,232)$(145,691)12.0 %$(320,768)$(293,738)9.2 %
Ceded premium ratio31.2 %29.7 %1.5  pts30.9 %30.2 %0.7  pts
Net premiums earned$360,193 $344,958 4.4 %$715,914 $678,983 5.4 %
Net ratios:
Loss ratio72.3 %70.6 %1.7  pts71.4 %71.2 %0.2  pts
Expense ratio25.5 %25.3 %0.2  pts25.0 %24.5 %0.5  pts
Combined ratio97.8 %95.9 %1.9  pts96.4 %95.7 %0.7  pts
1 Reconciliation of non-GAAP to GAAP financial measures are provided in the attached tables. Adjusted net income (loss) available to common stockholders, adjusted diluted earnings (loss) per common share and core revenue exclude net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. Adjusted operating income (loss) excludes the items above and interest and amortization of debt issuance costs. Adjusted book value per share excludes accumulated other comprehensive income (loss), net of taxes. Adjusted ROCE is calculated by dividing annualized adjusted net income (loss) available to common stockholders by average adjusted book value per share, with the denominator further excluding current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments.
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Net Income and Adjusted Net Income
Net income available to common stockholders was $35.1 million, down from $35.4 million in the prior year quarter, and adjusted net income available to common stockholders was $35.7 million, up from $34.6 million in the prior year quarter. The higher adjusted net income available to common stockholders mostly stems from higher direct premiums earned, net investment income and commission revenue, partly offset by a higher ceded premium ratio.

Revenues
Revenue was $400.1 million, up 5.2% from the prior year quarter and core revenue was $400.9 million, up 5.7% from the prior year quarter. The increase in core revenue primarily stems from higher net premiums earned, net investment income and commission revenue.

Direct premiums written were $596.7 million, up 3.2% from the prior year quarter. The increase stems from 25.4% growth in other states, partly offset by a 2.5% decrease in Florida. Overall growth mostly reflects higher policies in force, higher rates and inflation adjustments across our multi-state footprint.

Direct premiums earned were $523.4 million, up 6.7% from the prior year quarter. The increase stems from direct premiums written growth over the past twelve months.

The ceded premium ratio was 31.2%, up from 29.7%, in the prior year quarter. The increase primarily reflects replacement of the Reinsurance to Assist Policyholders (RAP) layer, which was provided by the state of Florida, with private market coverage.

Net premiums earned were $360.2 million, up 4.4% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned, partly offset by a higher ceded premium ratio, as described above.

Net investment income was $17.3 million, up from $14.7 million in the prior year quarter. The increase stems from higher fixed income reinvestment yields and higher invested assets.

Commissions, policy fees and other revenue were $23.5 million, up 20.0% from the prior year quarter. The increase primarily reflects higher reinsurance brokerage commissions stemming from replacement of the RAP layer with private market coverage and replacement of the catastrophe bond with traditional reinsurance coverage in the 2024-2025 program.

Margins
The operating income margin was 12.0%, compared to an operating income margin of 13.0% in the prior year quarter. The adjusted operating income margin was 12.2%, compared to an adjusted operating income margin of 12.8% in the prior year quarter. The lower adjusted operating income margin primarily reflects a higher ceded premium ratio, partly offset by higher net investment income and commission revenue.

The net loss ratio was 72.3% up 1.7 points compared to the prior year quarter. The increase primarily reflects a higher ceded premium ratio.

The net expense ratio was 25.5%, up 0.2 points from 25.3% in the prior year quarter. The increase was primarily driven by a higher ceded premium ratio and higher policy acquisition costs associated with growth outside Florida, partly offset by economies of scale.

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The net combined ratio was 97.8%, up 1.9 points compared to the prior year quarter. The increase reflects higher net loss and expense ratios, as described above.

Capital Deployment
During the second quarter, the Company repurchased approximately 287 thousand shares at an aggregate cost of $7.4 million. The Company’s current share repurchase authorization program has approximately $15.2 million remaining.

On July 9, 2025, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on August 8, 2025, to shareholders of record as of the close of business on August 1, 2025.


Conference Call and Webcast
•Friday, July 25, 2025 at 10:00 a.m. ET
•Investors and other interested parties may listen to the call by accessing the online, real-time webcast at universalinsuranceholdings.com/investors or by registering in advance via teleconference at https://register.vevent.com/register/BI790e26e2fbb842a28dbb61116474c3ae. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. An online replay of the call will be available at universalinsuranceholdings.com/investors soon after the investor call concludes.


About Universal
Universal Insurance Holdings, Inc. (NYSE: UVE) is a holding company providing property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We provide insurance products in the United States through both our appointed independent agents and our direct online distribution channels, primarily in Florida. Learn more at universalinsuranceholdings.com or get an insurance quote at Clovered.com.


Non-GAAP Financial Measures and Key Performance Indicators
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (“SEC”), including core revenue, adjusted net income available to common stockholders and diluted adjusted earnings (loss) per common share, which exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) on investments. Adjusted operating income (loss) and adjusted operating income (loss) margin exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) on investments and interest and amortization of debt issuance costs. Adjusted common stockholders’ equity and adjusted book value per share exclude accumulated other comprehensive income (loss) (AOCI), net of taxes. Adjusted return on common equity excludes after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments from the numerator and AOCI, net of taxes, and current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments from the denominator. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated
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and presented in accordance with generally accepted accounting principles (“GAAP”). UVE management believes that these non-GAAP financial measures are meaningful, as they allow investors to evaluate underlying revenue and profitability trends and enhance comparability across periods. When considered together with the GAAP financial measures, management believes these metrics provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. UVE management also believes that these non-GAAP financial measures enhance the ability of investors to analyze UVE’s business trends and to understand UVE’s operational performance. UVE’s management utilizes these non-GAAP financial measures as guides in long-term planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures presented in accordance with GAAP. For more information regarding our key performance indicators, please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Performance Indicators” in our forthcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

Forward-Looking Statements
This press release 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 assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, including those risks and uncertainties described under the heading “Risk Factors” and “Liquidity and Capital Resources” in our 2024 Annual Report on Form 10-K, and supplemented in our subsequent Quarterly Reports on Form 10-Q. Future results could differ materially from those described, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risk factors that could affect the Company’s operations and future results, refer to the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and the most recent quarterly reports on Form 10-Q.



Investors/Media:
Arash Soleimani, CFA, CPA, CPCU, ARe
Chief Strategy Officer
954-804-8874
asoleimani@universalproperty.com
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share data)
June 30,December 31,
20252024
ASSETS:
Invested Assets
  Fixed maturities, at fair value$1,395,029 $1,269,079 
  Equity securities, at fair value92,866 77,752 
  Other investments, at fair value3,932 16,123 
  Investment real estate, net8,179 8,322 
  Total invested assets1,500,006 1,371,276 
Cash and cash equivalents367,108 259,441 
Restricted cash and cash equivalents68,635 2,635 
Prepaid reinsurance premiums639,022 262,716 
Reinsurance recoverable381,989 627,617 
Premiums receivable, net83,593 77,936 
Property and equipment, net47,679 48,653 
Deferred policy acquisition costs125,221 121,178 
Deferred income tax asset, net
15,093 42,163 
Goodwill2,319 2,319 
Other assets45,153 25,927 
TOTAL ASSETS$3,275,818 $2,841,861 
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses$765,855 $959,291 
Unearned premiums1,087,562 1,060,446 
Advance premium83,812 46,237 
Income taxes payable
— 6,561 
Reinsurance payable, net709,453 220,328 
Commission payable
29,383 25,931 
Long-term debt, net100,862 101,243 
Other liabilities and accrued expenses
41,083 48,574 
Total liabilities
2,818,010 2,468,611 
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock ($0.01 par value)2
— — 
Common stock ($0.01 par value)3
476 475 
Treasury shares, at cost - 19,669 and 19,382
(290,120)(282,693)
Additional paid-in capital123,919 121,781 
Accumulated other comprehensive income (loss), net of taxes(40,782)(63,166)
Retained earnings664,315 596,853 
Total stockholders' equity
457,808 373,250 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$3,275,818 $2,841,861 
Notes:
2 Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10 shares; Outstanding - 10 and 10 shares; Minimum liquidation preference - $9.99 and $9.99 per share.
3 Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 47,596 and 47,478 shares; Outstanding 27,927 and 28,096 shares.



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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands)
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
REVENUES
  Net premiums earned
$360,193 $344,958 $715,914 $678,983 
Net investment income 17,258 14,660 33,318 28,183 
Net realized gains (losses) on investments5,280 (311)5,266 (388)
  Net change in unrealized gains (losses) on investments
(6,061)1,355 (6,051)4,461 
Commission revenue15,854 11,679 32,129 22,712 
Policy fees5,603 5,576 10,096 9,981 
Other revenue2,014 2,297 4,336 4,241 
Total revenues400,141 380,214 795,008 748,173 
EXPENSES
Losses and loss adjustment expenses260,305 243,572 510,860 483,759 
  Policy acquisition costs
61,878 56,615 122,452 111,435 
  Other operating expenses
29,964 30,499 56,634 54,345 
Total operating costs and expenses352,147 330,686 689,946 649,539 
Interest and amortization of debt issuance costs1,608 1,623 3,220 3,245 
Income before income tax expense
46,386 47,905 101,842 95,389 
Income tax expense
11,293 12,489 25,310 26,316 
NET INCOME
$35,093 $35,416 $76,532 $69,073 


UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Weighted average common shares outstanding - basic27,972 28,600 28,066 28,734 
Weighted average common shares outstanding - diluted29,072 29,308 28,977 29,369 
Shares outstanding, end of period27,927 28,513 27,927 28,513 
Basic earnings per common share
$1.25 $1.24 $2.73 $2.40 
Diluted earnings per common share
$1.21 $1.21 $2.64 $2.35 
Cash dividend declared per common share$0.16 $0.16 $0.32 $0.32 
Book value per share, end of period$16.39 $13.79 $16.39 $13.79 
Annualized return on average common equity (ROCE)31.9 %37.4 %36.8 %37.6 %



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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION
(in thousands, except for Policies In Force data)
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Premiums
     Direct premiums written - Florida$449,715 $461,018 $793,760 $815,843 
     Direct premiums written - Other States147,005 117,249 270,038 208,603 
Direct premiums written - Total$596,720 $578,267 $1,063,798 $1,024,446 
Direct premiums earned$523,425 $490,649 $1,036,682 $972,721 
Net premiums earned$360,193 $344,958 $715,914 $678,983 
Underwriting Ratios - Net
Loss and loss adjustment expense ratio72.3 %70.6 %71.4 %71.2 %
General and administrative expense ratio
25.5 %25.3 %25.0 %24.5 %
   Policy acquisition cost ratio
17.2 %16.4 %17.1 %16.4 %
  Other operating expense ratio8.3 %8.9 %7.9 %8.1 %
Combined ratio97.8 %95.9 %96.4 %95.7 %
As of
June 30,
20252024
Policies in force
Florida559,171 572,860 
Other States313,172 260,573 
Total872,343 833,433 
Premiums in force
Florida$1,581,628 $1,597,080 
Other States532,591 402,625 
Total$2,114,219 $1,999,705 
Total Insured Value
Florida$184,748,208 $188,408,742 
Other States191,679,346 149,623,623 
Total$376,427,554 $338,032,365 








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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except for per share data)
GAAP revenue to core revenue
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
GAAP revenue$400,141 $380,214 $795,008 $748,173 
less: Net realized gains (losses) on investments5,280 (311)5,266 (388)
less: Net change in unrealized gains (losses) on investments
(6,061)1,355 (6,051)4,461 
Core revenue$400,922 $379,170 $795,793 $744,100 

GAAP operating income to adjusted operating income
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
GAAP income before income tax expense
$46,386 $47,905 $101,842 $95,389 
add: Interest and amortization of debt issuance costs1,608 1,623 3,220 3,245 
GAAP operating income
47,994 49,528 105,062 98,634 
less: Net realized gains (losses) on investments5,280 (311)5,266 (388)
less: Net change in unrealized gains (losses) on investments
(6,061)1,355 (6,051)4,461 
Adjusted operating income
$48,775 $48,484 $105,847 $94,561 

GAAP operating income margin to adjusted operating income margin
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
GAAP operating income (a)$47,994 $49,528 $105,062 $98,634 
GAAP revenue (b)400,141 380,214 795,008 748,173 
GAAP operating income margin (a÷b)12.0 %13.0 %13.2 %13.2 %
Adjusted operating income (c)48,775 48,484 105,847 94,561 
Core revenue (d)400,922 379,170 795,793 744,100 
Adjusted operating income margin (c÷d)12.2 %12.8 %13.3 %12.7 %
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GAAP net income (NI) to adjusted NI available to common stockholders
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
GAAP NI
$35,093 $35,416 $76,532 $69,073 
less: Preferred dividends2 2 5 5 
GAAP NI available to common stockholders (e)
35,091 35,414 76,527 69,068 
less: Net realized gains (losses) on investments5,280 (311)5,266 (388)
less: Net change in unrealized gains (losses) on investments
(6,061)1,355 (6,051)4,461 
add: Income tax effect on above adjustments(192)257 (193)1,002 
Adjusted NI available to common stockholders (f)
$35,680 $34,627 $77,119 $65,997 
Weighted average diluted common shares outstanding (g)29,072 29,308 28,977 29,369 
Diluted earnings per common share (e÷g)
$1.21 $1.21 $2.64 $2.35 
Diluted adjusted earnings per common share (f÷g)
$1.23 $1.18 $2.66 $2.25 

GAAP stockholders’ equity to adjusted common stockholders’ equity
As of
June 30,December 31,
202520242024
GAAP stockholders’ equity$457,808 $393,237 $373,250 
less: Preferred equity100100100
Common stockholders’ equity (h)457,708 393,137 373,150 
less: Accumulated other comprehensive (loss), net of taxes(40,782)(75,718)(63,166)
Adjusted common stockholders’ equity (i)$498,490 $468,855 $436,316 
Common shares outstanding (j)
27,927 28,513 28,096 
Book value per common share (h÷j)$16.39 $13.79 $13.28 
Adjusted book value per common share (i÷j)$17.85 $16.44 $15.53 

GAAP return on common equity (ROCE) to adjusted ROCE
Three Months EndedSix Months EndedYear Ended
June 30,June 30,December 31,
20252024202520242024
Actual or Annualized NI available to common stockholders (k)
$140,364 $141,656 $153,054 $138,136 $58,918 
Average common stockholders’ equity (l)439,998 378,851 415,429 367,167 357,174 
ROCE (k÷l)31.9 %37.4 %36.8 %37.6 %16.5 %
Annualized adjusted NI available to common stockholders (m)
$142,720 $138,508 $154,238 $131,994 $52,418 
Adjusted average common stockholders’ equity4 (n)
486,219 454,673 467,699 440,577 422,593 
Adjusted ROCE (m÷n)29.4 %30.5 %33.0 %30.0 %12.4 %
4 Adjusted average common stockholders’ equity excludes current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) on investments.
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