$UVE

UNIVERSAL INSURANCE HOLDINGS, INC.

CIK:0000891166|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Direct premiums written	$ 621,314	$ 596,720	$ 1,127,861	$ 1,063,798
Change in unearned premiums	(76,508)	(73,295)	(51,634)	(27,116)
Direct premiums earned	544,806	523,425	1,076,227	1,036,682
Ceded premiums earned	(167,533)	(163,232)	(342,052)	(320,768)
Premiums earned, net	377,273	360,193	734,175	715,914
Net investment income	20,213	17,258	39,700	33,318
Net realized gains (losses) on investments	1,257	5,280	1,991	5,266
Net change in unrealized gains (losses) on investments	6,400	(6,061)	1,069	(6,051)
Commission revenue	13,780	15,854	28,511	32,129
Policy fees	6,039	5,603	11,021	10,096
Other revenue	2,071	2,014	4,131	4,336
Total revenues	427,033	400,141	820,598	795,008
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	244,562	260,305	472,658	510,860
Policy acquisition costs	68,067	61,878	132,540	122,452
Other operating costs and expenses	32,794	29,964	60,503	56,634
Total operating costs and expenses	345,423	352,147	665,701	689,946
Interest and amortization of debt issuance costs	1,995	1,608	3,590	3,220
INCOME (LOSS) BEFORE INCOME TAXES	79,615	46,386	151,307	101,842
Income tax expense (benefit)	20,427	11,293	37,828	25,310
NET INCOME (LOSS)	$ 59,188	$ 35,093	$ 113,479	$ 76,532
Basic earnings (loss) per common share (in USD per share)	$ 2.14	$ 1.25	$ 4.11	$ 2.73
Weighted average common shares outstanding - Basic (in shares)	27,618	27,972	27,588	28,066
Diluted earnings (loss) per common share (in USD per share)	$ 2.04	$ 1.21	$ 3.93	$ 2.64
Weighted average common shares outstanding - Diluted (in shares)	29,043	29,072	28,901	28,977
Cash dividend declared per common share (in USD per share)	$ 0.16	$ 0.16	$ 0.32	$ 0.32

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 255,899	$ 292,992
Cash flows from investing activities:
Proceeds from sale of property and equipment	52	12
Purchases of property and equipment	(2,482)	(2,204)
Purchases of equity securities	(60,581)	(18,431)
Purchases of available-for-sale debt securities	(271,990)	(210,052)
Proceeds from sales of equity securities	37,495	3,446
Proceeds from sales of available-for-sale debt securities	88,519	25,476
Proceeds from sale of private equity limited partnership	0	11,463
Maturities of available-for-sale debt securities	102,291	89,778
Net cash provided by (used in) investing activities	(106,696)	(100,512)
Cash flows from financing activities:
Debt issuance costs paid	(2,536)	0
Preferred stock dividend	(5)	(5)
Common stock dividend	(9,315)	(9,356)
Purchases of treasury stock inclusive of excise taxes paid	(11,687)	(7,427)
Payments related to tax withholding for share-based compensation	(1,967)	(1,290)
Repayment of debt	(100,736)	(735)
Proceeds from issuance of long-term debt	100,000	0
Net cash provided by (used in) financing activities	(26,246)	(18,813)
Cash and cash equivalents and restricted cash and cash equivalents:
Net increase (decrease) during the period	122,957	173,667
Balance, beginning of period	477,838	262,076
Balance, end of period	$ 600,795	$ 435,743

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

ASSETS

Available-for-sale debt securities, at fair value, net of allowance for credit loss of $881 and $631 (amortized cost: $1,553,900 and $1,466,145)

$ 1,506,146

$ 1,431,028

Equity securities, at fair value (cost: $113,037 and $87,326)

111,829

85,420

Other investments, at fair value (cost: $5,000 and $5,000)

11,155

10,693

Investment real estate, net

5,367

5,463

Total invested assets

1,634,497

1,532,604

Cash and cash equivalents

532,160

408,868

Restricted cash and cash equivalents

^[1]

68,635

68,970

Prepaid reinsurance premiums

562,104

291,031

Reinsurance recoverables

176,889

232,918

Premiums receivable, net

85,537

75,721

Property and equipment, net

48,640

49,349

Deferred policy acquisition costs

135,222

128,564

Income taxes recoverable

16,407

Deferred income tax asset, net

14,238

27,658

Other assets

31,835

24,012

Total assets

3,306,164

2,839,695

LIABILITIES:

Unpaid losses and loss adjustment expenses

633,613

680,712

Unearned premiums

1,143,593

1,091,959

Advance premium

84,860

61,847

Reinsurance payable, net

627,776

257,242

Commission payable

33,379

26,307

Income taxes payable

28,554

Other liabilities and accrued expenses

47,936

41,558

Debt, net of issuance costs

97,852

100,481

Total liabilities

2,669,009

2,288,660

Commitments and Contingencies (Note 12)

STOCKHOLDERS’ EQUITY:

Cumulative convertible preferred stock

Common stock

483

482

Treasury shares, at cost - 20,558 and 20,226, respectively

(316,751)

(305,064)

Additional paid-in capital

127,300

124,319

Accumulated other comprehensive income (loss), net of taxes

(35,520)

(26,151)

Retained earnings

861,643

757,449

Total stockholders’ equity

637,155

551,035

Total liabilities and stockholders’ equity

$ 3,306,164

$ 2,839,695

[1]	See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and "—Note 14 (Variable Interest Entities)” for a discussion of restricted cash held in a trust account.