UVE · Universal Insurance Holdings, Inc.

Universal Insurance Holdings reported strong first quarter 2026 results, with diluted GAAP EPS of $1.88, up 30.6% year-over-year, and adjusted diluted EPS of $2.00, up 38.9%. The improvement was driven by a lower net loss ratio (63.9% vs. 70.5% in the prior year quarter) reflecting better current accident year results, and higher net investment income ($19.5 million vs. $16.1 million). Direct premiums written grew 8.5% to $506.5 million, with 4.9% growth in Florida and 18.3% in other states, driven by higher policies in force and inflation adjustments. The net combined ratio improved 5.3 points to 89.7%, as the lower loss ratio more than offset a 1.3-point increase in the expense ratio due to higher ceded premium ratio and policy acquisition costs outside Florida. The company also completed its 2026-2027 reinsurance renewal and secured $352 million of additional multi-year coverage through 2027-2028. Management highlighted a 'fantastic start to the year' with a 38.2% annualized return on common equity. The company repurchased approximately 210,000 shares for $7.1 million and declared a quarterly dividend of $0.16 per share. Book value per share rose 39.9% year-over-year to $20.95, reflecting strong earnings and capital management.