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Universal Insurance Holdings Reports Second Quarter 2021 Results • 2Q21 total revenue up 10.5 % to $ 279.2 million • 2Q21 direct premiums written up 17.0 % • 2Q21 diluted GAAP earnings per share ( " EPS " ) of $ 0.70 , non - GAAP adjusted EPS1 of $ 0.65 • 2Q21 combined ratio of 97.3 % • 2Q21 annualized return on average equity of 18.7 % • Florida primary average rate increase of 14.9 % for UPCIC filed during 2Q21 UNIVERSAL L INSURANCE HOLDINGS Exhibit 99.1 1 Excludes net realized and unrealized gains and losses on investments as well as extraordinary reinstatement premiums and associated commissions ( " non- GAAP adjusted EPS " ) . Reconciliations of GAAP to non - GAAP financial measures are provided in the attached tables . Fort Lauderdale , Fla . , July 28 , 2021 - Universal Insurance Holdings ( NYSE : UVE ) ( the " Company " ) reported 2021 second quarter diluted EPS of $ 0.70 on a GAAP basis and $ 0.65 on a non - GAAP1 adjusted basis . Quarterly direct premiums written were up 17.0 % from the year - ago quarter to $ 473.6 million , with an annualized return on average equity of 18.7 % . " We delivered solid second quarter results , highlighted by an 18.7 % annualized return on average equity , despite continued social inflation within the state of Florida impacting loss costs , " said Stephen J. Donaghy , Chief Executive Officer . " We continue to address these trends , in part , with primary rate increase filings , which was a driver of our direct written premium growth during the quarter . We expect primary rate increases to be a tailwind over the medium to long term as they earn - in , but are relentlessly focused on performing through the near term pressure on carriers in the Florida property insurance marketplace , and lament about the unfortunate derivative consequence of price increases on consumers . " 1