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1 FY25 Q1 Results Reported April 24th, 2025 Investor Briefing
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2 Forward-looking statements and Regulation G Disclosure Statement Forward-looking statements This presentation 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. Regulation G Disclosure Statement and Key Performance Indicators This presentation includes financial results with respect to adjusted return on common equity, and adjusted earnings per share, which are non-GAAP financial measures as defined by the SEC’s Regulation G. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for the Company's financial results prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures in this presentation to the most comparable GAAP financial measures can be found in the Company’s earnings release for the first quarter of 2025, filed with the SEC as an exhibit to a Current Report on Form 8-K on April 24, 2025, and also available on the Company’s website at https://universalinsuranceholdings.com under “Investors” with the subheading of “Earnings Releases.” 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 March 31, 2025.
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3 Universal Insurance Holdings (UVE) Overview Doing business Licensed Leading holding company of personal residential homeowners insurance and services ~$2.1B FY24 Direct Premiums Written* 9,600 Independent agents in the distribution channel* 19 States actively doing business A- UPCIC & APPCIC Kroll insurer financial strength rating 1,016 Full time equivalent employees 8.1% 5-year average return on common equity* 864.8K Customer policies managed FL GA SC AL NC VA PA NY NH MA MN IA IL IN MI NJ MD DE WI TN *As of December 31, 2024 A UPCIC & APPCIC Demotech financial stability rating
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4 Financial Overview Underwriting Non risk-bearing insurance Investments ▪ Protection Solutions: Insurance for personal residential homeowners, renters/tenants, condo unit owners, dwelling/fire, allied lines, other structures, personal property, liability and articles coverages, in addition to commercial residential multi-peril. ▪ Claims Management: Claims processing and adjustment from claim inception to conclusion. ▪ Risk Management: Advises on actuarial analysis, distribution, claims payment and policy administration, underwriting and reinsurance negotiations. ▪ Distribution: Markets and sells insurance products through independent agents and direct-to-consumer online distribution platforms. ▪ Fixed Income: Focused on preservation of capital and liquidity for claims payments. ▪ Equity Securities and Real Estate: Seeks capital appreciation and diversification. 55.6 65.4 72.0 81.1 80.4 79.7 888 985 944 849 810 856 - 500 1,000 1,500 2,000 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 FY19 FY20 FY21 FY22 FY23 FY24 ($million) ($million) ($million) 842.5 923.6 1,035.5 1,128.6 1,251.9 1,373.1 103.9% 113.6% 105.5% 110.2% 103.6% 104.1% 50.0% 70.0% 90.0% 110.0% 130.0% 150.0% 170.0% 190.0% - 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 FY19 FY20 FY21 FY22 FY23 FY24 Net Premiums Earned Combined Ratio Driven by catastrophe retention events & attritional loss severity and frequency 30.7 20.4 12.5 25.8 48.4 59.1 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 FY19 FY20 FY21 FY22 FY23 FY24 * Includes interest earned on cash and cash equivalents and restricted cash and investment income earned on real estate investments. Net of custodial fees, investment accounting, advisory fees and expenses associated with real estate investments. Revenue Policies serviced (thousands In Force) Net Investment Income* Lower yields on cash and fixed-income
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5 Organized around protection and insurance systems capabilities … Protection solutions Assurance Systems OAK90
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6 … with an end-market focus across the insurance value chain Products Pricing / Underwriting Distribution Claims Policy administration / back office Risk Management ▪ Insurance offerings ▪ Product specifications ▪ Actuarial analysis / Risk selection ▪ Inspection ▪ Policy execution ▪ Quotes / binding / issuing / renewals ▪ Payments & Collections ▪ Claims management ▪ Risk / Catastrophe assessment ▪ Reinsurance programs ▪ Actuarial analysis ▪ Customer experience / Channel management ▪ Direct-to-consumer Sales and Marketing Independent Agents (in partnership with Blue Atlantic) (in partnership with Evolution)
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7 Proven track record … 5.86 8.35 10.59 12.67 14.42 15.13 14.43 13.76 9.74 11.78 13.28 0.55 1.18 1.87 2.56 3.29 4.06 4.83 5.60 6.37 7.14 7.91 6.41 9.53 12.46 15.23 17.71 19.19 19.26 19.36 16.11 18.92 21.19 (0.1) - 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 - 5.00 10.00 15.00 20.00 25.00 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Book Value Per Share Cumulative Dividends Per Share ($ per share)
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8 … backed by the strength of our employees and agents Independent agent distribution channel (as of 12/31/2024) Florida Other States Training Compensation Service ▪ In-house and third party best practices training ▪ Technology-enabled point of sale tools ▪ Attractive commission and performance based incentives ▪ Strong talent retention management ▪ Strong partner relationships ▪ Quality customer advocates Talent Claims Underwriting & Risk Management Marketing & Online Distribution Other (as of 3/31/2025) ▪ In-house reinsurance and actuary experience ▪ In-house claims and underwriting teams Risk Management
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9 51.6 55.6 60.0 67.0 75.5 86.6 104.3 110.5 119.8 133.8 152.7 173.0 0.2 0.3 0.4 0.5 0.6 0.7 - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 CY19 CY20 CY21 CY22 CY23 CY24 Large and growing Homeowners Multi-peril (MP) insurance opportunity (U.S. & territories Homeowners Multi-Peril) ($billion) CY19-CY24 CAGR 10.9% 10.7% P&C Industry Homeowners MP Direct Premiums Written Price ꟷ Focus on rate adequate markets and positioning for market dislocation events Customer Experience ꟷ Leveraging domain expertise in CAT-exposed conditions to provide seamless experience across the insurance value chain Diversification ꟷ Provide earnings stability and reinsurance pricing benefits from risk profile improvements ꟷ Writing business in 11 out of the largest 15 states in America* *Measured by Homeowners MP Direct Premiums Written 2024. Not currently writing in TX, CA, OH, CO from the top15 Geographically Addressable (doing business) Total Opportunistic expansion Geographic expansion States doing business 18 19 19 19 18 19 FL as % of addressable 19.5% 20.0% 20.7% 21.6% 22.9% 21.3% Source: S&P Global Market Intelligence
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10 Multi-year strategic priorities – Strengthening the foundation Protection Solutions Distribution Risk Management Claims Management Core franchises Maintain a resilient balance sheet Focus on disciplined growth and maximize earnings stability Make customer service and continuous improvement a way-of-life 1 2 3
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11 Underwriting
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12 Overview of insurance offerings Products offered Homeowners Condo Renters Landlords ▪ HO2 – Broad Form (named perils only) ▪ HO3 – Special Form (Most common) ▪ HO5 – Comprehensive Form ▪ HO8 – Modified Coverage Form Form Type ▪ HO6 – Condo Form (individual condo unit owner) Homeowners ▪ HO4 – Renters Form (tenant occupant) ▪ HO3 – Special Form (Property values in excess of $1M) Homeowners coverage ▪ DP1 – Named peril only - rental or investment property ▪ DP2 – Named perils only – more comprehensive ▪ DP3 – Open Peril policies Carrier Commercial Residential ▪ CP10 – Business & Personal Property Form (e.g., HOA’s, Apartments) ▪ CP17 – Condo Property Form Coverage A Dwelling, attached structures (e.g., garages, decks) Coverage B Other structures (e.g., detached garage, shed, fence) Coverage C Personal Property (e.g., clothing, furniture) Coverage D Loss of Use (e.g., access to your dwelling) Coverage E Personal Liability (Others property damage and bodily injury) Coverage F Medical Payments (medical payments for others)
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13 Total Insured Value (TIV) ($million) 1,296 1,520 1,680 1,856 1,934 2,079 17% 18% 17% 17% 18% 23% 0% 5% 10% 15% 20% 25% 30% 35% 40% (400) 100 600 1,100 1,600 2,100 888.4 984.8 943.6 848.9 809.9 855.5 25% 26% 26% 27% 30% 34% 0% 10% 20% 30% 40% 50% 60% 70% - 200.0 400.0 600.0 800.0 1,000.0 1,200.0 (thousands) Policies in force Premiums in force ($million) 9.9% (0.8)% Other States % of Total Other States % of Total FY19 – FY24 CAGR Industry trends 7.0% 256,056 302,481 320,898 322,243 323,457 358,511 36% 36% 37% 38% 42% 48% 0% 10% 20% 30% 40% 50% 60% 70% - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 FY19 FY20 FY21 FY22 FY23 FY24 Competitor constraints creating opportunities Primary rate increases improving rate adequacy Catastrophe reinsurance pricing hardening Inflationary pressures on replacement costs Other States % of Total Heightened frequency of weather events Underwriting Florida legislature eliminated one-way attorney fees and assignment-of-benefits, shortened the claims filing deadline to one year and took steps to reduce the competitiveness of Citizens’ (FL’s state-run insurer of last resort)
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14 UVE organically grew into a top provider in FL 705 758 750 744 818 861 924 1,013 1,066 1,251 1,388 1,538 1,565 1,598 721 780 784 790 883 955 1,056 1,191 1,293 1,517 1,671 1,846 1,922 2,070 -0.1 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 - 500 1,000 1,500 2,000 2,500 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FL Direct premiums written growth 14.7% 8.0% Top homeowners insurance provider in FL 2024 Homeowners MP FL segment* 2024 UVE FL Homeowners MP by product UVE Citizens State Farm Florida Peninsula Slide Tower Hill USAA HCI Chubb First Protective Other Florida all lines Other States *Excludes Fire and Allied lines as defined by S&P Global Market Intelligence. ($million) Other 0.2% Landlords 5.6% Condo 16.5% Homeowners 77.7%
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15 Flood Commercial Auto E&S homeowners Leverage domain expertise in FL for geographic diversification and opportunistically grow commission base Geographic Expansion Complementary lines expansion (partners) In-house commercial-res risk bearing program American Platinum Auto Homeowners Commercial Doing business Licensed 98 11 08 16 09 16 15 17 18 12 15 20 19 15 16 17 12 14 24 20 (# = Year commenced) Personal Umbrella
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16 Performance Revenue (Direct and net premiums) ($million) Net Premiums Earned (Net of ceded premiums earned) Direct Premiums Written 71.6% 82.2% 75.3% 83.2% 79.3% 79.2% 32.3% 31.4% 30.2% 27.0% 24.3% 24.9% 103.9% 113.6% 105.5% 110.2% 103.6% 104.1% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% FY19 FY20 FY21 FY22 FY23 FY24 9.9% FY19 – FY24 CAGR 10.3% Loss & LAE Ratio Expense Ratio Consolidated GAAP Combined Ratio (Related expense / Net premiums earned) Combined Ratio 842.5 923.6 1,035.5 1,128.6 1,251.9 1,373.1 1,292.7 1,517.5 1,671.3 1,845.8 1,921.8 2,069.7 -0.7 -0.5 -0.3 -0.1 0.1 0.3 0.5 - 500.0 1,000.0 1,500.0 2,000.0 2,500.0 FY19 FY20 FY21 FY22 FY23 FY24 Direct Premiums Earned 1,233.1 1,395.6 1,596.6 1,759.7 1,875.1 1,999.8 Ceded Premium Ratio 31.7% 33.8% 35.1% 35.9% 33.2% 31.3%
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17 Resilient balance sheet supported by robust reinsurance program ( All States) Net Retention $45M Open Market CAT & FHCF Net Retention $25M Open Market CAT & FHCF Dedicated 3rd Event Coverage $86M xs $25M (1@100%) Net Retention $25M Open Market CAT & FHCF Dedicated 4th Event Coverage $86M xs $25M Capacity placed through 5/31/23 67% 33% First event CAT contracts Multi-Year (beyond 2024) + FHCF Open Market subject to pricing changes @ 6/1/25 2nd Event 3rd Event 4th Event Florida Hurricane CAT Fund (FHCF) Multi-Year Contracts Net UVE Retention Expiring contracts = in excessxs 1st Event coverage up to $2.416B $2,416M $2,074M $671.7M $45M UPCIC/APPCIC Combined Retention $45M Multi-Year Capacity placed through 5/31/26 UPCIC Est. Mandatory FHCF 90% of $1,402M xs $671.7M (Florida Only) APPCIC Est. Mandatory FHCF: 90% of $22.7M xs $10.9M (Florida Only) Single Year placed through 5/31/25 Multi-Year Capacity placed through 5/31/26
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18 Non risk-bearing insurance
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19 Risk Management Commission 65% MGA Policy Fees 24% Other 11% 55.6 65.4 72.0 81.0 80.4 79.7 -0.7 -0.5 -0.3 -0.1 0.1 0.3 0.5 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 FY19 FY20 FY21 FY22 FY23 FY24 Non risk-bearing insurance revenues Revenue ($million) Industry trends Technology-enabled innovation improving the customer experience and operational efficiencies Large scale, technology-enabled disruptors pose opportunities and threats to distributionNEUTRAL Revenues enhanced by hardening of primary rate increases 7.5% FY18 – FY23 CAGR Broker consolidation and customer expectations increasingNEUTRAL
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20 Risk Management Industry reinsurance pricing* Source: Guy Carpenter Global Property Catastrophe Rate-On-Line Index *2025 preliminary Guy Carpenter values In-house reinsurance brokers, underwriters and licensed actuaries with insurance and reinsurance experience Daily operations catastrophe modeling utilizing licensed AIR and RMS models Exposure management through proprietary Internal Profitability Measure (IPM) models and rate level scenario analysis Reinsurance partners CY Catastrophe modeling Utilize single and multi-year capacity and actively monitor pricing trends Reinsurance brokerage through in-house intermediary Blue Atlantic Reinsurance Company (BARC) in partnership with in-house MGA Evolution Risk Advisors and world’s largest third party reinsurance brokers Strong relationships with traditional reinsurance partners 99% of capacity A or better A.M. Best rating for all reinsurance partners RMS modelAIR model Largest participants: 7.0% (7.0)% (16.9)% (2.5)% (7.5)% (2.0)% 7.5% 2.6% 12.0% 6.4% 14.8% 35.0% 1.2% (6.2)% (30.0)% (20.0)% (10.0)% 0.0% 10.0% 20.0% 30.0% 40.0% 12' 13' 14' 15' 16' 17' 18' 19' 20' 21' 22' 23' 24' 25'* Tempest Re
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21 Subrogation $ Claims management structure *Claims paid or incurred in partnership with reinsurers Billions of dollars in claims paid or incurred* Streamlined processes to efficiently accelerate close rate Proprietary claims administration system Retain small percentage of external adjusters for surge demand … with significant experienceTeams functionally organized around demand … Fast Track (on-site, same day settlement capability) Catastrophe operations Litigation National
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22 Investing in technology: Device agnostic, digitally enabled distribution ▪ Download policy documents ▪ Track certain types of claims ▪ Get a Quote ▪ Download policy documents ▪ Track certain types of claims ▪ Get a Quote ▪ Insurance Content Authority ▪ Prepare, Protect, Recover, Learn ▪ Get a Quote Environmentally and Socially Conscious Go Paperless Partners
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23 Investments
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24 30.7 20.4 12.5 25.8 48.4 59.1 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 FY19 FY20** FY21** FY22 FY23 FY24 Investments Net investment income ($million) Effective Maturity (4.0 yrs) Investment Portfolio ($1.4B as of 03/31/2025) Average Rating (A+) Corporate Bonds 63.1% F i x e d m a t u r i t i e s Mortgage-Backed and Asset-Backed Securities 26.4% Other (Preferreds, equities, municipal bonds and investment in private limited partnership) 4.0% Mutual Funds and other 4.4% Real Estate, net 0.6% U.S. Gov Bonds 1.5% <=1yr 14.8% 1-5yrs 51.5% 5-10yrs 32.0% >10yrs 1.5% Perpetual maturity securities 0.2% AAA 30.4% BBB 24.8% AA 11.0% BB and below & No Rating 0.4% A 33.4% Net Investment Income* * Includes interest earned on cash and cash equivalents and restricted cash and investment income earned on real estate investments. Net of custodial fees, investment accounting, advisory fees and expenses associated with real estate investments. ** NII decrease primarily due to lower yields on cash and fixed-income investments during 2020 and 2021.
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25 Capital deployment Committed to returning capital to shareholders, and maintaining a resilient balance sheet *5 YR FCF (period ending 2024) less share repurchases, dividends, repayment of debt. *FCF is defined as operating cash flow minus CAPEX (86) (118) (7) 5YR FCF Share repurchases Dividends Debt repayment Bolstering the Balance Sheet* 760 ($million) 549
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26 First Quarter 2025 Results
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27 First Quarter 2025 Results * Reconciliations of such non-GAAP financial measures in this presentation to the most comparable GAAP financial measures can be found in the Company’s earnings release for the first quarter of 2025, filed with the SEC as an exhibit to a Current Report on Form 8-K on April 24, 2025, and also available on the Company’s website at https://universalinsuranceholdings.com under “Investors” with the subheading of “Earnings Releases.” ▪ Diluted GAAP earnings per common share (EPS) of $1.44; diluted adjusted* EPS of $1.44 ▪ Annualized return on average common equity (“ROCE”) of 41.7%, annualized adjusted* ROCE of 36.4% ▪ Direct premiums written of $467.1 million, up 4.7% from the prior year quarter ▪ Book value per share of $14.98, up 18.1% year-over-year; adjusted book value per share of $16.79, up 9.5% year-over- year 1Q25 results