Underwriting efficiency has improved significantly, with the combined ratio falling to 81.7% in 2026Q1 from the 104.7% peak observed in 2024Q3, despite a modest revenue contraction of -0.9%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Apr'97 | Apr'96 |
|---|
| Revenue | 1.6B | 1.6B | 1.52B | 1.39B | 1.22B | 1.12B | 1.07B | 939.35M | 823.82M | 751.92M | 685.29M | 546.54M | 369.28M | 301.16M | 269.94M | 225.86M | 239.92M | 210.64M | 182.67M | 188.51M | 65.15M | 19.66M | 8M | 6.48M | 9.26M | 13.44M | 9.15M | 8.1M | 8.5M | 100K | 400K |
| Revenue Growth % | 3.31% | 4.94% | 9.27% | 13.82% | 8.99% | 4.58% | 14.2% | 14.02% | 9.56% | 9.72% | 25.39% | 48% | 22.62% | 11.57% | 19.52% | -5.86% | 13.9% | 15.31% | -3.1% | 189.36% | 231.34% | 145.81% | 23.44% | -30.04% | -31.08% | 46.95% | 12.91% | -4.71% | 8400% | -75% | -60% |
| Medical Costs & Claims | 1.09B | 985.88M | 1.32B | 1.2B | 1.15B | 1.01B | 957.91M | 780.94M | 571.78M | 489.27M | 427.21M | 275.96M | 123.28M | 108.61M | 126.19M | 124.31M | 113.36M | 106.13M | 81.34M | 59.8M | 24.94M | 9.6M | 2.27M | 974.49K | 4.64M | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 68.12% | 61.79% | 86.86% | 86.28% | 94.27% | 89.62% | 89.29% | 83.14% | 69.41% | 65.07% | 62.34% | 50.49% | 33.38% | 36.07% | 46.75% | 55.04% | 47.25% | 50.39% | 44.53% | 31.72% | 38.28% | 48.82% | 28.43% | 15.04% | 50.08% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 509.71M | 609.72M | 199.73M | 190.94M | 70M | 116.48M | 114.86M | 158.41M | 252.03M | 262.64M | 258.08M | 270.59M | 246M | 192.54M | 143.75M | 101.55M | 126.57M | 104.51M | 101.33M | 128.71M | 40.21M | 10.06M | 5.72M | 5.51M | 4.62M | 13.44M | 9.15M | 8.1M | 8.5M | 100K | 400K |
| Gross Margin % | 31.88% | 38.21% | 13.14% | 13.72% | 5.73% | 10.38% | 10.71% | 16.86% | 30.59% | 34.93% | 37.66% | 49.51% | 66.62% | 63.93% | 53.25% | 44.96% | 52.75% | 49.61% | 55.47% | 68.28% | 61.72% | 51.18% | 71.57% | 84.96% | 49.92% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 205.28% | 4.6% | 172.76% | -39.9% | 1.41% | -27.5% | -37.15% | -4.04% | 1.77% | -4.62% | 9.99% | 27.76% | 33.94% | 41.56% | -19.76% | 21.11% | 3.14% | -21.28% | 220.13% | 299.52% | 75.8% | 3.98% | 19.07% | -65.59% | 46.95% | 12.91% | -4.71% | 8400% | -75% | -60% |
| Operating Expenses | 250.41M | 366.65M | 115.11M | 102.59M | 97.25M | 88.07M | 90.63M | 94.9M | 99.16M | 92.16M | 95.2M | 95.56M | 118.4M | 91.99M | 91.19M | 67.83M | 64.29M | 58.35M | 35.32M | 39.17M | 13.49M | 4.01M | 5.98M | 5.79M | 4.55M | 8.71M | 6.47M | 7.6M | 7.1M | 400K | 1.6M |
| OpEx / Revenue % | 15.66% | 22.98% | 7.57% | 7.37% | 7.95% | 7.85% | 8.45% | 10.1% | 12.04% | 12.26% | 13.89% | 17.49% | 32.06% | 30.54% | 33.78% | 30.03% | 26.8% | 27.7% | 19.34% | 20.78% | 20.7% | 20.41% | 74.82% | 89.31% | 49.16% | 64.82% | 70.77% | 93.83% | 83.53% | 400% | 400% |
| Depreciation & Amortization | 7.07M | 7.07M | 6.12M | 7.31M | 7.3M | 6.91M | 5.11M | 4.96M | 4.82M | 4.06M | 3.24M | 2.03M | 1.19M | 1.01M | 840K | 639K | 831K | 490.06K | 480.31K | 371.66K | 358.41K | 377.75K | 390.25K | 268.95K | 236.32K | 157.31K | 98.45K | 200K | 0 | 0 | -300K |
| Combined Ratio % | 83.78% | 84.77% | 94.44% | 93.65% | 102.23% | 97.47% | 97.74% | 93.24% | 81.44% | 77.33% | 76.23% | 67.98% | 65.44% | 66.61% | 80.53% | 85.07% | 74.04% | 78.08% | 63.87% | 52.5% | 58.98% | 69.22% | 103.25% | 104.34% | 99.23% | 64.82% | 70.77% | 93.83% | 83.53% | 400% | 400% |
| Operating Income | 259.31M | 243.07M | 84.61M | 88.35M | -27.25M | 28.41M | 24.23M | 63.52M | 152.87M | 170.48M | 162.88M | 175.02M | 127.6M | 100.56M | 52.56M | 33.72M | 62.28M | 46.16M | 66.01M | 89.55M | 26.72M | 6.05M | -260.13K | -281.53K | 71.05K | 4.73M | 2.67M | 1.2M | 2.1M | -300K | -1.2M |
| Operating Margin % | 16.22% | 15.23% | 5.56% | 6.35% | -2.23% | 2.53% | 2.26% | 6.76% | 18.56% | 22.67% | 23.77% | 32.02% | 34.56% | 33.39% | 19.47% | 14.93% | 25.96% | 21.92% | 36.13% | 47.5% | 41.02% | 30.78% | -3.25% | -4.34% | 0.77% | 35.18% | 29.23% | 14.81% | 24.71% | -300% | -300% |
| Operating Income Growth % | - | 187.28% | -4.23% | 424.25% | -195.9% | 17.26% | -61.85% | -58.45% | -10.33% | 4.67% | -6.94% | 37.16% | 26.9% | 91.32% | 55.88% | -45.86% | 34.91% | -30.06% | -26.29% | 235.12% | 341.57% | 2426.29% | 7.6% | -496.23% | -98.5% | 76.87% | 122.79% | -42.86% | 800% | 75% | -20% |
| EBITDA | 270.82M | 250.14M | 90.73M | 95.66M | -19.95M | 35.33M | 29.34M | 68.47M | 157.69M | 174.54M | 166.13M | 177.06M | 128.8M | 101.57M | 53.4M | 34.36M | 63.11M | 46.65M | 66.49M | 89.92M | 27.08M | 6.43M | 130.11K | -12.57K | 307.37K | 4.89M | 2.77M | 1.4M | 2.1M | -300K | -1.5M |
| EBITDA Margin % | 16.94% | 15.68% | 5.97% | 6.87% | -1.63% | 3.15% | 2.73% | 7.29% | 19.14% | 23.21% | 24.24% | 32.4% | 34.88% | 33.73% | 19.78% | 15.21% | 26.3% | 22.15% | 36.4% | 47.7% | 41.57% | 32.7% | 1.63% | -0.19% | 3.32% | 36.35% | 30.31% | 17.28% | 24.71% | -300% | -375% |
| Interest Expense | 4.99M | 4.83M | 5.77M | 5.82M | 5.91M | 582K | 95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -6.05M | -6.42M | -5.77M | -5.82M | -5.91M | -582K | -95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 197 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K | -1.2M |
| Pretax Income | 259.31M | 243.07M | 84.61M | 88.35M | -27.25M | 28.41M | 24.23M | 63.52M | 152.87M | 170.48M | 162.88M | 175.02M | 127.6M | 100.56M | 52.56M | 33.72M | 62.28M | 46.16M | 66.01M | 89.55M | 26.72M | 6.05M | -260.13K | -281.53K | 71.05K | 4.73M | 2.67M | 1.2M | 2.1M | -300K | -1.2M |
| Pretax Margin % | 16.22% | 15.23% | 5.56% | 6.35% | -2.23% | 2.53% | 2.26% | 6.76% | 18.56% | 22.67% | 23.77% | 32.02% | 34.56% | 33.39% | 19.47% | 14.93% | 25.96% | 21.92% | 36.13% | 47.5% | 41.02% | 30.78% | -3.25% | -4.34% | 0.77% | 35.18% | 29.23% | 14.81% | 24.71% | -300% | -300% |
| Income Tax | 63.5M | 60.12M | 25.68M | 21.53M | -4.99M | 8.01M | 5.13M | 17M | 35.82M | 63.55M | 63.47M | 68.54M | 54.62M | 41.58M | 22.25M | 13.61M | 25.29M | 17.38M | 25.97M | 35.55M | 9.48M | -455.15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 300K |
| Effective Tax Rate % | 24.49% | 24.73% | 30.35% | 24.36% | 18.31% | 28.18% | 21.15% | 26.77% | 23.43% | 37.28% | 38.97% | 39.16% | 42.8% | 41.35% | 42.33% | 40.36% | 40.61% | 37.64% | 39.34% | 39.7% | 35.47% | -7.52% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -33.33% | -25% |
| Net Income | 195.8M | 182.95M | 58.93M | 66.82M | -22.26M | 20.41M | 19.11M | 46.51M | 117.05M | 106.94M | 99.41M | 106.48M | 72.99M | 58.98M | 30.31M | 20.11M | 36.98M | 28.79M | 40.04M | 54M | 17.19M | 6.51M | -260.13K | -281.53K | 71.05K | -3.04M | -1.49M | 1.2M | 2.1M | -2.4M | -1.5M |
| Net Margin % | 12.25% | 11.47% | 3.88% | 4.8% | -1.82% | 1.82% | 1.78% | 4.95% | 14.21% | 14.22% | 14.51% | 19.48% | 19.77% | 19.58% | 11.23% | 8.9% | 15.41% | 13.67% | 21.92% | 28.65% | 26.38% | 33.09% | -3.25% | -4.34% | 0.77% | -22.61% | -16.27% | 14.81% | 24.71% | -2400% | -375% |
| Net Income Growth % | 193.51% | 210.47% | -11.81% | 400.23% | -209.07% | 6.82% | -58.93% | -60.26% | 9.46% | 7.57% | -6.64% | 45.89% | 23.76% | 94.57% | 50.74% | -45.63% | 28.47% | -28.1% | -25.86% | 214.21% | 164.15% | 2601.26% | 7.6% | -496.23% | 102.34% | -104.23% | -224.01% | -42.86% | 187.5% | -60% | -15.38% |
| EPS (Diluted) | 6.80 | 6.32 | 2.01 | 2.22 | -0.72 | 0.65 | 0.60 | 1.36 | 3.27 | 2.99 | 2.79 | 2.97 | 2.08 | 1.56 | 0.75 | 0.50 | 0.91 | 0.71 | 0.99 | 1.31 | 0.44 | 0.19 | -0.01 | -0.01 | 0.01 | -0.21 | -0.10 | 0.08 | 0.13 | -0.11 | -0.07 |
| EPS Growth % | 196.07% | 214.43% | -9.46% | 408.33% | -210.77% | 8.33% | -55.88% | -58.41% | 9.36% | 7.17% | -6.06% | 42.79% | 33.33% | 108% | 50% | -45.05% | 28.17% | -28.28% | -24.43% | 197.73% | 131.58% | - | 27.12% | - | 104.19% | -110% | -232.45% | -41.92% | 218.18% | -61.53% | -15.42% |
| EPS (Basic) | - | 6.56 | 2.07 | 2.24 | -0.72 | 0.65 | 0.60 | 1.37 | 3.36 | 3.07 | 2.85 | 3.06 | 2.17 | 1.64 | 0.76 | 0.51 | 0.95 | 0.76 | 1.07 | 1.52 | 0.50 | 0.20 | -0.01 | -0.01 | 0.01 | -0.21 | -0.10 | 0.08 | 0.13 | -0.11 | -0.07 |
| Diluted Shares Outstanding | 28.81M | 28.81M | 29.27M | 30.15M | 30.75M | 31.31M | 31.97M | 34.23M | 35.79M | 35.81M | 35.65M | 35.88M | 35.15M | 37.78M | 40.62M | 40.44M | 40.58M | 40.47M | 40.27M | 41.36M | 39.08M | 33.95M | 30.21M | 23.78M | 16.17M | 14.7M | 14.79M | 15.9M | 16.6M | 22.04M | 22.04M |
Florida catastrophe exposure concentration
As reported in recent financial statements, UVE achieved a combined ratio of 78.2% in 2025Q4, marking a significant improvement from the 104.7% peak observed in 2024Q3, suggesting that the company's underwriting discipline is currently benefiting from a more favorable claims environment and reduced litigation pressure.
The volatility in the combined ratio highlights the company's extreme sensitivity to seasonal weather events and the broader Florida legal landscape. While the recent sub-80% combined ratios indicate strong underwriting profitability, investors should monitor whether these levels are sustainable or merely a reflection of a temporary lull in major catastrophe activity.
Based on reported figures, UVE's revenue growth has decelerated to a modest -0.9% in 2026Q1, contrasting with the double-digit growth seen in early 2024, which suggests that the company is prioritizing underwriting profitability and risk management over aggressive top-line expansion in the current hard market cycle.
The shift toward more conservative growth appears to be a strategic response to the rising costs of reinsurance and the need to maintain capital adequacy. This trajectory indicates that management is likely focusing on rate adequacy rather than volume, which may be a prudent approach given the inherent volatility of the Florida residential insurance market.
According to recent SEC filings, the transition from a 104.7% combined ratio in 2024Q3 to more stable levels in subsequent quarters suggests that recent Florida tort reforms may be successfully mitigating the litigation-driven loss adjustment expenses that previously pressured the company's bottom line.
The 2024Q3 period serves as a critical inflection point where the impact of prior-year loss development and litigation costs became unsustainable. The subsequent recovery in operating income suggests that the legislative environment may be providing a structural tailwind, though this remains subject to the long-term efficacy of the new legal framework.
While UVE's recent profitability appears robust, the company's heavy reliance on third-party reinsurance, as evidenced by the significant gap between gross and net premiums, warrants further investigation into the potential for future margin compression if global reinsurance treaty pricing continues to harden.
The company's integrated model provides operational control, but the ultimate profitability remains tethered to the availability and cost of external risk transfer. Investors should be cautious, as any systemic failure or significant price hike in the reinsurance market could rapidly erode the current underwriting margins.
Quick answers to the most common questions about buying UVE stock.
For fiscal year 2025, Universal Insurance Holdings, Inc. (UVE) reported total revenue of $1.60B. This represents a 398799.8% increase compared to $0.4M in 1995.
Universal Insurance Holdings, Inc. (UVE) is profitable, generating $183.0M in net income for the fiscal year ending 2025 with a net profit margin of 11.5%.
Universal Insurance Holdings, Inc. (UVE) reported an operating income of $243.1M, resulting in an operating profit margin of 15.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Universal Insurance Holdings, Inc. (UVE) generated $609.7M in gross profit for the year, representing a gross profit margin of 38.2%. This demonstrates the company's core pricing power and production efficiency.