Short answer
UNIVERSAL INSURANCE HOLDINGS, INC. (UVE) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $1.6B (+5.5% year over year) and net income of $183M.
- Top risk flagged: Florida insurance market risk: Uncertainty on long-term benefit of Dec 2022 Florida reforms impacting pricing and policy availability
FY2025 key financial metrics · XBRL
- Revenue
- $1.6B
- +5.5% YoY
- Net income
- $183M
- +210.5% YoY
- EPS (diluted)
- $6.32
- +214.4% YoY
- ROE
- 33.2%
- +17.4 pp YoY
- Operating cash flow
- $381M
- +177.7% YoY
Source: XBRL data from the UNIVERSAL INSURANCE HOLDINGS, INC. (UVE) FY2025 10-K on SEC EDGAR. USD.
UNIVERSAL INSURANCE HOLDINGS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Insurance and investment management focusing on fixed income and equity financial instruments
- Emphasis on increased fixed income portfolio size to $1.47B amortized cost as of Dec 31, 2025, up from $1.35B in 2024
- Shift toward higher coupon and book yields, with effective maturity extending to 4.5 years vs 4.1 years prior year
- Equity securities exposure rose to $85.4M from $77.8M, notably higher allocation to common stock at 43.9% vs 18.5% in 2024
- Market value risk sensitivity increased with potential 20% equity price decline impact rising to $17.1M from $15.6M year over year
Management Discussion & Analysis
- Net premiums earned $1.37B, up 9.7% YoY from $1.25B in 2023 driven by a 7.7% increase in direct premiums written
- Combined ratio 104.1% vs 103.6% in 2023; policy acquisition and operating expense ratio 24.9% vs 24.3%
- Best segment: Net investment income $59.1M, up 22.1% YoY from $48.4M; Worst: Commission revenue down 4.2% to $51.8M from $54.1M
- Net losses and LAE $1.09B with 79.2% net loss ratio vs $992.6M and 79.3% ratio in 2023, driven by hurricanes Helene and Milton losses of $156M
- Income tax expense $25.7M with effective tax rate increased to 30.4% from 24.4%, interest expense stable at $6.5M
- Management notes ongoing claims uncertainty from pre-reform Florida policies, expects gradual benefit realization from new legislation over several years
Risk Factors
- Florida insurance market risk: Uncertainty on long-term benefit of Dec 2022 Florida reforms impacting pricing and policy availability
- Macroeconomic exposure: Labor/materials cost inflation driving increased claims expenses and offsetting reform benefits
- Supply chain vulnerability: Heavy dependence on global catastrophe reinsurance markets affected by inflation and severe weather
- Competitive threat: Entry of 17 new insurers in Florida post-2022 reforms increasing market competition and reducing Citizens’ policy count by ~1 million
- Financial risk: Florida premiums declined 2.8% ($44.1M) in 2025 while out-of-state premiums grew 24.3% ($114.7M), impacting revenue mix and growth
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