Diluted GAAP earnings per share ("EPS") of $0.24, adjusted EPS¹ of $0.47

Annualized return on average common equity ("ROCE") of 7.7%, adjusted¹ ROCE of 12.8%

Direct premiums written of $532.5 million, up 12.4% from the prior year quarter

Repurchased 282,552 shares for $3.5 million. Total capital returned to shareholders of $8.5 million, including $0.16 per share regular quarterly dividend.

Universal Insurance Holdings (NYSE:UVE) ("Universal" or the "Company") reported 2022 second quarter diluted GAAP EPS of $0.24 and adjusted EPS of $0.47.

¹Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

"We reported a 12.8% annualized adjusted return on common equity in the quarter, an impressive feat in the current environment," said Stephen J. Donaghy, Chief Executive Officer. "Direct premiums written growth of 12.4% accelerated from 8.5% in the first quarter of this year, and significantly outpaced an 8.5% policies in force decline. In addition to rate increases, we continue to optimize and rebalance our portfolio, increasing exposure to more profitable regions, while reducing exposure to less profitable geographies. Our capital position remains strong at both of our insurance subsidiaries and on an enterprise-wide basis, and I'm particularly proud of the robust reinsurance program that we completed prior to the June 1 renewal date. Despite the challenging reinsurance market, our program includes full protection for both hurricanes and tropical storms, has no gaps in coverage and no co-participation and provides coverage across multiple events. We are well prepared for hurricane season and expect the actions we've taken to bear fruit in future periods."

Quarterly Financial Results
Summary Financial Results

($thousands, except per share data)	Three Months Ended June 30,								Six Months Ended June 30,
		2022			2021		Change			2022			2021		Change
GAAP comparison
Total revenues	$	292,006		$	279,181		4.6	%	$	579,488		$	541,938		6.9	%
Income before income taxes	$	10,680		$	30,059		(64.5	) %	$	33,151		$	66,410		(50.1	) %
Income before income taxes margin		3.7	%		10.8	%	(7.1	) pts		5.7	%		12.3	%	(6.6	) pts

Net income	$	7,370		$	21,941		(66.4	) %	$	24,907		$	48,349		(48.5	) %
Diluted EPS	$	0.24		$	0.70		(65.7	) %	$	0.80		$	1.54		(48.1	) %

Annualized ROCE		7.7	%		18.8	%	(11.1	) pts		12.5	%		20.8	%	(8.3	) pts
Book value per share, end of period	$	11.93		$	15.37		(22.4	) %		11.93			15.37		(22.4	) %

Non-GAAP comparison²
Core revenue	$	301,615		$	277,456		8.7	%	$	592,435		$	540,165		9.7	%
Adjusted operating income	$	22,020		$	28,369		(22.4	) %	$	49,437		$	64,692		(23.6	) %
Adjusted operating income margin		7.3	%		10.2	%	(2.9	) pts		8.3	%		12.0	%	(3.7	) pts

Adjusted net income	$	14,648		$	20,627		(29.0	) %	$	34,711		$	46,995		(26.1	) %
Adjusted EPS	$	0.47		$	0.65		(27.7	) %	$	1.12		$	1.50		(25.3	) %

Annualized adjusted ROCE		12.8	%		17.3	%	(4.5	) pts		15.3	%		20.2	%	(4.9	) pts
Adjusted book value per share, end of period	$	14.80		$	15.55		(4.8	) %	$	14.80		$	15.55		(4.8	) %

Underwriting Summary
Premiums:
Premiums in force	$	1,766,542		$	1,618,576		9.1	%	$	1,766,542		$	1,618,576		9.1	%
Policies in force		894,618			977,251		(8.5	) %		894,618			977,251		(8.5	) %

Direct premiums written	$	532,527		$	473,627		12.4	%	$	929,008		$	838,941		10.7	%
Direct premiums earned	$	428,805		$	392,574		9.2	%	$	843,408		$	768,180		9.8	%
Ceded premiums earned	$	(151,744	)	$	(136,402	)	11.2	%	$	(297,283	)	$	(268,703	)	10.6	%
Ceded premium ratio		35.4	%		34.7	%	0.7	pts		35.2	%		35.0	%	0.2	pts
Net premiums earned	$	277,061		$	256,172		8.2	%	$	546,125		$	499,477		9.3	%

Net ratios:
Loss ratio		72.3	%		65.3	%	7.0	pts		70.6	%		62.3	%	8.3	pts
Expense ratio		28.6	%		32.0	%	(3.4	) pts		28.8	%		32.9	%	(4.1	) pts
Combined ratio		100.9	%		97.3	%	3.6	pts		99.4	%		95.2	%	4.2	pts
² Reconciliation of GAAP to non-GAAP financial measures are provided in the attached tables. Adjusted net income, adjusted EPS and core revenue exclude net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities. Adjusted operating income excludes net realized and unrealized gains and losses on investments and interest and amortization of debt issuance costs. Adjusted book value per share excludes accumulated other comprehensive income, net of taxes. Adjusted ROCE is calculated by dividing annualized adjusted net income attributable to common stockholders by average adjusted book value per share, with the denominator further excluding current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities.

Net Income and Adjusted Net Income

Net income was $7.4 million, down from $21.9 million in the prior year quarter, and adjusted net income was $14.6 million, down from $20.6 million in the prior year quarter. The decline in adjusted net income primarily stems from a higher net loss ratio, partly offset by a lower net expense ratio and higher commission revenue and net investment income.

Revenues

Overall revenue was $292.0 million, up 4.6% from the prior year quarter and core revenue was $301.6 million, up 8.7% from the prior year quarter. The increase in core revenue primarily stems from higher net premiums earned, net investment income and commission revenue.

Direct premiums written were $532.5 million, up 12.4% from the prior year quarter. The increase stems from 13.2% growth in Florida and 8.3% growth in other states. Overall growth primarily reflects rate increases, partly offset by lower policies in force.

Direct premiums earned were $428.8 million, up 9.2% from the prior year quarter. The increase stems from direct premiums written growth over the past twelve months.

The ceded premium ratio was 35.4%, up from 34.7% in the prior year quarter. The increase primarily reflects higher reinsurance pricing and higher reinsurance costs associated with the increase in insured values.

Net premiums earned were $277.1 million, up 8.2% from the prior year quarter. The increase is primarily attributable to higher direct premiums earned, partly offset by higher ceded premiums earned, as described above.

Net investment income was $5.2 million, up from $2.9 million in the prior year quarter. The increase primarily stems from higher fixed income reinvestment yields and higher average invested assets.

Commissions, policy fees and other revenue were $19.3 million, up 4.9% from the prior year quarter. The increase primarily reflects higher reinsurance brokerage commission revenue, which benefited from higher ceded premiums and the difference in our reinsurance program's structure relative to the prior year quarter, partly offset by policy fee and other revenue declines associated with lower policies in force.

Margins

The income before income taxes margin was 3.7%, down 7.1 points from the prior year quarter and the adjusted operating margin was 7.3%, down from 10.2% in the prior year. The lower adjusted operating margin primarily reflects a higher net combined ratio, partly offset by higher net investment income and commission revenues.

The net loss ratio was 72.3%, up 7.0 points compared to the prior year quarter. The increase primarily reflects a higher initial accident year attritional loss pick associated with the challenging Florida claims environment and inflationary and weather trends, partly offset by lower adverse prior year reserve development as a percentage of net premiums earned.

The net expense ratio was 28.6%, down 3.4 points compared to the prior year quarter. The reduction primarily reflects lower renewal commission rates paid to distribution partners, economies of scale and disciplined expense management.

The net combined ratio was 100.9%, up 3.6 points compared to the prior year quarter. The increase reflects a higher net loss ratio, partly offset by a lower net expense ratio, as described above.

Capital Deployment

During the second quarter, the Company repurchased approximately 283 thousand shares at an aggregate cost of $3.5 million. The Company's current share repurchase authorization program has $10.4 million remaining as of June 30, 2022 and runs through November 3, 2022.

On July 19, 2022, the Board of Directors declared a quarterly cash dividend of 16 cents per share of common stock, payable on August 9, 2022, to shareholders of record as of the close of business on August 2, 2022.

Guidance

The Company is maintaining its guidance for 2022 (assuming no further extraordinary weather events):

Adjusted EPS in a range of $1.80 - $2.20

Annualized adjusted ROCE in a range of 12.5% - 15.0%

Conference Call and Webcast

Thursday, July 28, 2022 at 10:00 a.m. ET

Investors and other interested parties may listen to the call by accessing the online, real-time webcast at universalinsuranceholdings.com/investors or by registering in advance via teleconference at https://register.vevent.com/register/BIdd1435dd6e8c4f96b2f705a2f37d27d0. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. An online replay of the call will be available at universalinsuranceholdings.com/investors shortly after the investor call concludes.

About Universal

Universal Insurance Holdings, Inc. (NYSE:UVE) is a holding company offering property and casualty insurance and value-added insurance services. We develop, market, and write insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management and distribution. We sell insurance products through both our appointed independent agents and through our direct online distribution channels in the United States across 19 states (primarily Florida). Learn more at universalinsuranceholdings.com.

Non-GAAP Financial Measures and Key Performance Indicators

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission ("SEC"), including core revenue, adjusted net income attributable to common stockholders and diluted adjusted earnings per common share, which exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities. Adjusted operating income and adjusted operating income margin exclude the impact of net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities and interest and amortization of debt issuance costs. Adjusted common stockholders' equity and adjusted book value per share exclude accumulated other comprehensive income (AOCI), net of taxes. Adjusted return on common equity excludes after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities from the numerator and AOCI, net of taxes, and current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities from the denominator. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles ("GAAP"). UVE management believes that these non-GAAP financial measures are meaningful, as they allow investors to evaluate underlying revenue and profitability trends and enhance comparability across periods. When considered together with the GAAP financial measures, management believes these metrics provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. UVE management also believes that these non-GAAP financial measures enhance the ability of investors to analyze UVE's business trends and to understand UVE's operational performance. UVE's management utilizes these non-GAAP financial measures as guides in long-term planning. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures presented in accordance with GAAP. 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 June 30, 2022.

Forward-Looking Statements

This press release 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 2021 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.

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share data)

	June 30,			December 31,
	2022			2021
ASSETS:
Invested Assets
Fixed maturities, at fair value	$	1,021,006		$	1,040,455
Equity securities, at fair value		79,844			47,334
Investment real estate, net		5,798			5,891
Total invested assets		1,106,648			1,093,680
Cash and cash equivalents		316,952			250,508
Restricted cash and cash equivalents		20,125			2,635
Prepaid reinsurance premiums		590,093			240,993
Reinsurance recoverable		33,344			185,589
Premiums receivable, net		79,309			64,923
Property and equipment, net		54,027			53,682
Deferred policy acquisition costs		110,983			108,822
Goodwill		2,319			2,319
Other assets		68,968			52,990
TOTAL ASSETS	$	2,382,768		$	2,056,141

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses	$	186,349		$	346,216
Unearned premiums		943,369			857,769
Advance premium		86,271			53,694
Reinsurance payable, net		637,846			188,662
Long-term debt, net		103,161			103,676
Other liabilities		59,221			76,422
Total liabilities		2,016,217			1,626,439
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock ($0.01 par value)³		—			—
Common stock ($0.01 par value)⁴		471			470
Treasury shares, at cost - 16,400 and 15,797		(234,496	)		(227,115	)
Additional paid-in capital		110,089			108,202
Accumulated other comprehensive income (loss), net of taxes		(88,134	)		(15,568	)
Retained earnings		578,621			563,713
Total stockholders' equity		366,551			429,702
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,382,768		$	2,056,141

Notes:
³ Cumulative convertible preferred stock ($0.01 par value): Authorized - 1,000 shares; Issued - 10 and 10 shares; Outstanding - 10 and 10 shares; Minimum liquidation preference - $9.99 and $9.99 per share.
⁴Common stock ($0.01 par value): Authorized - 55,000 shares; Issued - 47,116 and 47,018 shares; Outstanding 30,716 and 31,221 shares.

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2022			2021		2022			2021
REVENUES
Net premiums earned	$	277,061		$	256,172	$	546,125		$	499,477
Net investment income		5,221			2,858		9,263			5,844
Net realized gains (losses) on investments		(725	)		496		(667	)		1,038
Net change in unrealized gains (losses) of equity securities		(8,884	)		1,229		(12,280	)		735
Commission revenue		11,404			9,860		22,565			18,986
Policy fees		5,940			6,575		10,719			11,962
Other revenue		1,989			1,991		3,763			3,896
Total revenues		292,006			279,181		579,488			541,938

EXPENSES
Losses and loss adjustment expenses		200,304			167,221		385,410			311,184
Policy acquisition costs		54,100			56,766		108,823			113,224
Other operating expenses		25,191			25,100		48,765			51,065
Total operating costs and expenses		279,595			249,087		542,998			475,473
Interest and amortization of debt issuance costs		1,731			35		3,339			55
Income before income taxes		10,680			30,059		33,151			66,410
Income tax expense		3,310			8,118		8,244			18,061
NET INCOME	$	7,370		$	21,941	$	24,907		$	48,349

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SHARE AND PER SHARE INFORMATION
(in thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2022			2021			2022			2021
Weighted average common shares outstanding - basic		30,829			31,240			30,987			31,224
Weighted average common shares outstanding - diluted		30,883			31,310			31,060			31,292
Shares outstanding, end of period		30,716			31,269			30,716			31,269
Basic earnings per common share	$	0.24		$	0.70		$	0.80		$	1.55
Diluted earnings per common share	$	0.24		$	0.70		$	0.80		$	1.54
Cash dividend declared per common share	$	0.16		$	0.16		$	0.32		$	0.32
Book value per share, end of period	$	11.93		$	15.37		$	11.93		$	15.37
Annualized return on average common equity (ROCE)		7.7	%		18.8	%		12.5	%		20.8	%

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
SUPPLEMENTARY INFORMATION
(in thousands, except for Policies In Force data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2022			2021			2022			2021
*Premiums*
Direct premiums written - Florida	$	453,168		$	400,370		$	787,605		$	707,381
Direct premiums written - Other States		79,359			73,257			141,403			131,560
Direct premiums written - Total	$	532,527		$	473,627		$	929,008		$	838,941
Direct premiums earned	$	428,805		$	392,574		$	843,408		$	768,180
Net premiums earned	$	277,061		$	256,172		$	546,125		$	499,477

*Underwriting Ratios - Net*
Loss and loss adjustment expense ratio		72.3	%		65.3	%		70.6	%		62.3	%
Policy acquisition cost ratio		19.5	%		22.2	%		19.9	%		22.7	%
Other operating expense ratio		9.1	%		9.8	%		8.9	%		10.2	%
Expense ratio		28.6	%		32.0	%		28.8	%		32.9	%
Combined ratio		100.9	%		97.3	%		99.4	%		95.2	%

*Other Items*
(Favorable)/Unfavorable prior year's reserve development	$	3,710		$	7,731		$	4,365		$	6,494
Points on the loss and loss adjustment expense ratio	1.3 pts			3.0 pts			0.8 pts			1.3 pts

	As of
	June 30,
		2022		2021
Policies in force
Florida		654,276		723,390
Other States		240,342		253,861
Total		894,618		977,251

Premiums in force
Florida	$	1,473,193	$	1,345,532
Other States		293,349		273,044
Total	$	1,766,542	$	1,618,576

Total Insured Value
Florida	$	202,691,987	$	200,600,028
Other States		118,766,758		112,637,726
Total	$	321,458,745	$	313,237,754

	Three Months Ended June 30, 2022
	Direct		Loss Ratio		Ceded		Loss Ratio		Net		Loss Ratio
Premiums earned	$	428,805			$	151,744			$	277,061

Loss and loss adjustment expenses:
Core losses	$	196,630	45.9	%	$	36	—	%	$	196,594	71.0	%
Weather events⁵		—	—	%		—	—	%		—	—	%
Prior year's reserve development		63,600	14.8	%		59,890	39.5	%		3,710	1.3	%
Total losses and loss adjustment expenses	$	260,230	60.7	%	$	59,926	39.5	%	$	200,304	72.3	%

⁵Includes only current year weather events beyond those expected.

	Three Months Ended June 30, 2021
	Direct		Loss Ratio		Ceded			Loss Ratio		Net		Loss Ratio
Premiums earned	$	392,574				136,402				$	256,172

Loss and loss adjustment expenses:
Core losses	$	159,412	40.6	%	$	(78	)	(0.1	)%	$	159,490	62.3	%
Weather events⁵		—	—	%		—		—	%		—	—	%
Prior year's reserve development		116,890	29.8	%		109,159		80.0	%		7,731	3.0	%
Total losses and loss adjustment expenses	$	276,302	70.4	%	$	109,081		80.0	%	$	167,221	65.3	%

⁵Includes only current year weather events beyond those expected.

	Six Months Ended June 30, 2022
	Direct		Loss Ratio		Ceded		Loss Ratio		Net		Loss Ratio
Premiums earned	$	843,408			$	297,283			$	546,125

Loss and loss adjustment expenses:
Core losses	$	376,580	44.7	%	$	80	—	%	$	376,500	69.0	%
Weather events⁵		4,545	0.5	%		—	—	%		4,545	0.8	%
Prior year's reserve development		74,260	8.8	%		69,895	23.5	%		4,365	0.8	%
Total losses and loss adjustment expenses	$	455,385	54.0	%	$	69,975	23.5	%	$	385,410	70.6	%

⁵Includes only current year weather events beyond those expected.

	Six Months Ended June 30, 2021
	Direct		Loss Ratio		Ceded			Loss Ratio		Net		Loss Ratio
Premiums earned	$	768,180			$	268,703				$	499,477

Loss and loss adjustment expenses:
Core losses	$	304,640	39.7	%	$	(50	)	—	%	$	304,690	61.0	%
Weather events⁵		—	—	%		—		—	%		—	—	%
Prior year's reserve development		208,960	27.2	%		202,466		75.3	%		6,494	1.3	%
Total losses and loss adjustment expenses	$	513,600	66.9	%	$	202,416		75.3	%	$	311,184	62.3	%

⁵Includes only current year weather events beyond those expected.

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except for per share data)

GAAP revenue to core revenue
	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2022			2021		2022			2021
GAAP revenue	$	292,006		$	279,181	$	579,488		$	541,938
less: Net realized gains (losses) on investments		(725	)		496		(667	)		1,038
less: Net change in unrealized gains (losses) of equity securities		(8,884	)		1,229		(12,280	)		735
Core revenue	$	301,615		$	277,456	$	592,435		$	540,165

GAAP income before income taxes to adjusted operating income
	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2022			2021		2022			2021
GAAP income before income taxes	$	10,680		$	30,059	$	33,151		$	66,410
add: Interest and amortization of debt issuance costs		1,731			35		3,339			55
GAAP operating income		12,411			30,094		36,490			66,465
less: Net realized gains (losses) on investments		(725	)		496		(667	)		1,038
less: Net change in unrealized gains (losses) of equity securities		(8,884	)		1,229		(12,280	)		735
Adjusted operating income	$	22,020		$	28,369	$	49,437		$	64,692

GAAP operating income margin to adjusted operating income margin
	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2022			2021			2022			2021
GAAP operating income (a)	$	12,411		$	30,094		$	36,490		$	66,465
GAAP revenue (b)		292,006			279,181			579,488			541,938
GAAP operating income margin (a÷b)		4.3	%		10.8	%		6.3	%		12.3	%
Adjusted operating income (c)		22,020			28,369			49,437			64,692
Core revenue (d)		301,615			277,456			592,435			540,165
Adjusted operating income margin (c÷d)		7.3	%		10.2	%		8.3	%		12.0	%

GAAP net income (NI) to adjusted NI attributable to common stockholders
	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2022			2021		2022			2021
GAAP NI	$	7,370		$	21,941	$	24,907		$	48,349
less: Preferred dividends		2			2		5			5
GAAP NI attributable to common stockholders (e)		7,368			21,939		24,902			48,344
less: Net realized gains (losses) on investments		(725	)		496		(667	)		1,038
less: Net change in unrealized gains (losses) of equity securities		(8,884	)		1,229		(12,280	)		735
add: Income tax effect on above adjustments		(2,329	)		413		(3,138	)		424
Adjusted NI attributable to common stockholders (f)	$	14,648		$	20,627	$	34,711		$	46,995

Weighted average diluted common shares outstanding (g)		30,883			31,310		31,060			31,292
Diluted earnings per common share (e÷g)	$	0.24		$	0.70	$	0.80		$	1.54
Diluted adjusted earnings per common share (f÷g)	$	0.47		$	0.65	$	1.12		$	1.50

GAAP stockholders' equity to adjusted common stockholders' equity
	As of
	June 30,			June 30,			December 31,
		2022			2021			2021
GAAP stockholders' equity	$	366,551		$	480,842		$	429,702
less: Preferred equity		100			100			100
Common stockholders' equity (h)		366,451			480,742			429,602
less: Accumulated other comprehensive (loss), net of taxes		(88,134	)		(5,571	)		(15,568	)
Adjusted common stockholders' equity (i)	$	454,585		$	486,313		$	445,170

Shares outstanding (j)		30,716			31,269			31,221
Book value per common share (h÷j)	$	11.93		$	15.37		$	13.76
Adjusted book value per common share (i÷j)	$	14.80		$	15.55		$	14.26

GAAP return on common equity (ROCE) to adjusted ROCE
	Three Months Ended						Six Months Ended						Year Ended
	June 30,						June 30,						December 31,
		2022			2021			2022			2021			2021
Annualized NI attributable to common stockholders (k)	$	29,472		$	87,756		$	49,804		$	96,688		$	20,397
Average common stockholders' equity (l)		381,346			467,654			398,027			464,952			439,382
ROCE (k÷l)		7.7	%		18.8	%		12.5	%		20.8	%		4.6	%
Annualized adjusted NI attributable to common stockholders (m)	$	58,592		$	82,508		$	69,422		$	93,990		$	18,959

Adjusted average common stockholders' equity⁶(n)		458,292			476,567			454,782			465,392			444,775
Adjusted ROCE (m÷n)		12.8	%		17.3	%		15.3	%		20.2	%		4.3	%

⁶Adjusted average common stockholders' equity excludes current period after-tax net realized gains (losses) on investments and net change in unrealized gains (losses) of equity securities.

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Universal Reports Second Quarter 2022 Results