UFG News

United Fire Group, Inc. reports first quarter 2026 results

Released on: May 5, 2026, 15:01 PM

CEDAR RAPIDS, Iowa, May 05, 2026

First quarter net income of $1.15 per diluted share
and adjusted operating income of $1.16 per diluted share

First quarter 2026 highlights compared to first quarter 2025, unless otherwise noted:⁽¹⁾

Net income increased $12.4 million to $30.1 million.
Net investment income increased 15% to $27.0 million.
Combined ratio improved 3.8 points to 95.6%; composed of an underlying loss ratio of 57.0%, catastrophe loss ratio of 3.7%, no prior year reserve development, and underwriting expense ratio of 34.9%.
Underlying combined ratio improved 2.5 points to 91.9%.
Net written premium⁽²⁾ increased 12% to $376.9 million.
Book value per share increased $0.18 to $37.06 as of March 31, 2026, compared to December 31, 2025.
Adjusted book value per share increased $0.74 to $38.61 as of March 31, 2026, compared to December 31, 2025.
Return on equity was 12.7% as of March 31, 2026.

CEDAR RAPIDS, Iowa, May 05, 2026 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (UFG) (Nasdaq: UFCS) today reported financial results for the quarter ended March 31, 2026, with net income increasing 70% over the prior year to $30.1 million ($1.15 per diluted share) and adjusted operating income increasing 65% over the prior year to $30.3 million ($1.16 per diluted share).

Net written premium grew 12% in the first quarter, driven by growth in the company's core commercial business and lower ceded reinsurance premiums. The combined ratio improved 3.8 points to 95.6% with a notable reduction in the expense ratio and lower catastrophe losses compared to the prior period. Prior year reserve development remained neutral overall and investment income increased 15% to $27.0 million.

“UFG is off to a terrific start in 2026, achieving record net written premium, improved underwriting profitability and higher investment income in the first quarter,” said UFG President and CEO Kevin Leidwinger. “These achievements contributed to a return on equity of approximately 13% and the highest first quarter earnings per share in seven years, reflecting continued positive momentum from the transformative actions we have taken to position the company for long-term success.

“As we begin UFG’s 80th year in business, we are well positioned to navigate the complexities of an evolving market through the ongoing strategic execution of our business plan. We remain focused on profitably growing our business as a disciplined, solution-oriented underwriting company, leveraging our deepened expertise and expanded capabilities to more broadly serve our distribution partners.”

View the full release here.

(1) Underlying loss ratio, underlying combined ratio and adjusted book value per share are non-GAAP financial measures. See Definitions of non-GAAP information and reconciliations to comparable GAAP measures for additional information.

(2) Net written premium is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain performance measures for additional information.