UFCS · United Fire Group, Inc.

United Fire Group reported a strong first quarter 2026, with net income surging 70% to $30.1 million ($1.15 per diluted share) from $17.7 million ($0.67 per diluted share) in the prior-year quarter. Adjusted operating income rose 65% to $30.3 million ($1.16 per diluted share). The improvement was driven by robust premium growth and better underwriting profitability. Net written premium increased 12.4% to $376.9 million, fueled by 11.4% growth in core commercial lines, higher retention, and average renewal premium increases of 6.0% (4.3% from rate and 1.7% from exposure). The combined ratio improved 3.8 points to 95.6%, benefiting from a 3.0-point improvement in the underwriting expense ratio to 34.9% (due to business growth and non-recurring prior-year expenses) and a 1.3-point reduction in catastrophe losses to 3.7%. The underlying loss ratio edged up 0.5 points to 57.0%, reflecting changes in assumed reinsurance, partially offset by lower frequency and earned rate achievement. Net investment income grew 15% to $27.0 million, driven by higher yields and portfolio growth. Book value per share increased to $37.06 from $36.88 at year-end 2025, while adjusted book value per share rose to $38.61. Management highlighted record net written premium, improved underwriting profitability, and the highest first-quarter earnings per share in seven years, attributing the momentum to strategic execution and transformative actions. The company declared a $0.20 per share dividend in the quarter.