10-Q · May 6, 2026
United Fire Group (UFCS) reported strong financial results for Q1 2026, significantly beating EPS and revenue estimates. The company experienced a 12.4% increase in net written premiums year-over-year, driven by robust…
Earnings analysis · 10-Q
UFCS earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
United Fire Group delivered a strong Q2: total revenue rose 14.4% year over year to $383.726 million, net income increased 45.4% to $33.365 million, and diluted EPS reached $1.29. Underwriting improved as the combined…
Read full summary
United Fire Group delivered a strong Q2: total revenue rose 14.4% year over year to $383.726 million, net income increased 45.4% to $33.365 million, and diluted EPS reached $1.29. Underwriting improved as the combined ratio declined to 95.3%, driven by lower catastrophe costs and better core commercial results, while investment income increased to $28.928 million. Offsets include sharp workers' compensation loss-ratio deterioration, weaker assumed-reinsurance underwriting, a $20.7 million decline in cash and cash equivalents to $24.1 million since year-end, and a larger unrealized-loss position on fixed-income investments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.29
- Segment
- Property and casualty insurance (sole reportable segment): $354.127 million of net earned premium in Q2 2026.
What stood out
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Revenue growth and EPS acceleration
Q2 total revenue increased 14.4% year over year to $383.726 million from $335.473 million, and rose 4.0% sequentially from $369 million in Q1 2026. Diluted EPS was $1.29, up from $0.87 in Q2 2025 and $1.15 in Q1 2026.
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Combined ratio improves to 95.3%
Underwriting profitability improved: the combined ratio fell 1.1 points year over year to 95.3%, while the net loss ratio declined 1.6 points to 59.9%. Catastrophe losses declined $7.8 million to $9.599 million despite 20 new events.
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Written-premium growth remains solid
Net written premium grew 9.0% to $406.358 million, supported by a 4.6% core-commercial renewal-premium increase, comprising 2.9% rate increases and 1.7% exposure growth.
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Higher yields lift investment income
Net investment income rose $7.3 million year over year to $28.928 million, aided by $5.0 million more fixed-income income; the fixed-income portfolio's pre-tax average yield increased to 4.57% from 4.32%.
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Core commercial underwriting strengthened
Commercial other liability improved materially, with its loss ratio falling 13.0 points to 65.7% on net earned premium growth of $22.200 million to $115.318 million. Commercial fire and allied loss ratio also improved 7.5 points to 42.2%.
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Operating cash flow and book value increased
Six-month operating cash flow was $90.875 million, up $1.811 million from $89.064 million, and stockholders' equity increased $36.1 million to $977.3 million. Book value per share rose $1.14, or 3.1%, to $38.02.
What to watch
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Workers' compensation loss ratio worsened
Workers' compensation loss ratio deteriorated 15.0 points year over year to 71.1%, as net losses and loss-settlement expenses rose to $15.590 million on $21.918 million of earned premium.
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Assumed reinsurance profitability weakened
Reinsurance-assumed loss ratio increased 4.1 points to 65.6%, with management citing higher pricing ratios on several accounts, mix changes and adverse prior-period development. Reinsurance-assumed earned premium was $52.160 million.
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No risk-factor update; rate sensitivity remains
The filing reports 0 material changes to risk factors versus the 2025 Form 10-K. Separately, after-tax unrealized investment losses widened by $18.4 million during the first half to $43.7 million as bond-market interest rates increased.
Management's outlook
The 10-Q provides no quantitative revenue or EPS outlook. Management stated that statutory-dividend restrictions are not expected to have a material impact on meeting cash obligations; UF&C could pay up to $67.8 million of dividends without prior regulatory approval at June 30, 2026.
Earlier filings 4
10-K · February 26, 2026
United Fire Group reports record 2025 top-line and earnings with revenue rising to $1,386 million and diluted EPS to $4.48, driven by higher premiums and margin expansion. The company emphasizes a 'One UFG: Boldly…
10-Q · May 7, 2025
United Fire Group reported Q1 revenue of $331,115,000 (up $35,116,000 or 11.9% vs Q1 2024's $295,999,000) and net income of $17,700,000 (vs $13,502,000 a year ago). Reported basic EPS was $0.70 (diluted $0.67), margins…
10-Q · August 7, 2024
United Fire Group reported total revenues of $301.17M for Q2 2024, up $34.08M (12.8%) vs Q2 2023, with a large improvement in underwriting and investment results but still a small quarterly loss. Income (loss) before…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.