UFG News
UFG News
United Fire Group, Inc. reports third quarter 2025 results
Released on: Nov 4, 2025, 15:01 PM
Company Release - 11/4/2025 4:01 PM ET
Third quarter net income of $1.49 per diluted share and adjusted operating income of $1.50 per diluted share
Third quarter 2025 highlights compared to third quarter 2024, unless otherwise noted:(1)
- Net income increased $19.4 million to $39.2 million.
- Net investment income increased 6.3% to $26.0 million.
- Combined ratio improved 6.3 points to 91.9%; composed of an underlying loss ratio of 56.0%, catastrophe loss ratio of 1.3%, no prior year reserve development, and underwriting expense ratio of 34.6%.
- Underlying combined ratio improved 3.2 points to 90.6%.
- Net written premium(2) increased 7% to $328.2 million.
- Book value per share increased $4.42 to $35.22 as of September 30, 2025, compared to December 31, 2024.
- Adjusted book value per share increased $2.70 to $36.34 as of September 30, 2025, compared to December 31, 2024.
- Return on equity of 12.7% as of September 30, 2025.
In the third quarter, net written premium grew 7% to $328.2 million led by continued strong production in core commercial lines. Retention and new business volume were strongly above prior year levels with rates increasing 5.8%.
The third quarter combined ratio improved 6.3 points to 91.9%. The underlying loss ratio improved 1.9 points to 56.0%, reflecting the ongoing benefits of continued rate achievement and favorable frequency trends coupled with favorable large loss experience. The catastrophe loss ratio improved 3.1 points to 1.3% on relatively light third quarter catastrophe activity. Prior year reserve development was neutral overall with favorable development across several lines of business enabling continued proactive reinforcement of casualty reserves. The underwriting expense ratio improved 1.3 points to 34.6% due to continued focus on disciplined expense management and business growth. Net investment income increased $1.5 million to $26.0 million, including 17% growth in fixed maturity income.
"UFG delivered another quarter of outstanding results, achieving the best third quarter combined ratio in nearly 20 years while growing net written premium to a third quarter record of $328 million,” said President and CEO Kevin Leidwinger. “The ongoing strategic steps we have taken to deepen our underwriting expertise, evolve our capabilities, better align with our distribution partners and improve our investment returns contributed to a return on equity of 12.7% through the first nine months of 2025, marking the company’s best year-to-date financial performance in almost two decades. The work we have done over the past three years to transform the company continues to materialize in our financial and operational performance. As we remain focused on the execution of our strategic business plan, UFG is well positioned to navigate the evolving industry dynamics and carry the momentum we have built through the end of the year and into 2026.”
View the full release here.