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Learn moreUnited Fire Group, Inc. reports third quarter 2026 results
Third quarter 2026 highlights compared to third quarter 2025, unless otherwise noted:(1)
- Net income decreased $4.1 million to $35.1 million.
- Net investment income increased 13% to $29.3 million.
- Combined ratio increased 2.7 points to 94.6%, composed of an underlying loss ratio of 57.3%, catastrophe loss ratio of 2.4%, no prior year reserve development, and underwriting expense ratio of 34.9%.
- Underlying combined ratio increased 1.6 points to 92.2%.
- Net written premium(2) increased 13% to $371.4 million.
- Book value per share decreased $0.37 to $36.51 as of September 30, 2026, compared to December 31, 2025.
- Adjusted book value per share increased $3.07 to $40.94 as of September 30, 2026, compared to December 31, 2025.
- Return on equity was 14.0% for the nine months ended September 30, 2026.
CEDAR RAPIDS, IOWA, November 3, 2026 — United Fire Group, Inc. (UFG) (Nasdaq: UFCS) today reported financial results for the quarter ended September 30, 2026, with net income decreasing 10% over the prior year to $35.1 million ($1.34 per diluted share) and adjusted operating income decreasing 11% over the prior year to $35.1 million ($1.34 per diluted share).
In the third quarter of 2026, net written premium increased 13% compared to the prior-year quarter, led by growth in the company's core commercial business. The combined ratio increased 2.7 points to 94.6% as compared to the third quarter of 2025, which was the company's best third quarter combined ratio in nearly 20 years. Prior year reserve development remained neutral overall. Net investment income increased 13% to $29.3 million in the third quarter.
On a year-to-date basis, the company achieved record net income and earnings per share. The year-to-date combined ratio of 95.2% is the best in more than a decade, improving 0.7 points over prior year due to decreases in the expense ratio and catastrophe loss ratio. Return on equity improved to 14%.
“UFG delivered its strongest quarter of 2026, contributing to an exceptional first nine months of the year,” said President and CEO Kevin Leidwinger. “The quarter's overall performance reflects the quality of the portfolio we have built by deepening our underwriting expertise, strengthening our distribution partnerships, expanding our capabilities and improving operational effectiveness.
“Through the first nine months of 2026, we generated record earnings, achieved a 14.0% return on equity and produced a 95.2% combined ratio.
“Looking ahead, we believe we are well positioned to navigate an evolving market. Our focus remains on pursuing profitable growth opportunities, maintaining underwriting discipline, delivering consistent profitability and creating long-term value for our shareholders.”
(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.