Key Highlights

  • Net income was USD 35.1 million, or USD 1.34 per diluted share, versus USD 39.2 million, or USD 1.49.
  • Net Written Premium rose 13% to USD 371.4 million, and net Investment income rose 13% to USD 29.3 million.
  • The combined ratio was 94.6%, compared with 91.9%, and the underlying combined ratio was 92.2%, compared with 90.6%.
  • Book value per share was USD 36.51, and adjusted Book Value per share was USD 40.94.

Premiums and Combined Ratio

United Fire Group, Inc. (NASDAQ:UFCS), the Cedar Rapids, Iowa-based property and casualty insurer, reported third-quarter 2026 Net Income of USD 35.1 million, down 10% from USD 39.2 million, or USD 1.34 per diluted share versus USD 1.49. Adjusted Operating Income was USD 35.1 million, or USD 1.34 per diluted share, compared with USD 39.5 million, or USD 1.50.

Net written premium rose 13.2% to USD 371.4 million, and net Earned Premium rose 10.4% to USD 362.5 million. The company said growth was led by its core commercial business. Core commercial average renewal premium increased 3.0%, made up of rate increases of 2.0% and exposure changes of 1.0%.

The combined ratio increased 2.7 points to 94.6% from 91.9%. The net loss ratio was 59.7% versus 57.3%, and the Underwriting expense ratio was 34.9% versus 34.6%. Catastrophe losses were 2.4% of premium, compared with 1.3%, and there was no prior-year reserve development. The underlying loss ratio increased to 57.3% from 56.0%, which the company attributes to lower favorable impacts compared with the third quarter of 2025.

Analyst estimates were EPS of USD 1.23 against reported EPS of USD 1.34, and Revenue of USD 384.2 million against reported revenue of USD 362.5 million.

Investment Income and Nine-Month Results

Net investment income was USD 29.3 million, up USD 3.3 million, or 13%. Income from the fixed Maturity portfolio increased by USD 5.6 million as a result of portfolio growth and reinvestment at higher yields. Income on other Long-Term Investments was USD 1.3 million, compared with USD 2.7 million.

For the nine months, net income was USD 98.5 million, or USD 3.78 per diluted share, compared with USD 79.8 million, or USD 3.03, and adjusted operating income was USD 99.0 million, or USD 3.80 per diluted share. Net written premium was USD 1,154.7 million versus USD 1,036.5 million. The combined ratio was 95.2% versus 95.9%, with an expense ratio of 35.1% versus 35.8% and catastrophe losses of 2.9% versus 3.9%. Return on Equity was 14.0% versus 12.7%.

Net investment income for the nine months was USD 85.3 million versus USD 71.1 million. The company reported record net income and Earnings Per Share on a year-to-date basis.

Book Value and Management Comments

Book value per share decreased USD 0.37 to USD 36.51 as of September 30, 2026, compared with December 31, 2025. The company attributes the decrease primarily to unrealized investment losses on fixed maturity securities and Shareholder dividends, partly offset by net income. Adjusted book value per share increased USD 3.07 to USD 40.94.

President and Chief Executive Officer Kevin Leidwinger said the quarter reflects the portfolio the company has built by deepening underwriting expertise, strengthening distribution partnerships, expanding capabilities and improving operational effectiveness. He said the focus remains on profitable growth, underwriting discipline and consistent profitability. The company held its Earnings Call at 9:00 a.m. CT on November 4, 2026.

Items to Follow

Items to follow are core commercial renewal rates, catastrophe losses, the underlying combined ratio and net investment income.