NASDAQ: UFCS
UNITED FIRE GROUP INCCIK 0000101199 · SIC 6331 · Fire, Marine & Casualty Insurance
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United Fire Group reports Q2 net income up 45% to $1.29/share on 95.3% combined ratio
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United Fire Group schedules Q2 2026 earnings release for August 3, conference call August 4
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United Fire Group shareholders approve 92% increase in director stock plan shares to 865,114
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United Fire Group declares $0.20 dividend, extends buyback program through 2028
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UFCS Q1 2026: revenue $369.4M, net income $30.1M. Combined ratio improves 380bp to 69.8% as premium growth accelerates to 12.4%
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United Fire Group reports Q1 2026 earnings in routine 8-K filing
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United Fire Group schedules Q1 2026 earnings release for May 5, conference call May 6
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Latest financial statements
From 10-Q filed Aug 4, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(In thousands, except share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Net earned premium | 354,127 | 314,802 | 697,102 | 623,213 |
| Net investment income | 28,928 | 21,673 | 55,968 | 45,131 |
| Net investment gains (losses) | (428) | (1,002) | (682) | (1,756) |
| Other income (loss) | 1,099 | — | 780 | — |
| Total revenues | 383,726 | 335,473 | 753,168 | 666,588 |
| Benefits, Losses and Expenses | ||||
| Losses and loss settlement expenses | 212,274 | 193,732 | 420,399 | 383,428 |
| Amortization of deferred policy acquisition costs | 84,041 | 74,413 | 166,082 | 151,767 |
| Other underwriting expenses | 41,158 | 35,307 | 78,725 | 74,893 |
| Interest expense | 3,186 | 2,484 | 6,369 | 4,967 |
| Other non-underwriting expenses | 1,123 | 335 | 1,637 | 477 |
| Total benefits, losses and expenses | 341,782 | 306,271 | 673,212 | 615,532 |
| Income (loss) before income taxes | 41,944 | 29,202 | 79,956 | 51,056 |
| Income tax expense (benefit) | 8,579 | 6,255 | 16,539 | 10,409 |
| Net Income (loss) | 33,365 | 22,947 | 63,417 | 40,647 |
| Earnings (loss) per common share: | ||||
| Basic | 1.30 | 0.90 | 2.48 | 1.60 |
| Diluted | 1.29 | 0.87 | 2.45 | 1.54 |
| Weighted average common shares outstanding: | ||||
| Basic | 25,676,853 | 25,471,114 | 25,619,153 | 25,431,418 |
| Diluted | 25,895,535 | 26,390,660 | 25,863,700 | 26,350,813 |
Consolidated Balance Sheets
(In thousands, except share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Investments: | ||
| Fixed maturities, available-for-sale, at fair value (amortized cost $2,340,146 and $2,239,173) | 2,283,519 | 2,205,350 |
| Mortgage loans (net of allowance for credit loss of $284 and $286) | 30,522 | 30,830 |
| Other long-term investments | 220,933 | 228,507 |
| Total investments | 2,534,974 | 2,464,687 |
| Cash and cash equivalents | 139,445 | 156,332 |
| Accrued investment income | 18,655 | 18,243 |
| Premiums receivable (net of allowance for doubtful accounts of $2,508 and $1,899) | 599,693 | 497,920 |
| Deferred policy acquisition costs | 175,889 | 158,184 |
| Property and equipment, at cost (less accumulated depreciation of $86,503 and $85,555) | 128,062 | 132,631 |
| Reinsurance receivables (net of allowance for credit losses of $85 and $121) | 236,195 | 238,508 |
| Prepaid reinsurance premiums | 34,383 | 32,357 |
| Intangible assets | 3,020 | 3,197 |
| Deferred tax asset | 19,686 | 15,448 |
| Income taxes receivable | — | 532 |
| Other assets | 124,364 | 122,750 |
| Total assets | 4,014,366 | 3,840,789 |
| Liabilities | ||
| Losses and loss settlement expenses | 1,990,417 | 1,924,826 |
| Unearned premium | 749,507 | 660,210 |
| Accrued expenses and other liabilities | 149,250 | 168,383 |
| Income taxes payable | 1,505 | — |
| Long term debt | 146,350 | 146,200 |
| Total liabilities | 3,037,029 | 2,899,619 |
| Stockholders' Equity | ||
| Common stock, $0.001 par value; authorized 75,000,000 shares; 25,704,420 and 25,522,051 shares issued and outstanding | 26 | 25 |
| Additional paid-in capital | 226,951 | 223,887 |
| Retained earnings | 775,379 | 722,321 |
| Accumulated other comprehensive income (loss), net of tax | (25,019) | (5,063) |
| Total stockholders' equity | 977,337 | 941,170 |
| Total liabilities and stockholders' equity | 4,014,366 | 3,840,789 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash Flows From Operating Activities | ||
| Net income (loss) | 63,417 | 40,647 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
| Net accretion of bond premium | 107 | 799 |
| Depreciation and amortization | 5,601 | 4,992 |
| Stock-based compensation expense | 5,300 | 3,699 |
| Net investment (gains) losses | 1,005 | 1,900 |
| Deferred income tax expense (benefit) | 1,072 | (6,370) |
| Changes in: | ||
| Accrued investment income | (412) | (523) |
| Premiums receivable | (101,773) | (61,859) |
| Deferred policy acquisition costs | (17,705) | (14,752) |
| Reinsurance receivables | 2,313 | (16,993) |
| Prepaid reinsurance premiums | (2,026) | 5,155 |
| Other assets | (2,101) | 14,422 |
| Losses and loss settlement expenses | 65,591 | 63,349 |
| Unearned premium | 89,297 | 78,227 |
| Accrued expenses and other liabilities | (20,687) | (35,150) |
| Income taxes receivable/payable | 2,037 | 8,745 |
| Other, net | (161) | 2,776 |
| Net cash provided by (used in) operating activities | 90,875 | 89,064 |
| Cash Flows From Investing Activities | ||
| Proceeds from sale of available-for-sale investments | 144,612 | 24,318 |
| Proceeds from call and maturity of available-for-sale investments | 150,198 | 111,233 |
| Proceeds from sale of other investments | 12,569 | 6,085 |
| Purchase of available-for-sale investments | (396,702) | (186,832) |
| Purchase of other investments | (5,050) | (29,076) |
| Net purchases and sales of property and equipment | (900) | (4,233) |
| Net cash provided by (used in) investing activities | (95,273) | (78,505) |
| Cash Flows From Financing Activities | ||
| Issuance of common stock | (2,236) | (1,218) |
| Payment of cash dividends | (10,253) | (8,141) |
| Net cash provided by (used in) financing activities | (12,489) | (9,359) |
| Net Change in Cash and Cash Equivalents | (16,887) | 1,200 |
| Cash and Cash Equivalents at Beginning of Period | 156,332 | 200,949 |
| Cash and Cash Equivalents at End of Period | 139,445 | 202,149 |
| Supplemental Disclosures of Cash Flow Information | ||
| Income taxes paid (refunded) | 13,799 | 9,850 |
| Interest paid | 6,219 | 4,869 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗