UFCS Q1 2026: Combined ratio improves 380bp to 95.6% as premium growth accelerates to 12.4%

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  Combined ratio improved 3.8 points to 95.6% from 99.4%, driven by 3.0-point expense ratio improvement (to 34.9% from 37.9%) and 0.8-point loss ratio improvement. Expense ratio benefited from business growth and absence of prior-year policy administration system costs.

  MD&A: Underwriting Results verify on EDGAR →
• high

  Net written premium growth accelerated to 12.4% from 4.4% prior year, driven by core commercial lines growth of 11.4% from new business, retention, and 6.0% average renewal pricing increases. Stronger top-line momentum year-over-year.

  MD&A: Premium Growth verify on EDGAR →
• high

  Adjusted operating income rose 65% to $30.3M from $18.3M, driven by $34.6M earned premium growth, 1.3-point catastrophe ratio improvement, 3.0-point expense ratio improvement, and $3.6M higher net investment income. Underlying loss ratio rose modestly 0.5 points to 57.0%.

  MD&A: Operating Income verify on EDGAR →