United Fire Group, Inc. (UFG) reported a significant increase in financial performance for the third quarter and nine months ended September 30, 2025, compared to the same periods in 2024. The company achieved total revenues of $354.0 million for the third quarter, up from $323.0 million a year earlier, and $1.02 billion for the nine-month period, compared to $920.1 million in 2024. Net earned premiums rose to $328.4 million in the third quarter, a 9.4% increase from $300.2 million, and for the nine months, net earned premiums increased by 9.6% to $951.6 million. Net income for the third quarter was $39.2 million, or $1.54 per share, compared to $19.7 million, or $0.78 per share, in the prior year. For the nine months, net income reached $79.8 million, or $3.14 per share, up from $30.5 million, or $1.21 per share.
The company’s financial position also improved, with total assets increasing to $3.75 billion as of September 30, 2025, compared to $3.49 billion at the end of 2024. Stockholders' equity rose to $898.7 million, reflecting a significant increase from $781.5 million at the end of the previous year. This growth was primarily driven by net income and a reduction in net unrealized losses on fixed maturity securities. The combined ratio improved to 91.9% for the third quarter, down from 98.2% in the same quarter of 2024, indicating better underwriting performance.
UFG has also made strategic moves, including a focus on expanding its commercial lines of insurance, which contributed to a 5.5% increase in direct written premiums in the third quarter. The company reported a total of $311.9 million in direct written premiums for the quarter, up from $295.7 million in 2024. The company continues to exit certain reinsurance programs, which has led to a decrease in assumed written premiums. The company’s investment portfolio has also seen growth, with total investments reaching $2.27 billion, up from $2.09 billion at the end of 2024.
Operationally, UFG reported a favorable development in reserves, with $5.1 million in favorable prior year reserve development for the nine-month period. The company’s loss and loss settlement expenses were $571.6 million for the nine months, slightly higher than the previous year, but the net loss ratio improved to 60.1% from 65.4%. The company’s outlook remains positive, with management expressing optimism about continued growth in net earned premiums and improvements in underwriting performance. UFG anticipates that its strategic focus on commercial lines and disciplined expense management will support ongoing profitability and shareholder value.
About UNITED FIRE GROUP INC
United Fire Group, Inc. is an Iowa-based insurer specializing in property and casualty insurance through independent agencies. Its core offerings include commercial lines such as fire, liability, auto, workers' compensation, and surety bonds, serving small to middle-market businesses. The company emphasizes strong agency relationships, specialized underwriting, and risk management, with a focus on profitability, innovation, and sustainability in a highly regulated, competitive industry.
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