United Fire Group, Inc. (UFG) reported a significant increase in financial performance for the first quarter of 2026, with total revenues reaching $369.4 million, up from $331.1 million in the same period last year, marking a 11.6% increase. The company's net earned premium also rose to $343.0 million, a 11.2% increase from $308.4 million in Q1 2025. Net income for the quarter was $30.1 million, compared to $17.7 million in the prior year, resulting in earnings per share of $1.18, up from $0.70.
The company experienced notable changes in its operational metrics, with net written premiums increasing by 12.4% to $376.9 million, driven by a 5.7% rise in direct written premiums and a 10.8% increase in assumed written premiums. The net loss ratio improved to 60.7% from 61.5%, reflecting better underwriting performance. The combined ratio also improved to 95.6%, down from 99.4% in the previous year, indicating enhanced operational efficiency.
In terms of strategic developments, UFG's investment portfolio grew to $2.49 billion, up from $2.46 billion at the end of 2025. The company reported net investment income of $27.0 million, an increase of $3.6 million year-over-year, primarily due to growth in its fixed income portfolio. The company continues to focus on maintaining a conservative investment strategy, with a significant portion of its investments in high-quality fixed maturities.
Operationally, UFG's employee headcount remained stable, and the company continues to leverage its network of approximately 850 independent insurance agencies across the United States. The company reported a favorable reserve development of $0.2 million for prior accident years, indicating effective claims management. Looking ahead, UFG remains optimistic about its growth prospects, with plans to continue expanding its product offerings and enhancing its underwriting capabilities in response to market conditions. The company also noted potential risks, including the unpredictability of catastrophe losses and competitive pressures in the insurance market.
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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