Tearsheet
UFCS Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About UFCS Interactive Breakdown Better Bets vs. UFCS Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Investor Videos Industry Resource Links External Quote Links

United Fire (UFCS)

Market Price (6/22/2026): $48.25 | Market Cap: $1.2 BilSector: Financials | Industry: Property & Casualty Insurance

United Fire (UFCS)

Market Price (6/22/2026): $48.25
Market Cap: $1.2 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 23%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -96%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%

Low stock price volatility
Vol 12M is 32%

Trading close to highs
Dist 52W High is -1.4%, Dist 3Y High is -1.4%

Key risks
UFCS key risks include [1] increased competition from larger insurers targeting its core small to mid-market commercial customers and [2] financial liabilities from identified rating errors that resulted in overcharges to policyholders.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 23%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -96%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
3 Low stock price volatility
Vol 12M is 32%
4 Trading close to highs
Dist 52W High is -1.4%, Dist 3Y High is -1.4%
5 Key risks
UFCS key risks include [1] increased competition from larger insurers targeting its core small to mid-market commercial customers and [2] financial liabilities from identified rating errors that resulted in overcharges to policyholders.

UFCS in ETFs

Weight = UFCS's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
IJR0.06%
AVUV0.10%
IJS0.06%
IWN0.06%
IJT0.06%
+9 more covered ETFs

Valuation & Metrics

FYE: 12/31UFCS [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$1.4 Bil—
FY 2026 Sales$1.4 Bil—
FY 2027 Sales$1.7 Bil—
FY 2026 Sales Growth0.4%—
FY 2027 Sales Growth16.7%7.7%
EARNINGS
LTM Net Income (GAAP) [3]$130.5 Mil—
FY 2026 Net Income (Non-GAAP)$119.2 Mil—
FY 2027 Net Income (Non-GAAP)$122.3 Mil—
FY 2027 Net Income Growth2.6%15.0%
FY 2026 EPS (Non-GAAP)$4.52—
FY 2027 EPS (Non-GAAP)$4.64—
FY 2027 EPS Growth2.6%—
VALUATION
FY 2026 P/S0.93.2
FY 2027 P/S0.7—
FY 2026 P/E10.320.5
FY 2027 P/E10.1—

[1] UFCS forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
null

AI Analysis | Feedback

MetricValueDateSource
Combined Ratio91.9%11042025Link
Underlying Loss Ratio56%11042025Link
Catastrophe Loss Ratio1.3%11042025Link
Net Written Premium Growth14%8052025Link
Retention Rate86%11042025Link
Rate Increases5.8%11042025Link
Favorable Prior Year Reserve Development1.6%8052025Link
Underwriting Expense Ratio34.9%8052025Link

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/12/2026

United Fire (UFCS) stock has gained about 25% since 2/28/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Earnings Beat. United Fire Group significantly outperformed analyst expectations for its fiscal Q1 2026, which ended on March 31, 2026. The company reported earnings of $1.16 per share, beating the consensus estimate of $0.85 by $0.31, representing a 37.02% positive surprise. Additionally, revenue reached $369.44 million, surpassing analyst estimates of $340.16 million. This robust earnings performance signaled improved profitability and loss cost management.

2. Favorable Property & Casualty (P&C) Industry Trends. The broader U.S. property and casualty insurance sector experienced a strong rebound in fiscal Q1 2026, providing a supportive environment for United Fire Group. The industry recorded a substantial $16.3 billion net underwriting gain, reversing a $1.0 billion loss from fiscal Q1 2025. This turnaround was primarily driven by a 9.3% decline in incurred losses and loss adjustment expenses, a 3.9% increase in net earned premiums, and a significant reduction in catastrophe losses, which fell from an estimated 14.5 points on the combined ratio in Q1 2025 to 4.2 points in Q1 2026. The industry's combined ratio improved by seven points to 92.0.

Show more
Updated on 6/12/2026

United Fire (UFCS) stock has gained about 25% since 2/28/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Earnings Beat. United Fire Group significantly outperformed analyst expectations for its fiscal Q1 2026, which ended on March 31, 2026. The company reported earnings of $1.16 per share, beating the consensus estimate of $0.85 by $0.31, representing a 37.02% positive surprise. Additionally, revenue reached $369.44 million, surpassing analyst estimates of $340.16 million. This robust earnings performance signaled improved profitability and loss cost management.

2. Favorable Property & Casualty (P&C) Industry Trends. The broader U.S. property and casualty insurance sector experienced a strong rebound in fiscal Q1 2026, providing a supportive environment for United Fire Group. The industry recorded a substantial $16.3 billion net underwriting gain, reversing a $1.0 billion loss from fiscal Q1 2025. This turnaround was primarily driven by a 9.3% decline in incurred losses and loss adjustment expenses, a 3.9% increase in net earned premiums, and a significant reduction in catastrophe losses, which fell from an estimated 14.5 points on the combined ratio in Q1 2025 to 4.2 points in Q1 2026. The industry's combined ratio improved by seven points to 92.0.

3. Positive Analyst Sentiment and Price Target Upgrades. Following the strong performance, Wall Street analysts showed increased confidence in UFCS. Multiple firms raised their price targets for the stock, with a notable example being Piper Sandler, which increased its target from $45 to $57 on May 6, 2026, while reiterating a "Buy" rating. The consensus among analysts shifted to a "Buy" or "Strong Buy" rating, with an average price target ranging between $51.00 and $57.00, suggesting further upside potential.

4. Increased Share Repurchase Authorization. On May 20, 2026, United Fire Group demonstrated its commitment to shareholder value by increasing its share repurchase authorization from 1 million to 2 million shares and extending the program through August 31, 2028. This move signals management's positive outlook on the company's valuation and its proactive approach to capital management, which can enhance shareholder returns.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 24.8% change in UFCS stock from 2/28/2026 to 6/21/2026 was primarily driven by a 13.2% change in the company's P/E Multiple.
(LTM values as of)22820266212026Change
Stock Price ($)38.6848.2924.8%
Change Contribution By: 
Total Revenues ($ Mil)1,3881,4262.8%
Net Income Margin (%)8.5%9.2%7.5%
P/E Multiple8.49.513.2%
Shares Outstanding (Mil)2626-0.2%
Cumulative Contribution24.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/21/2026
ReturnCorrelation
UFCS24.8% 
Market (SPY)9.2%10.1%
Sector (XLF)4.7%27.9%

Fundamental Drivers

The 34.0% change in UFCS stock from 11/30/2025 to 6/21/2026 was primarily driven by a 14.5% change in the company's P/E Multiple.
(LTM values as of)113020256212026Change
Stock Price ($)36.0348.2934.0%
Change Contribution By: 
Total Revenues ($ Mil)1,3531,4265.4%
Net Income Margin (%)8.2%9.2%11.3%
P/E Multiple8.39.514.5%
Shares Outstanding (Mil)2626-0.2%
Cumulative Contribution34.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/21/2026
ReturnCorrelation
UFCS34.0% 
Market (SPY)9.9%3.8%
Sector (XLF)1.3%22.5%

Fundamental Drivers

The 74.1% change in UFCS stock from 5/31/2025 to 6/21/2026 was primarily driven by a 78.1% change in the company's Net Income Margin (%).
(LTM values as of)53120256212026Change
Stock Price ($)27.7448.2974.1%
Change Contribution By: 
Total Revenues ($ Mil)1,2871,42610.8%
Net Income Margin (%)5.1%9.2%78.1%
P/E Multiple10.69.5-11.2%
Shares Outstanding (Mil)2526-0.7%
Cumulative Contribution74.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/21/2026
ReturnCorrelation
UFCS74.1% 
Market (SPY)28.1%14.5%
Sector (XLF)6.7%31.2%

Fundamental Drivers

The 143.9% change in UFCS stock from 5/31/2023 to 6/21/2026 was primarily driven by a 90.9% change in the company's P/S Multiple.
(LTM values as of)53120236212026Change
Stock Price ($)19.8048.29143.9%
Change Contribution By: 
Total Revenues ($ Mil)1,0101,42641.2%
P/S Multiple0.50.990.9%
Shares Outstanding (Mil)2326-9.5%
Cumulative Contribution143.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/21/2026
ReturnCorrelation
UFCS143.9% 
Market (SPY)85.7%26.6%
Sector (XLF)77.0%45.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
UFCS Return-6%20%-24%45%30%33%118%
Peers Return42%5%6%24%14%4%132%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
UFCS Win Rate58%50%50%58%50%67% 
Peers Win Rate68%47%53%60%57%57% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
UFCS Max Drawdown-43%-32%-41%-25%-14%-12% 
Peers Max Drawdown-13%-22%-20%-14%-15%-12% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CINF, THG, SIGI, ORI, AFG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventUFCSS&P 500
2024 Yen Carry Trade Unwind
  % Loss-10.2%-7.8%
  % Gain to Breakeven11.4%8.5%
  Time to Breakeven17 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-19.5%-9.5%
  % Gain to Breakeven24.3%10.5%
  Time to Breakeven138 days24 days
2023 SVB Regional Banking Crisis
  % Loss-23.3%-6.7%
  % Gain to Breakeven30.3%7.1%
  Time to Breakeven537 days31 days
2020 COVID-19 Crash
  % Loss-42.1%-33.7%
  % Gain to Breakeven72.9%50.9%
  Time to Breakeven2158 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-11.3%-3.7%
  % Gain to Breakeven12.8%3.9%
  Time to Breakeven8 days6 days
2013 Taper Tantrum
  % Loss-11.0%-0.2%
  % Gain to Breakeven12.4%0.2%
  Time to Breakeven9 days1 days

Compare to CINF, THG, SIGI, ORI, AFG

In The Past

United Fire's stock fell -3.0% during the 2025 US Tariff Shock. Such a loss loss requires a 3.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventUFCSS&P 500
2023 SVB Regional Banking Crisis
  % Loss-23.3%-6.7%
  % Gain to Breakeven30.3%7.1%
  Time to Breakeven537 days31 days
2020 COVID-19 Crash
  % Loss-42.1%-33.7%
  % Gain to Breakeven72.9%50.9%
  Time to Breakeven2158 days140 days
2008-2009 Global Financial Crisis
  % Loss-56.8%-53.4%
  % Gain to Breakeven131.4%114.4%
  Time to Breakeven1597 days1085 days

Compare to CINF, THG, SIGI, ORI, AFG

In The Past

United Fire's stock fell -3.0% during the 2025 US Tariff Shock. Such a loss loss requires a 3.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About United Fire (UFCS)

United Fire Group, Inc. (UFCS) is an insurance company that provides property and casualty insurance solutions for both individuals and businesses across the United States. Established in 1946 and headquartered in Cedar Rapids, Iowa, the company helps mitigate financial risks associated with various types of property damage and liability claims.

The company's offerings are categorized into commercial and personal lines. Commercial policies cover a broad spectrum, including fire and allied lines, general liability, automobile, workers' compensation, and specialized coverage like fidelity and surety. For individuals, United Fire provides personal automobile insurance and fire and allied lines coverage, most notably homeowners policies. Additionally, UFCS offers commercial multiple peril and inland marine insurance, along with assumed reinsurance products.

United Fire distributes its insurance products exclusively through an extensive network of independent insurance agencies. This agency model allows the company to reach its diverse customer base effectively throughout the U.S. market.

AI Analysis | Feedback

Here are 1-3 brief analogies for United Fire (UFCS):

  • A regional Travelers or Nationwide for property and casualty insurance.

  • Like a smaller Allstate or State Farm, distributing policies through independent agents.

AI Analysis | Feedback

  • Commercial Property & Casualty Insurance: Provides various insurance coverages for businesses, including fire, liability, automobile, workers' compensation, and specialized perils like inland marine.
  • Personal Property & Casualty Insurance: Offers insurance solutions for individuals, primarily covering automobiles and homeowners' property and related risks.
  • Assumed Reinsurance Products: Provides insurance coverage to other insurance companies, helping them manage their own risk exposure.

AI Analysis | Feedback

Major Customers of United Fire (UFCS)

United Fire (UFCS) provides property and casualty insurance to a broad base of policyholders rather than a few major named customers. Based on its business model, its customers can be categorized as follows:

  • Individuals: Policyholders seeking personal lines of insurance, such as automobile and homeowners (fire and allied lines) coverage.
  • Businesses: Policyholders seeking commercial lines of insurance, including fire and allied lines, other liability, automobile, workers' compensation, and fidelity and surety coverage.
  • Other Insurance Companies: As a provider of assumed reinsurance products, United Fire also serves other insurance companies by taking on a portion of their underwriting risks.

AI Analysis | Feedback

  • Swiss Re (SWCEY)
  • Munich Re (MURGY)

AI Analysis | Feedback

```html Kevin J. Leidwinger, President and Chief Executive Officer

Kevin J. Leidwinger joined United Fire Group (UFG) as President and Chief Executive Officer in August 2022, bringing over 30 years of experience in the insurance industry. Prior to his role at UFG, he served as President and Chief Operating Officer of CNA Commercial. Before joining CNA in 2015, Leidwinger was the Global Casualty Manager for Chubb, where he was responsible for the company's worldwide portfolio across various casualty, liability, and underwriting lines. He also served as the 2021 board chair of the National Council on Compensation Insurance (NCCI).

Eric J. Martin, Executive Vice President and Chief Financial Officer

Eric J. Martin was appointed Executive Vice President and Chief Financial Officer of UFG Insurance in 2022. He brings nearly 30 years of experience to UFG, having spent over 20 years at Transamerica/AEGON Americas. His most recent position at Transamerica was Head of Enterprise Transformation from 2020 to 2022. During his tenure at Transamerica, he held numerous leadership roles, including Chief Operating Officer, Individual Solutions and Retail Affiliates; Senior Vice President, Controller and Head of Finance; President, Transamerica Business Services; Senior Vice President, Chief Accounting Officer; Senior Vice President, Director of Finance; Vice President & Controller; and Corporate Division Controller. Martin also spent eight years at the accounting firm Ernst & Young.

Julie A. Stephenson, Executive Vice President and Chief Operating Officer

Julie A. Stephenson serves as the Executive Vice President and Chief Operating Officer of UFG Insurance. She is responsible for the company's operational strategies and execution.

Steven D. Hernandez, Senior Vice President and Chief Human Resources Officer

Steven D. Hernandez joined UFG as Chief Human Resources Officer in 2024, bringing over 30 years of industry experience to his role. He previously held leadership positions at CNA Insurance and Chubb Group of Insurance Companies, gaining extensive experience in areas such as performance management, learning and development, organizational design, change management, and diversity, equity, and inclusion (DE&I).

Sarah E. Madsen, Senior Vice President and Chief Legal Officer

Sarah E. Madsen holds the position of Senior Vice President and Chief Legal Officer at UFG Insurance.

```

AI Analysis | Feedback

The key risks to United Fire Group, Inc. (UFCS) primarily stem from the inherent volatility of the property and casualty insurance sector and broader economic and environmental trends.

  1. Increasing Frequency and Severity of Catastrophe and Weather-Related Losses: United Fire Group, as a property and casualty insurer, is highly exposed to natural disasters and extreme weather events. There is a growing trend of increased frequency and severity of these events, driven by climate change, which directly impacts underwriting results and profitability. Such events can lead to substantial insured losses, affecting the company's operations and financial condition.

  2. Social Inflation and Rising Claims Costs: The company faces significant challenges from social inflation, which encompasses rising claims costs, increasing litigation rates, and higher jury awards. These trends are exacerbated by factors like the reopening of courts and increasing involvement of litigation funding, leading to more frequent and costly claims and putting pressure on loss ratios and overall profitability.

  3. Intense Market Competition and Underwriting/Pricing Challenges: United Fire Group operates in a highly competitive property and casualty insurance market, competing with both domestic and foreign insurers. As a smaller player, it faces challenges from larger rivals increasingly targeting its small and mid-market customers. The cyclical nature of the market, coupled with the need for accurate underwriting and pricing to reflect evolving risks, presents ongoing pressure on market share, premium growth, and profitability.

AI Analysis | Feedback

The clear emerging threat for United Fire (UFCS) is the rise of direct-to-consumer digital insurance platforms and insurtech companies. These new models bypass United Fire's traditional independent agency distribution network by offering insurance policies directly to consumers online or through mobile applications, often leveraging advanced data analytics and a streamlined user experience. This parallels the disruption seen with Netflix challenging Blockbuster's brick-and-mortar distribution or Uber disrupting traditional taxi services by offering a more convenient, tech-driven alternative.

AI Analysis | Feedback

United Fire Group, Inc. (UFCS) operates within the United States property and casualty insurance market. The addressable markets for its main products and services in the U.S. are as follows:

  • Property and Casualty (P&C) Insurance: The U.S. property and casualty insurance market was valued at approximately USD 1.10 trillion in 2025 and is projected to reach USD 1.33 trillion by 2030. Another estimate places the U.S. market size at USD 1.14 trillion in 2026, with a projection to grow to USD 1.39 trillion by 2031.
  • Commercial Insurance: The U.S. commercial insurance market size reached USD 294.6 billion in 2024 and is expected to grow to USD 489.1 billion by 2033. The market was also valued at USD 271.93 billion in 2025, with a forecast to reach USD 416.83 billion by 2035.
  • Personal Insurance: Personal lines accounted for 50.05% of the U.S. property and casualty insurance market share in 2025. Based on a total U.S. P&C market size of USD 1.10 trillion in 2025, the personal insurance market would be approximately USD 550 billion in 2025.
  • Reinsurance: The U.S. reinsurance market was valued at USD 149.3 billion in 2025 and is anticipated to reach USD 212.5 billion by 2034. Another report estimated the U.S. reinsurance market size at USD 220.05 billion in 2024, projected to grow to USD 630.10 billion by 2034.
  • Inland Marine Insurance: U.S. inland marine direct premiums written increased to USD 29.82 billion in 2021.
  • Workers' Compensation Insurance: The market size for Workers' Compensation Insurance in the U.S. was USD 51.9 billion in 2024 and USD 51.2 billion in 2025. Total net written premiums for private carriers, including state fund data, amounted to USD 46.3 billion in 2024.
  • Fidelity and Surety Coverage: The global surety market was valued at US$ 20.26 billion in 2024 and is projected to reach US$ 31.85 billion by 2031. North America is estimated to hold the largest share of the global surety market.
  • Homeowners Insurance: The market size of Homeowners' Insurance in the U.S. was USD 171.7 billion in 2024 and USD 175.1 billion in 2025. Direct written premiums in the U.S. homeowners insurance market rose to nearly USD 173.1 billion in 2024. The U.S. Homeowners Insurance Market size is expected to increase from USD 175.60 billion in 2025 to USD 184.59 billion in 2026.
  • Automobile Insurance: The market size of Automobile Insurance in the U.S. was USD 352.3 billion in 2024 and USD 352.9 billion in 2025. Other estimates show the total automobile sector's direct written premiums increasing to USD 431.69 billion in 2024, and the U.S. Motor Insurance Market size projected to be USD 487.65 billion in 2025 and USD 532.45 billion in 2026.

AI Analysis | Feedback

United Fire Group, Inc. (UFCS) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic initiatives and favorable market conditions.

  1. Continued Growth in Net Written Premium through New Business and Retention: The company reported a 9% increase in full-year net written premium to over $1.3 billion in 2025, driven by record new business production and strong retention in its core commercial business. Management noted an 11% compounded annual growth rate in net written premium between 2022 and 2025, reflecting both rate and exposure growth, a trend expected to continue.
  2. Enhanced Underwriting Profitability through Disciplined Practices and Technology Investments: United Fire Group has significantly improved its underwriting profit, which jumped from $9 million in 2024 to $67 million in 2025. This improvement is attributed to enhanced underwriting practices and a more refined business appetite. Additionally, strategic investments in technology, including a new policy administration system, underwriter workbench, and artificial intelligence-based tools, are expected to further improve operational efficiency and expand underwriting capabilities, leading to more profitable growth.
  3. Sustainable Growth in Net Investment Income: Net investment income has emerged as a significant contributor to the company's financial performance, growing by nearly 20% in 2025 and more than doubling since 2022 to $98 million. This growth is a result of higher yields flowing through the portfolio and strategic portfolio management actions, indicating a sustainable tailwind for revenue.
  4. Leveraging Distribution Partnerships and Expanded Capabilities: The company's deepened expertise, evolved capabilities, and improved alignment with its network of approximately 850 independent agencies are enabling it to serve customers more broadly. This strategic focus on distribution partners and enhanced capabilities is expected to drive continued profitable growth by expanding its reach and offering solutions to a wider customer base.

AI Analysis | Feedback

Share Repurchases

  • In 2021, United Fire Group repurchased 5,120,496 shares of its common stock for an aggregate cost of approximately $34.5 million.
  • In 2023, the company repurchased 899,011 shares of its common stock for a total cost of $14.6 million.
  • As of December 31, 2024, 1,719,326 shares of common stock remained authorized for future repurchases under a program renewed through August 2026. Additionally, a $10.0 million stock repurchase program was approved in February 2025, with $4.5 million utilized to repurchase shares during the first quarter of 2025.

Share Issuance

  • In 2022, the company's equity increased by $197.1 million due to the issuance of 8.6 million shares for the acquisition of Suncrest.
  • Throughout Fiscal 2022, treasury shares were issued to employees upon the vesting of restricted stock units and performance stock units, and to non-employee directors upon the issuance of service-based restricted stock awards.
  • United Fire Group has issued common stock as part of its capital management strategy to support growth and shareholder value.

Outbound Investments

  • United Fire Group maintains an investment portfolio of approximately $2.5 billion, comprising diverse fixed maturities, mortgage loans, and other long-term investments, aimed at optimizing returns while managing risk.
  • The company's portfolio includes approximately $100 million in limited partnership investments, which generated an annualized return of roughly 10% in the fourth quarter of 2025.
  • As of December 31, 2024, United Fire Group had a remaining contractual commitment of $23.1 million for future capital contributions to its limited liability partnership investments through 2030.

Capital Expenditures

  • United Fire Group's capital expenditures were $17 million in Q4 2023, $14 million in Q4 2024, and $6.45 million in Q4 2025, based on available quarterly data.
  • Significant investments in technology have been made, contributing to an increase in the underwriting expense ratio in Q1 2025.
  • The company continues to focus on investing in its future.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Top Gainers

TickerCompanyCategory1W RtnYTD Rtn
EWYiShares MSCI South Korea ETFEquity10.2%125.5%
SOXXiShares Semiconductor ETFEquity8.9%112.5%
SOXQInvesco PHLX Semiconductor ETFEquity8.8%102.2%
SMHVanEck Semiconductor ETFEquity8.3%83.2%
URAGlobal X Uranium ETFEquity6.6%11.8%
ARKKARK Innovation ETFEquity6.3%4.3%
SPMOInvesco S&P 500 Momentum ETFEquity6.2%34.4%
MTUMiShares MSCI USA Momentum Factor ETFEquity6.1%35.4%
XBIState Street SPDR S&P Biotech ETFEquity6.0%15.4%
RINGiShares MSCI Global Gold Miners ETFEquity5.9%-3.1%

Top Losers

TickerCompanyCategory1W RtnYTD Rtn
NASATema Space Innovators ETFEquity-11.3%24.1%
USOUnited States Oil Fund LPCommodity-10.8%66.1%
XOPState Street SPDR S&P Oil & Gas Explo...Equity-6.2%21.5%
XLEState Street Energy Select Sector SPD...Equity-5.9%21.1%
FXNFirst Trust Energy AlphaDEX FundEquity-5.5%22.5%
KWEBKraneShares CSI China Internet ETFEquity-5.0%-25.9%
COMTiShares GSCI Commodity Dynamic Roll S...Commodity-4.7%26.0%
FXIiShares China Large-Cap ETFEquity-4.6%-13.0%
PDBCInvesco Optimum Yield Diversified Com...Commodity-4.3%24.5%
DBCInvesco DB Commodity Index Tracking FundCommodity-4.2%23.6%

Top Gainers

TickerCompanyCategory1M RtnYTD Rtn
SOXXiShares Semiconductor ETFEquity28.7%112.5%
SOXQInvesco PHLX Semiconductor ETFEquity26.7%102.2%
EWYiShares MSCI South Korea ETFEquity26.0%125.5%
SMHVanEck Semiconductor ETFEquity21.3%83.2%
MTUMiShares MSCI USA Momentum Factor ETFEquity15.7%35.4%
SPMOInvesco S&P 500 Momentum ETFEquity13.7%34.4%
VLUEiShares MSCI USA Value Factor ETFEquity12.1%46.8%
AGIXKraneShares Artificial Intelligence ETFEquity11.3%30.9%
XBIState Street SPDR S&P Biotech ETFEquity11.0%15.4%
XLKState Street Technology Select Sector...Equity10.5%33.1%

Top Losers

TickerCompanyCategory1M RtnYTD Rtn
USOUnited States Oil Fund LPCommodity-24.9%66.1%
ETHAiShares Ethereum Trust ETFCryptocurrency-19.1%-42.6%
IBITiShares Bitcoin Trust ETFCryptocurrency-18.1%-28.3%
FBTCFidelity Wise Origin Bitcoin FundCryptocurrency-18.0%-28.2%
COMTiShares GSCI Commodity Dynamic Roll S...Commodity-14.1%26.0%
XOPState Street SPDR S&P Oil & Gas Explo...Equity-14.1%21.5%
PPLTETFS Physical Platinum SharesCommodity-13.8%-17.6%
DBCInvesco DB Commodity Index Tracking FundCommodity-12.6%23.6%
NASATema Space Innovators ETFEquity-12.6%24.1%
PDBCInvesco Optimum Yield Diversified Com...Commodity-12.4%24.5%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

UFCSCINFTHGSIGIORIAFGMedian
NameUnited F.Cincinna.Hanover .Selectiv.Old Repu.American. 
Mkt Price48.29170.20197.9392.3138.69132.90112.61
Mkt Cap1.226.47.05.59.411.18.2
Rev LTM1,42612,9286,6625,4119,4218,1117,386
Op Inc LTM-------
FCF LTM2863,4391,2491,1341,2141,6651,231
FCF 3Y Avg2732,7208061,0271,1341,5751,080
CFO LTM2913,4581,2581,1701,2141,6651,236
CFO 3Y Avg2822,7408161,0591,1341,5751,097

Growth & Margins

UFCSCINFTHGSIGIORIAFGMedian
NameUnited F.Cincinna.Hanover .Selectiv.Old Repu.American. 
Rev Chg LTM10.8%17.9%6.2%8.6%13.1%-1.6%9.7%
Rev Chg 3Y Avg12.2%20.5%6.3%13.5%7.5%5.2%9.8%
Rev Chg Q11.6%11.6%5.9%5.7%13.5%-0.4%8.8%
QoQ Delta Rev Chg LTM2.8%2.4%1.4%1.4%3.1%-0.1%1.9%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM20.4%26.7%18.9%21.6%12.9%20.5%20.5%
CFO/Rev 3Y Avg21.9%23.5%12.7%21.3%13.4%19.5%20.4%
FCF/Rev LTM20.1%26.6%18.7%21.0%12.9%20.5%20.3%
FCF/Rev 3Y Avg21.2%23.4%12.5%20.6%13.4%19.5%20.1%

Valuation

UFCSCINFTHGSIGIORIAFGMedian
NameUnited F.Cincinna.Hanover .Selectiv.Old Repu.American. 
Mkt Cap1.226.47.05.59.411.18.2
P/S0.92.01.01.01.01.41.0
P/Op Inc-------
P/EBIT7.07.67.28.86.99.27.4
P/E9.59.69.712.29.212.69.6
P/CFO4.27.65.54.77.76.66.1
Total Yield12.0%12.4%12.2%9.9%20.5%13.1%12.3%
Dividend Yield1.4%2.0%1.9%1.7%9.7%5.2%2.0%
FCF Yield 3Y Avg37.0%12.1%13.6%19.3%12.3%14.3%14.0%
D/E0.10.00.10.20.20.20.1
Net D/E-1.0-0.0-0.2-0.0-0.1-0.0-0.1

Returns

UFCSCINFTHGSIGIORIAFGMedian
NameUnited F.Cincinna.Hanover .Selectiv.Old Repu.American. 
1M Rtn2.8%1.2%1.9%1.8%-0.8%-2.8%1.5%
3M Rtn33.3%7.4%17.8%25.3%2.9%7.7%12.8%
6M Rtn32.3%2.9%8.2%10.3%-8.6%-0.9%5.6%
12M Rtn72.2%19.7%20.2%10.7%13.0%13.0%16.4%
3Y Rtn133.4%87.1%89.1%-0.3%94.3%35.5%88.1%
1M Excs Rtn-1.6%-0.6%0.6%2.5%-3.4%-4.5%-1.1%
3M Excs Rtn19.4%-5.7%3.8%12.3%-10.5%-6.0%-1.0%
6M Excs Rtn22.9%-6.3%-1.5%1.8%-18.4%-10.3%-3.9%
12M Excs Rtn47.5%-5.5%-4.6%-14.5%-11.0%-12.0%-8.3%
3Y Excs Rtn50.1%6.8%15.2%-73.6%20.2%-34.8%11.0%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date5/6/20262/26/202611/5/20258/6/20255/7/20252/26/202511/6/20248/7/20245/8/20242/29/202411/2/20238/8/2023
Key Financials Quarterly            
Total Revenue369366354337331332323301296290274267
Net Income30383923183120-314206-56
EPS1.181.501.540.900.701.240.78-0.110.530.780.25-2.23
Key Financials TTM            
Total Revenue TTM1,4261,3881,3531,3221,2871,2521,2101,1611,1271,0981,0961,058
Net Income TTM1311181119266625037-17-30-29-59
Growth Rates Quarterly            
Total Revenue Growth11.6%10.4%9.6%11.8%11.9%14.3%17.9%12.8%10.8%0.7%16.3%21.7%
Net Income Growth69.8%22.0%98.5%939.0%31.1%60.4%209.5%95.1%1845.5%-2.5%127.8%-439.2%
Margins Quarterly            
Net Income Margin8.1%10.5%11.1%6.8%5.3%9.5%6.1%-0.9%4.6%6.8%2.3%-21.1%
Cash & Debt            
Total Cash1,3371,2741,2391,1871842,0699868116251,7891,7081,648
Total Debt146146146117011711711750505050
Net Debt / (Cash)-1,191-1,128-1,093-1,069-184-1,952-869-694-575-1,739-1,658-1,598
Cash Flows Quarterly            
FCF from Operations571206153361565791362211245
Cash Flows TTM            
FCF from Operations TTM29127030630234034020626121517217852
Returns to Shareholders Quarterly            
Dividends544444444444
Share Repurchases21-101-0000000
Return on Invested Capital (ROIC) Quarterly            
ROIC----213.3%-------
Return on Invested Capital (ROIC) TTM            
ROIC TTM----199.3%-------

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment1,3881,2521,098  
Property and casualty insurance business   9881,056
Total1,3881,2521,0989881,056


Operating Income by Segment
$ Mil20152014201320042003
Property and casualty insurance business115    
Life Insurance61013119
Property & Casualty 66896847
Total121761027956


Net Income by Segment
$ Mil2016201520142011
Property and casualty insurance business4947  
Life Insurance1546074
Property & Casualty  4436
Total50101105110


Assets by Segment
$ Mil20162015201420132012
Property and casualty insurance business2,4492,281   
Life Insurance1,6061,6101,7291,7261,789
Property & Casualty  2,1281,9951,905
Total4,0553,8903,8573,7213,695


Price Behavior

Price Behavior
Market Price$48.29 
Market Cap ($ Bil)1.2 
First Trading Date03/26/1990 
Distance from 52W High-1.4% 
   50 Days200 Days
DMA Price$43.98$36.98
DMA Trendupup
Distance from DMA9.8%30.6%
 3M1YR
Volatility35.4%32.4%
Downside Capture-34.674.93
Upside Capture77.5666.64
Correlation (SPY)5.4%14.0%
UFCS Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta1.750.900.610.300.530.66
Up Beta5.201.160.480.640.840.67
Down Beta1.78-0.320.200.240.370.57
Up Capture117%107%88%37%61%51%
Bmk +ve Days13283667141432
Stock +ve Days10233464131377
Down Capture-10%66%67%-8%27%83%
Bmk -ve Days7132757109318
Stock -ve Days10182959118369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with UFCS
UFCS73.3%32.2%1.73-
Sector ETF (XLF)8.3%14.6%0.3330.2%
Equity (SPY)26.5%12.4%1.6113.7%
Gold (GLD)24.2%27.5%0.77-1.0%
Commodities (DBC)19.8%18.8%0.83-15.8%
Real Estate (VNQ)11.0%13.7%0.5232.1%
Bitcoin (BTCUSD)-40.0%42.4%-1.085.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with UFCS
UFCS13.3%39.5%0.42-
Sector ETF (XLF)9.3%18.6%0.3740.1%
Equity (SPY)13.5%17.1%0.6225.4%
Gold (GLD)17.1%18.3%0.76-1.3%
Commodities (DBC)7.5%19.4%0.293.8%
Real Estate (VNQ)1.9%18.9%0.0025.2%
Bitcoin (BTCUSD)11.0%54.2%0.4013.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with UFCS
UFCS4.5%38.8%0.24-
Sector ETF (XLF)13.0%22.2%0.5453.1%
Equity (SPY)15.3%18.0%0.7340.4%
Gold (GLD)12.3%16.1%0.63-1.5%
Commodities (DBC)5.9%18.0%0.2612.7%
Real Estate (VNQ)5.3%20.7%0.2239.7%
Bitcoin (BTCUSD)60.0%66.8%1.0014.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity0.3 Mil
Short Interest: % Change Since 5152026-10.0%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest2.3 days
Basic Shares Quantity25.6 Mil
Short % of Basic Shares1.1%

Earnings Returns History

Updated 6/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/20267.9%21.5%9.9%
2/11/20262.3%-1.7%-4.3%
11/4/202514.7%18.5%13.5%
8/5/20257.2%14.1%19.2%
5/6/2025-4.6%-1.5%-1.6%
2/11/20252.2%4.8%13.0%
11/5/202424.1%27.2%59.1%
8/6/2024-8.7%-6.5%-0.1%
...
SUMMARY STATS   
# Positive131314
# Negative111110
Median Positive6.0%10.7%9.8%
Median Negative-6.0%-4.8%-5.6%
Max Positive24.1%27.2%59.1%
Max Negative-21.7%-11.6%-13.3%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/20267.9%21.5%9.9%
2/11/20262.3%-1.7%-4.3%
11/4/202514.7%18.5%13.5%
8/5/20257.2%14.1%19.2%
5/6/2025-4.6%-1.5%-1.6%
2/11/20252.2%4.8%13.0%
11/5/202424.1%27.2%59.1%
8/6/2024-8.7%-6.5%-0.1%
5/7/20240.9%-2.8%-8.6%
2/13/202416.5%9.4%2.1%
11/1/2023-3.8%-3.3%4.8%
8/7/2023-4.3%-6.9%-8.8%
5/8/2023-10.1%-11.6%-13.3%
2/15/2023-6.0%2.6%-7.0%
11/2/2022-2.3%6.0%9.7%
8/4/2022-21.7%-10.9%-8.8%
5/5/2022-1.1%-4.8%4.9%
2/15/202222.4%19.1%22.1%
11/4/2021-6.1%-5.7%-3.5%
8/4/20214.0%10.7%5.5%
5/5/20215.6%4.4%3.4%
2/17/20210.9%-1.3%17.3%
11/4/2020-11.2%8.5%6.9%
8/5/20206.0%12.5%-1.7%
SUMMARY STATS   
# Positive131314
# Negative111110
Median Positive6.0%10.7%9.8%
Median Negative-6.0%-4.8%-5.6%
Max Positive24.1%27.2%59.1%
Max Negative-21.7%-11.6%-13.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/26/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/26/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/25/202210-K
09/30/202111/04/202110-Q
06/30/202108/04/202110-Q
03/31/202105/05/202110-Q
12/31/202002/26/202110-K
09/30/202011/04/202010-Q
06/30/202008/05/202010-Q
03/31/202005/06/202010-Q
12/31/201902/28/202010-K
09/30/201911/06/201910-Q
06/30/201908/07/201910-Q

Insider Activity

Updated 6/9/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Milligan, George DDirectBuy608202645.234,500203,5354,072,217Form
2McIntyre, Dee Ann McIntyre FoundationSell304202638.844,250165,08116,997,983Form
3McIntyre, Dee Ann McIntyre FoundationSell304202638.494,250163,58516,516,817Form
4McIntyre, Dee Ann McIntyre FoundationSell304202637.944,250161,22416,439,625Form
5Drahozal, Christopher RMcIntyre FoundationSell303202638.494,250163,58516,516,817Form
 Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Milligan, George DDirectBuy608202645.234,500203,5354,072,217Form
2McIntyre, Dee Ann McIntyre FoundationSell304202638.844,250165,08116,997,983Form
3McIntyre, Dee Ann McIntyre FoundationSell304202638.494,250163,58516,516,817Form
4McIntyre, Dee Ann McIntyre FoundationSell304202637.944,250161,22416,439,625Form
5Drahozal, Christopher RMcIntyre FoundationSell303202638.494,250163,58516,516,817Form
6Drahozal, Christopher RMcIntyre FoundationSell303202637.944,250161,22416,439,625Form
7Drahozal, Christopher RMcIntyre FoundationSell303202638.844,250165,08116,998,070Form
8Besong, John Paul EDirectSell918202532.262,45079,026790,049Form
9Martin, Eric JChief Financial OfficerDirectBuy815202529.0050014,5001,019,495Form

Industry Resources

External Quote Links


Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 6/21/2026