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 Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    United Fire (UFCS)

    Market Price (8/6/2026): $54.34 | Market Cap: $1.4 BilSector: Financials | Industry: Property & Casualty Insurance

    United Fire (UFCS)

    Market Price (8/6/2026): $54.34
    Market Cap: $1.4 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 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 19%

    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 -88%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%

    Low stock price volatility
    Vol 12M is 33%

    Trading close to highs
    Dist 52W High is 0.0%, Dist 3Y High is 0.0%

    Stock price has recently run up significantly
    12M Rtn12 month market price return is 107%

    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 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 19%
    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 -88%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
    3 Low stock price volatility
    Vol 12M is 33%
    4 Trading close to highs
    Dist 52W High is 0.0%, Dist 3Y High is 0.0%
    5 Stock price has recently run up significantly
    12M Rtn12 month market price return is 107%
    6 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

    ITOT0.00%
    IWM0.04%
    IJR0.06%
    AVUV0.11%
    IWN0.07%
    SLYG0.06%
    IJS0.06%
    SLYV0.06%
    +8 more covered ETFs

    Valuation & Metrics

    FYE: 12/31UFCS [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$1.5 Bil—
    FY 2026 Sales$1.4 Bil—
    FY 2027 Sales$1.7 Bil—
    FY 2026 Sales Growth-2.8%—
    FY 2027 Sales Growth16.7%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$141.0 Mil—
    FY 2026 Net Income (Non-GAAP)$118.6 Mil—
    FY 2027 Net Income (Non-GAAP)$122.3 Mil—
    FY 2027 Net Income Growth3.1%19.1%
    FY 2026 EPS (Non-GAAP)$4.52—
    FY 2027 EPS (Non-GAAP)$4.64—
    FY 2027 EPS Growth2.6%—
    VALUATION
    FY 2026 P/S1.01.7
    FY 2027 P/S0.8—
    FY 2026 P/E11.88.2
    FY 2027 P/E11.4—

    [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 8/31/27 (~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

    Recent
    8/03/2026Earnings ReleaseRev: $354 Mil (A) vs. $347 Mil (E)
    EPS: 1.30 (A) vs. $0.69 (E)
    Upcoming
    11/03/2026Earnings ReleaseRev: $384 Mil (E)
    EPS: $1.19 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/5/2026

    United Fire (UFCS) stock has gained about 35% since 4/30/2026 because of the following key factors:

    1. Exceptional Fiscal Q2 2026 Financial Performance. United Fire Group reported robust results for fiscal Q2 2026 (ended June 30, 2026), significantly exceeding analyst expectations. The company announced diluted earnings per share (EPS) of $1.29, substantially beating consensus estimates of $0.69 by $0.60. Additionally, quarterly revenue reached $383.73 million, surpassing analyst forecasts of $347.76 million. This strong performance was further underscored by a 45% year-over-year increase in net income to $33.4 million and a 42% rise in adjusted operating income to $33.7 million.

    2. Significant Improvement in Underwriting Profitability. The company achieved a notable improvement in its combined ratio, which fell by 1.1 points year-over-year to 95.3% in fiscal Q2 2026, marking its best second-quarter combined ratio in over 15 years. This enhancement was primarily driven by a substantial reduction in the catastrophe loss ratio, which decreased to 2.7% from 5.5% in the prior year's second quarter. The improved underwriting discipline also contributed to a 9% increase in net written premium to $406.4 million.

    Show more
    Updated on 8/5/2026

    United Fire (UFCS) stock has gained about 35% since 4/30/2026 because of the following key factors:

    1. Exceptional Fiscal Q2 2026 Financial Performance. United Fire Group reported robust results for fiscal Q2 2026 (ended June 30, 2026), significantly exceeding analyst expectations. The company announced diluted earnings per share (EPS) of $1.29, substantially beating consensus estimates of $0.69 by $0.60. Additionally, quarterly revenue reached $383.73 million, surpassing analyst forecasts of $347.76 million. This strong performance was further underscored by a 45% year-over-year increase in net income to $33.4 million and a 42% rise in adjusted operating income to $33.7 million.

    2. Significant Improvement in Underwriting Profitability. The company achieved a notable improvement in its combined ratio, which fell by 1.1 points year-over-year to 95.3% in fiscal Q2 2026, marking its best second-quarter combined ratio in over 15 years. This enhancement was primarily driven by a substantial reduction in the catastrophe loss ratio, which decreased to 2.7% from 5.5% in the prior year's second quarter. The improved underwriting discipline also contributed to a 9% increase in net written premium to $406.4 million.

    3. Substantial Growth in Net Investment Income. United Fire Group experienced a 33% year-over-year increase in net investment income, reaching $28.9 million in fiscal Q2 2026. This growth significantly boosted overall profitability, with investment income being a critical driver of the company's strong financial results.

    4. Positive Analyst Upgrades and Sentiment. Analyst firms issued positive revisions and maintained favorable ratings during the period. On May 7, 2026, Piper Sandler boosted its price target for UFCS from $45.00 to $57.00 and reiterated an "overweight" rating. Similarly, JonesTrading increased its price objective from $40.00 to $45.00 and maintained a "buy" rating on the same date. This positive analyst sentiment, reflecting increased confidence in the company's outlook, contributed to upward stock momentum.

    5. Initiation of a Share Repurchase Program. On May 20, 2026, United Fire Group's Board of Directors authorized a stock repurchase plan, allowing the company to repurchase up to 2 million outstanding shares. This program signaled management's confidence in the company's valuation and its commitment to enhancing shareholder value.

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

    Stock Movement Drivers

    Fundamental Drivers

    The 35.4% change in UFCS stock from 4/30/2026 to 8/5/2026 was primarily driven by a 14.3% change in the company's P/E Multiple.
    (LTM values as of)43020268052026Change
    Stock Price ($)40.1454.3535.4%
    Change Contribution By: 
    Total Revenues ($ Mil)1,3881,4736.2%
    Net Income Margin (%)8.5%9.6%12.3%
    P/E Multiple8.79.914.3%
    Shares Outstanding (Mil)2626-0.6%
    Cumulative Contribution35.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/5/2026
    ReturnCorrelation
    UFCS35.4% 
    Market (SPY)7.1%-9.9%
    Sector (XLF)11.3%19.6%

    Fundamental Drivers

    The 52.7% change in UFCS stock from 1/31/2026 to 8/5/2026 was primarily driven by a 21.4% change in the company's P/E Multiple.
    (LTM values as of)13120268052026Change
    Stock Price ($)35.5954.3552.7%
    Change Contribution By: 
    Total Revenues ($ Mil)1,3531,4738.9%
    Net Income Margin (%)8.2%9.6%16.4%
    P/E Multiple8.29.921.4%
    Shares Outstanding (Mil)2626-0.7%
    Cumulative Contribution52.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/5/2026
    ReturnCorrelation
    UFCS52.7% 
    Market (SPY)11.5%-2.1%
    Sector (XLF)9.1%17.1%

    Fundamental Drivers

    The 108.7% change in UFCS stock from 7/31/2025 to 8/5/2026 was primarily driven by a 86.1% change in the company's Net Income Margin (%).
    (LTM values as of)73120258052026Change
    Stock Price ($)26.0454.35108.7%
    Change Contribution By: 
    Total Revenues ($ Mil)1,2871,47314.5%
    Net Income Margin (%)5.1%9.6%86.1%
    P/E Multiple10.09.9-0.9%
    Shares Outstanding (Mil)2526-1.1%
    Cumulative Contribution108.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/5/2026
    ReturnCorrelation
    UFCS108.7% 
    Market (SPY)22.8%8.1%
    Sector (XLF)12.1%27.9%

    Fundamental Drivers

    The 143.4% change in UFCS stock from 7/31/2023 to 8/5/2026 was primarily driven by a 85.3% change in the company's P/S Multiple.
    (LTM values as of)73120238052026Change
    Stock Price ($)22.3354.35143.4%
    Change Contribution By: 
    Total Revenues ($ Mil)1,0101,47345.8%
    P/S Multiple0.50.985.3%
    Shares Outstanding (Mil)2326-9.9%
    Cumulative Contribution143.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/5/2026
    ReturnCorrelation
    UFCS143.4% 
    Market (SPY)74.1%25.2%
    Sector (XLF)71.5%44.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    UFCS Return-6%20%-24%45%30%49%144%
    Peers Return42%5%6%24%14%12%151%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    UFCS Win Rate58%50%50%58%50%62% 
    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 8/5/2026 (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

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    AXTIAXT3.785.6%319.6%
    AAOIApplied Optoelectronics9.868.0%268.8%
    PLPCPreformed Line Products2.366.2%128.5%
    FTKFlotek Industries1.365.5%109.3%
    BLZEBackblaze1.163.6%299.6%
    APPSDigital Turbine1.662.2%163.4%
    IESCIES15.658.0%101.5%
    MTRNMaterion6.256.9%139.3%
    VOYGVoyager Technologies2.053.5%32.9%
    AEHRAehr Test Systems3.051.0%389.3%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    AHCOAdaptHealth0.9-39.8%-34.8%
    EMATEvolution Metals & Technologies1.7-38.0%-87.2%
    CCBCoastal Financial0.7-37.5%-61.5%
    PHATPhathom Pharmaceuticals0.7-29.3%-50.4%
    ALITAlight7.6-28.9%-63.0%
    RBLXRoblox25.8-27.8%-55.3%
    GLUEMonte Rosa Therapeutics1.6-27.6%-0.4%
    LMBLimbach0.6-26.5%-36.1%
    REZIResideo Technologies4.0-26.4%-25.3%
    ALHCAlignment Healthcare2.8-25.2%-30.7%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    FBRXForte Biosciences1.4244.3%180.9%
    TRAXFirst Tracks Biotherapeutics1.6137.4%152.4%
    UTZUtz Brands1.273.0%38.4%
    EFOREverforth1.372.2%66.8%
    CMCOColumbus McKinnon0.661.9%25.6%
    FTKFlotek Industries1.361.0%109.3%
    CDNACareDx2.360.7%141.5%
    FETForum Energy Technologies0.859.1%104.4%
    AMCAMC Entertainment1.955.2%71.2%
    NEWPNew Pacific Metals1.153.2%68.9%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    WLFCWillis Lease Finance1.3-70.6%-51.9%
    MPLTMapLight Therapeutics0.6-65.1%-26.4%
    EMATEvolution Metals & Technologies1.7-52.7%-87.2%
    CCBCoastal Financial0.7-43.4%-61.5%
    ALHCAlignment Healthcare2.8-43.1%-30.7%
    SNEXStoneX8.7-37.4%19.9%
    IONSIonis Pharmaceuticals8.9-37.2%-31.5%
    NTLAIntellia Therapeutics1.3-37.1%22.0%
    ADTNAdtran0.6-36.9%-9.0%
    FACFactorial Energy0.7-36.7%46.3%

    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 Price54.35177.79229.1296.6943.52146.73121.71
    Mkt Cap1.427.58.05.810.412.29.2
    Rev LTM1,47313,9546,7345,4719,7168,1117,422
    Op Inc LTM-------
    FCF LTM2683,4001,2531,1891,2801,6651,266
    FCF 3Y Avg2702,7638681,0471,1711,5751,109
    CFO LTM2723,4171,2641,2331,2801,6651,272
    CFO 3Y Avg2782,7818781,0831,1711,5751,127

    Growth & Margins

    UFCSCINFTHGSIGIORIAFGMedian
    NameUnited F.Cincinna.Hanover .Selectiv.Old Repu.American. 
    Rev Chg LTM11.4%19.6%5.4%7.0%12.1%-1.6%9.2%
    Rev Chg 3Y Avg11.7%14.3%5.3%12.1%8.6%5.2%10.2%
    Rev Chg Q14.0%31.6%4.3%4.5%13.4%-0.4%9.0%
    QoQ Delta Rev Chg LTM3.3%7.9%1.1%1.1%3.1%-0.1%2.1%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM18.4%24.5%18.8%22.5%13.2%20.5%19.6%
    CFO/Rev 3Y Avg21.3%22.9%13.5%21.3%13.5%19.5%20.4%
    FCF/Rev LTM18.2%24.4%18.6%21.7%13.2%20.5%19.6%
    FCF/Rev 3Y Avg20.6%22.7%13.4%20.6%13.5%19.5%20.1%

    Valuation

    UFCSCINFTHGSIGIORIAFGMedian
    NameUnited F.Cincinna.Hanover .Selectiv.Old Repu.American. 
    Mkt Cap1.427.58.05.810.412.29.2
    P/S0.92.01.21.11.11.51.1
    P/Op Inc-------
    P/EBIT7.46.57.98.56.910.27.6
    P/E9.98.310.611.69.213.910.3
    P/CFO5.18.06.34.78.27.36.8
    Total Yield11.4%14.1%11.1%10.3%19.6%11.9%11.6%
    Dividend Yield1.3%2.0%1.7%1.7%8.7%4.7%1.8%
    FCF Yield 3Y Avg35.3%11.8%13.9%18.8%12.9%14.6%14.2%
    D/E0.10.00.10.20.20.10.1
    Net D/E-0.9-0.1-0.1-0.0-0.2-0.0-0.1

    Returns

    UFCSCINFTHGSIGIORIAFGMedian
    NameUnited F.Cincinna.Hanover .Selectiv.Old Repu.American. 
    1M Rtn3.0%-6.2%4.1%-1.6%4.7%4.0%3.5%
    3M Rtn26.9%11.4%23.5%17.1%12.0%11.6%14.5%
    6M Rtn49.0%6.4%32.2%9.6%8.4%19.2%14.4%
    12M Rtn106.8%20.8%36.6%26.5%29.6%24.3%28.1%
    3Y Rtn181.5%75.6%118.8%-1.5%91.6%57.4%83.6%
    1M Excs Rtn0.6%-8.9%2.0%-4.3%1.1%0.5%0.5%
    3M Excs Rtn30.6%5.1%18.3%11.9%5.4%5.8%8.8%
    6M Excs Rtn38.4%-1.9%21.4%0.8%-1.7%3.8%2.3%
    12M Excs Rtn85.9%-0.6%14.4%2.7%8.5%3.0%5.7%
    3Y Excs Rtn75.1%9.6%48.3%-69.7%26.1%-24.0%17.9%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/4/20265/6/20262/26/202611/5/20258/6/20255/7/20252/26/202511/6/20248/7/20245/8/20242/29/202411/2/2023
    Key Financials Quarterly            
    Total Revenue384369366354337331332323301296290274
    Net Income3330383923183120-314206
    EPS1.301.181.501.540.900.701.240.78-0.110.530.780.25
    Key Financials TTM            
    Total Revenue TTM1,4731,4261,3881,3531,3221,2871,2521,2101,1611,1271,0981,096
    Net Income TTM1411311181119266625037-17-30-29
    Growth Rates Quarterly            
    Total Revenue Growth14.0%11.6%10.4%9.6%11.8%11.9%14.3%17.9%12.8%10.8%0.7%16.3%
    Net Income Growth45.4%69.8%22.0%98.5%939.0%31.1%60.4%209.5%95.1%1845.5%-2.5%127.8%
    Margins Quarterly            
    Net Income Margin8.7%8.1%10.5%11.1%6.8%5.3%9.5%6.1%-0.9%4.6%6.8%2.3%
    Cash & Debt            
    Total Cash1,3691,3371,2741,2391,1871842,0699868116251,7891,708
    Total Debt1461461461461170117117117505050
    Net Debt / (Cash)-1,223-1,191-1,128-1,093-1,069-184-1,952-869-694-575-1,739-1,658
    Cash Flows Quarterly            
    FCF from Operations345712061533615657913622112
    Cash Flows TTM            
    FCF from Operations TTM272291270306302340340206261215172178
    Returns to Shareholders Quarterly            
    Dividends554444444444
    Share Repurchases-021-101-000000
    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 Segment1,3881,2521,098988 
    Property and casualty insurance business    1,056
    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$54.35 
    Market Cap ($ Bil)1.4 
    First Trading Date03/26/1990 
    Distance from 52W High0.0% 
       50 Days200 Days
    DMA Price$49.61$40.35
    DMA Trendupup
    Distance from DMA9.5%34.7%
     3M1YR
    Volatility35.3%32.9%
    Downside Capture-132.19-33.46
    Upside Capture-2.6457.01
    Correlation (SPY)-10.2%7.4%
    UFCS Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta-0.70-0.86-0.42-0.100.180.58
    Up Beta-1.39-0.430.560.190.480.65
    Down Beta-0.35-1.09-0.90-0.40-0.020.47
    Up Capture-74%-37%12%27%45%40%
    Bmk +ve Days11223567138427
    Stock +ve Days10233370134378
    Down Capture-49%-160%-140%-75%-42%74%
    Bmk -ve Days11212859114326
    Stock -ve Days12192955116369

    [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
    UFCS108.5%32.9%2.26-
    Sector ETF (XLF)13.1%14.6%0.6227.1%
    Equity (SPY)23.1%12.9%1.346.9%
    Gold (GLD)25.4%28.3%0.79-2.4%
    Commodities (DBC)29.5%19.8%1.19-21.5%
    Real Estate (VNQ)14.4%13.7%0.7431.9%
    Bitcoin (BTCUSD)-44.6%42.9%-1.253.9%

    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
    UFCS20.8%39.4%0.58-
    Sector ETF (XLF)11.6%18.4%0.4938.9%
    Equity (SPY)13.4%17.2%0.6024.3%
    Gold (GLD)18.2%18.6%0.79-2.0%
    Commodities (DBC)8.1%19.6%0.311.7%
    Real Estate (VNQ)2.5%18.9%0.0325.3%
    Bitcoin (BTCUSD)9.9%53.0%0.3713.8%

    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
    UFCS5.6%38.9%0.26-
    Sector ETF (XLF)13.7%22.1%0.5752.8%
    Equity (SPY)15.3%17.9%0.7339.7%
    Gold (GLD)12.0%16.2%0.60-1.2%
    Commodities (DBC)7.1%18.0%0.3111.9%
    Real Estate (VNQ)4.9%20.7%0.2039.7%
    Bitcoin (BTCUSD)58.2%66.2%0.9814.8%

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

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity0.3 Mil
    Short Interest: % Change Since 6302026-26.3%
    Average Daily Volume0.2 Mil
    Days-to-Cover Short Interest2.0 days
    Basic Shares Quantity25.7 Mil
    Short % of Basic Shares1.2%

    Earnings Returns History

    Updated 8/6/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/3/20263.0%  
    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%
    ...
    SUMMARY STATS   
    # Positive141314
    # Negative111110
    Median Positive5.8%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
    8/3/20263.0%  
    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   
    # Positive141314
    # Negative111110
    Median Positive5.8%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
    06/30/202608/04/202610-Q
    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
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    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

    Insider Activity

    Updated 7/6/2026
    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: 8/5/2026