United Fire Group Stock Earnings Reports

United Fire Group reported a strong start to 2026 with record net written premium (NWP), improved underwriting performance, and higher investment income. Key financials for Q1 include: NWP up 12% (9% ex-unique ceded transactions), underlying loss ratio of 57%, a nearly four-point improvement in the combined ratio, net investment income up 15% to $27 million, return on equity of ~13%, and the highest Q1 EPS in seven years. Growth was driven by core commercial (11% NWP growth), alternative distribution (13% NWP growth including expanded Lloyd’s capacity), and selective expansion into slightly larger, more complex middle-market accounts. Management emphasized disciplined underwriting, selective new business, moderating but still positive rate environment (4.3% average rate achieved in the quarter), and active exposure management that reduced catastrophe impact. The fixed income portfolio has grown and is benefitting from higher yields (~5% new money), while limited partnership returns were positive but softer. Expense ratio improved to 34.9% (three points better year-over-year), partly due to completion of prior policy administration system costs and business growth; management expects continued gradual reduction in the expense ratio (roughly 60–70 bps lower year-over-year assuming ~10% growth). Book value per share was $37.06, adjusted book value per share (ex-unrealized losses) rose to $38.61; unrealized losses widened modestly due to higher rates. The company paid a $0.20/share dividend. Overall, management projects disciplined, profitable growth leveraging deeper underwriting capabilities, alternative distribution expansion, and improving operating leverage.