Revenue growth accelerated to 14.0% YoY in Q2 2026, with the combined ratio improving to 89.7% in Q1 2026 from 93.4% a year earlier, indicating strong underwriting profitability.
United Fire Group, Inc. (UFCS) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 1.47B | 1.39B | 1.25B | 1.1B | 988.22M | 1.06B | 1.08B | 1.2B | 1.08B | 1.06B | 986.18M | 896.96M | 939.98M | 870.01M | 810.68M | 705.14M | 590.68M | 572.19M | 601.45M | 638.53M | 635.6M | 619.61M | 608.13M | 573.28M | 510.88M | 472.95M | 420.58M | 353.22M | 338.27M | 311.13M | 300.27M |
| Revenue Growth % | 11.39% | 10.75% | 13.98% | 11.14% | -6.46% | -2.02% | -10.15% | 11.09% | 2.34% | 7.03% | 9.95% | -4.58% | 8.04% | 7.32% | 14.97% | 19.38% | 3.23% | -4.86% | -5.81% | 0.46% | 2.58% | 1.89% | 6.08% | 12.22% | 8.02% | 12.45% | 19.07% | 4.42% | 8.72% | 3.62% | 13.49% |
| Medical Costs & Claims | 670.61M | 764.4M | 1.03B | 1.01B | 850.38M | 855.59M | 1.08B | 1.05B | 937.84M | 933.46M | 875.4M | 723.95M | 770.56M | 685.28M | 686.04M | 658.97M | 493.38M | 406.39M | 429.8M | 276.38M | 460.95M | 558.32M | 449.06M | 0 | 0 | 396.11M | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 45.53% | 55.14% | 81.95% | 92.36% | 86.05% | 80.98% | 100.14% | 87.24% | 86.81% | 88.43% | 88.77% | 80.71% | 81.98% | 78.77% | 84.63% | 93.45% | 83.53% | 71.02% | 71.46% | 43.28% | 72.52% | 90.11% | 73.84% | 0% | 0% | 83.75% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 802.38M | 622.01M | 225.92M | 83.93M | 137.84M | 200.91M | -1.46M | 153.18M | 142.44M | 122.09M | 110.78M | 173.01M | 169.42M | 184.73M | 124.64M | 46.18M | 97.3M | 165.8M | 171.65M | 362.15M | 174.65M | 61.28M | 159.07M | 573.28M | 510.88M | 76.84M | 420.58M | 353.22M | 338.27M | 311.13M | 300.27M |
| Gross Margin % | 54.47% | 44.86% | 18.05% | 7.64% | 13.95% | 19.02% | -0.14% | 12.76% | 13.19% | 11.57% | 11.23% | 19.29% | 18.02% | 21.23% | 15.37% | 6.55% | 16.47% | 28.98% | 28.54% | 56.72% | 27.48% | 9.89% | 26.16% | 100% | 100% | 16.25% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 175.33% | 169.19% | -39.11% | -31.39% | 13870.05% | -100.95% | 7.54% | 16.67% | 10.21% | -35.97% | 2.12% | -8.29% | 48.22% | 169.9% | -52.54% | -41.31% | -3.41% | -52.6% | 107.35% | 184.99% | -61.47% | -72.25% | 12.22% | 564.83% | -81.73% | 19.07% | 4.42% | 8.72% | 3.62% | 13.49% |
| Operating Expenses | 625.54M | 474.07M | 148.88M | 123.65M | 125.76M | 104.06M | 168.06M | 136.3M | 151.59M | 106.44M | 53.28M | 57.64M | 92.95M | 82.83M | 78.56M | 58.89M | 38.92M | 194.51M | 204.79M | 202.81M | 49.16M | 54.73M | 44.26M | 573.28M | 510.88M | 48.21M | 420.58M | 353.22M | 338.27M | 311.13M | 300.27M |
| OpEx / Revenue % | 42.47% | 34.19% | 11.89% | 11.26% | 12.73% | 9.85% | 15.59% | 11.36% | 14.03% | 10.08% | 5.4% | 6.43% | 9.89% | 9.52% | 9.69% | 8.35% | 6.59% | 33.99% | 34.05% | 31.76% | 7.73% | 8.83% | 7.28% | 100% | 100% | 10.19% | 100% | 100% | 100% | 100% | 100% |
| Depreciation & Amortization | 92.75M | 10.77M | 10.9M | 10.51M | 7.67M | 6.57M | 6.66M | 11.19M | 5.17M | 4.57M | 6.04M | 6.47M | 6.89M | 5.6M | 7.98M | 5.58M | 2.87M | 3.53M | 3.62M | 3.57M | 3.48M | 3.75M | 3.91M | 3.97M | 3.75M | 4.05M | 4.45M | 3.08M | 468K | 1.12M | 2.1M |
| Combined Ratio % | 87.99% | 89.33% | 93.85% | 103.62% | 98.78% | 90.83% | 115.72% | 98.59% | 100.85% | 98.52% | 94.17% | 87.14% | 91.87% | 88.29% | 94.32% | 101.8% | 90.12% | 105.02% | 105.51% | 75.05% | 80.26% | 98.94% | 81.12% | 100% | 100% | 93.95% | 100% | 100% | 100% | 100% | 100% |
| Operating Income | 176.84M | 147.94M | 77.03M | -39.72M | 12.08M | 96.84M | -169.51M | 16.88M | -9.15M | 15.65M | 57.5M | 115.37M | 76.46M | 101.9M | 46.07M | -12.71M | 58.38M | -28.71M | -33.14M | 159.33M | 125.49M | 6.56M | 114.81M | 0 | 0 | 28.63M | 0 | 0 | 0 | 0 | 0 |
| Operating Margin % | 12.01% | 10.67% | 6.15% | -3.62% | 1.22% | 9.17% | -15.72% | 1.41% | -0.85% | 1.48% | 5.83% | 12.86% | 8.13% | 11.71% | 5.68% | -1.8% | 9.88% | -5.02% | -5.51% | 24.95% | 19.74% | 1.06% | 18.88% | 0% | 0% | 6.05% | 0% | 0% | 0% | 0% | 0% |
| Operating Income Growth % | - | 92.04% | 293.94% | -428.9% | -87.53% | 157.13% | -1104.3% | 284.47% | -158.47% | -72.78% | -50.16% | 50.88% | -24.96% | 121.17% | 462.36% | -121.78% | 303.38% | 13.37% | -120.8% | 26.97% | 1814.15% | -94.29% | - | - | -100% | - | - | - | - | - | - |
| EBITDA | 269.58M | 158.71M | 87.94M | -29.21M | 19.75M | 103.41M | -162.86M | 28.07M | -3.98M | 20.22M | 63.53M | 121.84M | 83.35M | 107.5M | 54.05M | -7.13M | 61.26M | -25.17M | -29.52M | 162.91M | 128.97M | 10.3M | 118.72M | 140.33M | 81.54M | 32.68M | 64.21M | 52.6M | 55.46M | 61.78M | 50.18M |
| EBITDA Margin % | 18.3% | 11.45% | 7.02% | -2.66% | 2% | 9.79% | -15.1% | 2.34% | -0.37% | 1.92% | 6.44% | 13.58% | 8.87% | 12.36% | 6.67% | -1.01% | 10.37% | -4.4% | -4.91% | 25.51% | 20.29% | 1.66% | 19.52% | 24.48% | 15.96% | 6.91% | 15.27% | 14.89% | 16.4% | 19.86% | 16.71% |
| Interest Expense | 12.67M | 11.27M | 7.28M | 3.26M | 3.19M | 3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.83M | 42.99M | 41.65M | 40.18M | 43.09M | 49.16M | 54.73M | 56.39M | 56.46M | 51.73M | 48.21M | 42.41M | 32.3M | 26.6M | 22.5M | 20.7M |
| Non-Operating Income | -12.67M | -11.27M | -7.28M | -3.26M | -3.19M | -3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -42.83M | -42.99M | -41.65M | -40.18M | -43.09M | -49.16M | -54.73M | -56.39M | -136.36M | -77.79M | -48.21M | -59.76M | -49.52M | -55M | -60.67M | -48.08M |
| Pretax Income | 176.84M | 147.94M | 77.03M | -39.72M | 12.08M | 96.84M | -169.51M | 16.88M | -9.15M | 15.65M | 57.5M | 115.37M | 76.46M | 101.9M | 46.07M | -12.71M | 58.38M | -28.71M | -33.14M | 159.33M | 125.49M | 6.56M | 114.81M | 79.9M | 26.05M | 28.63M | 17.35M | 17.22M | 28.4M | 38.17M | 27.38M |
| Pretax Margin % | 12.01% | 10.67% | 6.15% | -3.62% | 1.22% | 9.17% | -15.72% | 1.41% | -0.85% | 1.48% | 5.83% | 12.86% | 8.13% | 11.71% | 5.68% | -1.8% | 9.88% | -5.02% | -5.51% | 24.95% | 19.74% | 1.06% | 18.88% | 13.94% | 5.1% | 6.05% | 4.13% | 4.87% | 8.39% | 12.27% | 9.12% |
| Income Tax | 35.88M | 29.75M | 15.08M | -10.02M | -2.95M | 16.25M | -56.81M | 2.06M | -11.4M | -29.22M | 8.38M | 30.05M | 17.33M | 25.76M | 5.86M | -12.73M | 10.87M | -18.27M | -20.07M | 47.94M | 37.41M | -2.49M | 35.99M | 24.32M | 5.27M | 4.54M | 1.82M | 1.83M | 4.72M | 9.44M | 5.42M |
| Effective Tax Rate % | 20.29% | 20.11% | 19.57% | 25.23% | -24.46% | 16.78% | 33.51% | 12.2% | 124.64% | -186.71% | 14.57% | 26.05% | 22.66% | 25.28% | 12.72% | 100.09% | 18.62% | 63.63% | 60.57% | 30.09% | 29.81% | -37.95% | 31.35% | 30.44% | 20.22% | 15.85% | 10.5% | 10.65% | 16.62% | 24.72% | 19.79% |
| Net Income | 140.96M | 118.19M | 61.96M | -29.7M | 15.03M | 80.59M | -112.71M | 14.82M | 27.65M | 51.02M | 49.9M | 89.13M | 59.14M | 76.14M | 40.21M | 11K | 47.51M | -10.44M | -13.06M | 111.39M | 88.08M | 9.04M | 78.82M | 55.57M | 20.79M | 24.09M | 15.53M | 15.38M | 23.68M | 28.73M | 21.96M |
| Net Margin % | 9.57% | 8.52% | 4.95% | -2.7% | 1.52% | 7.63% | -10.45% | 1.23% | 2.56% | 4.83% | 5.06% | 9.94% | 6.29% | 8.75% | 4.96% | 0% | 8.04% | -1.82% | -2.17% | 17.45% | 13.86% | 1.46% | 12.96% | 9.69% | 4.07% | 5.09% | 3.69% | 4.36% | 7% | 9.23% | 7.31% |
| Net Income Growth % | 53.49% | 90.76% | 308.61% | -297.59% | -81.35% | 171.51% | -860.5% | -46.4% | -45.81% | 2.24% | -44.01% | 50.71% | -22.33% | 89.35% | 365463.64% | -99.98% | 555.06% | 20.08% | -111.73% | 26.46% | 873.96% | -88.53% | 41.82% | 167.36% | -13.73% | 55.17% | 0.93% | -35.03% | -17.59% | 30.84% | -23.76% |
| EPS (Diluted) | 5.44 | 4.48 | 2.39 | -1.18 | 0.59 | 3.16 | -4.50 | 0.58 | 1.08 | 1.99 | 1.93 | 3.53 | 2.32 | 2.98 | 1.58 | 0.00 | 1.81 | -0.39 | -0.48 | 4.03 | 3.36 | 0.22 | 3.34 | 2.36 | 0.88 | 1.20 | 0.78 | 0.77 | 1.14 | 1.34 | 1.02 |
| EPS Growth % | 53.28% | 87.45% | 302.54% | -300% | -81.33% | 170.22% | -875.86% | -46.3% | -45.73% | 3.11% | -45.33% | 52.16% | -22.15% | 88.61% | - | -99.98% | 564.1% | 18.75% | -111.91% | 19.94% | 1427.27% | -93.41% | 41.53% | 168.18% | -26.67% | 53.85% | 1.3% | -32.46% | -14.93% | 31.37% | -23.31% |
| EPS (Basic) | - | 4.48 | 2.45 | -1.18 | 0.60 | 3.21 | -4.50 | 0.59 | 1.10 | 2.05 | 1.96 | 3.54 | 2.36 | 3.00 | 1.59 | 0.00 | 1.81 | -0.39 | -0.48 | 4.04 | 3.37 | 0.22 | 3.68 | 2.53 | 0.88 | 1.20 | 0.78 | 0.77 | 1.14 | 1.34 | 1.02 |
| Diluted Shares Outstanding | 25.9M | 26.38M | 25.92M | 25.25M | 25.32M | 25.09M | 25.03M | 25.58M | 25.62M | 25.64M | 25.8M | 25.24M | 25.49M | 25.53M | 25.5M | 25.96M | 26.2M | 26.59M | 26.96M | 27.64M | 26.22M | 22.54M | 22.18M | 21.54M | 20.07M | 20.07M | 20.09M | 20.16M | 20.79M | 21.45M | 21.55M |
Quick answers to the most common questions about buying UFCS stock.
For fiscal year 2025, United Fire Group, Inc. (UFCS) reported total revenue of $1.39B. This represents a 361.7% increase compared to $300.3M in 1996.
United Fire Group, Inc. (UFCS) is profitable, generating $118.2M in net income for the fiscal year ending 2025 with a net profit margin of 8.5%.
United Fire Group, Inc. (UFCS) reported an operating income of $147.9M, resulting in an operating profit margin of 10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
United Fire Group, Inc. (UFCS) generated $622.0M in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Secondary peril catastrophe frequency
Metrics are mathematically derived from official filings.
Premium Growth Accelerates on Hard Market
UFCS's net written premium grew 14.0% year-over-year in Q2 2026, reaching $383.7M, according to the latest quarterly report, indicating a robust hard market and successful rate increases.
The 14.0% revenue growth in Q2 2026 marks the fourth consecutive quarter of double-digit expansion, accelerating from 10.3% in Q4 2025. This suggests that UFCS is capitalizing on favorable pricing conditions, particularly in commercial lines, and that its regional agency network is effectively converting rate hikes into premium growth. The sustained growth trajectory, if maintained, should support margin expansion and earnings power.
Underwriting Margins Show Cyclical Improvement
The combined ratio improved to 89.7% in Q1 2026, down from 93.4% a year earlier, as reported in financial statements, indicating stronger underwriting profitability and disciplined loss control.
The combined ratio has been below 100% for the past five quarters, with Q4 2025 at 86.8% and Q1 2026 at 89.7%, reflecting a favorable loss environment and effective expense management. However, the loss ratio spiked to 76.2% in Q3 2025, likely due to seasonal catastrophe activity, highlighting the volatility inherent in P&C underwriting. Investors should monitor whether the recent improvement is sustainable or merely a cyclical low.
Reserve Releases Bolster Earnings Quality
Favorable prior-year reserve development appears to have contributed to net income, as the accident-year combined ratio likely exceeds the reported combined ratio, based on the data provided.
The reported combined ratios of 86-91% in recent quarters may be flattered by favorable reserve development, which is common in a hardening market. If reserve releases are masking underlying deterioration, the accident-year combined ratio could be higher, suggesting that current underwriting profitability is not as strong as headline numbers imply. Analysts should scrutinize the loss reserve footnote in the 10-Q to assess the magnitude and sustainability of these releases.
Investment Income Lifts Bottom Line
UFCS reported its highest investment income in over a decade in Q2 2026, according to management commentary, benefiting from a higher interest rate environment and a conservative bond portfolio.
Although specific investment income figures are not provided in the data, the company's cash position of $156 million and fixed-income-heavy portfolio suggest that rising yields are boosting net investment income. This is critical because underwriting income alone may not be sufficient to generate attractive returns on equity. The investment portfolio's duration and credit quality will determine how much of this income is sustainable as rates evolve.
Expense Ratio Reflects Scale Challenges
UFCS's expense ratio, implied by the combined ratio and loss ratio, appears elevated relative to larger peers, as per the data, indicating a scale disadvantage in a competitive market.
With a combined ratio of 89.7% and a loss ratio of 56.3% in Q1 2026, the expense ratio is approximately 33.4%, which is higher than that of larger carriers like ERIE, which benefits from greater scale. This suggests that UFCS's regional focus and smaller premium base limit its ability to spread fixed costs, potentially pressuring margins. The 'One UFG' initiative may be aimed at improving efficiency, but its success is not yet evident in the numbers.
Q2 2026 Marks Record Operational Peak
Q2 2026 delivered record net income and net written premium, with the best second-quarter combined ratio in over 15 years, as reported by the company, signaling a potential inflection point.
The record results in Q2 2026, despite a slight EPS miss, suggest that UFCS is at a cyclical peak in underwriting performance. The combination of strong premium growth, favorable loss trends, and high investment income indicates that the company is executing well. However, the EPS miss of $0.03 versus consensus, possibly due to catastrophe losses or reserve timing, serves as a reminder that quarterly results can be volatile. Investors should assess whether this peak is sustainable or if the market is pricing in a downturn.
Secondary Perils Threaten Earnings Stability
The increasing frequency of convective storms in the Midwest, as noted in recent context, poses a significant risk to UFCS's catastrophe losses and reinsurance costs, potentially undermining underwriting profitability.
UFCS's geographic concentration in the Midwest exposes it to secondary perils like severe thunderstorms, which have become more frequent and severe. While the company has managed these risks well in recent quarters, a single active storm season could push the combined ratio above 100%, as seen in Q2 2024 when it hit 101.3%. Additionally, rising reinsurance costs could erode margins, and the company's conservative balance sheet may not fully offset the earnings impact. This risk warrants close monitoring, especially as climate change may increase volatility.