United Fire Group Q1 Net Income Up 70%, Premiums Rise 12%
United Fire Group’s first quarter 2026 net income rose 70% to $30.1 million ($1.15 per diluted share) while adjusted operating income climbed 65% to $30.3 million ($1.16 per share). Net written premium increased 12% to $376.9 million and combined ratio improved 3.8 points to 95.6%.
1. Record First Quarter Earnings
United Fire Group posted net income of $30.1 million ($1.15 per diluted share), up 70%, and adjusted operating income of $30.3 million ($1.16 per share), up 65%, marking the strongest first quarter EPS in seven years.
2. Premium Growth and Underwriting Profitability
Net written premium rose 12% to $376.9 million, driven by core commercial lines growth and lower ceded reinsurance costs. The combined ratio improved 3.8 points to 95.6% with the underwriting expense ratio declining to 34.9% and catastrophe losses falling to 3.7%.
3. Investment Income and Shareholder Returns
Net investment income increased 15% to $27.0 million, contributing to a 12.7% return on equity. Book value per share rose to $37.06 and adjusted book value per share climbed to $38.61 as of March 31, 2026.