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UFCS

United Fire Group, Inc.

UFCS

United Fire Group, Inc. • NASDAQ
$36.55 ▼ -1.69% (-0.63)
Market Cap $932.55 M
52w High $37.84
52w Low $24.11
Dividend Yield 0.48%
P/E 8.62
Volume 77.99K
Outstanding Shares 25.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $354.018M ▲ $35.649M ▼ $39.19M ▲ 11.07% ▲ $1.54 ▲ $54.615M ▲
Q2-2025 $336.579M ▲ $39.232M ▼ $22.947M ▲ 6.818% ▲ $0.9 ▲ $34.182M ▲
Q1-2025 $331.111M ▼ $42.207M ▲ $17.7M ▼ 5.346% ▼ $0.7 ▼ $26.833M ▼
Q4-2024 $331.738M ▲ $38.873M ▼ $31.442M ▲ 9.478% ▲ $1.24 ▲ $44.614M ▲
Q3-2024 $322.964M $39.416M $19.748M 6.115% $0.78 $29.937M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.239B ▲ $3.754B ▲ $2.855B ▲ $898.711M ▲
Q2-2025 $202.398M ▲ $3.661B ▲ $2.815B ▲ $845.668M ▲
Q1-2025 $184.268M ▼ $3.528B ▲ $2.711B ▲ $817.662M ▲
Q4-2024 $1.128B ▲ $3.488B ▼ $2.707B ▼ $781.531M ▼
Q3-2024 $985.61M $3.546B $2.76B $785.823M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $39.19M ▲ $60.847M ▲ $-55.064M ▼ $25.805M ▲ $31.588M ▲ $59.289M ▲
Q2-2025 $22.947M ▲ $53.39M ▲ $-30.354M ▲ $-4.565M ▲ $18.471M ▲ $51.652M ▲
Q1-2025 $17.7M ▼ $35.674M ▼ $-48.151M ▲ $-4.794M ▼ $-17.271M ▼ $33.179M ▼
Q4-2024 $31.442M ▲ $156.354M ▲ $-149.415M ▼ $-3.361M ▲ $3.578M ▼ $153.414M ▲
Q3-2024 $19.748M $56.458M $-8.468M $-4.049M $43.941M $53.368M

Revenue by Products

Product Q4-2016Q1-2017Q2-2017Q4-2017
Property Liability and Casualty Insurance Product Line
Property Liability and Casualty Insurance Product Line
 $730.00M ▲$500.00M ▼$520.00M ▲$490.00M ▼
Life Insurance Product Line
Life Insurance Product Line
 $70.00M ▲$60.00M ▼$60.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement United Fire’s revenue has inched up over the past five years, but the real story is earnings volatility. The company has swung between losses and profits, with a notably strong rebound in the most recent year after a weak year before that. This pattern is common in property & casualty insurance, where catastrophe losses, pricing cycles, and reserve changes can move results around. The latest figures suggest improved underwriting discipline and better pricing, but the history shows that profitability has not been consistently stable, which adds some earnings risk.

Balance Sheet

Balance Sheet The balance sheet looks conservatively structured for an insurer. Total assets have grown gradually, equity has been maintained and slightly built up over time, and financial debt is relatively low. Cash is a modest portion of assets, but that’s typical for an insurance company that invests its float in a broader investment portfolio. Overall, the company appears to be operating with a cautious level of leverage and reasonable capital support, though its room for error still depends heavily on how well it prices and manages risk in its insurance book.

Cash Flow

Cash Flow Cash generation has generally been positive and has improved in the most recent years. Operating cash flow is solid when underwriting is profitable, and because the business does not require heavy capital spending, most of that cash tends to flow through to free cash flow. In weaker underwriting years, cash flow has been soft but not structurally broken. Overall, the cash profile suggests a business that can fund its operations and investments internally in normal conditions, but is still sensitive to swings in claims experience and market cycles.

Competitive Edge

Competitive Edge United Fire operates as a specialized property & casualty insurer with a strong emphasis on commercial lines and surety. Its main competitive edge lies in long-standing relationships with a broad network of independent agents, some of which go back decades. This gives the company solid distribution access, localized knowledge, and a reputation for service that can be hard for newer or more transactional competitors to replicate. On the other hand, it competes against much larger national carriers with more scale, broader product sets, and deeper resources. That makes execution in its chosen niches and the quality of its underwriting and service especially important.

Innovation and R&D

Innovation and R&D Instead of traditional lab-style R&D, United Fire’s innovation is focused on products, systems, and processes. The ProSeries product suite tailors coverage to specific small-business segments and is designed to be easy for agents to quote and bind, which directly supports its relationship-driven model. The shift to modern policy systems like Guidewire aims to improve underwriting analytics, speed, and ease of doing business. The “One UFG: Boldly Forward” plan ties these efforts together around profitability, disciplined growth, and efficiency. The opportunity is a more modern, data-driven insurer that is easier for agents to work with; the main risk is execution—large systems and process changes can take time and may not fully deliver the hoped-for advantages.

Summary

United Fire Group is a relationship-focused commercial insurer with a long history and a niche-oriented strategy. Financially, it has delivered uneven earnings over the past five years but has shown a notable recovery more recently, backed by healthier margins and better cash generation. The balance sheet looks conservative for the sector, and cash needs are modest, which helps support stability through normal cycles. Competitively, its deep ties with independent agents, specialization in commercial lines and surety, and emerging technology upgrades give it a defensible position, though not an unassailable one. The key things to watch are its ability to sustain underwriting discipline through market cycles, manage catastrophe and loss volatility, and successfully execute its modernization and strategic plan without disrupting its core agent relationships.

NEWS

November 21, 2025 · 4:01 PM UTC

United Fire Group, Inc. declares quarterly cash dividend of $0.16 per share

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November 4, 2025 · 4:01 PM UTC

United Fire Group, Inc. reports third quarter 2025 results

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October 23, 2025 · 3:00 PM UTC

United Fire Group, Inc. announces its third quarter 2025 earnings call

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