UNITED FIRE GROUP INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 7. Results of Operations
RESULTS OF OPERATIONS
The following table includes the consolidated results of our operations for the years ended December 31, 2025, 2024 and 2023, with more detailed components and discussion in the sections that follow. Discussions of the components of net income are presented on a pre-tax basis, unless otherwise noted.
Financial Highlights
| Years Ended December 31, | |||
|---|---|---|---|
| (In Thousands) | 2025 | 2024 | 2023 |
| Revenues | |||
| Net earned premium | $1,292,696 | $1,176,750 | $1,034,587 |
| Net investment income | 97,538 | 81,986 | 59,606 |
| Net investment gains (losses) | (3,822) | (5,429) | 1,274 |
| Total revenues | $1,386,412 | $1,253,307 | $1,095,467 |
| Benefits, losses and expenses | |||
| Losses and loss settlement expenses | $764,402 | $744,605 | $769,414 |
| Amortization of deferred policy acquisition costs | 315,323 | 281,338 | 244,991 |
| Other underwriting expenses | 146,609 | 140,942 | 115,800 |
| Interest expense | 11,267 | 7,281 | 3,260 |
| Other non-underwriting expenses | 875 | 2,107 | 1,723 |
| Total benefits, losses and expenses | $1,238,476 | $1,176,273 | $1,135,188 |
| Income (loss) before income taxes | $147,936 | $77,034 | (39,721) |
| Income tax expense (benefit) | 29,745 | 15,077 | (10,021) |
| Net income (loss) | $118,191 | $61,957 | $(29,700) |
| Combined ratio: | |||
| Net loss ratio | 59.1% | 63.3% | 74.4% |
| Underwriting expense ratio | 35.7% | 35.9% | 34.9% |
| Combined ratio | 94.8% | 99.2% | 109.3% |
| Additional ratios(1): | |||
| Net loss ratio | 59.1% | 63.3% | 74.4% |
| Catastrophes | 3.2% | 5.4% | 6.2% |
| Reserve development (favorable) unfavorable | (0.4)% | —% | 6.0% |
| Underlying loss ratio (non-GAAP) | 56.3% | 57.9% | 62.2% |
| Underwriting expense ratio | 35.7% | 35.9% | 34.9% |
| Underlying combined ratio (non-GAAP) | 92.0% | 93.8% | 97.1% |
NM = not meaningful
(1) Underlying loss ratio and underlying combined ratio are non-GAAP financial measures. See "Non-GAAP Financial Measures" in Part II, Item 7 for additional information.
Net Written Premium
Net written premium is the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Net written premium is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Management believes net written premium is a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net written premium for an insurance company consists of direct written premium and assumed premium, less ceded premium. The following shows our written premium for the years ended December 31, 2025,2024 and 2023:
| (In Thousands) · 2025 · 2024 | |||||
|---|---|---|---|---|---|
| Years ended December 31, | 2025 | 2024 | 2023 | vs. 2024 | vs. 2023 |
| Direct written premium | $1,308,916 | $1,177,511 | $1,061,358 | 11.2% | 10.9% |
| Assumed written premium | 199,942 | 217,904 | 159,335 | (8.2) | 36.8 |
| Ceded written premium | (162,639) | (163,945) | (153,792) | (0.8) | 6.6 |
| Net written premium | $1,346,219 | $1,231,470 | $1,066,901 | 9.3% | 15.4% |
See 'Premiums' below for a description of the changes in premiums for the years presented.
Revenues
Premiums
Net earned premium is calculated on a pro-rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of written premium applicable to the unexpired terms of the insurance policies in force. The difference between net earned premium and net written premium is the change in unearned premium and the change in prepaid reinsurance premium. Direct earned premium is recognized ratably over the life of a policy and differs from direct written premium, which is recognized on the effective date of the policy. The following shows our earned premium for the years ended December 31, 2025, 2024 and 2023:
| (In Thousands) · 2025 · 2024 | |||||
|---|---|---|---|---|---|
| Years ended December 31, | 2025 | 2024 | 2023 | vs. 2024 | vs. 2023 |
| Direct earned premium | 1,259,966 | 1,109,903 | 1,017,917 | 13.5% | 9.0% |
| Assumed earned premium | 206,708 | 214,043 | 161,628 | (3.4)% | 32.4% |
| Ceded earned premium | (173,978) | (147,196) | (144,958) | 18.2% | 1.5% |
| Net earned premium | $1,292,696 | $1,176,750 | $1,034,587 | 9.9% | 13.7% |
Direct Premium
Direct premium is the total policy premium, net of cancellations, associated with policies issued and underwritten by our property and casualty insurance business. Direct premium increased $150.1 million in 2025 as compared to 2024 and increased $92.0 million in 2024 as compared to 2023 primarily due to growth in our core commercial lines resulting from improved retention, increased pricing and substantial new business production.
Assumed Premium
Assumed premium is the total premium associated with the insurance risk transferred to us by other insurance and reinsurance companies pursuant to reinsurance contracts. Assumed premium decreased $7.3 million in 2025 as compared to 2024 due to targeted management actions of exiting certain reinsurance programs, while assumed premium increased $52.4 million in 2024 as compared to 2023 due to the addition of new programs and cedant growth.
Ceded Premium
Ceded premium is the portion of direct premium that we cede to our reinsurers under our reinsurance contracts. Ceded premium increased $26.8 million in 2025 due to growth in the subject premium base and ceded reinsurance premium adjustments. For 2024, the ratio of ceded premium to direct premium remained flat as compared to 2023, due to rate decreases in property offsetting rate increases in casualty.
Net Investment Income
Net investment income was $97.5 million for the year ended December 31, 2025, an increase of $15.6 million or 19.0% from the year ended December 31, 2024. The increase was primarily from our fixed income portfolio increase of $17.9 million or 25.7%, as a result of portfolio management actions, including investing at higher rates, and portfolio growth, offset by lower income on other long-term investments.
Net investment income was $82.0 million for the year ended December 31, 2024, an increase of $22.4 million or 37.5% from the year ended December 31, 2023. The increase was primarily from our fixed income portfolio increase of $13.5 million or 23.9%, as a result of portfolio management actions, including investing at higher rates and the strategic re-allocation of equity securities into fixed maturity securities.
The following table details our net investment income for the years ended December 31, 2025, 2024, and 2023:
| (In thousands, except average yields) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Investment income: | |||
| Interest on fixed maturities | $87,642 | $69,703 | $56,243 |
| Dividends on equity securities | — | 341 | 3,548 |
| Income (loss) on other long-term investments | 6,944 | 7,939 | (31) |
| Other | 15,123 | 14,951 | 9,324 |
| Total investment income | $109,709 | $92,934 | $69,084 |
| Less investment expenses | 12,171 | 10,948 | 9,478 |
| Net investment income | $97,538 | $81,986 | $59,606 |
| Average yield on fixed income securities pre-tax(1) | 4.29% | 3.73% | 3.28% |
| Average yield on investment portfolio pre-tax | 3.91% | 3.67% | 3.02% |
(1) Fixed income securities yield excluding net unrealized investment gains/losses and expenses.
Refer to Note 2 "Investments" in Part II, Item 8 for more information on net investment income.
Net Investment Gains (Losses)
Net investment losses were $3.8 million for the year ended December 31, 2025 as compared to net investment losses of $5.4 million for the year ended December 31, 2024. The primary reason for the change relates to management actions within the Company's fixed income portfolio to reinvest at higher rates for the year ended December 31, 2024 and an impairment loss recognized on a commercial mortgage loan for the year ended December 31, 2025.
Net investment losses were $5.4 million for the year ended December 31, 2024 as compared to net investment gains of $1.3 million for the year ended December 31, 2023. The primary reason for the change relates to management actions within the Company's fixed income portfolio to reinvest at higher rates.
Refer to Note 2 "Investments" in Part II, Item 8 for more information on investment gains and losses.
Benefits, Losses and Expenses
The following shows losses and loss settlement expenses for the years ended December 31, 2025,2024 and 2023:
| (In Thousands)Years Ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Loss and loss settlement expenses, excluding catastrophes and prior year reserve development | $728,502 | $681,604 | $642,915 |
| Impact of catastrophes, including prior year reserve development | 41,090 | 63,154 | 64,152 |
| Prior year (favorable) unfavorable reserve development on non-catastrophe losses | (5,190) | (153) | 62,347 |
| Loss and loss settlement expenses | $764,402 | $744,605 | $769,414 |
| Net loss ratio | 59.1% | 63.3% | 74.4% |
For the year ended December 31, 2025, our loss and loss settlement expenses were $19.8 million, or 2.7%, higher than 2024 and our net loss ratio improved 4.2 points. This was driven by the overall increase and growth in company business, improvement in the underlying loss ratio, favorable prior year development, and a favorable year for catastrophe losses. The underlying loss ratio improvement was driven in part by higher pricing, continued favorable frequency in most major lines, and favorable large loss experience in property lines.
The Company experienced $5.2 million of favorable development, excluding catastrophe losses, in our net reserves for prior accident years for the year ended December 31, 2025. Favorable development in commercial automobile and fire and allied lines was largely offset by adverse development in commercial other liability. The commercial automobile favorable development of $22.3 million is a function of favorable experience as well as case-basis and IBNR reserve strengthening in recent years. Favorable development in fire and allied lines of $10.0 million is driven in part by reactions to favorable large loss experience in recent accident years. Adverse development in commercial other liability reflects the company's continued response to increased loss settlements resulting from the impact of economic and social inflation, including increased litigation activity.
In 2025, our pre-tax catastrophe losses were $41.1 million, a decrease of $22.1 million compared to $63.2 million in 2024. In 2025, our catastrophe losses included 62 events. Catastrophe losses in 2025 added 3.2 points to the combined ratio, which is below our historical 10-year average. The Company continues to evaluate and limit our exposure in regions prone to naturally occurring catastrophic events through a combination of geographic diversification and restrictions on the amount and location of new business production in such regions. We intend to continue with targeted underwriting and rate initiatives in some regions and/or purchase additional reinsurance as necessary to reduce our exposure.
2024 Results
For the year ended December 31, 2024, our loss and loss settlement expenses were $24.8 million, or 3.2%, lower than 2023 and our net loss ratio improved 11.1 points. This was driven by improvement in the underlying loss ratio, no prior year development, and a favorable year for catastrophe losses. The underlying loss ratio improvement was driven in part by higher pricing, continued favorable frequency in most major lines, and favorable large loss experience in property and surety. Favorable results are partially offset by an increase in current and prior accident year loss estimates for other liability reflecting continued efforts to strengthen liability reserves subject to increasing economic and social inflation influences.
The Company experienced $0.2 million of favorable development, excluding catastrophe losses, in our net reserves for prior accident years for the year ended December 31, 2024. For non-catastrophe losses, favorable development in commercial automobile and fire and allied lines was offset by adverse development in commercial other liability. The commercial automobile favorable development of $34.5 million is a function of favorable experience as well as case-basis and IBNR reserve strengthening in recent years. Favorable development in fire and allied lines of $10.5 million is driven in part by reactions to favorable large loss experience in recent accident years. Adverse development in commercial other liability reflects the company's continued response to increased loss settlements resulting from the impact of economic and social inflation, including increased litigation activity.
In 2024, our pre-tax catastrophe losses were $63.2 million, a decrease of $1.0 million compared to $64.2 million in 2023. In 2024, our catastrophe losses included 74 events. Catastrophe losses in 2024 added 5.4 points to the combined ratio, which is below our historical 10-year average. The Company continues to evaluate and limit our exposure in regions prone to naturally occurring catastrophic events through a combination of geographic diversification and restrictions on the amount and location of new business production in such regions. We intend to continue with targeted underwriting and rate initiatives in some regions and/or purchase additional reinsurance as necessary to reduce our exposure.
2023 Results
For the year ended December 31, 2023, our loss and loss settlement expenses were $132.3 million, or 20.7%, higher than 2022 and our net loss ratio increased 7.4 points. The primary drivers were an increase in loss and loss settlement expenses of $80.4 million in commercial lines and $48.0 million in reinsurance assumed, partially offset by $64.2 million of catastrophe losses in 2023 for our direct and assumed reinsurance business as compared to $73.5 million in 2022.
The Company experienced $62.3 million of adverse development, excluding catastrophe losses, in our net reserves for prior accident years for the year ended December 31, 2023. Commercial other liability lines experienced adverse development of $52.9 million primarily in our excess and surplus lines excess casualty book along with some adverse development in standard umbrella and construction defect due to increasing severity pressures. The increases in these longer tail lines, especially in accident years 2016-2019, related to social and economic inflation, and prompted a re-evaluation of trend assumptions for more recent accident years. The commercial automobile line of business also experienced adverse development of $9.0 million related to increasing severity largely in post-COVID-19 accident years. Commercial fire and allied lines experienced adverse development of $4.4 million largely due to development on both catastrophe and non-catastrophe losses, primarily from accident year 2022. The assumed reinsurance line of business contributed an additional $3.5 million of adverse development largely driven by catastrophe losses.
In 2023, our pre-tax catastrophe losses were $64.2 million, a decrease of $9.3 million compared to $73.5 million in 2022. In 2023, our catastrophe losses included 61 events. Catastrophe losses in 2023 added 6.2 points to the combined ratio, which is below our historical 10-year average.
Amortization of Deferred Policy Acquisition Costs ("DAC")
The following is a summary of the components of DAC, including amortization:
| (In Thousands)Years ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Beginning balance | $147,224 | $126,532 | $104,225 |
| Acquisition costs deferred | 325,392 | 302,017 | 267,298 |
| Amortization of deferred policy acquisition costs(1) | (314,432) | (281,325) | (244,991) |
| Ending balance | $158,184 | $147,224 | $126,532 |
(1) Amortization of deferred policy acquisition costs includes impact of changes in foreign currency exchange rates on the Lloyd's of London business, which is included as a component of accumulated other comprehensive income (loss).
DAC is amortized over the period the related premium is earned. Amortization increased for the years ended December 31, 2025 and 2024, primarily reflecting an increase in deferred underwriting costs associated with the growth of the business.
Net Loss Ratios by Line
The following table provides our net loss ratio for the years ended December 31, 2025, 2024 and 2023:
| Years ended December 31, · 2025 · 2024 · 2023 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands, except ratios) · Net Earned Premium · Net Losses and Loss Settlement Expenses Incurred · Net Loss Ratio · Net Earned Premium · Net Losses and Loss Settlement Expenses Incurred · Net Loss Ratio · Net Earned Premium · Net Losses and Loss Settlement Expenses Incurred · Net Loss Ratio | |||||||||||||||
| Commercial lines | |||||||||||||||
| Other liability | 389,154 | 283,599 | 72.9% | $343,027 | $283,034 | 82.5% | $320,762 | $249,106 | 77.7% | ||||||
| Fire and allied lines | 259,005 | 109,972 | 42.5 | 252,142 | 125,807 | 49.9 | 244,674 | 183,533 | 75.0 | ||||||
| Automobile | 287,996 | 166,028 | 57.6 | 239,964 | 138,517 | 57.7 | 208,874 | 176,667 | 84.6 | ||||||
| Workers' compensation | 65,040 | 43,291 | 66.6 | 54,815 | 37,524 | 68.5 | 53,039 | 33,224 | 62.6 | ||||||
| Surety(1) | 64,096 | 24,522 | 38.3 | 60,285 | 14,812 | 24.6 | 39,922 | 22,259 | 55.8 | ||||||
| Miscellaneous | 10,004 | 5,614 | 56.1 | 9,802 | 5,742 | 58.6 | 2,702 | 940 | 34.8 | ||||||
| Total commercial lines | 1,075,295 | 633,026 | 58.9% | $960,035 | $605,436 | 63.1% | $869,973 | $665,729 | 76.5% | ||||||
| Personal lines | |||||||||||||||
| Fire and allied lines | 14,690 | 6,146 | 41.8% | 14,237 | 8,325 | 58.5% | 4,733 | 3,402 | 71.9% | ||||||
| Automobile | 1,752 | 1,116 | 63.7 | 1,214 | 732 | 60.3 | — | (837) | NM | ||||||
| Miscellaneous | 2 | (54) | NM | 10 | 197 | NM | 22 | (82) | NM | ||||||
| Total personal lines | 16,444 | 7,208 | 43.8% | 15,461 | 9,254 | 59.9% | 4,755 | 2,483 | 52.2% | ||||||
| Reinsurance assumed(2) | 200,957 | 124,168 | 61.8% | 201,254 | 129,915 | 64.6% | 159,859 | 101,202 | 63.3% | ||||||
| Total | 1,292,696 | 764,402 | 59.1% | 1,176,750 | 744,605 | 63.3% | $1,034,587 | $769,414 | 74.4% | ||||||
NM = not meaningful
(1)Commercial lines "Surety" previously referred to as "Fidelity and surety."
(2) Reinsurance assumed includes Lloyd's of London
Commercial Lines
The net loss ratio in our commercial lines of business was 58.9 percent in 2025 compared to 63.1 percent in 2024 and 76.5 percent in 2023. This result was driven by improvement in the underlying loss ratio, favorable prior year development, and a favorable year for catastrophe losses.
Commercial Other Liability
We write numerous types of risk that are exposed to liability losses in our direct and assumed books of business. This includes, but is not limited to, bodily injury, property damage, standard umbrella, excess liability, and product liability (including construction defect) loss and loss adjustment expenses.
The net loss ratio improved 9.6 points in 2025 compared to 2024. The improved loss ratio was driven by the underlying and prior period development. The Company has been strengthening reserves across our portfolio in response to increased loss settlements resulting from the impact of economic and social inflation, including increased litigation activity. Additional reserve strengthening took place in 2025 but to a lesser extent than 2024.
Commercial Fire and Allied Lines
The net loss ratio improved 7.4 points in 2025 compared to 2024. Drivers include favorable large loss experience compared to earlier years and favorable catastrophe experience in 2025.
Commercial Automobile
The net loss ratio improved 0.1 points in 2025 compared to 2024. The underlying result was favorable in 2025 compared to 2024 driven by consistent pricing increases and continued favorable frequency trends associated with more restrictive underwriting guidelines and exposure appetite. This was offset by prior year development which was favorable in 2025 but to a lesser extent than 2024.
Workers' Compensation
The net loss ratio improved 1.9 points in 2025 compared to 2024. The overall improvement was driven by favorable prior year development partially offset by some large loss experience in the current accident year.
Surety
The net loss ratio deteriorated 13.7 points in 2025 compared to 2024. When surety losses occur, our loss is determined by estimating the cost to complete the remaining work and to pay the contractor's unpaid bills, offset by contract funds due to the contractor, reinsurance, and the value of any collateral to which we may have access. 2025 was a return to longer term profitability levels and disciplined underwriting, while 2024 benefited from unusually early favorable large loss results.
Personal Lines
The net loss ratio improved 16.1 points in 2025 compared to 2024, due to proportional assumed reinsurance for homeowners multi-peril coverage included in personal fire and allied lines.
Reinsurance Assumed
The net loss ratio improved 2.8 points in 2025 compared to 2024. Our assumed reinsurance portfolio is comprised of contracts that provide reinsurance protection to unaffiliated insurance companies. We only reinsure companies with attractive expected profitability, relevant materiality, and strong reputation. Our reinsurance business focuses on long-term relationships. The 2025 non-catastrophe result was relatively consistent with 2024. The business is benefiting from increased pricing and tightly managed loss exposure. Some adverse prior year development was recognized in 2025 driven by worse than expected losses on a few accounts. The overall improvement in 2025 was driven by favorable catastrophe results.
Underwriting Expenses
The following is a summary of underwriting expenses, including the underwriting expense ratio:
| (In Thousands)Years Ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Amortization of deferred policy acquisition costs | $315,323 | $281,338 | $244,991 |
| Other underwriting expenses | 146,609 | 140,942 | 115,800 |
| Underwriting expenses | $461,932 | $422,280 | $360,791 |
| Net earned premium | 1,292,696 | 1,176,750 | 1,034,587 |
| Expense ratio(1) | 35.7% | 35.9% | 34.9% |
(1) Expense ratio is calculated by dividing non-deferred underwriting expenses and amortization of deferred policy acquisition costs by net earned premium. The expense ratio measures a company's operational efficiency in producing, underwriting and administering its insurance
business.
The decrease in expense ratio in 2025 as compared to 2024 is driven by expense management actions and growth, partially offset by accelerated development of our new policy administration system implemented in 2025, and increased performance-based compensation for employees and agents due to current year achievements.
The increase in expense ratio in 2024 as compared to 2023 is due primarily to investments in talent to deepen expertise across the Company; accelerated development of the new policy administration system (implemented in 2025); and increased performance-based compensation for employees and agents due to current year achievements.
Interest Expenses
The following is a summary of interest expense:
| (In Thousands)Years Ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Interest paid | $11,267 | $7,281 | $3,260 |
Our long term debt obligations are $50.0 million of private placement notes issued in December 2020, and $70.0 million and $30.0 million of senior unsecured notes issued in May 2024 and July 2025, respectively. Interest expense increased in 2025 due to the issuance of the senior unsecured notes. Refer to Note 13 "Debt" in Part II, Item 8 for more information on long term debt.
Income Taxes
The following is a summary of income tax expense (benefit), including the effective tax rate:
| (In Thousands)Years Ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Income (loss) before income taxes | $147,936 | $77,034 | $(39,721) |
| Income tax expense (benefit) | 29,745 | 15,077 | (10,021) |
| Effective tax rate(1) | 20.1% | 19.6% | 25.2% |
(1)The effective tax rate is calculated by dividing 'Income tax expense (benefit)' by 'Income (loss) before income taxes'
The consolidated effective tax rate for 2025 was 20.1 percent, compared with 19.6 percent in 2024 and 25.2 percent in 2023. The effective tax rate for the year ended December 31, 2025 differs from the statutory rate of 21% primarily due to the net effect of tax-exempt municipal bond interest, state income taxes and interest on a federal tax refund.
Refer to Note 7 "Income Tax" in Part II, Item 8 for more information on income taxes, including deferred tax assets and liabilities.
Adjusted Operating Income (See "Non-GAAP Financial Measures")
The table below shows the adjustments made to reconcile Net income (loss) to Adjusted operating earnings:
| Net Income Reconciliation | |||
|---|---|---|---|
| (In Thousands)Years Ended December 31, | 2025 | 2024 | 2023 |
| Income statement data | |||
| Net income (loss) | $118,191 | $61,957 | $(29,700) |
| Less: Net investment gains (losses), after-tax | (3,019) | (4,289) | 1,006 |
| Adjusted operating income (loss) | $121,210 | $66,246 | $(30,706) |
Adjusted operating income reported in 2025 was primarily due to an increase in net earned premium of $115.9 million combined with a decrease in the underlying loss ratio by 1.6 points to 56.3%, a decrease in the catastrophe loss ratio of 2.2 points to 3.2%, and favorable prior year reserve development of 0.4 points in 2025. In addition, net investment income increased by $15.6 million. The underwriting expense ratio improved 0.2 points to 35.7%.
Adjusted operating income reported in 2024 was primarily due to an increase in net earned premium of $142.2 million combined with a decrease in the underlying loss ratio by 4.3 points to 57.9%, a decrease in the catastrophe loss ratio of 0.8 points to 5.4%, and no prior year reserve development. In addition, net investment income increased by $23.2 million. The underwriting expense ratio increased 1.0 point to 35.9%
Adjusted operating loss reported in 2023 was primarily due to an increase in losses and loss settlement expenses of $132.1 million attributable to adverse reserve development of $67.8 million which added 6.0 points to the loss ratio. In addition, an increase in amortization of deferred acquisition costs of $32.0 million contributed to the operating loss. These were partially offset with an increase in net earned premium of $83.0 million and higher investment income of $15.0 million.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.