UNITED FIRE GROUP INC

Listed Company

UFCSCIK 0000101199NasdaqAcceleratedFire, Marine & Casualty InsuranceFY ends Dec 31

Period

FY 2025

Revenue

$1.39B

Net Income

$118.19M

Total Assets

$3.84B

Equity

$941.17M

Shares Out

25.52M

Op. Cash Flow

$269.74M

+ 13F Filer

Business

United Fire Group Inc writes property and casualty insurance through a network of independent agencies and affiliated underwriting arrangements. It offers primarily commercial lines business including tailored business packages (fire and allied, other liability, automobile, workers' compensation), contract and commercial surety bonds, specialty and surplus lines, delegated underwriting programs via managing general agents, and proportional reinsurance for personal fire and homeowners coverages. The company operates as a single reporting segment encompassing its insurance operations and reinsurance activities, and participates in Lloyd's syndicates through a corporate member. Its products are distributed nationwide across all 50 states and the District of Columbia through approximately independent agencies, MGAs and wholesale brokers.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earned premium	1,293	1,177	1,035	952	963
Net investment income	98	82	60	45	56
Net investment gains (losses)	−4	−5	1	−16	47
Total revenues	1,386	1,253	1,095	980	1,066
Losses and loss settlement expenses	764	745	769	637	652
Amortization of deferred policy acquisition costs	315	281	245	213	203
Other underwriting expenses	147	141	116	115	110
Interest Expense	11	7	3	3	3
Other non-underwriting expenses	875,000	2	2	−524,000	471,000
Total benefits, losses and expenses	1,238	1,176	1,135	968	969
Income (loss) before income taxes	148	77	−40	12	97
Income tax expense (benefit)	30	15	−10	−3	−16
Net income (loss)	118	62	−30	15	81
Basic (in dollars per share)	4.64	2.45	−1.18	0.6	—
Diluted (in dollars per share)	4.48	2.39	−1.18	0.59	—
Basic (in shares)	25	25	25	25	25
Diluted (in shares)	26	26	25	25	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, available-for-sale, at fair value (amortized cost of $2,239,173 and $1,961,531; allowance for credit losses of $0 and $0)	2,205	1,868	1,687	1,551	1,720
Mortgage loans (less allowance for credit losses of $286 and $45)	31	41	45	38	47
Other long-term investments	229	184	100	86	84
Short-term investments	0	100,000	100,000	275,000	275,000
Total investments	2,465	2,093	1,886	1,845	2,065
Cash and cash equivalents	156	201	102	97	132
Accrued investment income	18	16	16	14	13
Premiums receivable (net of allowance for doubtful accounts of $1,899 and $1,604)	498	451	465	366	317
Deferred policy acquisition costs	158	147	127	104	91
Property and equipment at cost (less accumulated depreciation of $85,555 and $75,866)	133	136	134	133	138
Reinsurance receivables and recoverables (net of allowance for credit losses of $121 and $103)	239	231	223	171	128
Prepaid reinsurance premiums	32	45	28	11	9
Intangible assets, net	3	4	—	—	—
Deferred tax asset, net	15	23	14	16	0
Income taxes receivable	532,000	14	21	31	32
Other assets	123	128	123	89	81
Total assets	3,841	3,488	3,144	2,882	3,013
Losses and loss settlement expenses	1,925	1,797	1,639	1,497	1,514
Unearned premium	660	621	549	474	440
Accrued expenses and other liabilities	168	172	172	121	103
Long term debt	146	117	50	50	50
Total liabilities	2,900	2,707	2,410	2,142	2,134
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,522,051 and 25,378,291 shares issued and outstanding	25,000	25,000	25,000	25,000	25,000
Additional paid-in capital	224	216	210	207	203
Retained earnings	722	620	575	621	621
Accumulated other comprehensive income (loss), net of tax	−5	−55	−51	−87	54
Total stockholders' equity	941	782	734	740	879
Total liabilities and stockholders' equity	3,841	3,488	3,144	2,882	3,013

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net accretion of bond premium	2	5	7	9	14
Depreciation and amortization	11	11	11	8	7
Stock-based compensation expense	9	6	3	3	3
Net investment (gains) losses	4	6	−2	16	−47
Net cash flows from trading investments	0	56	116	30	38
Deferred income tax benefit	−6	−8	−8	−4	6
Accrued investment income	−2	139,000	−1	−1	1
Premiums receivable	−47	14	−99	−49	521,000
Deferred policy acquisition costs	−11	−21	−22	−13	−4
Reinsurance receivables	−8	−8	−52	−43	33
Prepaid reinsurance premiums	13	−17	−16	−2	4
Income taxes receivable	14	7	10	960,000	34
Other assets	5	−2	−34	−8	−44
Losses, claims and loss settlement expenses	128	158	141	−17	−64
Unearned premium	39	72	75	35	−25
Accrued expenses and other liabilities	−2	1	71	13	2
Other, net	4	−2	3	8	−8
Net cash provided by (used in) operating activities	270	340	172	−1	30
Proceeds from sale of available-for-sale investments	121	492	77	84	181
Proceeds from call and maturity of available-for-sale investments	259	179	80	184	264
Proceeds from short-term and other investments	15	9	5	13	6
Purchase of available-for-sale investments	−660	−873	−273	−284	−396
Purchase of mortgage loans	0	0	−8	−103,000	0
Purchase of short-term and other investments	−54	−88	−20	−13	—
Net purchases and sales of property and equipment	−6	−12	−11	−2	−14
Net cash provided by (used in) investing activities	−326	−292	−150	−19	32
Debt note issuance	30	70	0	0	—
Debt note issuance costs	−1	−3	0	0	—
Payment of cash dividends	−16	−16	−16	−16	−15
Issuance of common stock	−993,000	348,000	−290,000	828,000	−421,000
Net cash provided by (used in) financing activities	12	51	−16	−15	−17
Net Change in Cash and Cash Equivalents	−45	99	5	−35	44
Income taxes paid (refunded)	24	16	1	—	—
Interest paid	11	7	3	3	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 46 positions

Reported AUM

$194.23M

Holdings

Top sector

$194.23M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$194.23M	100.0%

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