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# United Fire Group Third-Quarter Profit Falls 10% To $35.1 Million, Yet Nine-Month Earnings Hit A Record
- URL: https://www.bullished.co/united-fire-group-third-quarter-profit-falls-10-to-35-1-million-yet-nine-month-earnings-230b31ec/
- Published: 2026-11-03T21:42:11.000Z
- Updated: 2026-11-03T21:42:11.000Z
- Description: The insurer grew premiums 13%, but a tough comparison with last year's standout quarter pushed its combined ratio up to 94.6%.
- Author: Matteo Parrino
- Tags: Earnings, UFCS, Industry: Financials

United Fire Group, which writes commercial property and casualty insurance, said Tuesday its third-quarter [net income fell 10% to $35.1 million](https://www.sec.gov/Archives/edgar/data/0000101199/000010119926000065/q32026-pressrelease.htm?ref=bullished.co), or $1.34 per diluted share, from $39.2 million, or $1.49, a year earlier. Premiums grew 13%, and earnings for the first nine months of 2026 reached a record.

## Growth up, underwriting margin thinner

Net written premium, the amount charged on policies issued, rose 13% to $371.4 million, led by the core commercial business. Core commercial average renewal premium rose 3.0%, with rates up 2.0% and exposure changes of 1.0%.

The combined ratio, where anything under 100% means an underwriting profit, rose 2.7 points to 94.6% from 91.9%. The underlying loss ratio climbed 1.3 points to 57.3%, which the company attributed mainly to smaller favorable effects than in what it called an exceptional third quarter of 2025\. Catastrophe losses rose 1.1 points to 2.4%, below the five-year and 10-year averages, and the expense ratio rose 0.3 points to 34.9%.

The year-ago quarter was the company's best third-quarter combined ratio in nearly 20 years, according to the release.

## Record nine months, bigger investment income

For the first nine months, net income reached $98.5 million, or $3.78 per share, against $79.8 million, or $3.03, a year earlier. The nine-month combined ratio of 95.2% improved 0.7 points and is the best in more than a decade, the company said. Return on equity was 14.0% for the nine months.

Net investment income rose 13% to $29.3 million. Income from bonds increased $5.6 million on portfolio growth and reinvestment at higher yields, while income on other long-term investments fell to $1.3 million from $2.7 million.

"UFG delivered its strongest quarter of 2026, contributing to an exceptional first nine months of the year," said President and CEO Kevin Leidwinger.

## Book value splits two ways

Book value per share fell $0.37 to $36.51 as of September 30 from December 31, mainly on unrealized losses on bonds and dividends. Adjusted book value per share, which strips out unrealized investment gains and losses, rose $3.07 to $40.94.

The company, based in Cedar Rapids, Iowa, sells mainly through approximately 850 independent agencies and is licensed in all 50 states and the District of Columbia. It paid a $0.20 per share dividend in the quarter.

Management will discuss the results on an earnings call at 9:00 a.m. CT on Wednesday.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — UNITED FIRE GROUP INC (UFCS)](https://www.sec.gov/Archives/edgar/data/0000101199/000010119926000065/ufcs-20261103.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit q32026-pressrelease.htm — UNITED FIRE GROUP INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000101199/000010119926000065/q32026-pressrelease.htm?ref=bullished.co) — SEC EDGAR