United Fire Group (UFCS) FY2025 results: revenue $1.4 billion, up 10.6% on the year
United Fire Group Inc. (UFCS) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 10.6% on the year before. Net income was $118 million, up 90.8%, and diluted earnings per share $4.48. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.4 billion
+10.6% on the year
FY2018FY2025
Operating margin
10.7%
6.1% a year earlier
FY2018FY2025
Net income
$118 million
+90.8% on the year
FY2018FY2025
Diluted EPS
$4.48
+87.4% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised.
Fourth quarter net income rose: Net income rose $6.9 million to $38.4 million, or $1.45 per diluted share. Adjusted operating income was $39.7 million, or $1.50 per diluted share, against $1.25 a year earlier.
Full-year earnings and return on equity: Full-year net income was $118.2 million, or $4.48 per diluted share, with adjusted operating income of $4.60 per share. Return on equity for the full year was 13.7%.
Net written premium grew 11%: Net written premium rose 11% to $309.7 million in the quarter and 9% to $1.3 billion for the year. Retention and new business were above the prior year period.
Underlying loss ratio improved: The underlying loss ratio improved 0.3 points to 55.4% for the quarter and 1.6 points to 56.3% for the year. Management cited lower frequency, earned rate and large loss experience.
Book value increase driven by earnings: Book value per share rose 19.7% to $36.88. The company attributed the rise to net income and lower unrealized investment losses, partly offset by dividends paid.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
270
340
172
-20.7%
Capital expenditure
6.4
11.9
10.9
-45.7%
Free cash flow
263
328
161
-19.8%
Free cash flow margin
19.0%
26.2%
14.7%
Cash from investing
-326
-292
-150
Cash from financing
11.6
51.1
-16.5
-77.3%
Depreciation and amortisation
10.8
10.9
10.5
-1.2%
Share-based compensation
9.0
5.5
3.2
+63.7%
Buybacks
n/a
n/a
0.0
Dividends paid
16.3
16.2
16.2
+0.6%
Dividend per share
$0.64
$0.64
$0.64
0.0%
Diluted shares, weighted
26m
26m
25m
+1.7%
Shares outstanding at period end
26m
25m
25m
+0.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
941
782
734
+20.4%
Debt
146
n/a
n/a
Other liabilities
2,753
2,707
2,410
+1.7%
Total liabilities and equity
3,841
3,488
3,144
+10.1%
Fixed assets
133
136
134
-2.5%
Goodwill
n/a
n/a
0.0
Intangible assets
3.2
3.9
4.6
-18.2%
Securities held for sale or to maturity
2,205
1,868
1,687
+18.0%
Loans
30.8
40.9
45.4
-24.7%
Cash and equivalents
156
201
102
-22.2%
Other assets
1,312
1,238
1,171
+6.0%
Total assets
3,841
3,488
3,144
+10.1%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.