UFG Q3 premiums rise 13% as profit declines

United Fire Group  reported third-quarter net income of $35.1 million, down 10% from $39.2 million a year earlier, while net written premiums increased 13.2% to $371.4 million.

The combined ratio rose to 94.6% from 91.9%. Catastrophe losses contributed 2.4 points, compared with 1.3 points a year earlier, while the underlying loss ratio increased to 57.3% from 56%. Prior-year reserve development was neutral.

Growth was led by the insurer’s core commercial business. Commercial lines net written premiums reached $307.1 million, up from $272.8 million, while assumed reinsurance premiums increased to $59 million from $48.2 million.

Core commercial renewal premiums increased an average of 3%, reflecting rate increases of 2% and exposure growth of 1%. Excluding workers’ compensation, renewal premiums increased 3.3%, including 2.4% from higher rates.

Net investment income rose 13% to $29.3 million, supported by growth in the fixed-income portfolio and reinvestment at higher yields.

For the first nine months of 2026, UFG reported record net income of $98.5 million, compared with $79.8 million a year earlier. Its combined ratio improved to 95.2% from 95.9%, and annualized return on equity reached 14%.