$UFCS

UNITED FIRE GROUP INC

CIK:0000101199|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net earned premium	$ 354,127	$ 314,802	$ 697,102	$ 623,213
Net investment income	28,928	21,673	55,968	45,131
Net investment gains (losses)	(428)	(1,002)	(682)	(1,756)
Other income (loss)	1,099	0	780	0
Total revenues	383,726	335,473	753,168	666,588
Benefits, Losses and Expenses
Losses and loss settlement expenses	212,274	193,732	420,399	383,428
Amortization of deferred policy acquisition costs	84,041	74,413	166,082	151,767
Other underwriting expenses	41,158	35,307	78,725	74,893
Interest expense	3,186	2,484	6,369	4,967
Other non-underwriting expenses	1,123	335	1,637	477
Total benefits, losses and expenses	341,782	306,271	673,212	615,532
Income (loss) before income taxes	41,944	29,202	79,956	51,056
Income tax expense (benefit)	8,579	6,255	16,539	10,409
Net Income (loss)	$ 33,365	$ 22,947	$ 63,417	$ 40,647
Earnings (loss) per common share:
Basic (in dollars per share)	$ 1.30	$ 0.90	$ 2.48	$ 1.60
Diluted (in dollars per share)	$ 1.29	$ 0.87	$ 2.45	$ 1.54
Weighted average common shares outstanding:
Basic (in shares)	25,676,853	25,471,114	25,619,153	25,431,418
Diluted (in shares)	25,895,535	26,390,660	25,863,700	26,350,813

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net income (loss)	$ 63,417	$ 40,647
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net accretion of bond premium	107	799
Depreciation and amortization	5,601	4,992
Stock-based compensation expense	5,300	3,699
Net investment (gains) losses	1,005	1,900
Deferred income tax expense (benefit)	1,072	(6,370)
Changes in:
Accrued investment income	(412)	(523)
Premiums receivable	(101,773)	(61,859)
Deferred policy acquisition costs	(17,705)	(14,752)
Reinsurance receivables	2,313	(16,993)
Prepaid reinsurance premiums	(2,026)	5,155
Other assets	(2,101)	14,422
Losses and loss settlement expenses	65,591	63,349
Unearned premium	89,297	78,227
Accrued expenses and other liabilities	(20,687)	(35,150)
Income taxes receivable/payable	2,037	8,745
Other, net	(161)	2,776
Net cash provided by (used in) operating activities	90,875	89,064
Cash Flows From Investing Activities
Proceeds from sale of available-for-sale investments	144,612	24,318
Proceeds from call and maturity of available-for-sale investments	150,198	111,233
Proceeds from sale of other investments	12,569	6,085
Purchase of available-for-sale investments	(396,702)	(186,832)
Purchase of other investments	(5,050)	(29,076)
Net purchases and sales of property and equipment	(900)	(4,233)
Net cash provided by (used in) investing activities	(95,273)	(78,505)
Cash Flows From Financing Activities
Issuance of common stock	(2,236)	(1,218)
Payment of cash dividends	(10,253)	(8,141)
Net cash provided by (used in) financing activities	(12,489)	(9,359)
Net Change in Cash and Cash Equivalents	(16,887)	1,200
Cash and Cash Equivalents at Beginning of Period	156,332	200,949
Cash and Cash Equivalents at End of Period	139,445	202,149
Supplemental Disclosures of Cash Flow Information
Income taxes paid (refunded)	13,799	9,850
Interest paid	$ 6,219	$ 4,869

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost $2,340,146 and $2,239,173)	$ 2,283,519	$ 2,205,350
Mortgage loans (net of allowance for credit loss of $284 and $286)	30,522	30,830
Other long-term investments	220,933	228,507
Total investments	2,534,974	2,464,687
Cash and cash equivalents	139,445	156,332
Accrued investment income	18,655	18,243
Premiums receivable (net of allowance for doubtful accounts of $2,508 and $1,899)	599,693	497,920
Deferred policy acquisition costs	175,889	158,184
Property and equipment, at cost (less accumulated depreciation of $86,503 and $85,555)	128,062	132,631
Reinsurance receivables (net of allowance for credit losses of $85 and $121)	236,195	238,508
Prepaid reinsurance premiums	34,383	32,357
Intangible assets	3,020	3,197
Deferred tax asset	19,686	15,448
Income taxes receivable	0	532
Other assets	124,364	122,750
Total assets	4,014,366	3,840,789
Liabilities
Losses and loss settlement expenses	1,990,417	1,924,826
Unearned premium	749,507	660,210
Accrued expenses and other liabilities	149,250	168,383
Income taxes payable	1,505	0
Long term debt	146,350	146,200
Total liabilities	3,037,029	2,899,619
Stockholders' Equity
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,704,420 and 25,522,051 shares issued and outstanding	26	25
Additional paid-in capital	226,951	223,887
Retained earnings	775,379	722,321
Accumulated other comprehensive income (loss), net of tax	(25,019)	(5,063)
Total stockholders' equity	977,337	941,170
Total liabilities and stockholders' equity	$ 4,014,366	$ 3,840,789