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United Fire Group, Inc., together with its subsidiaries, engages in writing property and casualty insurance in the United States. It provides property and casualty insurance, and surety bonds; and fire and allied lines, other liability, automobile, workers' compensation, and surety to small business owners and middle market businesses operating in industries, such as construction, services, retail trade, financial, and manufacturing. The company also offers marine specialty, professional liability, and earthquake coverages; specialty and surplus lines coverage; and reinsurance coverage for property and casualty insurance. It sells its products through a network of independent agencies. United Fire Group, Inc. was incorporated in 1946 and is headquartered in Cedar Rapids, Iowa.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.4B | - | $118M | $263M | 12.6% | 10.9% | 90.8% |
| 2024 | $1.3B | - | $62M | $328M | 7.9% | 14.0% | -308.6% |
| 2023 | $1.1B | - | $-30M | $161M | -4.0% | 11.1% | -297.6% |
| 2022 | $988M | - | $15M | $-3M | 2.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 988.22 | 1,098.33 | 1,251.86 | 1,387.89 |
| Operating Revenue | - | 988.22 | 1,098.33 | 1,251.86 | 1,387.89 |
| Total Expenses | - | 976.14 | 1,138.05 | 1,174.83 | 1,239.96 |
| EBIT | - | 15.26 | -36.46 | 84.32 | 159.20 |
| Interest Income | - | 61.60 | 67.81 | 86.48 | 106.68 |
| Interest Expense | - | 3.19 | 3.26 | 7.28 | 11.27 |
| Net Interest Income | - | -3.19 | -3.26 | -7.28 | -11.27 |
| Other Income Expense | 0.21 | -0.30 | - | - | - |
| Interest Expense Non Operating | - | 3.19 | 3.26 | 7.28 | 11.27 |
| Net Non Operating Interest Income Expense | - | -3.19 | -3.26 | -7.28 | -11.27 |
| Pretax Income | - | 12.08 | -39.72 | 77.03 | 147.94 |
| Tax Provision | - | -2.95 | -10.02 | 15.08 | 29.74 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 15.03 | -29.70 | 61.96 | 118.19 |
| Net Income From Continuing And Discontinued Operation | - | 15.03 | -29.70 | 61.96 | 118.19 |
| Net Income From Continuing Operation Net Minority Interest | - | 15.03 | -29.70 | 61.96 | 118.19 |
| Net Income | - | 15.03 | -29.70 | 61.96 | 118.19 |
| Net Income Common Stockholders | - | 15.03 | -29.70 | 61.96 | 118.19 |
| Net Income Including Noncontrolling Interests | - | 15.03 | -29.70 | 61.96 | 118.19 |
| Normalized Income | - | 15.03 | -29.70 | 61.96 | 118.19 |
| Diluted NI Availto Com Stockholders | - | 15.03 | -29.70 | 61.96 | 118.19 |
| Basic Average Shares | - | 25.21 | 25.27 | 25.38 | 25.52 |
| Diluted Average Shares | - | 25.48 | 25.27 | 25.92 | 26.38 |
| Reconciled Depreciation | - | 7.67 | 10.51 | 10.90 | 10.77 |
| Total Unusual Items | 0 | 0 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | 0 | - | - | - |
| Special Income Charges | 0 | 0 | - | - | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Other Operating Expenses | - | -0.52 | 1.72 | 2.11 | 0.88 |
| Loss Adjustment Expense | - | 637.30 | 769.41 | 744.60 | 764.40 |
| Net Policyholder Benefits And Claims | - | 637.30 | 769.41 | 744.60 | 764.40 |
| Policyholder Benefits Gross | - | - | 866.02 | 796.43 | 839.64 |
| Policyholder Benefits Ceded | - | - | 96.60 | 51.83 | 75.24 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| United Fire Group, Inc.this co. | UFCS | $1.1B | 9.51↓ discount | 1.19 | 12.6% | - |
| Strive Asset Management, LLC | ASST | $1.2B | - | 2.03 | -3.0% | - |
| Exzeo Group, Inc. | XZO | $1.1B | 13.79 | 4.49 | 32.6% | 7.44 |
| Heritage Financial Corporation | HFWA | $1.1B | 16.86 | 1.24 | 7.3% | - |
| Preferred Bank | PFBC | $1.1B |
| - |
| - |
| - |
| - |
| - |
| 8.51 |
| 1.44 |
| 16.9% |
| - |
| Univest Financial Corporation | UVSP | $1.1B | 12.37 | 1.19 | 9.6% | - |
| Metropolitan Bank Holding Corp. | MCB | $1.1B | 15.75 | 1.51 | 9.6% | - |
| Old Second Bancorp, Inc. | OSBC | $1.1B | 13.72 | 1.23 | 9.0% | - |
| Coastal Financial Corporation | CCB | $1.1B | 22.81 | 2.18 | 9.6% | - |
| Peer Median | - | 13.79 | 1.47 | 9.6% | 7.44 | |