At a glance
United Fire Group Inc is worth $1.45B, about 13 times its fiscal 2025 earnings. Revenue grew 10.6% to $1.39B in fiscal 2025, with 8.5% kept as profit; over 5 years it has grown 5.3% a year. It pays a 1.35% dividend yield, and returned $81.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +86.8% over the past year with dividends reinvested and +24.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.2% in the 2020 crash (S&P 500: 33.7%) and 31.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 71 months and 39 months after the lows.
The business in plain English
United Fire Group, founded in 1946 and based in Cedar Rapids, Iowa, sells property and casualty insurance, mainly to businesses. Its core product is a bundled business policy that can cover fire and other property damage, liability claims, vehicles and workers' compensation. It also writes surety bonds, which guarantee that a contractor or business will meet its obligations. Customers are mostly small and mid-sized firms in construction, services, retail, finance and manufacturing. It sells through about 850 independent insurance agencies and about 160 surety agencies, not its own sales force.
Around that core, it offers niche coverage such as marine, professional liability and earthquake through managing general agents, outside firms allowed to underwrite on its behalf. Wholesale brokers place its specialty coverage for harder-to-insure risks. It also belongs to Lloyd's of London, the insurance marketplace, and sells reinsurance, which is insurance for other insurers. It has exited policies sold directly to individuals; none of that exposure remained as of December 31, 2025.
The company reports a single business segment and does not report a revenue split by product or region. Most revenue is premiums, earned over the life of each policy; like other insurers, it also earns income by investing premiums until claims are paid. Revenue reached $1.39 billion in 2025, up 10.6% from 2024.
Price history
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UFCS +86.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $383.7M, up 14.4% from a year earlier, and net income was $33.4M (+45.4%).
- For fiscal 2025, revenue was $1.39B (+10.6% year over year; +5.3% a year from FY2020 to FY2025) with a 8.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.3% good |
|---|---|
| Return on equity (FY2025) | 12.6% watch |
| Return on assets (FY2025) | 3.1% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.07B | $-112.7M | — |
| FY2021 | $1.07B | $80.6M | — |
| FY2022 | $980.3M | $15.0M | — |
| FY2023 | $1.10B | $-29.7M | — |
| FY2024 | $1.25B | $62.0M | — |
| FY2025 | $1.39B | $118.2M | — |
Valuation snapshot
| Market value | $1.45B |
|---|---|
| P/E ratio | 12.6 |
| Dividend yield | 1.35% |
Rank among 1514 US companies
Market value at each year end
United Fire Group’s market value went from $1.25B at the end of 2016 to $1.45B on Oct 28, 2026, up 16%; since the end of 2025 it is up 56%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.45B | +56.1% |
| 2025 | $927.4M | +28.6% |
| 2024 | $721.0M | +41.8% |
| 2023 | $508.3M | -26.3% |
| 2022 | $689.4M | +18.5% |
| 2021 | $581.6M | -7.4% |
| 2020 | $628.3M | -42.6% |
| 2019 | $1.09B | -21.3% |
| 2018 | $1.39B | +22.6% |
| 2017 | $1.13B | -9.1% |
| 2016 | $1.25B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UFCS price data to Oct 28, 2026 | +57.0% | +86.8% | +45.1% | +24.6% | +6.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +57.0% |
| 2025 | +30.5% |
| 2024 | +45.3% |
| 2023 | -24.3% |
| 2022 | +20.5% |
| 2021 | -5.5% |
| 2020 | -40.2% |
| 2019 | -18.9% |
| 2018 | +31.1% |
| 2017 | -5.0% |
| 2016 | +31.3% |
| 2015 | +32.3% |
| 2014 | +6.6% |
| 2013 | +34.5% |
| 2012 | +11.3% |
| 2011 | -6.7% |
| 2010 | +26.1% |
| 2009 | -39.4% |
| 2008 | +9.0% |
| 2007 | -16.1% |
| 2006 | -11.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.9% over that stretch · deepest drop along the way 67.3%, back to its old high 79.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.8% over that stretch · deepest drop along the way 42.2%, back to its old high 70.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 28% over that stretch · deepest drop along the way 31.9%, back to its old high 39.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($204K) and 7 sales ($1.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 3, 2026 | Scott L Carlton Director | sell | $543K |
| Jun 5, 2026 | George D Milligan Director | buy | $204K |
| Mar 2, 2026 | Christopher R Drahozal Director | sell | $165K |
| Mar 2, 2026 | Dee Ann McIntyre 10% owner | sell | $165K |
| Mar 4, 2026 | Christopher R Drahozal Director | sell | $164K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.7% | Mar 31, 2025 |
| McIntyre Dee Ann | 11.5% | Dec 31, 2025 |
ETFs with the most weight in UFCS
| FDLS Inspire Fidelis Multi Factor ETF | 0.98% |
| SMIZ Zacks Small/Mid Cap ETF | 0.51% |
| ROSC Hartford Multifactor Small Cap ETF | 0.37% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.21% |
| IWC iShares Micro-Cap ETF | 0.17% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.17% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.1% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.1% |
What could go wrong
- Reliance on independent agents. Its main products are sold only through independent agencies that also represent rival insurers. If those relationships weaken, agencies may steer business elsewhere, cutting premium volume and the quality of risks it writes.
- Catastrophes and shifting weather patterns. Hail, tornadoes, hurricanes and windstorms can trigger large claims, which tend to peak in the second and third quarters. The company says changing weather and climate make these losses harder to predict.
- Claim reserves could prove too low. Insurers set aside reserves for claims not yet paid, based on estimates. If claims end up costing more than expected, United Fire must add to reserves, which reduces reported profit.
- Lawsuits and jury awards driving costs. More lawsuits, broader readings of liability and contracts, and larger jury awards can push claim costs above what United Fire expected when it priced its policies.
- A financial strength rating downgrade. Agents and business customers weigh an insurer's financial strength ratings when choosing coverage. A downgrade could cost United Fire business and hurt its finances, results and liquidity.
- The insurance pricing cycle. In soft markets, periods of heavy price competition, rivals cut rates and loosen underwriting. United Fire may lose business if it holds prices, or take on underpriced risk if it follows.
Recent events
- Other company announcement
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- Shareholder vote results; Investor presentation or announcement; Other company announcement
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- Quarterly results released; Other company announcement
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For income and retirement investors
United Fire pays a dividend, but it lacks a record of steady increases. Dividends per share fell from $1.14 in 2020, a year with a $112.7 million net loss, to $0.60 in 2021, then held at $0.64 from 2023 through 2025. That is a 10.9% average yearly decline over 2020–2025. The 2025 dividend used 13.8% of earnings, though profits have swung, with losses in 2020 and 2023. The yield was 1.35% as of October 28, 2026. Buybacks were small, $2.0 million over 2021–2025, and the share count rose 2.3% from August 2021 to July 2026.
In the 2008 and 2020 market crashes, the stock fell hard and recovered slowly. It dropped 67.3% in the financial crisis, taking about 80 months to regain its peak, and 42.2% in the COVID crash, not recovering until February 2026. During the 2022 bear market it gained 28%, despite a 31.9% drop that summer. Single stocks carry more risk than diversified funds.
Questions investors ask
How does United Fire Group make money?
United Fire Group makes most of its money from premiums on commercial property and casualty insurance. That includes surety bonds, which guarantee that a contractor or business will meet its obligations. Its customers are small and midsize businesses in fields such as construction, retail and manufacturing. It reaches them through about 850 independent agencies and about 160 surety agencies. It also writes specialty coverage through wholesale brokers, takes part in Lloyd's of London syndicates and sells reinsurance to other insurers. Revenue was $1.39 billion in fiscal 2025. It no longer sells personal lines insurance directly.
Does United Fire Group raise its dividend every year?
No. United Fire Group has no streak of yearly dividend increases. It paid $1.14 per share in fiscal 2020, then cut the payout to $0.60 in fiscal 2021. The dividend stayed at $0.64 per share for fiscal 2023, 2024 and 2025. That payout used 13.8% of fiscal 2025 earnings. The yield was 1.35% as of October 28, 2026. As a holding company, it relies on dividends from its insurance subsidiaries, and state regulators oversee those payments.
Why is UFCS stock up so much?
The rise came alongside a sharp rebound in profits. UFCS shares gained 86.8% on price over the year to October 28, 2026, and 57% in 2026 up to that date. Net income rose 90.8% to $118.2 million in fiscal 2025, while revenue grew 10.6%. In the quarter ended June 30, 2026, revenue rose 14.4% and net income rose 45.4% from a year earlier. The longer record is bumpier: the company lost money in fiscal 2020 and 2023, and its 10-year price return was 6.9% a year.
What is United Fire Group's P/E ratio?
The P/E ratio was 12.6 as of October 28, 2026, based on fiscal 2025 diluted earnings of $4.48 per share. The P/E ratio compares the share price with one year of profit per share. The company's market value was about $1.45 billion. Return on equity, which measures profit against shareholders' capital, was 12.6% in fiscal 2025. Insurance profits swing with catastrophe losses, so a single year's P/E can mislead. In fiscal 2023, diluted earnings were a loss of $1.18 per share.
How did UFCS stock hold up in past market crashes?
It held up poorly in the two deepest crashes. UFCS fell 67.3% during the 2008 financial crisis and took about 80 months to recover, until July 2015. In the 2020 COVID crash it fell 42.2% and did not regain its earlier peak until February 2026. The 2022 bear market went better. The stock gained 28% while the broad market fell, though it later dropped 31.9% from a June 2022 high. Its worst decline on record was 69.9%.