联合火险 2025年度报告

About UFG Insurance Founded in 1946, UFG Insurance is a property and casualty insurance company with 80 years of local marketexpertise and a growing footprint that extends coast to coast. We provide commercial insurance protection tobusinesses in 32 states, represented by approximately 850 independent agencies. In addition to our core commercial business, we offer specialty excess and surplus lines (E&S) and surety bonds inall 50 states plus D.C. and serve a broad range of alternative distribution channels globally. Our company is headquartered in Cedar Rapids, Iowa, with offices in Arizona, California, Colorado, New Jerseyand Texas. With more than 850 employees, we pride ourselves on delivering deep expertise, specialized capabilities,personal relationships and responsive service to our agents and policyholders. At UFG, we are committed to achieving superior financial and operational performance, using our eight decades ofexperience to successfully guide us through market cycles and industry challenges. We hold a financial strength ratingof “A-” (Excellent) from AM Best that was affirmed in August 2025, reflecting our long-term balance sheet strength. Annual meeting of shareholders United Fire Group, Inc.’s (UFG) annual meeting of shareholders will be held at 10:00 a.m. Central Time onWednesday, May 20, 2026. This year’s meeting will be held in virtual format only via live audio webcast. You will be able to attend the meeting, submit questions and vote online by logging on to meetnow.global/MH7HMXNusing your 15-digit control number provided with the Notice Regarding the Availability of Proxy Materials or on yourproxy card. Our Annual Report on Form 10-K for 2025 is filed with the Securities and Exchange Commission and is available(without exhibits) to shareholders, free of charge, upon written or oral request to: Investor RelationsUnited Fire Group, Inc.118 Second Avenue SECedar Rapids, Iowa 52401Telephone: 319-399-5700 Registrar and Transfer AgentComputershareP.O. Box 505000Louisville, Kentucky 40233-5000 Board of directors Mark A. GreenKevin J. LeidwingerLura E. McBrideGeorge D. MilliganGilda L. SpencerSusan E. Voss James W. Noyce,Chairperson of the BoardJohn-Paul E. BesongScott L. CarltonBrenda K. ClancyChristopher R. DrahozalMatthew R. Foran Letter to shareholders Dear fellow shareholders, UFG delivered outstanding performance in 2025, driven by the ongoing strategic execution of our business plan, thestrength of our distribution partnerships and the exceptional efforts of my colleagues in positioning the company forsuperior financial and operational performance. In 2025, we grew our business to record size while delivering the best combined ratio, investment income and returnon equity in a decade or longer. We also produced a record level of new business in 2025 as our distribution partnershave embraced the company’s transformation. These milestone achievements reflect the strategic actions we have taken over the past three years to position UFGfor long-term growth and profitability, including deepening our underwriting expertise, evolving our capabilities,enhancing our actuarial insights and improving alignment with our agency partners. We have also invested in technology to process business more efficiently and effectively, launching a new policyadministration system, underwriting workbench and renewal underwriting center in 2025. We believe these investmentswill generate significant operational efficiencies as our capabilities mature. Through the cumulative effect of these actions, I am confident UFG has transformed into a disciplined, solution-orientedunderwriting company. We are resolutely committed to excellent risk selection, disciplined pricing, and contractualintegrity and believe we are competitively positioned to more broadly serve our agency partners with deepenedexpertise and expanded capabilities. By anchoring our transformation to the company’s overarching strategic pillars of long-term profitability, diversifiedgrowth, continuous innovation, people development and expense management, we believe we have laid a strongfoundation for UFG’s future — as reflected in the company’s financial turnaround between 2022 and 2025: UFG TRANSFORMATION BY THE NUMBERS: 2022-2025 From underwritingloss to profit In addition, we have greatly enhanced the company’s reserve position in recent years as part of our ongoing commitmentto maintaining strong and stable reserves at UFG. Throughout 2025, we advanced to a more conservative position in ourrange of actuarial estimates to further reinforce the portfolio and strengthen the balance sheet. As I reflect on our progress over the past three years, it is clear to me that our transformation has taken hold at UFG,embraced by both our people and our partners. With the work we’ve done to date, we believe our company is wellpositioned to deliver continued profitable growth in the years ahead while navigating the complexities of an evolvingi