{"url_path":"/sec/ufcs/10-k/2026/item-15","section_key":"item-15","section_title":"Item 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-02-26","source_url":"https://www.sec.gov/Archives/edgar/data/101199/0000101199-26-000015-index.html","accession_number":"0000101199-26-000015","cik":"0000101199","ticker":"UFCS","issuer_name":"UNITED FIRE GROUP INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/101199/0000101199-26-000015-index.html","primary_entity_key":"0000101199","primary_entity_name":"UNITED FIRE GROUP INC"},"word_count":2252,"has_tables":true,"body_markdown":"ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\n\nWe have filed the following documents as part of this Annual Report on Form 10-K:\n\n Page\n\n[(a) 1. Financial Statements](#i9c41be50b13d4f0186d714192577cffa_127)\n \n\n[Consolidated Balance Sheets at December 31, 2025 and 2024](#i9c41be50b13d4f0186d714192577cffa_130)\n\n[59](#i9c41be50b13d4f0186d714192577cffa_130)\n\n[Consolidated Statements of Income for the three years ended December 31, 2025](#i9c41be50b13d4f0186d714192577cffa_133)\n\n[60](#i9c41be50b13d4f0186d714192577cffa_133)\n\n[Consolidated Statements of Comprehensive Income for the three years ended December 31, 2025](#i9c41be50b13d4f0186d714192577cffa_136)\n\n[61](#i9c41be50b13d4f0186d714192577cffa_136)\n\n[Consolidated Statement of Stockholders' Equity for the three years ended December 31, 2025](#i9c41be50b13d4f0186d714192577cffa_139)\n\n[62](#i9c41be50b13d4f0186d714192577cffa_139)\n\n[Consolidated Statements of Cash Flows for the three years ended December 31, 2025](#i9c41be50b13d4f0186d714192577cffa_142)\n\n[63](#i9c41be50b13d4f0186d714192577cffa_142)\n\n[Notes to Consolidated Financial Statements](#i9c41be50b13d4f0186d714192577cffa_148)\n\n[65](#i9c41be50b13d4f0186d714192577cffa_148)\n\n  \n\n[(a) 2. Financial Statement Schedules required to be filed by Item 8 of this Form:](#i9c41be50b13d4f0186d714192577cffa_247)\n \n\n[Schedule I. Summary of Investments — Other than Investments in Related Parties](#i9c41be50b13d4f0186d714192577cffa_253)\n\n[130](#i9c41be50b13d4f0186d714192577cffa_253)\n\n[Schedule II. Condensed Financial Statements of Parent Company](#i9c41be50b13d4f0186d714192577cffa_256)\n\n[131](#i9c41be50b13d4f0186d714192577cffa_256)\n\n[Schedule III: Supplementary Insurance Information](#i9c41be50b13d4f0186d714192577cffa_259)\n\n[134](#i9c41be50b13d4f0186d714192577cffa_259)\n\n[Schedule IV: Reinsurance](#i9c41be50b13d4f0186d714192577cffa_262)\n\n[135](#i9c41be50b13d4f0186d714192577cffa_262)\n\n[Schedule V: Valuation and Qualifying Accounts](#i9c41be50b13d4f0186d714192577cffa_265)\n\n[136](#i9c41be50b13d4f0186d714192577cffa_265)\n\n[Schedule VI: Supplemental Information Concerning Property and Casualty Insurance Operations](#i9c41be50b13d4f0186d714192577cffa_268)\n\n[137](#i9c41be50b13d4f0186d714192577cffa_268)\n\nAll other schedules have been omitted as not required, not applicable, not deemed material or because the information is included in the Consolidated Financial Statements.\n\n126\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\n(a) 3. Exhibit Index:\n\n    Incorporated by reference\n\nExhibit numberExhibit descriptionFiled herewithFormPeriod endedExhibitFiling date\n\n2.1†\n[Stock Purchase Agreement, dated as of September 18, 2017, between United Fire & Casualty Company and Kuvare US Holdings, Inc.](https://www.sec.gov/Archives/edgar/data/101199/000010119917000125/ex21spa170918.htm)\n8-K2.1 9/19/2017\n\n3.1  \n[Articles of Incorporation of United Fire Group, Inc.](https://www.sec.gov/Archives/edgar/data/1521471/000095012311053943/c64854sv4.htm#C64854659)\n S-4Annex II5/25/2011\n\n3.2 \n[Articles of Amendment to Articles of Incorporation of United Fire Group, Inc.](https://www.sec.gov/Archives/edgar/data/101199/000010119915000207/aoiamend2015c.htm)\n8-K/A3.1 5/26/2015\n\n3.3 \n[Amended and Restated Bylaws of United Fire Group, Inc.](https://www.sec.gov/Archives/edgar/data/101199/000010119924000014/amendedandrestatedbylaws.htm)\n8-K3.12/23/2024\n\n4.1 \n[Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](https://www.sec.gov/Archives/edgar/data/101199/000010119920000032/exhibit41123119.htm)\n10-K12/31/20194.12/28/2020\n\n10.1 *\n[United Fire & Casualty Company Employee Stock Purchase Plan, Amended and Restated as of November 16, 2007](https://www.sec.gov/Archives/edgar/data/101199/000010119908000012/exhibit102.htm)\n 10-K12/31/200710.2 2/27/2008\n\n10.2 *\n[United Fire & Casualty Company Non-Employee Director Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119920000100/non-employeedirectorst.htm)\n 8-K10.1 5/22/2020\n\n10.3 *\n[United Fire Group, Inc. Amended and Restated Annual Incentive Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119912000028/ufcs-104_20111231xk.htm)\n10-K12/31/201110.4 3/15/2012\n\n10.4 *\n[United Fire & Casualty Company Non-qualified Deferred Compensation Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119907000046/exhibit103.htm)\n 10-Q9/30/200710.3 10/25/2007\n\n10.5 *\n[United Fire Group, Inc. 2021 Stock and Incentive Plan (the \"Stock Plan\")](https://www.sec.gov/Archives/edgar/data/101199/000010119921000059/ex1012021unitedfiregroupin.htm)\n8-K10.1 5/21/2021\n\n10.6 *\n[Form of Non-qualified Stock Option Agreement pursuant to the United Fire & Casualty Company, Inc. Nonqualified Employee Stock Option Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119908000012/exhibit107.htm)\n 10-K12/31/200710.7 2/27/2008\n\n10.7 *\n[Form of Stock Option Issued Pursuant to the 2005 Non-Qualified Non-Employee Director Stock Option and Restricted Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119908000012/exhibit108.htm)\n 10-K12/31/200710.8 2/27/2008\n\n10.8 *\n[Form of Stock Award Agreement Under the Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119908000023/exhibit99205212008.htm)\n 8-K 99.2 5/22/2008\n\n10.9 *\n[Form of Non-Qualified Stock Option Agreement for the Purchase of Stock under the Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119908000023/exhibit99305212008.htm)\n 8-K 99.3 5/22/2008\n\n10.10 *\n[Form of Incentive Stock Option Agreement for the Purchase of Stock under the Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119908000023/exhibit99405212008.htm)\n 8-K 99.4 5/22/2008\n\n10.11 *\n[Amendment to Non-qualified Stock Option Agreements for John A. Rife pursuant to the Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000136231009002677/c81610exv99w1.htm)\n 8-K/A 99.1 2/24/2009\n\n10.12 *\n[Form of United Fire Group, Inc. Restricted Stock Agreement Under the 2005 Non-Qualified Non-Employee Director Stock Option Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119912000028/ufcs-1014_20111231xk.htm)\n10-K12/31/201110.14 3/15/2012\n\n10.13 *\n[Form of United Fire Group, Inc. Restricted Stock Agreement Under the 2005 Non-Qualified Non-Employee Director Stock Option Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119916000580/exhibit101directorrsaform.htm)\n10-Q6/30/201610.1 8/3/2016\n\n10.14 *\n[United Fire Group, Inc. Plan for Allocation of Equity Compensation to Management Team](https://www.sec.gov/Archives/edgar/data/101199/000010119912000028/ufcs-1015_20111231xk.htm)\n10-K12/31/201110.15 3/15/2012\n\n10.15 *\n[Deferred Compensation Plan for United Fire Group, Inc. Non-Employee Directors](https://www.sec.gov/Archives/edgar/data/101199/000010119912000090/directordeferredcompplan.htm)\n8-K10.1 11/19/2012\n\n127\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\n(a) 3. Exhibit Index (continued):\n\n   Incorporated by reference\n\nExhibit numberExhibit descriptionFiled herewithFormPeriod endedExhibitFiling date\n\n10.16 *\n[Executive Nonqualified Excess Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119914000040/executivenonqualifiedexces.htm)\n8-K10.15/22/2014\n\n10.17 *\n[Executive Nonqualified \"Excess Plan\" Adoption Agreement](https://www.sec.gov/Archives/edgar/data/101199/000010119914000040/executivenonqualifiiedexce.htm)\n8-K10.25/22/2014\n\n10.18 *\n[United Fire & Casualty Company Rabbi Directed Trust Agreement](https://www.sec.gov/Archives/edgar/data/101199/000010119914000040/rabbidirectedtrustagreement.htm)\n8-K10.35/22/2014\n\n10.19 *\n[Form of United Fire Group, Inc. Change in Control Severance Agreement](https://www.sec.gov/Archives/edgar/data/101199/000010119914000040/changeincontrolagreement.htm)\n8-K10.45/22/2014\n\n10.20 *\n[Amendment Number One to United Fire & Casualty Company Nonqualified Deferred Compensation Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119914000040/deferredcompensationplan.htm)\n8-K10.55/22/2014\n\n10.21 *\n[Form of Non-Qualified Employee Stock Option Agreement for Purchase of Stock Under the United Fire Group, Inc. 2008 Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119914000055/exhibit107063014.htm)\n10-Q6/30/1410.78/5/2014\n\n10.22 *\n[Form of Stock Award Agreement under the United Fire Group, Inc. Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119914000055/exhibit1080630142.htm)\n10-Q6/30/1410.88/5/2014\n\n10.23 *\n[Form of Stock Award Agreement (Restricted Stock Units-Performance Units) Under the Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119917000067/exhibit101psuagreement.htm)\n10-Q3/31/1710.1 5/3/2017\n\n10.24 *\n[Form of Stock Award Agreement (Restricted Stock Units) under the United Fire, Group, Inc. Non-Employee Director Stock Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119920000155/exhibit102063020direct.htm)\n10-Q6/30/202010.2 8/5/2020\n\n10.25 *\n[United Fire Group, Inc. 2021 Stock and Incentive Plan Performance-Based Restricted Stock Unit Award Notice](https://www.sec.gov/Archives/edgar/data/101199/000010119921000098/employeepsuagreement2021_e.htm)\n10-Q9/30/202110.1 11/4/2021\n\n10.26 *\n[United Fire Group, Inc. 2021 Stock and Incentive Plan Option Award Notice](https://www.sec.gov/Archives/edgar/data/101199/000010119921000098/employeeoptionagreement202.htm)\n10-Q9/30/202110.2 11/4/2021\n\n10.27 *\n[United Fire Group, Inc. 2021 Stock and Incentive Plan Restricted Stock Unit Award Notice](https://www.sec.gov/Archives/edgar/data/101199/000010119921000098/employeersuagreement2021_e.htm)\n10-Q9/30/202110.3 11/4/2021\n\n10.28 *\n[Executive Employment Offer Letter, dated January 5, 2023, between United Fire Group, Inc and Julie Stephenson (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 5, 2023 8-K)](https://www.sec.gov/Archives/edgar/data/101199/000010119923000002/coooffer1-3x23.htm)\n8-K10.1 1/5/2023\n\n10.29 *\n[Amended Executive Employment Offer Letter, dated March 1, 2023, between United Fire Group, Inc. and Julie Stephenson](https://www.sec.gov/Archives/edgar/data/101199/000010119923000035/coooffermarch1.htm)\n10-Q3/31/202310.1 5/9/2023\n\n10.30 *\n[Amended Form of Restricted Stock Unit Agreement and Award Notice pursuant to the Company's 2021 Stock and Incentive Plan](https://www.sec.gov/Archives/edgar/data/101199/000010119925000012/shareworksrsugrantagreem.htm)\n10-K12/31/202410.30 2/26/2025\n\n10.31 *\n[Investment Management Agreement, dated January 31, 2024 by and between United Fire Group, Inc. and New England Asset Management](https://www.sec.gov/Archives/edgar/data/101199/000110465924009465/tm244699d1_ex10-1.htm)\n8-K10.1 2/1/2024\n\n10.32†\n*\n[Master Note Purchase Agreement, dated as of May 31, 2024, by and among the Company and the Purchasers](https://www.sec.gov/Archives/edgar/data/101199/000010119924000043/notepurchaseagreement.htm)\n8-K10.1 6/6/2024\n\n10.33†\n\n[Supplement to Master Note Purchase Agreement dated as of July 10, 2025](https://www.sec.gov/Archives/edgar/data/101199/000010119925000041/exefirstsupplementtomnpa.htm)\n8-K10.2 7/10/2025\n\n10.34 \n[Amended Form of Restricted Stock Unit Agreement (with dividend equivalents) and Award Notice pursuant to the Company's 2021 Stock Incentive Plan](ufg-rsuawardagreementwit.htm)\nX\n\n128\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\n(a) 3. Exhibit Index (continued):\n\n \n \n Incorporated by reference\n\nExhibit numberExhibit descriptionFiled herewithFormPeriod endedExhibitFiling date\n\n10.35 \n[Amended Form of Performance-Based Restricted Stock Unit Agreement (with dividend equivalents) and Award Notice pursuant to the Company's 2021 Stock and Incentive Plan](ufg-psuawardagreementwit.htm)\nX\n\n19 \n[United Fire Group, Inc. Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/101199/000010119925000012/insidertradingpolicy-bod.htm)\n10-K12/31/202419 2/26/2025\n\n21.0 \n[Subsidiaries of the Registrant](exhibit21123125.htm)\nX\n\n23.1 \n[Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm](exhibit231123125.htm)\nX\n\n31.1 \n[Certification of Kevin Leidwinger Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit311123125.htm)\nX    \n\n31.2 \n[Certification of Eric J. Martin Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit312123125.htm)\nX    \n\n32.1 \n[Certification of Kevin Leidwinger Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321123125.htm)\nX    \n\n32.2 \n[Certification of Eric J. Martin Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit322123125.htm)\nX    \n\n97.0 \n[United Fire Group, Inc. Clawback Policy](https://www.sec.gov/Archives/edgar/data/101199/000010119924000019/recovery-ofxerroneousxaw.htm)\n10-K12/31/202397.02/29/2024\n\n101.1 \n[The following financial information from United Fire Group, Inc.'s Annual Report on Form 10-K for the year ended December 31, 202](#i9c41be50b13d4f0186d714192577cffa_127)[5](#i9c41be50b13d4f0186d714192577cffa_127)[formatted in Inline eXtensible Business Reporting Language (Inline XBRL): (i) Consolidated Balance Sheets at December 31, 202](#i9c41be50b13d4f0186d714192577cffa_127)[5](#i9c41be50b13d4f0186d714192577cffa_127)[and 202](#i9c41be50b13d4f0186d714192577cffa_127)[4](#i9c41be50b13d4f0186d714192577cffa_127)[; (ii) Consolidated Statements of Income for the years ended December 31, 202](#i9c41be50b13d4f0186d714192577cffa_127)[5](#i9c41be50b13d4f0186d714192577cffa_127)[, 202](#i9c41be50b13d4f0186d714192577cffa_127)[4](#i9c41be50b13d4f0186d714192577cffa_127)[and 202](#i9c41be50b13d4f0186d714192577cffa_127)[3](#i9c41be50b13d4f0186d714192577cffa_127)[; (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 202](#i9c41be50b13d4f0186d714192577cffa_127)[5](#i9c41be50b13d4f0186d714192577cffa_127)[, 202](#i9c41be50b13d4f0186d714192577cffa_127)[4](#i9c41be50b13d4f0186d714192577cffa_127)[and 202](#i9c41be50b13d4f0186d714192577cffa_127)[3](#i9c41be50b13d4f0186d714192577cffa_127)[; (iv) Consolidated Statement of Stockholders' Equity for the years ended December 31, 202](#i9c41be50b13d4f0186d714192577cffa_127)[5](#i9c41be50b13d4f0186d714192577cffa_127)[, 202](#i9c41be50b13d4f0186d714192577cffa_127)[4](#i9c41be50b13d4f0186d714192577cffa_127)[and 202](#i9c41be50b13d4f0186d714192577cffa_127)[3](#i9c41be50b13d4f0186d714192577cffa_127)[; (v) Consolidated Statements of Cash Flows for the years ended December 31, 202](#i9c41be50b13d4f0186d714192577cffa_127)[5](#i9c41be50b13d4f0186d714192577cffa_127)[, 202](#i9c41be50b13d4f0186d714192577cffa_127)[4](#i9c41be50b13d4f0186d714192577cffa_127)[and 202](#i9c41be50b13d4f0186d714192577cffa_127)[3](#i9c41be50b13d4f0186d714192577cffa_127)[; and (vi) Notes to Consolidated Financial Statements.](#i9c41be50b13d4f0186d714192577cffa_127)\n\nX\n\n104.1 \n[Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101.1)](#i9c41be50b13d4f0186d714192577cffa_1)\n\n*Indicates a management contract or compensatory plan or arrangement.\n\n† The schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The registrant agrees to furnish a copy of all omitted schedules to the SEC upon its request.\n\nCertain instruments defining the rights of holders of long-term debt securities of the Company are omitted pursuant to Item 601(b)(4)(iii) of\n\nRegulation S-K. The Company hereby undertakes to furnish to the SEC, upon request, copies of any such instruments.\n\n129\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\nSchedule I. Summary of Investments — Other than Investments in Related Parties\n\nDecember 31, 2025(In thousands)\n\nCost or Amortized CostAmounts at Which Shown in Balance Sheet\n\nType of InvestmentFair Value\n\nFixed maturities   \n\nUnited States Government and government agencies and authorities$109,358 $104,104 $104,104 \n\nStates, municipalities and political subdivisions261,711 261,734 261,734 \n\nPublic utilities127,365 121,049 121,049 \n\nAll other bonds1,740,739 1,718,463 1,718,463 \n\nTotal fixed maturities$2,239,173 $2,205,350 $2,205,350 \n\nMortgage loans on real estate$31,116 $30,127 $30,830 \n\nOther long-term investments228,507 228,507 228,507 \n\nTotal investments$2,498,796 $2,463,984 $2,464,687 \n\n130\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\nSchedule II. Condensed Financial Statements of Parent Company\n\nUnited Fire Group, Inc. (parent company only)\n\nCondensed Balance Sheets\n\nDecember 31,\n\n(In thousands, except share data)20252024\n\nAssets\n\nInvestment in consolidated subsidiaries$1,030,539 $844,638 \n\nCash and cash equivalents5,066 3,822 \n\nFederal income tax receivable1,592 — \n\nOther assets1,173 135 \n\nTotal assets$1,038,370 $848,595 \n\nLiabilities and stockholders' equity\n\nLong term debt$96,200 $67,059 \n\nAccrued interest payable750 525 \n\nOther liabilities250 (520)\n\nTotal Liabilities$97,200 $67,064 \n\nStockholders' equity\n\nCommon stock, $0.001 par value, authorized 75,000,000 shares 25,522,051 and 25,378,291 issued and outstanding in 2025 and 2024, respectively\n$25 $25 \n\nAdditional paid-in capital223,887 215,851 \n\nRetained earnings722,321 620,436 \n\nAccumulated other comprehensive income (loss), net of tax(5,063)(54,781)\n\nTotal stockholders' equity$941,170 $781,531 \n\nTotal liabilities and stockholders' equity$1,038,370 $848,595 \n\nThis condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8 of this Annual Report on Form 10-K.\n\n131\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\nSchedule II. Condensed Financial Statements of Parent Company (continued)\n\nUnited Fire Group, Inc. (parent company only)\n\nCondensed Statements of Income and Comprehensive Income\n\nFor the Years Ended December 31,\n\n(In thousands)202520242023\n\nRevenues\n\nInvestment income$250 $223 $99 \n\nTotal revenues250 223 99 \n\nExpenses\n\nInterest expense7,829 3,844 — \n\nTotal expenses7,829 3,844 — \n\nIncome before income taxes and equity in net income of subsidiary(7,579)(3,621)99 \n\nIncome tax expense (benefit)(1,591)(760)21 \n\nNet income before equity in net income (loss) of subsidiary$(5,988)$(2,861)$78 \n\nEquity in net income (loss) of subsidiary124,179 64,818 (29,778)\n\nNet income (loss)$118,191 $61,957 $(29,700)\n\nOther comprehensive income (loss)\n\nChange in unrealized gain (loss) on investments held by subsidiary$55,644 $(13,466)$26,373 \n\nChange in liability for underfunded employee benefit plans of subsidiary1,138 2,089 18,953 \n\nOther comprehensive income (loss), before tax and reclassification adjustments$56,782 $(11,377)$45,326 \n\nIncome tax effect(12,420)2,388 (9,518)\n\nOther comprehensive income (loss), after tax, before reclassification adjustments$44,362 $(8,989)$35,808 \n\nReclassification adjustment for net realized gains of the subsidiary included in income3,822 6,791 718 \n\nReclassification adjustment for employee benefit costs of the subsidiary included in expense— — 207 \n\nTotal reclassification adjustments, before tax$3,822 $6,791 $925 \n\nIncome tax effect(803)(1,426)(194)\n\nTotal reclassification adjustments, after tax$3,019 $5,365 $731 \n\nComprehensive income (loss)$165,572 $58,333 $6,839 \n\nUnited Fire Group, Inc. and its subsidiaries file a consolidated federal income tax return. The federal income tax provision represents an allocation under its tax allocation agreements.\n\nThis condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8 of this Annual Report on Form 10-K.\n\n132\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\nSchedule II. Condensed Financial Statements of Parent Company (continued)\n\nUnited Fire Group, Inc. (parent company only)\n\nCondensed Statements of Cash Flows\n\nFor the Years Ended December 31,\n\n(In thousands)202520242023\n\nCash flows from operating activities\n\nNet income (loss)$118,191 $61,957 $(29,700)\n\nAdjustments to reconcile net income to net cash provided by operating activities\n\nEquity in net income of subsidiary(124,179)(64,818)29,778 \n\nDividends received from subsidiary21,700 22,800 13,200 \n\nOther, net3,929 2,245 1,691 \n\nNet cash provided by (used in) operating activities$19,641 $22,184 $14,969 \n\nCash flows from investing activities\n\nCapital contributions to subsidiaries(30,000)(70,000)— \n\nNet cash provided by (used in) investing activities$(30,000)$(70,000)$— \n\nCash flows from financing activities\n\nPayment of cash dividends$(16,306)$(16,213)$(16,164)\n\nIssuance of common stock(993)348 (290)\n\nDebt note issuance30,000 70,000 — \n\nDebt note issuance costs(1,098)(3,050)— \n\nNet cash provided by (used in) financing activities$11,603 $51,085 $(16,454)\n\nNet change in cash and cash equivalents$1,244 $3,269 $(1,485)\n\nCash and cash equivalents at beginning of period3,822 553 2,038 \n\nCash and cash equivalents at end of year$5,066 $3,822 $553 \n\nThis condensed financial information should be read in conjunction with the Consolidated Financial Statements and Notes included in Part II, Item 8 of this Annual Report on Form 10-K.\n\n133\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\nSchedule III. Supplementary Insurance Information\n\n(In thousands)Deferred Policy Acquisition CostsFuture Policy Benefits, Losses, Claims and Loss ExpensesUnearned PremiumEarned Premium RevenueInvestment Income, NetBenefits, Claims, Losses and Settlement ExpensesAmortization of Deferred Policy Acquisition CostsOther Underwriting ExpensesWritten Premium\n\nYear Ended December 31, 2025$158,184 $1,924,826 $660,210 $1,292,696 $97,538 $764,402 $315,323 $146,609 $1,346,219 \n\nYear Ended December 31, 2024$147,224 $1,796,782 $621,448 $1,176,750 $81,986 $744,605 $281,338 $140,942 $1,231,470 \n\nYear Ended December 31, 2023$126,532 $1,638,755 $549,384 $1,034,587 $59,606 $769,414 $244,991 $115,800 $1,066,901 \n\n134\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\nSchedule IV. Reinsurance\n\n(In thousands)Gross AmountCeded to Other CompaniesAssumed From Other CompaniesNet AmountPercentage of Amount Assumed to Net Earned\n\nYear Ended December 31, 2025\n\nEarned premium$1,259,966 $173,978 $206,708 $1,292,696 15.99 %\n\nYear Ended December 31, 2024\n\nEarned premium$1,109,903 $147,196 $214,043 $1,176,750 18.19 %\n\nYear Ended December 31, 2023\n\nEarned premium$1,017,917 $144,958 $161,628 $1,034,587 15.62 %\n\n135\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\nSchedule V. Valuation And Qualifying Accounts\n\n(In thousands)Balance at beginning of periodCharged to costs and expensesDeductionsBalance at end of period\n\nDescription\n\nAllowance for bad debts    \n\nYear Ended December 31, 2025$1,603 $— $(296)$1,899 \n\nYear Ended December 31, 20241,794 — 191 1,603 \n\nYear Ended December 31, 20231,575 219 — 1,794 \n\nDeferred tax asset valuation allowance\n\nYear Ended December 31, 2025$— $— $— \n\nYear Ended December 31, 2024— — — — \n\nYear Ended December 31, 2023— — — — \n\n136\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)\n\nSchedule VI. Supplemental Information Concerning Property and Casualty Insurance Operations\n\n(In thousands)        \n\nAffiliation with Registrant: United Fire & Casualty Company and consolidated property and casualty subsidiaries   Claims and Claim Adjustment Expenses Incurred Related to:Amortization of Deferred Policy Acquisition Costs \n\nReserves for Unpaid Claims and Claim Adjustment Expenses  Net Realized Investment Gains (Losses) \n\nDeferred Policy Acquisition CostsNet Investment IncomePaid Claims and Claim Adjustment Expenses\n\nUnearned PremiumEarned PremiumCurrent YearPrior YearsWritten Premium\n\n2025$158,184 $1,924,826 $660,210 $1,292,696 $(3,822)$97,538 $778,480 $(14,078)$315,323 $651,908 $1,346,219 \n\n2024$147,224 $1,796,782 $621,448 $1,176,750 $(5,429)$81,986 $745,813 $(1,208)$281,338 $593,021 $1,231,470 \n\n2023$126,532 $1,638,755 $549,384 $1,034,587 $1,274 $59,606 $701,664 $67,750 $244,991 $672,699 $1,066,901 \n\n137\n\n[Table of Contents](#i9c41be50b13d4f0186d714192577cffa_4)"}