United Fire Group, Inc. (Nasdaq: UFCS),
May 5, 2021 - FOR IMMEDIATE RELEASE
Consolidated Financial Results -
Highlights(1):
Three Months Ended
March 31, 2021 |
|
Net income per diluted share |
$ |
0.74 |
|
|
Adjusted operating income
(loss)(2) per diluted share |
$ |
(0.03 |
) |
|
Net realized investment gains
per diluted share |
$ |
0.77 |
|
|
GAAP combined ratio |
107.2 |
|
% |
Book value per share |
$ |
32.79 |
|
|
Return on equity(3) |
9.1 |
|
% |
United Fire Group, Inc. (the "Company" or
"UFG") (Nasdaq: UFCS) today reported consolidated net income,
including net realized investment gains and changes in the fair
value of equity securities, of $18.7 million ($0.74 per diluted
share) for the three-month period ended March 31, 2021 (the "first
quarter of 2021"), compared to a consolidated net loss of $72.5
million ($2.90 per diluted share) for the same period in 2020.
The Company reported a consolidated adjusted operating loss of
$0.03 per diluted share for the first quarter of 2021, compared to
consolidated adjusted operating income of $0.05 per diluted share
for the same period in 2020.
"Net income reported in the first quarter of 2021 was driven by
net realized investment gains and higher net investment income from
an increase in the valuation of our investments in equity
securities and limited liability partnerships. Also contributing to
net income in the first quarter was a decrease in expenses due to a
change in the design of our employee post-retirement benefit
plans," stated Randy A. Ramlo, President and Chief Executive
Officer. "Offsetting these items was an increase in both
catastrophe losses and severity of commercial auto losses. The
increase in catastrophe losses was primarily due to winter storm
Uri, mostly occurring in the state of Texas. This catastrophic
event was a full retention loss, with losses in excess of our
stated reinsurance retention of $20.0 million."
"In the first quarter of 2021, we continued to see a decrease in
the frequency of commercial auto claims and a decrease in the
number of commercial auto exposure units, both positive signs of
progress with our strategic initiatives. However, there was an
increase in severity of commercial auto losses involving bodily
injuries."
_________(1) Per share amounts are after tax.(2) Adjusted
operating income (loss) is a non-GAAP financial measure of net
income excluding net realized investment gains and losses, after
applicable federal and state income taxes. Management evaluates
this measure and ratios derived from this measure and the Company
provides this information to investors because we believe it better
represents the normal, ongoing performance of our business. See
Definitions of Non-GAAP Information and Reconciliations to
Comparable GAAP Measures for a reconciliation of adjusted operating
income (loss) to net income (loss). (3) Return on equity is
calculated by dividing annualized net income (loss) by average
year-to-date stockholders' equity.
Financial Highlights
Net income, including net realized investment gains and losses,
totaled $18.7 million ($0.74 per diluted share) for the first
quarter of 2021, compared to a net loss of $72.5 million ($2.90 per
diluted share) for the same period in 2020. The change was
primarily due to an increase in net realized investment gains from
an increase in the fair value of equity securities as compared to
net realized investment losses for the same period of 2020 and a
decrease in other underwriting expenses. These were partially
offset by an increase in losses and loss settlement expenses,
namely from catastrophe losses, and a decrease in net premiums
earned.
Net premiums earned decreased 3.6 percent to $259.2 million in
the first quarter of 2021, compared to $268.8 million in the same
period in 2020. The decrease in the three-month period ended March
31, 2021 was primarily due to our focus on improving profitability
through non-renewal of under-performing accounts in our commercial
auto line of business and exit of the personal lines business which
began in September 2020. These were partially offset by growth in
our reinsurance assumed business and the addition of our
participation in Lloyd's syndicates.
The average renewal pricing increases were driven by commercial
auto and commercial property, both increasing slightly from fourth
quarter 2020. During the first quarter of 2021, the commercial auto
average renewal rate increase remained in the double digits at 10.8
percent. The commercial property average renewal rate increase was
7.9 percent, remaining in the mid-single digits again in the first
quarter of 2021.
Net investment income was $17.1 million for the first
quarter of 2021, as compared to net investment income of
$2.4 million for the same period in 2020. The increase in net
investment income in the first quarter of 2021 as compared to the
same period in 2020 was primarily due to an increase in the fair
value of our investments in limited liability partnerships. The
valuation of these investments in limited liability partnerships
varies from period to period due to the current equity market
conditions, specifically related to financial institutions.
The Company recognized net realized investment gains of $24.5
million during the first quarter of 2021 as compared to net
realized investment losses of $93.4 million for the same period in
2020. The change in the first quarter of 2021 as compared to the
same period in 2020 was primarily due to the change in the fair
value of equity securities.
Losses and loss settlement expenses increased by 10.7 percentage
points during the first quarter of 2021 as compared to the same
period of 2020. The increase in losses and loss settlement expenses
was primarily due to an increase in catastrophe losses and severity
of commercial auto losses as compared to the same period in
2020.
Consolidated net unrealized investment gains, net of tax,
totaled $59.6 million as of March 31, 2021, a decrease of
$23.5 million from December 31, 2020. The decrease in net
unrealized investment gains was primarily the result of an increase
in interest rates in the first quarter of 2021.
Total consolidated assets as of March 31, 2021 were $3.1
billion, which included $2.1 billion of invested assets. The
Company's book value per share was $32.79, which is a decrease of
$0.14 per share, or 0.4 percent, from December 31, 2020. This
decrease is primarily attributed to a decrease in net unrealized
investment gains on fixed maturity securities of $23.5 million, net
of tax, and shareholder dividends of $3.8 million, partially offset
by net income of $18.7 million during the first quarter of
2021.
The annualized return on equity was 9.1 percent year-to-date
compared to (33.3) percent for the same period in 2020. The change
in the annualized return on equity was primarily driven by net
income of $18.7 million in the first three months of 2021 compared
to a net loss of $72.5 million in the same period in 2020.
Reserve Development
We experienced favorable development in our net reserves for
prior accident years of $13.3 million in the first quarter of 2021,
compared to favorable development of $13.7 million in the same
period in 2020. The favorable prior accident year reserve
development in the first quarter of 2021 came primarily from our
commercial fire and allied and personal lines of business.
Development amounts can vary significantly from quarter-to-quarter
depending on a number of factors, including the number of claims
settled and the settlement terms. At March 31, 2021, our total
reserves were within our actuarial estimates.
GAAP Combined Ratio
The GAAP combined ratio increased by 2.0 percentage points to
107.2 percent for the first quarter of 2021, compared to 105.2
percent in the same period in 2020. The increase in the combined
ratio during the first quarter of 2021 as compared to the same
period in 2020 was primarily driven by an increase in the net loss
ratio partially offset by a decrease in the expense ratio.
Net Loss Ratio
The GAAP net loss ratio deteriorated 10.2 percentage points
during the first quarter of 2021 as compared to the same period in
2020. The increase in the net loss ratio was primarily due to an
increase in catastrophe losses and prior accident year reserve
strengthening on commercial auto claims.
Pre-tax catastrophe losses in the first quarter of 2021 were
higher when compared to first quarter of 2020, with catastrophe
losses adding 11.3 percentage points to the combined ratio in 2021,
as compared to 5.7 percentage points in 2020. The most significant
catastrophe loss in the first quarter of 2021 was from winter storm
Uri, primarily in the state of Texas, which was a full retention
loss, with losses in excess of our stated reinsurance retention of
$20.0 million. Our 10-year historical average for first quarter
catastrophe losses is 4.0 percentage points added to the combined
ratio.
The GAAP net loss ratio excluding catastrophe losses and prior
accident year reserve development deteriorated by 4.6 percentage
points in the three-month period ended March 31, 2021 as compared
to the same period of 2020. This deterioration in the GAAP net loss
ratio in the first quarter of 2021 was primarily due to an increase
in severity of commercial auto losses, especially claims involving
bodily injuries.
Expense Ratio
The expense ratio for the first quarter of 2021 was 27.6 percent
compared to 35.8 percent for the first quarter in 2020. The
decrease in the expense ratio during the first quarter of 2021 as
compared to the same period in 2020 was primarily due to a change
in the design of our employee post-retirement benefit plans.
Capital Management
During the first quarter of 2021, we declared and paid a $0.15
per share cash dividend to shareholders of record as of March 5,
2021. We have paid a quarterly dividend every quarter since March
1968.
Earnings Call Access Information
An earnings call will be held at 9:00 a.m. Central Time on
May 5, 2021 to allow securities analysts, shareholders and
other interested parties the opportunity to hear management discuss
the Company's first quarter of 2021 results.
Teleconference: Dial-in information for the call is toll-free
1-844-492-3723. The event will be archived and available for
digital replay through May 19, 2021. The replay access information
is toll-free 1-877-344-7529; conference ID no. 10153948.
Webcast: An audio webcast of the teleconference can be accessed
at the Company's investor relations page at
http://ir.ufginsurance.com/event or
https://services.choruscall.com/links/ufcs210505. The archived
audio webcast will be available until May 19, 2021.
Transcript: A transcript of the teleconference will be available
on the Company's website soon after the completion of the
teleconference.
About UFG
Founded in 1946 as United Fire & Casualty Company, UFG,
through its insurance company subsidiaries, is engaged in the
business of writing property and casualty insurance.
Through our subsidiaries, we are licensed as a property and
casualty insurer in 50 states, plus the District of Columbia, and
we are represented by approximately 1,000 independent agencies.
A.M. Best Company assigns a rating of “A” (Excellent) for members
of the United Fire & Casualty Group.
For more information about UFG, visit www.ufginsurance.com or
contact:
Randy Patten, AVP and Controller, 319-286-2537 or
IR@unitedfiregroup.com.
Disclosure of Forward-Looking Statements
This release may contain forward-looking statements about our
operations, anticipated performance and other similar matters. The
Private Securities Litigation Reform Act of 1995 provides a safe
harbor under the Securities Act of 1933 and the Securities Exchange
Act of 1934 for forward-looking statements. The forward-looking
statements are not historical facts and involve risks and
uncertainties that could cause actual results to differ from those
expected and/or projected. Such forward-looking statements are
based on current expectations, estimates, forecasts and projections
about the Company, the industry in which we operate, and beliefs
and assumptions made by management. Words such as "expect(s),"
"anticipate(s)," "intend(s)," "plan(s)," "believe(s),"
"continue(s)," "seek(s)," "estimate(s)," "goal(s)," "remain(s)
optimistic," "target(s)," "forecast(s)," "project(s),"
"predict(s)," "should," "could," "may," "will," "might," "hope,"
"can" and other words and terms of similar meaning or expression in
connection with a discussion of future operations, financial
performance or financial condition, are intended to identify
forward-looking statements. These statements are not guarantees of
future performance and involve risks, uncertainties and assumptions
that are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed in such
forward-looking statements. Information concerning factors that
could cause actual outcomes and results to differ materially from
those expressed in the forward-looking statements is contained in
Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K
for the year ended December 31, 2020, filed with the
Securities and Exchange Commission ("SEC") on February 26,
2021. The risks identified in our Annual Report on Form 10-K and in
our other SEC filings are representative of the risks,
uncertainties, and assumptions that could cause actual outcomes and
results to differ materially from what is expressed in the
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this release or as of the date they are
made. Except as required under the federal securities laws and the
rules and regulations of the SEC, we do not have any intention or
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
Definitions of Non-GAAP Information and Reconciliations
to Comparable GAAP Measures
The Company prepares its public financial statements in
conformity with accounting principles generally accepted in the
United States of America ("GAAP"). Management also uses certain
non-GAAP measures to evaluate its operations and profitability. As
further explained below, management believes that disclosure of
certain non-GAAP financial measures enhances investor understanding
of our financial performance. Non-GAAP financial measures disclosed
in this report include: adjusted operating income (loss) and net
premiums written. The Company has provided the following
definitions and reconciliations of the non-GAAP financial
measures:
Adjusted operating income (loss): Adjusted
operating income (loss) is calculated by excluding net realized
investment gains and losses, after applicable federal and state
income taxes from net income. Management believes adjusted
operating income (loss) is a meaningful measure for evaluating
insurance company performance and a useful supplement to GAAP
information because it better represents the normal, ongoing
performance of our business. Investors and equity analysts who
invest and report on the insurance industry and the Company
generally focus on this metric in their analyses.
Net Income Reconciliation |
|
|
Three Months Ended March 31, |
(In
Thousands, Except Per Share Data) |
|
2021 |
|
2020 |
Change % |
Income Statement Data |
|
|
|
|
|
Net income (loss) |
|
$ |
18,702 |
|
|
|
$ |
(72,534 |
) |
|
125.8 |
|
% |
Less: after-tax net realized investment gains (losses) |
|
19,361 |
|
|
|
(73,792 |
) |
|
126.2 |
|
% |
Adjusted operating income (loss) |
|
$ |
(659 |
) |
|
|
$ |
1,258 |
|
|
(152.4 |
) |
% |
Diluted Earnings Per
Share Data |
|
|
|
|
|
Net income (loss) |
|
$ |
0.74 |
|
|
|
$ |
(2.90 |
) |
|
125.5 |
|
% |
Less: after-tax net realized investment gains (losses) |
|
0.77 |
|
|
|
(2.95 |
) |
|
126.1 |
|
% |
Adjusted operating income (loss) |
|
$ |
(0.03 |
) |
|
|
$ |
0.05 |
|
|
(160.0 |
) |
% |
Net premiums written: While not a substitute
for any GAAP measure of performance, net premiums written is
frequently used by industry analysts and other recognized reporting
sources to facilitate comparisons of the performance of insurance
companies. Net premiums written are the amount charged for
insurance policy contracts issued and recognized on an annualized
basis at the effective date of the policy. Management believes net
premiums written are a meaningful measure for evaluating insurance
company sales performance and geographical expansion efforts. Net
premiums written for an insurance company consists of direct
premiums written and reinsurance assumed, less reinsurance ceded.
Net premiums earned is calculated on a pro rata basis over the
terms of the respective policies. Unearned premium reserves are
established for the portion of premiums written applicable to the
unexpired term of insurance policy in force. The difference between
net premiums earned and net premiums written is the change in
unearned premiums and change in prepaid reinsurance premiums.
Net Premiums Earned Reconciliation |
|
|
Three Months Ended March 31, |
(In
Thousands, Except Ratios) |
|
2021 |
|
2020 |
Change % |
Premiums: |
|
|
|
|
|
Net premiums earned |
|
$ |
259,225 |
|
|
$ |
268,849 |
|
|
(3.6 |
) |
% |
Less: change in unearned premiums |
|
3,316 |
|
|
(15,798 |
) |
|
121.0 |
|
% |
Less: change in prepaid reinsurance premiums |
|
448 |
|
|
2,139 |
|
|
(79.1 |
) |
% |
Net premiums written |
|
$ |
255,461 |
|
|
$ |
282,508 |
|
|
(9.6 |
) |
% |
Supplemental Tables
Consolidated Financial Highlights |
(unaudited) |
|
Three Months Ended March 31, |
(In
Thousands, Except Share and Per Share Data and Ratios) |
|
2021 |
|
2020 |
Change % |
Revenue Highlights |
|
|
|
|
|
Net premiums earned |
|
$ |
259,225 |
|
|
|
$ |
268,849 |
|
|
(3.6 |
) |
% |
Net investment income |
|
17,081 |
|
|
|
2,363 |
|
|
NM |
Net realized investment gains (losses) |
|
24,508 |
|
|
|
(93,407 |
) |
|
126.2 |
|
% |
Other income (loss) |
|
(79 |
) |
|
|
— |
|
|
NM |
Total revenues |
|
$ |
300,735 |
|
|
|
$ |
177,805 |
|
|
69.1 |
|
% |
Income Statement
Data |
|
|
|
|
|
Net income (loss) |
|
$ |
18,702 |
|
|
|
$ |
(72,534 |
) |
|
125.8 |
|
% |
After-tax net realized investment gains (losses) |
|
19,361 |
|
|
|
(73,792 |
) |
|
126.2 |
|
% |
Adjusted operating income (loss)(1) |
|
$ |
(659 |
) |
|
|
$ |
1,258 |
|
|
(152.4 |
) |
% |
Diluted Earnings Per
Share Data |
|
|
|
|
|
Net income (loss) |
|
$ |
0.74 |
|
|
|
$ |
(2.90 |
) |
|
125.5 |
|
% |
After-tax net realized investment gains (losses) |
|
0.77 |
|
|
|
(2.95 |
) |
|
126.1 |
|
% |
Adjusted operating income (loss)(1) |
|
$ |
(0.03 |
) |
|
|
$ |
0.05 |
|
|
(160.0 |
) |
% |
Catastrophe
Data |
|
|
|
|
|
Pre-tax catastrophe losses |
|
$ |
29,247 |
|
|
|
$ |
15,267 |
|
|
91.6 |
|
% |
Effect on after-tax earnings per share |
|
0.91 |
|
|
|
0.48 |
|
|
89.6 |
|
% |
Effect on combined ratio |
|
11.3 |
|
% |
|
5.7 |
|
% |
98.2 |
|
% |
|
|
|
|
|
|
Favorable reserve development
experienced on prior accident years |
|
$ |
13,259 |
|
|
|
$ |
13,747 |
|
|
(3.5 |
) |
% |
|
|
|
|
|
|
GAAP combined ratio |
|
107.2 |
|
% |
|
105.2 |
|
% |
1.9 |
|
% |
Return on equity |
|
9.1 |
|
% |
|
(33.3 |
) |
% |
127.3 |
|
% |
Cash dividends declared per
share |
|
$ |
0.15 |
|
|
|
$ |
0.33 |
|
|
(54.5 |
) |
% |
Diluted
weighted average shares outstanding |
|
25,379,812 |
|
|
|
25,014,027 |
|
|
1.5 |
|
% |
NM = Not meaningful(1) Adjusted operating income (loss) is a
non-GAAP financial measure of net income (loss). See Definitions of
Non-GAAP Information and Reconciliations to Comparable GAAP
Measures for a reconciliation of adjusted operating income (loss)
to net income (loss).
Income Statement |
(unaudited) |
|
Three Months Ended March 31, |
(In
Thousands, Except Ratios) |
|
2021 |
|
2020 |
Revenues |
|
|
|
|
Net premiums earned |
|
$ |
259,225 |
|
|
|
$ |
268,849 |
|
|
Investment income, net of
investment expenses |
|
17,081 |
|
|
|
2,363 |
|
|
Net realized investment gains
(losses) |
|
24,508 |
|
|
|
(93,407 |
) |
|
Other
income (loss) |
|
(79 |
) |
|
|
— |
|
|
Total Revenues |
|
$ |
300,735 |
|
|
|
$ |
177,805 |
|
|
|
|
|
|
|
Benefits, Losses and
Expenses |
|
|
|
|
Losses and loss settlement
expenses |
|
$ |
206,398 |
|
|
|
$ |
186,503 |
|
|
Amortization of deferred
policy acquisition costs |
|
53,265 |
|
|
|
54,452 |
|
|
Other underwriting
expenses |
|
18,368 |
|
|
|
41,849 |
|
|
Total Benefits, Losses and Expenses |
|
$ |
278,031 |
|
|
|
$ |
282,804 |
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
22,704 |
|
|
|
(104,999 |
) |
|
Federal income tax expense (benefit) |
|
4,002 |
|
|
|
(32,465 |
) |
|
Net income (loss) |
|
$ |
18,702 |
|
|
|
$ |
(72,534 |
) |
|
|
|
|
|
|
GAAP combined ratio: |
|
|
|
|
Net loss ratio - excluding catastrophes |
|
68.3 |
|
% |
|
63.7 |
|
% |
Catastrophes - effect on net loss ratio |
|
11.3 |
|
|
|
5.7 |
|
|
Net loss ratio |
|
79.6 |
|
% |
|
69.4 |
|
% |
Expense ratio |
|
27.6 |
|
|
|
35.8 |
|
|
GAAP combined ratio |
|
107.2 |
|
% |
|
105.2 |
|
% |
Balance Sheet |
|
March 31, 2021 |
|
December 31, 2020 |
(In Thousands) |
|
|
(unaudited) |
|
|
Invested assets |
$ |
2,136,142 |
|
|
$ |
2,149,217 |
|
Cash |
71,514 |
|
|
87,948 |
|
Total assets |
3,064,967 |
|
|
3,069,678 |
|
Losses and loss settlement
expenses |
1,613,025 |
|
|
1,578,131 |
|
Total liabilities |
2,241,368 |
|
|
2,244,529 |
|
Net unrealized investment
gains, after-tax |
59,614 |
|
|
83,070 |
|
Total
stockholders’ equity |
823,599 |
|
|
825,149 |
|
Net Premiums Written by Line of Business |
(unaudited) |
Three Months Ended March 31, |
|
2021 |
|
2020 |
(In Thousands) |
|
Net Premiums Written(1) |
|
|
|
Commercial lines: |
|
|
|
Other liability(2) |
$ |
72,279 |
|
|
$ |
84,940 |
|
Fire and allied lines(3) |
60,954 |
|
|
66,842 |
|
Automobile |
65,619 |
|
|
79,186 |
|
Workers’ compensation |
17,364 |
|
|
21,739 |
|
Fidelity and surety |
8,349 |
|
|
6,975 |
|
Miscellaneous |
367 |
|
|
415 |
|
Total commercial lines |
$ |
224,932 |
|
|
$ |
260,097 |
|
|
|
|
|
Personal lines: |
|
|
|
Fire and allied lines(4) |
$ |
754 |
|
|
$ |
8,393 |
|
Automobile |
389 |
|
|
7,566 |
|
Miscellaneous |
9 |
|
|
303 |
|
Total personal lines |
$ |
1,152 |
|
|
$ |
16,262 |
|
Reinsurance assumed |
29,377 |
|
|
6,149 |
|
Total |
$ |
255,461 |
|
|
$ |
282,508 |
|
(1) Net premiums written is a non-GAAP financial measure of net
premiums earned. See Definitions of Non-GAAP Information and
Reconciliations to Comparable GAAP Measures for a reconciliation of
net premiums written to net premiums earned.(2) Commercial lines
“Other liability” is business insurance covering bodily injury and
property damage arising from general business operations, accidents
on the insured’s premises and products manufactured or sold.(3)
Commercial lines “Fire and allied lines” includes fire, allied
lines, commercial multiple peril and inland marine.(4) Personal
lines “Fire and allied lines” includes fire, allied lines,
homeowners and inland marine.
Net Premiums Earned, Net Losses and Loss Settlement
Expenses and Net Loss Ratio by Line of Business |
Three
Months Ended March 31, |
2021 |
|
2020 |
|
|
|
Net Losses |
|
|
|
|
|
Net Losses |
|
|
|
|
|
and Loss |
|
|
|
|
|
and Loss |
|
|
|
Net |
|
Settlement |
|
Net |
|
Net |
|
Settlement |
|
Net |
(In Thousands, Except
Ratios) |
Premiums |
|
Expenses |
|
Loss |
|
Premiums |
|
Expenses |
|
Loss |
(unaudited) |
Earned |
|
Incurred |
|
Ratio |
|
Earned |
|
Incurred |
|
Ratio |
Commercial lines |
|
|
|
|
|
|
|
|
|
|
|
Other liability |
$ |
75,359 |
|
|
$ |
42,147 |
|
|
|
55.9 |
|
% |
|
$ |
79,309 |
|
|
$ |
43,723 |
|
|
55.1 |
% |
Fire and allied lines |
58,332 |
|
|
62,974 |
|
|
|
108.0 |
|
|
|
61,669 |
|
|
51,925 |
|
|
84.2 |
|
Automobile |
65,977 |
|
|
67,202 |
|
|
|
101.9 |
|
|
|
78,018 |
|
|
65,305 |
|
|
83.7 |
|
Workers' compensation |
16,502 |
|
|
7,780 |
|
|
|
47.1 |
|
|
|
19,428 |
|
|
7,708 |
|
|
39.7 |
|
Fidelity and surety |
7,360 |
|
|
1,079 |
|
|
|
14.7 |
|
|
|
6,418 |
|
|
32 |
|
|
0.5 |
|
Miscellaneous |
349 |
|
|
(18 |
) |
|
|
(5.2 |
) |
|
|
395 |
|
|
92 |
|
|
23.3 |
|
Total commercial lines |
$ |
223,879 |
|
|
$ |
181,164 |
|
|
|
80.9 |
|
% |
|
$ |
245,237 |
|
|
$ |
168,785 |
|
|
68.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Personal lines |
|
|
|
|
|
|
|
|
|
|
|
Fire and allied lines |
$ |
6,221 |
|
|
$ |
4,609 |
|
|
|
74.1 |
|
|
|
$ |
9,970 |
|
|
$ |
6,734 |
|
|
67.5 |
% |
Automobile |
4,040 |
|
|
3,300 |
|
|
|
81.7 |
|
|
|
7,630 |
|
|
5,149 |
|
|
67.5 |
|
Miscellaneous |
177 |
|
|
90 |
|
|
|
50.8 |
|
|
|
306 |
|
|
2,606 |
|
|
NM |
Total personal lines |
$ |
10,438 |
|
|
$ |
7,999 |
|
|
|
76.6 |
|
% |
|
$ |
17,906 |
|
|
$ |
14,489 |
|
|
80.9 |
% |
Reinsurance assumed |
$ |
24,908 |
|
|
$ |
17,235 |
|
|
|
69.2 |
|
% |
|
$ |
5,706 |
|
|
$ |
3,229 |
|
|
56.6 |
% |
Total |
$ |
259,225 |
|
|
$ |
206,398 |
|
|
|
79.6 |
|
% |
|
$ |
268,849 |
|
|
$ |
186,503 |
|
|
69.4 |
% |
NM = Not Meaningful
United Fire (NASDAQ:UFCS)
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From Mar 2024 to Apr 2024
United Fire (NASDAQ:UFCS)
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From Apr 2023 to Apr 2024