United Fire Group reports Q3 net loss of $0.91 per share; combined ratio 111.7%

UNITED FIRE GROUP INC

2022-Q3 EPS reported -$0.20 revenue$700,123,000

Net loss of $23.0M ($0.91 per diluted share); adjusted operating loss of $0.47 per share.
GAAP combined ratio of 111.7% driven by catastrophe loss ratio of 11.4% (incl. Hurricane Ian 5.7%) and unfavorable reserve development of 5.9%.
Net premiums written up 9.1% vs Q3 2021; net premiums earned essentially flat (-0.3%).
Book value per share fell to $27.82, down 20.6% from $35.05 at year-end 2021, mainly due to $156.1M decrease in unrealized fixed-income gains.
Quarterly dividend maintained at $0.16 per share; declared and paid in Q3.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UNITED FIRE GROUP INC reported the quarter ended September 30, 2022 results: revenue $238,256, net income $23.0 million, EPS $0.91 per diluted share.

Period: the quarter ended September 30, 2022
Revenue: $238,256
Net income: $23.0 million
EPS: $0.91 per diluted share
Result: reported results

Exact text from the filing

Financial Highlights (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In Thousands, Except Per Share Data) 2022 2021 2022 2021 Net premiums earned $ 238,256 $ 238,909 $ 703,746 $ 722,837 Net premiums written 247,417 226,708 749,492 720,575 Net underlying loss ratio (1) 59.3 % 61.5 % 57.5 % 65.0 % Catastrophes-effect on net loss ratio

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Source: SEC EDGAR

accession 0000101199-22-000093

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