United Fire Q2 net loss $56.4M; combined ratio 132.9% on reserve strengthening

UNITED FIRE GROUP INC

2023-Q2 EPS reported -$2.21 revenue$534,193,000

Net loss of $56.4M ($2.23 per diluted share); adjusted operating loss of $2.27 per share.
Net premiums written up 14.6% to $299.1M; core commercial lines growth 10.1%.
GAAP combined ratio 132.9% driven by 20.8 pts prior-period reserve strengthening and 13.0 pts catastrophe losses.
Underlying combined ratio 99.1%; expense ratio improved to 34.5% from 35.2%.
Book value per share fell 8.8% to $26.77; net investment income rose 23.4% to $11.3M.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UNITED FIRE GROUP INC reported the quarter ended June 30, 2023 results: net income Net loss of $56.4 million, EPS ($2.23) per diluted share.

Period: the quarter ended June 30, 2023
Net income: Net loss of $56.4 million
EPS: ($2.23) per diluted share
Result: reported results

Exact text from the filing

United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq: UFCS) today reported financial results for the three-month period ended June 30, 2023 (the "second quarter of 2023") with a consolidated net loss of $56.4 million ($2.23 per diluted share)

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Source: SEC EDGAR

accession 0000101199-23-000061

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