United Fire Q1 net income $13.5M ($0.52/diluted), combined ratio 98.9% improves 4.5 pts

UNITED FIRE GROUP INC

2024-Q1 EPS reported $0.52 revenue$295,999,000

Net premiums written $321.3M, up 17.6% YoY; core commercial renewal premiums up 10.9%.
GAAP combined ratio 98.9% (improved from 103.4%); underlying combined ratio 94.3%.
Net investment income $16.3M, up 28.5% vs $12.7M; fixed income yield improved to 3.57%.
Book value per share $29.13, up $0.09 from Dec 31, 2023; Q1 dividend $0.16 per share.
Catastrophe loss ratio unchanged at 4.6%; no prior year reserve development.

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 first quarter 2024 results: revenue $321.3 million, net income $13.5 million, EPS $0.52 per diluted share.

Period: first quarter 2024
Revenue: $321.3 million
Net income: $13.5 million
EPS: $0.52 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 March 31, 2024 (the "first quarter of 2024") with a consolidated net income of $13.5 million ($0.52 per diluted share) and consolidated adjusted operating income of $0.56 per diluted share. "I am pleased with our first quarter results as net income increased to $13.5 million driven by improved underwriting results and higher investment income," said UFG President and CEO Kevin Leidwinger. "The momentum we established in 2023 carried into the first quarter of 2024 as net written premium grew 17.6% to $321.3 million, led by our core commercial and assumed reinsurance business units.

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Source: SEC EDGAR

accession 0000101199-24-000026

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