UFG Q4 net income $31.4M ($1.21/sh); combined ratio 94.4% improves 4.8 pts YoY

UNITED FIRE GROUP INC

2024-FY EPS reported $2.39 revenue$1,253,307,000

Adjusted operating income $1.25 per diluted share; full year net income $62.0M ($2.39/sh).
Net written premiums up 13% to $278.5M in Q4; full year $1.2B (+15%), highest in 79-year history.
Net investment income rose 21.2% to $23.2M in Q4; full year +37.5% to $82.0M.
Underlying combined ratio improved 1.6 pts to 92.8% in Q4; full year 93.8%.
Resolved rating errors with no financial impact; estimates $7M-$10M in CA wildfire losses.

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