Business
United Fire Group, Inc. Reports Fourth Quarter and Full Year 2022 Results
Fourth Quarter Net Income of $0.79 per Diluted Share and Adjusted Operating Income of $0.18 per Diluted Share; Net Premiums Written increased 6.3% Full Year
About this update from United Fire Group, Inc
[{"type":"text","content":"Fourth Quarter Net Income of $0.79 per Diluted Share and Adjusted Operating Income of $0.18 per Diluted Share; Net Premiums Written increased 6.3% Full Year Net Income of $0.59 per Diluted Share and Adjusted Operating Income of $1.09 per Diluted Share; Net Premiums Written increased 4.6% Fourth quarter 2022 highlights: Net premiums written(1) increased 6.3% compared to the fourth quarter of 2021.GAAP combined ratio of 103.6% including an underlying loss ratio(2) of 60.0%, catastrophe loss ratio of 4.9%, and unfavorable prior period reserve development(2) of 4.9%. Expense ratio was 33.8%.Net investment income of $12.9 million decreased 3.5% compared to the fourth quarter of 2021 due to lower other long-term investment income.Book value per common share of $29.36 as of December 31, 2022, up 5.5% compared to September 30, 2022. Full year 2022 highlights: Net premiums written of $984.2 million, an increase of 4.6% as compared to full year 2021.GAAP combined ratio of 101.4% driven by underlying loss ratio of 59.2% and catastrophe loss ratio of 7.7%. Expense ratio was 34.4% for the full year.Net investment income declined as compared to full year 2021 as increasing fixed income yields were offset by lower other long-term investment income.Return on Equity of 1.9%. CEDAR RAPIDS, Iowa, Feb. 15, 2023 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq: UFCS), United Fire Group, Inc. (the “Company” or “UFG”) (Nasdaq: UFCS) today reported financial results for the three-month period ended December 31, 2022 (the “fourth quarter of 2022”) with a consolidated net income of $20.1 million ($0.79 per diluted share) and consolidated adjusted operating income of $0.18 per diluted share. The fourth quarter combined ratio of 103.6% was driven by catastrophe losses of 4.9% and unfavorable prior period reserve development of 4.9%. Net premiums written increased 6.3% for the quarter compared to the same quarter last year. Net income for the full year 2022 was $15.0 million ($0.59 per diluted share) and consolidated adjusted operating income of $1.09 per diluted share. The full year combined ratio of 101.4% benefited from an underlying loss ratio of 59.2%. Net premiums written increased 4.6% from full year 2021. “I am pleased with our progress in 2022 as we continue to position UFG for superior operational and financial performance,” said President and ...