United Fire Group, Inc · NASDAQ:UFCS
United Fire — Q3 2024 Earnings Presentation
8 slides from United Fire's earnings presentation, Nov 6, 2024
Slide 1: Third Quarter 2024 Results
THIRD QUARTER 2024 RESULTS NOVEMBER 6, 2024
Slide 2: Safe harbor statement and non-GAAP measures
Safe harbor statement and non-GAAP measures This presentation may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securitie
Slide 3: Financial highlights
Financial highlights Consolidated financial results ▪ Net income of $20 million improved $14 million from prior year with increased investment and underwriting income ▪ Net written premium growth continued with Q3 23% above prior year ▪ GAAP combined ratio of 98.2% improved 3.8 points compared to pr
Slide 4: P&C trends
P&C trends Premium trend ($M) ▪ Third quarter net written premium growth with all business units contributing Net Written Premium Net Earned Premium $330,000 ▪ Total combined ratio improved vs. prior year with stable reserving and $321 $326 decreased catastrophe and underlying combined ratios $280,0
Slide 5: P&C portfolio production
P&C portfolio production Core Commercial Net written premium ($M) Alternative Distribution Specialty Surety ▪ Core Commercial net written premium growth supported by accelerating average renewal premium increases, increased new business volume, and $350,000 $321 $326 $306 stable retention $299 $14 $
Slide 6: Core commercial lines production detail
Core commercial lines production detail New business ($M) ▪ Core Commercial new business volume improved vs. prior year $60 $50 $49 ▪ Retention stable reflecting continued focus on profitability $40 ▪ Total Q3 renewal premium change accelerated to 12.4%, excluding $41 $40 $40 $30 $36 $20 $26 $27 wor
Slide 7: Investment portfolio
Investment portfolio Investment portfolio composition & quality Portfolio Composition Fixed Maturity Credit Rating ▪ Q3 invested assets of $2.0B, with 93% of invested assets in fixed Other & Long- Rating % of Portfolio income securities Term AAA 49% Partnerships 7% AA 16% ▪ High-quality portfolio wi
Slide 8: Investment income
Investment income Results Third Quarter Year to Date ▪ Net investment income increased 49% vs. prior year with growth in fixed maturity income and improved third quarter limited partnership (In Millions) 2024 2023 Change 2024 2023 Change valuations Investment income: Interest on fixed maturities Div