United Fire Group ( (UFCS) ) has released its Q3 earnings. Here is a breakdown of the information United Fire Group presented to its investors.
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United Fire Group, Inc. (UFG) is a property and casualty insurance company, operating in all 50 states and the District of Columbia, and is known for its strong commitment to underwriting discipline and strategic growth in the commercial and reinsurance sectors.
In the third quarter of 2024, UFG reported a significant increase in net income to $19.7 million, or $0.76 per diluted share, marking the highest levels of net income and adjusted operating income in the past 10 quarters. This growth was driven by a robust 23% increase in net premiums written and a 49% rise in net investment income.
Key highlights from the quarter include an improved GAAP combined ratio of 98.2%, reflecting better performance in underwriting and a decrease in catastrophe losses compared to historical averages. The company’s strategic focus on core commercial lines and assumed reinsurance business led to an impressive 23% growth in net premiums written, supported by strong renewal premium increases and stable retention rates.
Additionally, the firm’s financial stability was bolstered by a $1.97 increase in book value per share to $31.01, driven by improved net income and reduced after-tax unrealized losses. The company’s investment portfolio also showed strength, with notable gains in fixed maturity investment income.
Looking ahead, UFG remains focused on executing its strategic business plan to drive further improvements and growth, while maintaining its commitment to providing responsive service to policyholders affected by catastrophic events.
