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Mar 31, 2021
United Fire Group Q1 2021 Earnings Report
Reported a net income driven by investment gains and higher investment income, offset by increased catastrophe losses and commercial auto losses.
Key Takeaways
United Fire Group reported a net income of $18.7 million for Q1 2021, a significant improvement compared to a net loss of $72.5 million in the same period last year. This was driven by net realized investment gains and higher net investment income, offset by increased catastrophe losses and severity of commercial auto losses.
Net income was $18.7 million ($0.74 per diluted share) for Q1 2021, compared to a net loss of $72.5 million ($2.90 per diluted share) in Q1 2020.
Adjusted operating loss was $0.03 per diluted share for Q1 2021, compared to adjusted operating income of $0.05 per diluted share in Q1 2020.
Net premiums earned decreased by 3.6% to $259.2 million, primarily due to non-renewal of under-performing commercial auto accounts and exit of the personal lines business.
The GAAP combined ratio increased to 107.2% for Q1 2021, compared to 105.2% in Q1 2020, driven by an increase in catastrophe losses and severity of commercial auto losses.
Revenue by Segment
Forward Guidance
An earnings call will be held at 9:00 a.m. Central Time on May 5, 2021, to discuss the Company's first quarter of 2021 results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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