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Mar 31, 2022
United Fire Group Q1 2022 Earnings Report
Reported strong results due to One UFG strategic plan and initiatives aimed at improved profitability.
Key Takeaways
United Fire Group reported consolidated net income of $28.3 million, or $1.12 per diluted share, for the first quarter of 2022, compared to $18.7 million, or $0.74 per diluted share, for the same period in 2021. The company's adjusted operating income was $1.13 per diluted share for the first quarter of 2022, compared to an adjusted operating loss of $0.03 per diluted share for the same period in 2021. The GAAP combined ratio decreased to 89.5 percent, and the annualized return on equity was 13.2 percent.
Reported a combined ratio under 90 percent for the second consecutive quarter, the first time in seven years.
Core loss ratio improved 17.4 percentage points due to continuing decreases in frequency and severity of claims.
Commercial auto loss ratio improved 41.2 percentage points due to decreases in the severity of commercial auto claims and favorable prior accident year reserve development.
Overall average change in renewal premiums was 7.6 percent, with 2.4 percent from exposure changes and 5.2 percent from rate increases.
Revenue by Segment
Forward Guidance
This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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