United Fire Group, Inc. reported a consolidated net loss of $23.0 million, or $0.91 per diluted share, and a consolidated adjusted operating loss of $0.47 per diluted share for Q3 2022. The combined ratio was 111.7%, driven by catastrophe losses and unfavorable prior year reserve development.
Net premiums earned decreased 0.3% compared to the third quarter of 2021.
Net premiums written increased 9.1% compared to the third quarter of 2021.
GAAP combined ratio of 111.7% was driven by a catastrophe loss ratio of 11.4% and unfavorable prior year reserve development of 5.9%. The expense ratio was 35.1%.
Net investment income of $11.6 million increased 0.3% compared to the third quarter of 2021.
UFG has taken steps to improve profitability, diversify growth, enhance underwriting governance and reduce volatility. These corrective actions are largely concluded, and the company is well poised to grow its business responsibly and profitably and will apply the same level of intensity to improving the expense ratio.
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