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Dec 31, 2021
United Fire Group Q4 2021 Earnings Report
Reported strong fourth quarter results, with the lowest quarterly combined ratio in over 14 years.
Key Takeaways
United Fire Group, Inc. reported a consolidated net income of $57.7 million ($2.28 per diluted share) for Q4 2021, compared to a consolidated net loss of $8.9 million ($0.36 per diluted share) for the same period in 2020. The company's GAAP combined ratio decreased to 83.1 percent, marking the lowest quarterly combined ratio in over 14 years.
Net income including net investment gains and losses totaled $57.7 million ($2.28 per diluted share) for the fourth quarter of 2021, compared to a net loss of $8.9 million ($0.36 per diluted share) for the fourth quarter of 2020.
Net premiums earned decreased 8.9 percent to $240.0 million for the fourth quarter of 2021, compared to $263.6 million in the fourth quarter of 2020.
The GAAP combined ratio decreased 40.0 percentage points to 83.1 percent for the fourth quarter 2021, compared to 123.1 percent for the fourth quarter of 2020.
Favorable reserve development of $22.8 million in net reserves for prior accident years during the three-month period ended December 31, 2021, compared to unfavorable reserve development of $12.4 million in the same periods of 2020.
Revenue by Segment
Forward Guidance
No specific forward guidance provided in the document.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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