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Dec 31, 2022
United Fire Group Q4 2022 Earnings Report
Reported fourth quarter and full year results, with net income of $0.79 per diluted share and adjusted operating income of $0.18 per diluted share for the fourth quarter.
Key Takeaways
United Fire Group, Inc. reported a consolidated net income of $20.1 million ($0.79 per diluted share) for the fourth quarter of 2022. The fourth quarter combined ratio was 103.6%. Net premiums written increased 6.3% for the quarter compared to the same quarter last year.
Net premiums written increased 6.3% compared to the fourth quarter of 2021.
GAAP combined ratio of 103.6% including an underlying loss ratio of 60.0%, catastrophe loss ratio of 4.9%, and unfavorable prior period reserve development of 4.9%. Expense ratio was 33.8%.
Net investment income of $12.9 million decreased 3.5% compared to the fourth quarter of 2021 due to lower other long-term investment income.
Book value per common share of $29.36 as of December 31, 2022, up 5.5% compared to September 30, 2022.
Revenue by Segment
Forward Guidance
UFG's strategic plan remains centered on long-term profitability, diversified growth, attracting and retaining top talent, continuous innovation and expense management. The company begins 2023 well-positioned to responsibly and profitably grow across its commercial, specialty, surety and assumed reinsurance businesses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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