2021
United Fire Group, Inc. Reports Second Quarter 2021 Results
United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq: UFCS) today reported consolidated net income, including net realized investment gains and changes in the fair value of equity securities, of $13.8 million ($0.54 per diluted share) for the three-month period ended June 30, 2021 (the "second quarter of 2021"), compared to a consolidated net income of $6.0 million ($0.24 per diluted share) for the same period in 2020. For the six-month period ended June 30, 2021 ("year-to-date"), consolidated net income, including realized investment gains and losses and changes in the fair value of equity securities, was $32.5 million ($1.28 per diluted share), compared to a net loss of $66.6 million ($2.66 per diluted share) for the same period in 2020.
The Company reported consolidated adjusted operating income of $0.35 per diluted share for the second quarter of 2021, compared to consolidated adjusted operating income of $0.26 per diluted share for the same period in 2020. Year-to-date, consolidated adjusted operating income was $0.33 per diluted share compared to a consolidated adjusted operating loss of $0.21 per diluted share for the same period in 2020.
"I am pleased to report net income of $0.54 per diluted share and adjusted operating income of $0.35 per diluted share in the second quarter of 2021," stated Randy A. Ramlo, President and Chief Executive Officer. "The improvement in profitability is primarily due to a decrease in frequency and severity of commercial auto liability losses, which we believe is the direct result of our strategic initiatives, and lower catastrophe losses. We also continued to see a decrease in commercial auto exposure units in the second quarter of 2021."
View the full press release here.
