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United Fire Group, Inc. Reports Fourth Quarter and Year End 2021 Results

Released on: Feb 15, 2022, 06:00 AM
CEDAR RAPIDS, Iowa, Feb. 15, 2022 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq: UFCS)

United Fire Group, Inc. (the “Company” or "UFG") (Nasdaq: UFCS) today reported consolidated net income, including net investment gains, of $57.7 million ($2.28 per diluted share) for the three-month period ended December 31, 2021, compared to a consolidated net loss of $8.9 million ($0.36 per diluted share) for the same period in 2020. For the year ended December 31, 2021, consolidated net income, including net investment gains, was $80.6 million ($3.16 per diluted share) compared to a net loss of $112.7 million ($4.50 per diluted share) for the same period in 2020.

The Company reported consolidated adjusted operating income of $1.69 per diluted share for the fourth quarter 2021 compared to consolidated adjusted operating loss of $1.30 per diluted share for the same period in 2020. For the full year ended December 31, 2021, the Company reported consolidated adjusted operating income of $1.69 per diluted share compared to a consolidated adjusted operating loss of $2.88 per diluted share for 2020.

"I am extremely pleased to report strong fourth quarter results. The fourth quarter combined ratio at 83.1% is our lowest quarterly combined ratio in over 14 years, dating back to second quarter of 2007," stated Randy A. Ramlo, President and Chief Executive Officer. "This is the third consecutive quarter we reported improvement in our core loss ratio. Our core loss ratio, which removes the impact of catastrophe losses and favorable prior year reserve development, improved 24.5 percentage points and 8.0 percentages points, respectively, in the fourth quarter and full year of 2021 as compared to the same periods of 2020."

"The trend of quarterly core loss ratio improvement, which began in the second quarter of 2021, is the direct result of our strategic initiatives. We are very pleased with the progress we have made with our strategic initiatives to improve profitability."

View the full press release here.