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United Fire Group, Inc. Reports Third Quarter 2022 Results

Released on: Nov 2, 2022, 15:01 PM
CEDAR RAPIDS, Iowa , Nov. 02, 2022 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq: UFCS),

United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq: UFCS) today reported financial results for the three-month period ended September 30, 2022 (the “third quarter of 2022”) with a consolidated net loss, including net investment losses and changes in the fair value of equity securities, of $23.0 million ($0.91 per diluted share) and consolidated adjusted operating loss of $0.47 per diluted share for the third quarter of 2022. The third quarter combined ratio of 111.7% was driven by catastrophe losses of 11.4% and unfavorable prior year reserve development of 5.9%. Hurricane Ian catastrophe loss represented 5.7% of the loss ratio. The unfavorable development in the third quarter of 2022 was primarily driven by other liability and commercial fire & allied lines of business offset by favorable development in commercial automobile and workers' compensation lines. In the third quarter of 2022, net premiums earned were effectively flat from the same period a year ago while net premiums written increased from the third quarter of 2021.

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