UFG News
United Fire Group, Inc. Reports First Quarter 2019 Results
Released on: May 8, 2019, 08:00 AM
CEDAR RAPIDS, Iowa, May 08, 2019 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq: UFCS) today reported consolidated net income, including net realized investment gains and losses and changes in the fair value of equity securities, of $44.5 million ($1.74 per diluted share) for the three-month period ended March 31, 2019 (the "first quarter of 2019"), compared to a consolidated net income of $45.8 million ($1.80 per diluted share) for the same period in 2018(4).
The Company reported consolidated adjusted operating income of $0.91 per diluted share for the first quarter, compared to a consolidated adjusted operating income of $1.00 per diluted share for the same period in 2018.
"The first quarter of 2019 benefited from strong equity markets and an increase in net premiums earned partially offset by a decrease in favorable prior year reserve development," stated Randy A. Ramlo, President and Chief Executive Officer. "The increase in the equity markets resulted in higher net investment income and an increase in net realized investment gains on equity securities compared to net realized investment losses on equity securities in first quarter of 2018. The first quarter of 2018 also benefited from the one-time realized gain of $1.07 per diluted share on the sale of our wholly owned subsidiary United Life Insurance Company."
