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United Fire Group, Inc. Reports Second Quarter 2020 Results

Released on: Aug 5, 2020, 08:00 AM
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 $6.0 million ($0.24 per diluted share) for the three-month period ended June 30, 2020 (the "second quarter of 2020"), compared to consolidated net loss of $4.2 million ($0.17 per diluted share) for the same period in 2019.

For the six-month period ended June 30, 2020 ("year-to-date"), consolidated net loss, including realized investment gains and losses and changes in the fair value of equity securities, was $66.6 million ($2.66 per diluted share), compared to net income of $40.3 million ($1.57 per diluted share) for the same period in 2019.

The Company reported consolidated adjusted operating loss of $0.26 per diluted share for the second quarter of 2020, compared to consolidated adjusted operating loss of $0.59 per diluted share for the same period in 2019. Year-to-date, consolidated adjusted operating loss was $0.21 per diluted share compared to consolidated adjusted operating income of $0.33 per diluted share for the same period in 2019.

"Our second quarter results were impacted by historically high quarterly catastrophe losses, offset by improving core insurance profitability," stated Randy A. Ramlo, President and Chief Executive Officer. "Catastrophe losses in the second quarter of 2020 were from 20 catastrophic events, primarily from severe convective storms in the Midwest and Southern United States as we previously announced on July 29, 2020."

View the full press release here