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Learn moreUnited Fire Group, Inc. Reports Fourth Quarter and Year End 2019 Results
Released on: Feb 18, 2020, 07:00 AM
United Fire Group, Inc. (the “Company” or "UFG") (Nasdaq: UFCS) today reported consolidated net loss, including net realized investment gains and losses, of $23.2 million ($0.93 per diluted share) for the three-month period ended December 31, 2019 (the "fourth quarter"), compared to consolidated net loss of $29.3 million ($1.17 per diluted share) for the same period in 2018.
The Company reported a consolidated adjusted operating loss of $1.04 per diluted share for the fourth quarter 2019 compared to consolidated adjusted operating loss of $0.30 per diluted share for the same period in 2018. For the full year ended December 31, 2019, the Company reported consolidated adjusted operating loss of $1.08 per diluted share compared to consolidated adjusted operating income of $0.67 per diluted share for 2018.
"Our 2019 results were negatively impacted by commercial auto losses and prior year reserve strengthening in our Gulf Coast Region," stated Randy A. Ramlo, President and Chief Executive Officer. "From a profitability standpoint, the fourth quarter was disappointing and an unacceptable end to a year in which we failed to meet expectations and failed to make an operational profit. Commercial auto losses continued to be the main driver of the net operating loss in the fourth quarter. We know we have work to do and are focused on aggressively moving forward with our strategic plan to improve profitability."
View the full press release here.
