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United Fire Group, Inc. Reports Third Quarter 2021 Results

Released on: Nov 4, 2021, 06:00 AM
CEDAR RAPIDS, Iowa, Nov. 04, 2021 (GLOBE NEWSWIRE)

United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq: UFCS) today reported a consolidated net loss, including net realized investment losses and changes in the fair value of equity securities, of $9.6 million ($0.38 per diluted share) for the three-month period ended September 30, 2021 (the "third quarter of 2021"), compared to a consolidated net loss of $37.2 million ($1.49 per diluted share) for the same period in 2020. For the nine-month period ended September 30, 2021 ("year-to-date"), consolidated net income, including realized investment gains and losses and changes in the fair value of equity securities, was $22.9 million ($0.90 per diluted share), compared to a net loss of $103.8 million ($4.15 per diluted share) for the same period in 2020.

The Company reported a consolidated adjusted operating loss of $0.31 per diluted share for the third quarter of 2021, compared to a consolidated adjusted operating loss of $1.37 per diluted share for the same period in 2020. Year-to-date, consolidated adjusted operating income was $0.02 per diluted share compared to a consolidated adjusted operating loss of $1.58 per diluted share for the same period in 2020.

"In the third quarter of 2021 we reported strong improvement in our core loss ratio," stated Randy A. Ramlo, President and Chief Executive Officer. "This improvement was offset by higher-than-average catastrophe losses."

"Our core loss ratio, which removes the impact of catastrophe losses and favorable prior year reserve development, improved 10.1 percentage points and 2.6 percentages points, respectively, in the third quarter and year-to-date 2021 as compared to the same periods of 2020. When taking into consideration the recovery of $7.1 million and $22.5 million, respectively, in the third quarter and year-to-date 2020, respectively, under our all-lines aggregate reinsurance program, our core loss ratio improved 12.8 percentage points and 5.5 percentage points for the respective periods."

View the full press release here