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Learn moreUnited Fire Group, Inc. Reports First Quarter 2022 Results
Released on: May 5, 2022, 06:00 AM
CEDAR RAPIDS, Iowa, May 05, 2022 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq: UFCS)
United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq: UFCS) today reported consolidated net income, including net investment losses and changes in the fair value of equity securities, of $28.3 million ($1.12 per diluted share) for the three-month period ended March 31, 2022 (the "first quarter of 2022"), compared to consolidated net income of $18.7 million ($0.74 per diluted share) for the same period in 2021.
The Company reported consolidated adjusted operating income of $1.13 per diluted share for the first quarter of 2022, compared to a consolidated adjusted operating loss of $0.03 per diluted share for the same period in 2021.
"Today I am pleased to report strong results for the first quarter of 2022, which I can confidently say is a direct result of our One UFG strategic plan and initiatives aimed at improved profitability," stated Randy A. Ramlo, President and Chief Executive Officer. "For the second consecutive quarter, we have reported a combined ratio under 90 percent. This marks the first time in seven years that we’ve delivered back-to-back quarters with combined ratios below 90 percent."
"In addition, for the fourth consecutive quarter, we saw improvements in both our core loss ratio and commercial auto loss ratio when compared to the same quarter in the prior year. In the first quarter of 2022, our core loss ratio, which removes the impact of catastrophe losses and favorable prior year reserve development, improved 17.4 percentage points, driven by continuing decreases in frequency and severity of claims. Our commercial auto loss ratio improved 41.2 percentage points, as compared to the same quarter in 2021, driven by continuing decreases in the severity of commercial auto claims and favorable prior accident year reserve development. We are pleased with this significant improvement in our profitability and the promising start to 2022."
View the full press release here.