United Fire Group, Inc. Reports Fourth Quarter and Year End 2018 Results

Released on: Feb 20, 2019, 08:00 AM

CEDAR RAPIDS, Iowa, Feb. 20, 2019 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (the “Company” or "UFG") (Nasdaq: UFCS) today reported consolidated net loss, including net realized investment gains and losses, of $29.3 million ($1.17 per diluted share) for the three-month period ended December 31, 2018 (the "fourth quarter"), compared to consolidated net income of $46.0 million ($1.81 per diluted share) for the same period in 2017. For the year ended December 31, 2018 (the "full year"), consolidated net income, including investment gains and losses, was $27.7 million ($1.08 per diluted share) compared to $51.0 million ($1.99 per diluted share) for the same period in 2017.

The Company reported a consolidated adjusted operating loss of $0.30 per diluted share for fourth quarter 2018 compared to consolidated adjusted operating income of $1.78 per diluted share for the same period in 2017. For the year ended December 31, 2018, the Company reported consolidated adjusted operating income of $0.67 per diluted share compared to consolidated adjusted operating income of $1.79 per diluted share for 2017.

"The fourth quarter of 2018 was a challenging quarter," stated Randy A. Ramlo, President and Chief Executive Officer. "During 2018, we made steady progress improving the profitability of our commercial auto line of business. However, during the fourth quarter we experienced an increase in severity of losses in both our commercial auto and general liability lines of business from auto related claims, due to several factors including a trend toward higher jury awards. In response to this setback to profitability we are taking several initiatives in pricing adequacy, underwriting and claims."

View the full press release here.