United Fire Group, Inc. Files Quarterly Report on Form 10-Q

TL;DR

<b>United Fire Group, Inc. has filed its Q1 2024 10-Q report detailing financial positions and key equity components.</b>

AI Summary

UNITED FIRE GROUP INC (UFCS) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. United Fire Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is Fire, Marine & Casualty Insurance. The filing includes financial data as of March 31, 2024, and comparative periods. Key financial statement components like Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for various dates.

Why It Matters

For investors and stakeholders tracking UNITED FIRE GROUP INC, this filing contains several important signals. This filing provides investors with the latest financial performance and position of United Fire Group, Inc. for the first quarter of 2024. The detailed breakdown of equity accounts and securities holdings offers insights into the company's financial health and investment strategy.

Risk Assessment

Risk Level: low — UNITED FIRE GROUP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual events or significant negative financial developments.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and changes in investment portfolio composition.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-01-01 — Quarter Start Date (Period of Report)
• 2023-12-31 — Prior Year End Date (Balance Sheet Date)
• 2023-03-31 — Prior Year Quarter End Date (Comparative Period)

Key Players & Entities

• UNITED FIRE GROUP INC (company) — FILER
• UFCS (company) — tk
• 10-Q (filing) — ft
• 2024-05-08T00:00:00.000Z (date) — dt
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• FIRE, MARINE & CASUALTY INSURANCE (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• CEDAR RAPIDS (location) — BUSINESS ADDRESS CITY
• IA (location) — BUSINESS ADDRESS STATE

FAQ

Industry Context

United Fire Group operates in the Fire, Marine & Casualty Insurance industry, a sector characterized by risk management and underwriting.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze segment performance if revenue data becomes available in future filings.
3. Compare key financial ratios with industry peers.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value UFCS The NASDAQ Global Select

Filing Documents

• ufcs-20240331.htm (10-Q) — 2335KB
• exhibit311033124.htm (EX-31.1) — 11KB
• exhibit312033124.htm (EX-31.2) — 11KB
• exhibit321033124.htm (EX-32.1) — 6KB
• exhibit322033124.htm (EX-32.2) — 6KB
• ufcs-20240331_g1.gif (GRAPHIC) — 10KB
• 0000101199-24-000029.txt (&nbsp;) — 12617KB
• ufcs-20240331.xsd (EX-101.SCH) — 45KB
• ufcs-20240331_cal.xml (EX-101.CAL) — 109KB
• ufcs-20240331_def.xml (EX-101.DEF) — 324KB
• ufcs-20240331_lab.xml (EX-101.LAB) — 703KB
• ufcs-20240331_pre.xml (EX-101.PRE) — 575KB
• ufcs-20240331_htm.xml (XML) — 2946KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 20 23 3 Consolidated Statements of Income and Comprehensive Income (unaudited) for the three- month period s ended March 31 , 202 4 and 20 23 4 Consolidated Statement of Stockholders' Equity (unaudited) for the three- month periods ended March 31 , 202 4 and 20 23 5 Consolidated Statements of Cash Flows (unaudited) for the three -month periods ended March 31 , 202 4 and 20 23 6 Notes to Unaudited Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 49

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 50

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 50

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 52 Signatur es 53 Table of Contents FORWARD-LOOKING INFORMATION This report may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933, as amended (the "Securities Act") and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about United Fire Group, Inc. ("UFG," the "Registrant," the "Company," "we," "us," or "our"), the industry in which we operate, and beliefs and assumptions made by management. Words such as "expect(s)," "anticipate(s)," "intend(s)," "plan(s)," "believe(s)," "continue(s)," "seek(s)," "estimate(s)," "goal(s)," "remain(s) optimistic," "target(s)," "forecast(s)," "project(s)," "predict(s)," "should," "could," "may," "will," "might," "hope," "can" and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. See Part I, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our other filings with the Securities and Exchange Commission ("SEC") for more information concerning factors that could cause actual results to differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the actual financial condition and results of the Company include, but are not limited to, the following: Our ability to effectively underwrite and adequately price insured risks; Risks related to our investment portfolio that could neg

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS United Fire Group, Inc. Consolidated Balance Sheets (In Thousands, Except Share Data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Investments: Fixed maturities Available-for-sale, at fair value (amortized cost $ 1,683,486 in 2024 and $ 1,771,041 in 2023) $ 1,589,248 $ 1,686,502 Equity securities at fair value (cost $ 0 in 2024 and $ 29,238 in 2023) — 55,019 Mortgage loans 41,426 45,421 Less: allowance for mortgage loan losses 46 55 Mortgage loans, net 41,380 45,366 Other long-term investments 99,020 99,507 Short-term investments 100 100 Total investments 1,729,748 1,886,494 Cash and cash equivalents 217,785 102,046 Accrued investment income 16,325 15,934 Premiums receivable (net of allowance for doubtful accounts of $ 1,942 in 2024 and $ 1,794 in 2023) 518,245 464,791 Deferred policy acquisition costs 135,210 126,532 Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $ 70,615 in 2024 and $ 68,242 in 2023) 134,354 134,247 Reinsurance receivables and recoverables (net of allowance for credit losses of $ 102 in 2024 and $ 97 in 2023) 239,971 223,269 Prepaid reinsurance premiums 24,608 27,682 Intangible assets 4,438 4,615 Deferred tax asset 22,735 13,621 Income taxes receivable 11,524 21,463 Other assets 189,692 123,496 TOTAL ASSETS $ 3,244,635 $ 3,144,190 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Losses and loss settlement expenses $ 1,690,885 $ 1,638,755 Unearned premiums 586,742 549,384 Accrued expenses and other liabilities 180,242 172,306 Long term debt 50,000 50,000 TOTAL LIABILITIES $ 2,507,869 $ 2,410,445 Stockholders' Equity Common stock, $ 0.001 par value; authorized 75,000,000 shares; 25,293,156 and 25,269,842 shares issued and outstanding in 2024 and 2023, respectively $ 25 $ 25 Additional paid-in capital 210,886 209,986 Retained earnings 584,147 574,691 Accumulated other comprehensive income, net of tax ( 58,292 ) ( 50,

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