United Fire Group Q2 2024 10-Q Filing

TL;DR

**UFG Q2 10-Q filed. Financials out.**

AI Summary

United Fire Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers financial performance for the second quarter and the first half of the year. Key financial data and disclosures related to its insurance operations are presented.

Why It Matters

This filing provides investors with the latest financial performance data for United Fire Group, Inc., crucial for understanding the company's operational health and investment potential.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
• 2024-06-30 — End of Reporting Period (Specific date for financial statements)
• 2023-12-31 — Prior Year End (Comparison point for financial data)

Key Players & Entities

• UNITED FIRE GROUP INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240807 (date) — Filed as of Date
• CEDAR RAPIDS (location) — Business Address City

FAQ

Key Financial Figures

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

Filing Documents

• ufcs-20240630.htm (10-Q) — 2645KB
• exhibit311063024.htm (EX-31.1) — 11KB
• exhibit312063024.htm (EX-31.2) — 11KB
• exhibit321063024.htm (EX-32.1) — 6KB
• exhibit322063024.htm (EX-32.2) — 6KB
• ufcs-20240630_g1.gif (GRAPHIC) — 10KB
• 0000101199-24-000056.txt ( ) — 13357KB
• ufcs-20240630.xsd (EX-101.SCH) — 46KB
• ufcs-20240630_cal.xml (EX-101.CAL) — 111KB
• ufcs-20240630_def.xml (EX-101.DEF) — 293KB
• ufcs-20240630_lab.xml (EX-101.LAB) — 733KB
• ufcs-20240630_pre.xml (EX-101.PRE) — 558KB
• ufcs-20240630_htm.xml (XML) — 3203KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of June 30 , 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income and Comprehensive Income (unaudited) for the three- and six- month periods ended June 30 , 2024 and 2023 4 Consolidated Statement of Stockholders' Equity (unaudited) for the three- and six - month periods ende d June 30 , 2024 and 2023 5 Consolidated Statements of Cash Flows (unaudited) for the six -month periods ended June 30 , 2024 and 2023 7 Notes to Unaudited Consolidated Financial Statements 8

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 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 53

Controls and Procedures

Item 4. Controls and Procedures 53

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 54

Risk Factors

Item 1A. Risk Factors 54

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 54

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 54

Other Information

Item 5. Other Information 54

Exhibits

Item 6. Exhibits 56 Signatur es 57 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) June 30, 2024 December 31, 2023 (unaudited) ASSETS Investments: Fixed maturities, available-for-sale, at fair value (amortized cost $ 1,895,582 in 2024 and $ 1,771,041 in 2023) $ 1,796,133 $ 1,686,502 Equity securities at fair value (cost $ 0 in 2024 and $ 29,238 in 2023) — 55,019 Mortgage loans 41,283 45,421 Less: allowance for mortgage loan losses 45 55 Mortgage loans, net 41,238 45,366 Other long-term investments 98,405 99,507 Short-term investments 100 100 Total investments 1,935,876 1,886,494 Cash and cash equivalents 153,430 102,046 Accrued investment income 16,543 15,934 Premiums receivable (net of allowance for doubtful accounts of $ 1,752 in 2024 and $ 1,794 in 2023) 584,521 464,791 Deferred policy acquisition costs 144,044 126,532 Property and equipment at cost (less accumulated depreciation of $ 72,697 in 2024 and $ 68,242 in 2023) 134,622 134,247 Reinsurance receivables (net of allowance for credit losses of $ 102 in 2024 and $ 97 in 2023) 243,988 223,269 Prepaid reinsurance premiums 32,899 27,682 Intangible assets 4,261 4,615 Deferred tax asset 26,585 13,621 Income taxes receivable 19,600 21,463 Other assets 112,328 123,496 TOTAL ASSETS $ 3,408,697 $ 3,144,190 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Losses and loss settlement expenses $ 1,755,739 $ 1,638,755 Unearned premiums 633,648 549,384 Accrued expenses and other liabilities 175,750 172,306 Long term debt 116,965 50,000 TOTAL LIABILITIES $ 2,682,102 $ 2,410,445 Stockholders' Equity Common stock, $ 0.001 par value; authorized 75,000,000 shares; 25,336,103 and 25,269,842 shares issued and outstanding in 2024 and 2023, respectively $ 25 $ 25 Additional paid-in capital 212,327 209,986 Retained earnings 577,359 574,691 Accumulated other comprehensive income (loss), net of tax ( 63,116 ) ( 50,957 ) TOTAL STOCKHOLDERS' EQUITY $ 726,

View Full Filing

View this 10-Q filing on SEC EDGAR