United Fire Group Inc. Files Q3 2024 10-Q

TL;DR

**UFG filed its Q3 10-Q. Financials are in.**

AI Summary

United Fire Group Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing covers financial performance and operational details for the quarter and year-to-date. Specific financial figures and operational highlights are detailed within the report.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial performance data for United Fire Group Inc., crucial for understanding the company's current health and future prospects in the insurance sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024 Q3 — Reporting Period (The company is reporting on its performance during the third quarter of 2024.)
• 2024-09-30 — Period End Date (This is the specific date marking the end of the financial reporting period.)
• 2024-11-06 — Filing Date (The date on which the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• UNITED FIRE GROUP INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241106 (date) — Filing date
• CEDAR RAPIDS (location) — Company's business and mailing address city
• 3193995700 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

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

Filing Documents

• ufcs-20240930.htm (10-Q) — 2645KB
• exhibit311093024.htm (EX-31.1) — 11KB
• exhibit312093024.htm (EX-31.2) — 11KB
• exhibit321093024.htm (EX-32.1) — 6KB
• exhibit322093024.htm (EX-32.2) — 6KB
• ufcs-20240930_g1.gif (GRAPHIC) — 10KB
• 0000101199-24-000067.txt ( ) — 13038KB
• ufcs-20240930.xsd (EX-101.SCH) — 45KB
• ufcs-20240930_cal.xml (EX-101.CAL) — 113KB
• ufcs-20240930_def.xml (EX-101.DEF) — 272KB
• ufcs-20240930_lab.xml (EX-101.LAB) — 712KB
• ufcs-20240930_pre.xml (EX-101.PRE) — 538KB
• ufcs-20240930_htm.xml (XML) — 3106KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income and Comprehensive Income (unaudited) for the three- and nine - month periods ended September 30, 2024 and 2023 4 Consolidated Statement of Stockholders' Equity (unaudited) for the three- and nine - month periods ended S eptember 30, 2024 and 2023 5 Consolidated Statements of Cash Flows (unaudited) for the nine -month periods ended September 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 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 51

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 52

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52

Other Information

Item 5. Other Information 52

Exhibits

Item 6. Exhibits 53 Signatur es 54 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 (the "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 coul

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS United Fire Group, Inc. Consolidated Balance Sheets (In thousands, except share data) September 30, 2024 December 31, 2023 (unaudited) ASSETS Investments: Fixed maturities, available-for-sale, at fair value (amortized cost $ 1,898,841 in 2024 and $ 1,771,041 in 2023) $ 1,852,791 $ 1,686,502 Equity securities at fair value (cost $ 0 in 2024 and $ 29,238 in 2023) — 55,019 Mortgage loans (less allowance for credit loss of $ 45 in 2024 and $ 55 in 2023) 41,081 45,366 Other long-term investments 101,480 99,507 Short-term investments 100 100 Total investments 1,995,452 1,886,494 Cash and cash equivalents 197,371 102,046 Accrued investment income 16,069 15,934 Premiums receivable (net of allowance for doubtful accounts of $ 1,528 in 2024 and $ 1,794 in 2023) 608,883 464,791 Deferred policy acquisition costs 149,038 126,532 Property and equipment at cost (less accumulated depreciation of $ 73,565 in 2024 and $ 68,242 in 2023) 135,383 134,247 Reinsurance receivables (net of allowance for credit losses of $ 103 in 2024 and $ 97 in 2023) 250,042 223,269 Prepaid reinsurance premiums 42,013 27,682 Intangible assets 4,084 4,615 Deferred tax asset 14,399 13,621 Income taxes receivable 16,591 21,463 Other assets 116,807 123,496 TOTAL ASSETS $ 3,546,132 $ 3,144,190 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Losses and loss settlement expenses $ 1,794,941 $ 1,638,755 Unearned premiums 650,039 549,384 Accrued expenses and other liabilities 198,318 172,306 Long term debt 117,011 50,000 TOTAL LIABILITIES $ 2,760,309 $ 2,410,445 Stockholders' Equity Common stock, $ 0.001 par value; authorized 75,000,000 shares; 25,341,248 and 25,269,842 shares issued and outstanding in 2024 and 2023, respectively $ 25 $ 25 Additional paid-in capital 213,374 209,986 Retained earnings 593,052 574,691 Accumulated other comprehensive income (loss), net of tax ( 20,628 ) ( 50,957 ) TOTAL STOCKHOLDERS' EQUITY $ 785,823 $ 733,

View Full Filing

View this 10-Q filing on SEC EDGAR