NASDAQ$UFCS
United Fire Group Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported a net loss of $0.11 per diluted share and an adjusted operating loss of $0.07 per diluted share.
United Fire Group reported a consolidated net loss of $2.7 million, or $0.11 loss per diluted share, and a consolidated adjusted operating loss of $0.07 per diluted share for the second quarter of 2024. The results reflect progress in efforts to deliver improved performance through the strategic execution of the business plan, marked by premium growth, lower underlying loss ratio, neutral prior period development, and increased investment income.
- Net loss of $2.7 million includes a $3.2 million pre-tax charge for an estimated contingent liability related to rating errors.
- Net premiums written increased 9.0% to $326.1 million compared to the second quarter of 2023.
- Net investment income increased 59.2% to $18.0 million compared to the second quarter of 2023.
- GAAP combined ratio of 105.6% improved 27.4 points compared to the second quarter of 2023.
Headline financials
Revenue & EPS history
United Fire Group · Revenue · Quarterly
$301M
Revenue by segment
United Fire Group · $222M total across 2 segments · Q3 2023
- Commercial Lines$220M+1.7%99.3%
- Personal Lines$1.62M+201.3%0.7%
Forward guidance
The improvements in underlying profitability were sufficient to generate positive adjusted operating income in the second quarter, excluding the impact of the rating adjustment. The company remains committed to continuing to drive improvements in its performance through strategic execution of its business plan during the second half of the year.
Tailwinds
- Continued premium growth
- Lower underlying loss ratio
- Neutral prior period development
- Increased investment income
- Focus on effectively managing property catastrophe risk profile
Headwinds
- Net loss includes a pre-tax charge for an estimated contingent liability related to rating errors.
- Underwriting expense ratio increased due to investments in talent and technology.
- Identified rating errors related to umbrella and general liability products.
- Estimate of anticipated exposure for rating errors may change as additional information becomes available.
- Fines, penalties or further refunds related to rating errors are reasonably possible, but the amount of such losses, if any, cannot be estimated at this time.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-0.0%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+2.4%
Avg return
30 days after
43%
28 / 65 earnings
Positive
+27.4%
Q3 2024
Best reaction
-14.6%
Q4 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +8.0% | +21.7% | +13.4% | |
| Q4 2025 | +7.2% | +8.9% | +2.0% | |
| Q3 2025 | +14.7% | +17.3% | +13.0% | |
| Q1 2025 | -4.6% | -2.4% | -0.7% | |
| Q4 2024 | +2.2% | +5.7% | +16.2% | |
| Q3 2024 | +27.4% | +25.3% | +62.4% | |
| Q2 2024 | -9.4% | -8.1% | -1.6% | |
| Q1 2024 | +1.4% | +1.8% | -8.8% | |
| Q4 2023 | +12.0% | +9.1% | -2.6% | |
| Q3 2023 | -2.5% | -1.2% | +5.4% | |
| Q2 2023 | -3.2% | -4.4% | -8.5% | |
| Q1 2023 | -10.1% | -10.6% | -14.0% | |
| Q4 2022 | -6.4% | +1.0% | -7.9% | |
| Q3 2022 | -4.3% | +3.4% | +6.9% | |
| Q2 2022 | -13.8% | -9.4% | -9.6% | |
| Q1 2022 | -2.3% | -4.7% | +4.4% | |
| Q4 2021 | +26.2% | +26.8% | +23.7% | |
| Q3 2021 | -3.9% | -2.3% | -4.1% | |
| Q2 2021 | +3.9% | +9.5% | +3.4% | |
| Q1 2021 | +7.0% | +5.4% | +1.3% | |
| Q4 2020 | -2.6% | -4.3% | +12.9% | |
| Q3 2020 | -7.7% | +0.7% | +12.7% | |
| Q2 2020 | +4.4% | +12.1% | -4.7% | |
| Q1 2020 | -0.9% | -1.7% | +15.7% | |
| Q4 2019 | -0.0% | -3.4% | -31.1% | |
| Q3 2019 | -4.7% | -5.7% | -7.6% | |
| Q2 2019 | -10.2% | -11.5% | -12.3% | |
| Q1 2019 | +6.6% | +6.2% | +9.0% | |
| Q4 2018 | -8.9% | -13.3% | -21.3% | |
| Q3 2018 | -8.3% | -9.9% | -2.3% | |
| Q2 2018 | -11.9% | -11.5% | -9.8% | |
| Q1 2018 | +3.5% | +1.4% | +13.7% | |
| Q4 2017 | +8.0% | +10.9% | +18.9% | |
| Q3 2017 | +1.4% | +0.1% | +0.1% | |
| Q2 2017 | -1.4% | -1.8% | -5.6% | |
| Q1 2017 | -0.9% | -1.8% | +0.9% | |
| Q4 2016 | -14.6% | -14.3% | -10.0% | |
| Q3 2016 | -3.3% | -1.7% | +15.2% | |
| Q2 2016 | -0.3% | +1.3% | +3.6% | |
| Q1 2016 | -11.7% | — | — | |
| Q4 2015 | +8.2% | — | — | |
| Q3 2015 | +8.3% | — | — | |
| Q2 2015 | +3.0% | — | — | |
| Q1 2015 | +0.7% | — | — | |
| Q4 2014 | -1.6% | — | — | |
| Q3 2014 | -3.9% | — | — | |
| Q2 2014 | -0.8% | — | — | |
| Q1 2014 | -2.0% | — | — | |
| Q4 2013 | +9.4% | — | — | |
| Q3 2013 | -9.6% | — | — | |
| Q2 2013 | +4.9% | — | — | |
| Q1 2013 | +2.1% | — | — | |
| Q4 2012 | +0.8% | — | — | |
| Q3 2012 | -5.3% | — | — | |
| Q2 2012 | +14.3% | — | — | |
| Q1 2011 | +0.8% | — | — | |
| Q1 2012 | +1.8% | — | — | |
| Q4 2009 | -0.7% | — | — | |
| Q4 2011 | -0.7% | — | — | |
| Q4 2010 | -0.7% | — | — | |
| Q3 2010 | +1.8% | — | — | |
| Q3 2011 | +1.8% | — | — | |
| Q2 2011 | -8.7% | — | — | |
| Q2 2010 | -8.7% | — | — | |
| Q1 2010 | -1.6% | — | — |
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