United Fire Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 04:01 pm EDT
Share
United Fire Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 273.96 million compared to USD 235.57 million a year ago. Net income was USD 6.38 million compared to net loss of USD 22.98 million a year ago. Diluted earnings per share from continuing operations was USD 0.25 compared to diluted loss per share from continuing operations of USD 0.91 a year ago.
For the nine months, revenue was USD 808.15 million compared to USD 700.12 million a year ago. Net loss was USD 49.31 million compared to USD 5.09 million a year ago. Diluted loss per share from continuing operations was USD 1.95 compared to USD 0.2 a year ago.
United Fire Group, Inc. is engaged in the business of writing property and casualty insurance through a network of independent agencies. The Companyâs insurance company subsidiaries are licensed as property and casualty insurers in 50 states, plus the District of Columbia. Its business is comprised primarily of commercial lines property and casualty insurance, including surety bonds. Its core commercial products support a variety of customers, including small business owners and middle market businesses operating in industries, such as construction, services, retail trade, financial and manufacturing, along with contract surety and commercial surety bonds offered through approximately 1,000 independent property and casualty agencies. It also provides specialty and surplus lines coverage through wholesale brokers on an admitted and non-admitted basis. Additionally, it offers reinsurance coverage for property and casualty insurance through traditional treaty reinsurance channels.