- United Fire press release (NASDAQ:UFCS): Q4 Non-GAAP EPS of $0.65 beats by $0.12.
- Revenue of $287.32M (+2.6% Y/Y) beats by $8.62M.
- Net income of $19.6 million driven by increased underwriting income and higher investment income.
- Net premiums written(1) of $246.8 million increased 5.2% compared to the fourth quarter of 2022.
- GAAP combined ratio of 99.2%, including a loss ratio of 64.8% and underwriting expense ratio of 34.4%. Underlying combined ratio of 94.4%(2).
- Loss ratio components include underlying loss ratio(3) of 60.0%, catastrophe loss ratio of 1.5% and prior year reserve development of 3.3%.
- Net investment income of $19.1 million increased 48.4% compared to the fourth quarter of 2022.
- Book value per common share increased $3.51 to $29.04 as of December 31, 2023, compared to September 30, 2023.