United Fire Group, Inc (UFCS) Financial Statements (2024 and earlier)

Company Profile

Business Address 118 SECOND AVE SE
CEDAR RAPIDS, IA 52401
State of Incorp.
Fiscal Year End December 31
Industry (SIC) 6331 - Fire, Marine, and Casualty Insurance (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments209,579212,883266,031202,797255,450304,027
Cash and cash equivalents79,70453,23096,65053,01791,934109,522
Short-term investments129,875159,653169,381149,780163,516194,505
Financing receivable, accrued interest, after allowance for credit loss210133133   
Total current assets:209,789213,016266,164202,797255,450304,027
Noncurrent Assets
Operating lease, right-of-use asset   26,472   
Property, plant and equipment133,950133,259133,113133,064134,886138,721
Long-term investments and receivables91,66391,00386,27679,91781,14684,007
Long-term investments91,66391,00386,27679,91781,14684,007
Intangible assets, net (including goodwill)4,9705,1475,3245,5025,6795,856
Intangible assets, net (excluding goodwill)4,9705,1475,3245,5025,6795,856
Deferred income tax assets22,47913,98015,53125,9839,384 
Total noncurrent assets:253,062243,389266,716244,466231,095228,584
Other undisclosed assets2,555,0262,441,9982,349,4062,371,6372,398,6492,397,386
TOTAL ASSETS:3,017,8772,898,4032,882,2862,818,9002,885,1942,929,997
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Noncurrent Liabilities
Liabilities, other than long-term debt      7,253
Deferred income tax liabilities      7,253
Total noncurrent liabilities:      7,253
Other undisclosed liabilities2,341,5122,146,6082,142,1722,118,1052,104,2912,087,119
Total liabilities:2,341,5122,146,6082,142,1722,118,1052,104,2912,094,372
Equity
Equity, attributable to parent676,365751,795740,114700,795780,903835,625
Common stock252525252525
Additional paid in capital208,987208,010207,030206,811206,165204,006
Accumulated other comprehensive loss(89,435)(73,453)(87,496)(110,510)(56,768)(14,372)
Retained earnings556,788617,213620,555604,469631,481645,966
Total equity:676,365751,795740,114700,795780,903835,625
TOTAL LIABILITIES AND EQUITY:3,017,8772,898,4032,882,2862,818,9002,885,1942,929,997

Income Statement (P&L) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues267,089267,104280,163235,573219,536245,014
Premiums earned, net254,638256,127247,795238,256231,262234,228
Cost of revenue
(Policyholder Benefits and Claims Incurred, Net)
(250,730)(174,597)(173,006)(182,411)(151,508)(130,376)
Gross profit:16,35992,507107,15753,16268,028114,638
Operating expenses(28,633)(31,876)(26,760)(30,487)(28,754)(28,644)
Operating income (loss):(12,274)60,63180,39722,67539,27485,994
Interest and debt expense(797)(797)(797)(797)(797)(797)
Income (loss) from continuing operations before equity method investments, income taxes:(13,071)59,83479,60021,87838,47785,197
Other undisclosed loss from continuing operations before income taxes(59,156)(59,835)(56,959)(53,107)(52,538)(50,471)
Income (loss) from continuing operations before income taxes:(72,227)(1)22,641(31,229)(14,061)34,726
Income tax expense (benefit)15,845695(2,521)8,2483,604(6,377)
Income (loss) from continuing operations:(56,382)69420,120(22,981)(10,457)28,349
Income (loss) before gain (loss) on sale of properties:(22,981)(10,457)28,349
Net income (loss) available to common stockholders, diluted:(56,382)69420,120(22,981)(10,457)28,349

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income (loss):(56,382)69420,120(22,981)(10,457)28,349
Other comprehensive income (loss)(768)(768)6,397(3,691)(3,691)(3,691)
Comprehensive income (loss):(57,150)(74)26,517(26,672)(14,148)24,658
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(15,214)14,81116,617(50,051)(38,705)(65,018)
Comprehensive income (loss), net of tax, attributable to parent:(72,364)14,73743,134(76,723)(52,853)(40,360)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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