United Fire Group Q3 profit falls 10% as combined ratio worsens
UFCS•United Fire Group’s third-quarter net income fell 10% year over year as its combined ratio worsened to 94.6%. Net written premiums rose 13% to $35.07 million?
1. Quarterly results
United Fire Group reported a 10% year-over-year decline in third-quarter net income, while adjusted operating income also fell. Its combined ratio worsened to 94.6%, and its adjusted combined ratio was 92.2%.
2. Premiums and investment income
Net written premiums rose 13%, led by growth in core commercial business. The underlying loss ratio increased 1.3 percentage points to 57.3%, mainly because of lower favorable impacts than a year earlier. Net investment income rose 13% to $29.3 million, helped by portfolio growth and reinvestment at higher yields.
