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TheStreet Open House

United Fire Reports Second-Quarter 2010 Results

  • Net income of 58 cents per diluted share for the second quarter of 2010, compared with net loss of 20 cents per diluted share for the second quarter of 2009
  • Book value per share increased $1.47 to $26.82 since December 31, 2009

CEDAR RAPIDS, Iowa, July 26, 2010 (GLOBE NEWSWIRE) -- United Fire & Casualty Company (Nasdaq:UFCS) today reports our financial results for the second quarter and first six months of 2010.

     
Financial Highlights Three Months Ended June 30, Six Months Ended June 30,
(In Thousands Except Shares and     Change     Change
 Per Share Data)  2010 2009 % 2010 2009 %
Revenue Highlights            
Net premiums earned  $ 117,082  $ 119,671  (2.2)  $ 231,390  $ 237,992  (2.8)
Net investment income  28,291  27,359  3.4  56,259  50,630  11.1
Total revenues  148,014  134,046  10.4  293,139  272,309  7.6
Income Statement Data            
Net income (loss)  $ 15,394  $ (5,334)  388.6  $ 34,786  $ (2,064)  NM 
Net realized investment gains (losses)  1,525  (8,550)  117.8  3,297  (10,817)  130.5
Operating income (1)  13,869  3,216  331.3  31,489  8,753  259.8
Per Share Data            
Diluted earnings (loss) per share  $ 0.58  $ (0.20)  390.0  $ 1.32  $ (0.08)  NM 
Net realized investment gains (losses)  0.05  (0.32)  115.6  0.13  (0.41)  131.7
Diluted operating income per share (1)  0.53  0.12  341.7  1.19  0.33  260.6
Catastrophe Data            
Pre-tax catastrophe losses (1)  $ 7,570  $ 7,131  6.2  $ 10,726  $ 10,108  6.1
Effect on after-tax earnings  0.19  0.17  11.8  0.26  0.25  4.0
Effect on combined ratio 7.2% 6.5%  10.8 5.2% 4.6%  13.0
             
Book value per share        26.82  24.56  9.2
Cash dividends declared per share        0.30  0.30  -- 
Diluted weighted average shares outstanding  26,400,174  26,611,241  (0.8)  26,415,057  26,621,982  (0.8)
NM = not meaningful            
(1) The Non-GAAP Financial Measures section of this release defines and reconciles data not prepared in accordance with U.S. GAAP.

Improved claims experience and reduced investment write-downs contribute to profitable second quarter

"We are pleased with our second-quarter results, posting two profitable quarters in a row this year, which is more typical of our historical results," said President and CEO Randy Ramlo. "In the second quarter and first half of 2010, we benefited from improved claims experience and reduced investment write-downs, as compared with the same periods of 2009. "Our catastrophe losses from severe weather in the second quarter and first six months of 2010 were comparable to last year for the same periods, which was in line with our expectations for the year. Also, losses related to Hurricane Katrina through the first six months of 2010 were significantly lower than the same prior-year period.

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