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United Fire Reports Third-Quarter 2010 Results

  • Net income of $0.14 per diluted share for the third quarter of 2010, compared with net loss of $0.38 per diluted share for the third quarter of 2009.
  • Book value per share increased $0.91 from June 30, 2010, and increased $2.38 to $27.73 since December 31, 2009.

CEDAR RAPIDS, Iowa, Oct. 25, 2010 (GLOBE NEWSWIRE) -- United Fire & Casualty Company (Nasdaq:UFCS) today reports our financial results for the third quarter and first nine months of 2010.
         
Financial Highlights Three Months Ended September 30,   Nine Months Ended September 30,  
(In Thousands Except Shares and  Per Share Data) 2010 2009 Change % 2010 2009 Change %
Revenue Highlights            
Net premiums earned $ 119,158 $ 120,759 (1.3)% $ 350,548 $ 358,751 (2.3)%
Net investment income 27,084 27,786 (2.5) 83,343 78,416 6.3
Total revenues 147,904 150,701 (1.9) 441,043 423,010 4.3
Income Statement Data            
Net income (loss) $ 3,640 $ (10,156) 135.8 $ 38,426 $ (12,220) 414.5
Net realized investment gains (losses) 859 1,252 (31.4) 4,156 (9,565) 143.5
Operating income (loss) (1) 2,781 (11,408) 124.4 34,270 (2,655) NM
Per Share Data            
Diluted earnings (loss) per share $ 0.14 $ (0.38) 136.8 $ 1.46 $ (0.46) 417.4
Net realized investment gains (losses) 0.03 0.05 (40.0) 0.16 (0.36) 144.4
Diluted operating income (loss) per share (1) 0.11 (0.43) 125.6 1.30 (0.10) NM
Catastrophe Data            
Pre-tax catastrophe losses (1) $ 4,705 $ 9,488 (50.4) $ 15,431 $ 19,596 (21.3)
Effect on after-tax earnings 0.12 0.23 (47.8) 0.38 0.48 (20.8)
Effect on combined ratio 4.4 % 8.6% (48.8) 4.9 % 6.0% (18.3)
             
Book value per share       27.73 25.60 8.3
Cash dividends declared per share       0.45 0.45
Diluted weighted average shares outstanding 26,323,588 26,618,408 (1.1) 26,375,895 26,618,421 (0.9)
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.

Focus on disciplined underwriting and strong, long-term agency relationships places United Fire in strong position when market conditions improve.

"Our results have improved immensely from the third quarter of 2009, but were not as good as our first two quarters of 2010," said President and CEO Randy Ramlo. "We are still satisfied with our overall results, and having a combined ratio below 100 percent year to date is an encouraging sign. Our results have deteriorated some due to several large losses. Some of these losses occurred this year and some of these losses resulted from developments on losses from prior years.

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