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United Fire Reports Fourth-Quarter 2010 Results

  • Net income of $0.35 per diluted share for the fourth quarter of 2010, compared with $0.07 for the fourth quarter of 2009.
  • Book value per share at $27.35, up $2.00 per share or 7.9 percent from year end 2009.

CEDAR RAPIDS, Iowa, Feb. 14, 2011 (GLOBE NEWSWIRE) -- United Fire & Casualty Company (Nasdaq:UFCS) today reports our financial results for the quarter and year ended December 31, 2010.
 
Financial Highlights Three Months Ended December 31,   Year Ended December 31,  
(In Thousands Except Shares and Per Share Data) 2010 2009 Change % 2010 2009 Change %
Revenue Highlights            
Net premiums earned  $ 118,925  $ 119,747 (0.7)%  $ 469,473  $ 478,498 (1.9)%
Net investment income 28,342 27,659 2.5 111,685 106,075 5.3
Total revenues 150,029 149,183 0.6 591,072 572,193 3.3
Income Statement Data            
Net income (loss)  $ 9,087  $ 1,779 NM  $ 47,513 $ (10,441) NM
Net realized investment gains (losses) 1,362 999 36.3 5,518 (8,566) 164.4
Operating income (loss) (1) 7,725 780 NM 41,995 (1,875) NM
Per Share Data            
Diluted earnings (loss) per share  $ 0.35  $ 0.07 NM  $ 1.80 $ (0.39) NM
Net realized investment gains (losses) 0.06 0.04 50.0 0.20 (0.32) 162.5
Diluted operating income (loss) per share (1) 0.29 0.03 NM 1.60 (0.07) NM
Catastrophe Data            
Pre-tax catastrophe losses (1)  $ 4,339  $ 2,801 54.9  $ 19,770  $ 22,397 (11.7)
Effect on after-tax earnings 0.11 0.07 57.1 0.49 0.55 (10.9)
Effect on combined ratio 4.1% 2.6% 57.7 4.7% 5.1% (7.8)
             
Combined ratio 104.1% 114.1% (8.8) 99.9% 115.2% (13.3)
Book value per share       27.35 25.35 7.9
Return on equity       6.84% (1.59)% NM
Cash dividends declared per share 0.15 0.15 -- 0.60 0.60 --
Diluted weighted average shares outstanding 26,255,419 26,588,809 (1.3) 26,337,678 26,609,922 (1.0)
 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.

United Fire is committed to quality over quantity in accounts, investments and future growth  

"Results this quarter and this year are a tremendous improvement over where things stood a year ago," said President and CEO Randy Ramlo. "We're pleased to see net income up, investment income up and our loss and loss expenses down, even though we experienced a slight decrease in net premiums written for the year. 

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