- 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 $2.00 per share or 7.9 percent from year end 2009.
CEDAR RAPIDS, Iowa, Feb. 14, 2011 (GLOBE NEWSWIRE) -- United Fire & Casualty Company (Nasdaq:UFCS) today reports our financial results for the quarter and year ended December 31, 2010.
|Financial Highlights||Three Months Ended December 31,||Year Ended December 31,|
|(In Thousands Except Shares and Per Share Data)||2010||2009||Change %||2010||2009||Change %|
|Net premiums earned||$ 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|
|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|
|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)|
|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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