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United Fire Group, Inc. Reports 2013 Earnings Per Share Of $2.98 And Other Fourth Quarter And Year End Results

Stocks in this article: UFCS

CEDAR RAPIDS, Iowa, Feb. 18, 2014 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq:UFCS),

Quarter Ended December 31, 2013     Year Ended December 31, 2013  
Operating income (1) per diluted share (2)  $ 1.00   Operating income (1) per diluted share (2)  $ 2.76
Net income per diluted share (2)  $ 1.04   Net income per diluted share (2)  $ 2.98
Net realized investment gains per share (2)  $ 0.04   Net realized investment gains per share (2)  $ 0.22
Catastrophe losses (3) per share (2)  $ 0.08   Catastrophe losses (3) per share (2)  $ 0.77
GAAP combined ratio 89.0%   GAAP combined ratio 94.8%
      Book value per share  $ 30.87
      Return on equity (4) 10.1%

United Fire Group, Inc. (the "Company") today reported consolidated operating income (1) of $1.00 per diluted share for the three-month period ended December 31, 2013 (the "fourth quarter") compared to an operating loss (1) of $0.12 per diluted share for the same period in 2012. For the year ended December 31, 2013, the Company reported consolidated operating income of $2.76 per diluted share compared to net operating income of $1.44 per diluted share for the same period in 2012.

The Company reported consolidated net income, including investment gains and losses, of $26.5 million ($1.04 per diluted share) for the quarter ended December 31, 2013 and consolidated net income of $76.1 million ($2.98 per diluted share) for the year ended December 31, 2013, compared to consolidated net losses of $2.4 million ($0.10 per diluted share) and consolidated net income of $40.2 million ($1.58 per diluted share), respectively, for the same periods in 2012.

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