Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - UNITED FIRE GROUP INC | f8k_021411.htm |
| EX-99 - EXHIBIT 99.1 - UNITED FIRE GROUP INC | exh_991.htm |
Exhibit 99.2
Supplemental Tables
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The following table displays our consolidated results of operations for the three-month periods and year-ends December 31, 2010 and 2009.
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Income Statement:
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Three Months Ended December 31,
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Year Ended December 31,
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(In Thousands)
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2010
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2009
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2010
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2009
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Revenues
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Net premiums written (1)
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$ | 102,795 | $ | 100,102 | $ | 463,892 | $ | 467,427 | ||||||||
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Net premiums earned
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$ | 118,925 | $ | 119,747 | $ | 469,473 | $ | 478,498 | ||||||||
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Investment income, net of investment expenses
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28,342 | 27,659 | 111,685 | 106,075 | ||||||||||||
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Realized investment gains (losses)
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Other-than-temporary impairment charges
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- | (167 | ) | (459 | ) | (18,306 | ) | |||||||||
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All other realized gains
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2,095 | 1,704 | 8,948 | 5,127 | ||||||||||||
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Total realized investment gains (losses)
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2,095 | 1,537 | 8,489 | (13,179 | ) | |||||||||||
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Other income
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667 | 240 | 1,425 | 799 | ||||||||||||
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Total Revenues
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$ | 150,029 | $ | 149,183 | $ | 591,072 | $ | 572,193 | ||||||||
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Benefits, Losses and Expenses
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Losses and loss settlement expenses
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$ | 79,364 | $ | 90,691 | $ | 309,796 | $ | 382,494 | ||||||||
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Increase in liability for future policy benefits
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6,246 | 8,534 | 27,229 | 23,897 | ||||||||||||
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Amortization of deferred policy acquisition costs
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29,434 | 27,677 | 113,371 | 114,893 | ||||||||||||
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Other underwriting expenses
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13,442 | 11,672 | 39,321 | 39,298 | ||||||||||||
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Disaster charges and other related expenses, net of recoveries
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- | 4 | (16 | ) | (1,335 | ) | ||||||||||
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Interest on policyholders’ accounts
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10,617 | 10,853 | 42,988 | 41,652 | ||||||||||||
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Total Benefits, Losses and Expenses
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$ | 139,103 | $ | 149,431 | $ | 532,689 | $ | 600,899 | ||||||||
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Income (loss) before income taxes
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10,926 | (248 | ) | 58,383 | (28,706 | ) | ||||||||||
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Federal income tax expense (benefit)
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1,839 | (2,027 | ) | 10,870 | (18,265 | ) | ||||||||||
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Net income (loss)
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$ | 9,087 | $ | 1,779 | $ | 47,513 | $ | (10,441 | ) | |||||||
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(1) The Statutory Financial Measures section of our February 14, 2011 press release defines data prepared in accordance with statutory accounting practices, which is a comprehensive basis of accounting other than U.S. GAAP.
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The following table displays our consolidated financial condition at December 31, 2010 and 2009.
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Balance Sheet:
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December 31, 2010
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December 31, 2009
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(In Thousands)
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Total invested assets:
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Property and casualty segment
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$ | 947,176 | $ | 915,055 | ||||
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Life insurance segment
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1,535,722 | 1,436,786 | ||||||
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Total cash and investments
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2,662,955 | 2,542,693 | ||||||
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Total assets
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3,007,439 | 2,902,544 | ||||||
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Future policy benefits and losses, claims and loss settlement expenses
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$ | 1,992,421 | $ | 1,927,645 | ||||
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Total liabilities
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2,291,015 | 2,229,809 | ||||||
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Net unrealized investment gains, after-tax
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$ | 102,649 | $ | 82,491 | ||||
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Total stockholders’ equity
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716,424 | 672,735 | ||||||
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Property and casualty insurance statutory capital and surplus (1) (2)
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$ | 594,308 | $ | 556,265 | ||||
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Life insurance statutory capital and surplus (2)
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158,379 | 160,179 | ||||||
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(1) Because United Fire & Casualty Company owns United Life Insurance Company, the property and casualty insurance statutory capital and surplus includes life insurance statutory capital and surplus and therefore represents our total consolidated statutory capital and surplus.
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(2) The Statutory Financial Measures section of our February 14, 2011 press release defines data prepared in accordance with statutory accounting practices, which is a comprehensive basis of accounting other than U.S. GAAP.
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The following tables display our net premiums written by line of business for the three-month periods and years-ended December 31, 2010 and 2009.
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Three Months Ended December 31,
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Year Ended December 31,
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(In Thousands)
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2010
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2009
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2010
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2009
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Net Premiums Written
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Commercial lines:
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Other liability (1)
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$ | 23,358 | $ | 22,125 | $ | 110,409 | $ | 114,236 | ||||||||
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Fire and allied lines (2)
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21,909 | 21,601 | 97,096 | 100,061 | ||||||||||||
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Automobile
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19,849 | 20,457 | 92,378 | 96,024 | ||||||||||||
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Workers’ compensation
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8,572 | 8,522 | 45,514 | 50,267 | ||||||||||||
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Fidelity and surety
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3,399 | 3,956 | 17,587 | 19,305 | ||||||||||||
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Miscellaneous
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195 | 154 | 822 | 834 | ||||||||||||
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Total commercial lines
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$ | 77,282 | $ | 76,815 | $ | 363,806 | $ | 380,727 | ||||||||
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Personal lines:
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Fire and allied lines (3)
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$ | 6,004 | $ | 6,197 | $ | 25,162 | $ | 23,988 | ||||||||
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Automobile
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3,702 | 3,593 | 15,151 | 13,823 | ||||||||||||
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Miscellaneous
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114 | 100 | 494 | 398 | ||||||||||||
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Total personal lines
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$ | 9,820 | $ | 9,890 | $ | 40,807 | $ | 38,209 | ||||||||
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Reinsurance assumed
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3,621 | 947 | 10,295 | 5,891 | ||||||||||||
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Total
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$ | 90,723 | $ | 87,652 | $ | 414,908 | $ | 424,827 | ||||||||
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(1) “Other liability” is business insurance covering bodily injury and property damage arising from general business operations, accidents on the insured’s premises and products manufactured or sold.
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(2) “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine.
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(3) “Fire and allied lines” includes fire, allied lines, homeowners and inland marine.
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The following tables display our premiums earned, losses and loss settlement expenses and loss ratio by line of business for the three-month periods ended December 31, 2010 and 2009.
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Three Months Ended December 31,
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| 2010 |
2009
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(In Thousands)
Unaudited
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Premiums
Earned
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Losses and Loss
Settlement
Expenses Incurred
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Loss
Ratio
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Premiums
Earned
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Losses and Loss
Settlement Expenses
Incurred
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Loss
Ratio
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Commercial lines
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Other liability
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$ | 28,499 | $ | 36,001 | 126.3 | % | $ | 28,614 | $ | 46,542 | 162.7 | % | ||||||||||||
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Fire and allied lines
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24,919 | 17,207 | 69.1 | 25,197 | 4,065 | 16.1 | ||||||||||||||||||
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Automobile
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23,428 | 17,626 | 75.2 | 24,425 | 22,889 | 93.7 | ||||||||||||||||||
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Workers’ compensation
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10,869 | 7,339 | 67.5 | 12,633 | 11,095 | 87.8 | ||||||||||||||||||
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Fidelity and surety
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5,144 | 376 | 7.3 | 5,757 | 1,103 | 19.2 | ||||||||||||||||||
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Miscellaneous
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207 | 972 | 469.6 | 212 | 49 | 23.1 | ||||||||||||||||||
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Total commercial lines
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$ | 93,066 | $ | 79,521 | 85.4 | % | $ | 96,838 | $ | 85,743 | 88.5 | % | ||||||||||||
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Personal lines
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Fire and allied lines
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$ | 6,351 | $ | 2,827 | 44.5 | % | $ | 5,886 | $ | (2,487 | ) | (42.3 | )% | |||||||||||
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Automobile
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3,798 | 3,377 | 88.9 | 3,459 | 1,921 | 55.5 | ||||||||||||||||||
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Miscellaneous
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123 | (697 | ) | N/A | 99 | 358 | 361.6 | |||||||||||||||||
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Total personal lines
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$ | 10,272 | $ | 5,507 | 53.6 | % | $ | 9,444 | $ | (208 | ) | (2.2 | )% | |||||||||||
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Reinsurance assumed
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3,486 | (11,082 | ) | (317.9 | )% | 974 | 775 | 79.6 | % | |||||||||||||||
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Total
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$ | 106,824 | $ | 73,946 | 69.3 | % | $ | 107,256 | $ | 86,310 | 80.5 | % | ||||||||||||
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The following tables display our premiums earned, losses and loss settlement expenses and loss ratio by line of business for the years ended December 31, 2010 and 2009.
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Year Ended December 31,
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| 2010 | 2009 | |||||||||||||||||||||||
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(In Thousands)
Unaudited
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Premiums
Earned
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Losses and Loss
Settlement
Expenses Incurred
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Loss
Ratio
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Premiums
Earned
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Losses and Loss
Settlement Expenses
Incurred
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Loss
Ratio
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Commercial lines
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Other liability
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$ | 113,555 | $ | 94,645 | 83.3 | % | $ | 119,587 | $ | 119,200 | 99.7 | % | ||||||||||||
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Fire and allied lines
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98,673 | 78,174 | 79.2 | 102,265 | 100,436 | 98.2 | ||||||||||||||||||
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Automobile
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93,160 | 66,946 | 71.9 | 97,948 | 75,123 | 76.7 | ||||||||||||||||||
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Workers’ compensation
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45,174 | 27,238 | 60.3 | 51,992 | 41,283 | 79.4 | ||||||||||||||||||
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Fidelity and surety
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19,113 | 3,133 | 16.4 | 21,354 | 1,838 | 8.6 | ||||||||||||||||||
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Miscellaneous
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804 | 1,048 | 130.3 | 854 | 214 | 25.1 | ||||||||||||||||||
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Total commercial lines
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$ | 370,479 | $ | 271,184 | 73.2 | % | $ | 394,000 | $ | 338,094 | 85.8 | % | ||||||||||||
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Personal lines
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Fire and allied lines
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$ | 24,668 | $ | 13,850 | 56.1 | % | $ | 22,317 | $ | 12,254 | 54.9 | % | ||||||||||||
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Automobile
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14,616 | 12,642 | 86.5 | 13,053 | 10,725 | 82.2 | ||||||||||||||||||
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Miscellaneous
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447 | (916 | ) | (204.9 | ) | 365 | 662 | 181.4 | ||||||||||||||||
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Total personal lines
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$ | 39,731 | $ | 25,576 | 64.4 | % | $ | 35,735 | $ | 23,641 | 66.2 | % | ||||||||||||
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Reinsurance assumed
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10,163 | (7,323 | ) | (72.1 | )% | 5,942 | 3,986 | 67.1 | % | |||||||||||||||
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Total
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$ | 420,373 | $ | 289,437 | 68.9 | % | $ | 435,677 | $ | 365,721 | 83.9 | % | ||||||||||||