The following is a summary of the United Fire Group, Inc. (UFCS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• United Fire Group's Q1 2024 net income rose to $13.5 million, driven by superior underwriting results and raised investment income.

• Net written premium exhibited a growth of 17.6%, standing at $321 million, primarily owing to performances in the core commercial and assumed reinsurance businesses.

• The combined ratio for Q1 2024 showed an enhanced performance with a 4-point drop to 98.9% when compared to the same quarter in the previous year.

• Noteworthy improvement observed in the underlying loss ratio, ending at 59.4%, a testimony to strong underwriting and pricing discipline across all sectors.

• Investment income surged by 28.5%, registering $16.3 million, following reinvestments at higher interest rates.

Business Progress:

• Consistent growth observed in the core commercial segment as average renewal premium rose by 10.9%.

• The decision to migrate the management of its fixed income investment portfolio to New England Asset Management has been successfully accomplished.

• The firm's total assets and cash ended the first quarter at $1.9 billion, enabled by public equity portfolio sale and subsequent reallocation to fixed income.

• The transition of public equity assets into fixed maturity securities was achieved as part of the first quarter's tactical reallocation strategy.

• With the expansion of its bot product and coding platform into 12 more states, the company made notable gains in new business production.

• The continuation of dividend payments was ensured, with a dividend of $0.16 per share declared and paid in the first quarter.

More details: United Fire Group IR

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