United Fire Group, Inc. (UFCS) has reported an 11.11 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $19.94 million, or $0.77 a share in the quarter, compared with $22.43 million, or $0.88 a share for the same period last year.
Revenue during the quarter grew 6.54 percent to $283.06 million from $265.68 million in the previous year period. Net premium earned for the quarter increased 5.21 percent or $12.57 million to $253.87 million. During the quarter, the company has written premium worth $277.04 million on net basis, up 5.75 percent or $15.07 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $257.97 million, or 101.61 percent of premium earned from $236.91 million or 98.18 percent of premium earned in the last year period. Operating income for the quarter was $25.09 million, compared with $28.77 million in the previous year period.
Net investment income was at $25.04 million for the quarter, up 12.65 percent or $2.81 million from year-ago period. The company has recorded a gain on investments of $3.95 million in the quarter compared with a gain of $2.06 million for the previous year period.
"Our focus continues to be on profitable growth, underwriting fundamentals and enhancing the use of analytics," stated Randy A. Ramlo, President and Chief Executive Officer. "Consolidated net premiums earned and total revenues increased 5.2 percent and 6.5 percent, respectively, in the three-month period ended March 31, 2017 as compared to the same periods of 2016, slowing moderately compared to the last few years as we predicted. This growth is in-line with our expectation of 4.0 percent to 6.0 percent growth for full year 2017."
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