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UNITED FIRE GROUP INC (UFCS)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Life Insurance | | | | | 13.0 | | | |
| Other | | | | | 1,057.2 | | | |
| Total revenues | 980.3 | 1,066.2 | 1,068.6 | 1,201.2 | 1,070.2 | 1,052.7 | 996.4 | 899.3 |
| Revenue growth | -8.1% | -0.2% | -11.0% | 12.2% | 1.7% | 5.7% | 10.8% | -4.5% |
| Loss and loss adjustment expenses | 637.3 | 652.2 | 869.5 | 830.2 | 731.6 | 725.7 | 652.4 | 520.1 |
| Policy acquisition costs | 213.1 | 203.4 | 210.3 | 216.7 | 206.2 | 207.7 | 202.9 | 180.2 |
| Other underwriting costs | 114.6 | 110.6 | 143.3 | 137.4 | 141.5 | 103.6 | 83.5 | 83.6 |
| Investment expenses | 9.5 | 9.1 | 8.5 | 7.0 | 7.7 | 6.3 | 6.5 | 5.9 |
| Other operating expenses | -9.5 | -9.1 | 6.6 | -7.0 | -7.7 | -6.3 | -6.5 | -5.9 |
| EBITDA | 22.9 | 106.6 | -147.8 | 28.1 | -4.0 | 20.2 | 63.5 | 121.8 |
| EBITDA margin | 2.3% | 10.0% | -13.8% | 2.3% | -0.4% | 1.9% | 6.4% | 13.5% |
| Depreciation | 7.7 | 6.6 | 6.7 | 11.2 | 5.2 | 4.6 | 6.0 | 6.5 |
| EBIT | 15.3 | 100.0 | -154.4 | 16.9 | -9.2 | 15.7 | 57.5 | 115.4 |
| EBIT margin | 1.6% | 9.4% | -14.5% | 1.4% | -0.9% | 1.5% | 5.8% | 12.8% |
| Interest expense | 3.2 | 3.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest expense | 3.2 | 3.2 | | | | | | |
| Pre-tax income | 12.1 | 96.8 | -169.5 | 16.9 | -9.2 | 15.7 | 57.5 | 115.4 |
| Income taxes | -3.0 | 16.2 | -56.8 | 2.1 | -11.4 | -29.2 | 8.4 | 30.1 |
| Tax rate | | 16.8% | 33.5% | 12.2% | 124.6% | | 14.6% | 26.0% |
| Earnings from continuing ops | 15.0 | 80.6 | -112.7 | 14.8 | 2.3 | 44.9 | 49.1 | 85.3 |
| Earnings from discontinued ops | | | | | 27.3 | | | |
| Net income | 15.0 | 80.6 | -112.7 | 14.8 | 27.7 | 51.0 | 49.9 | 89.1 |
| Net margin | 1.5% | 7.6% | -10.5% | 1.2% | 2.6% | 4.8% | 5.0% | 9.9% |
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| Basic EPS | $0.60 | $3.21 | ($4.50) | $0.59 | $0.09 | $1.79 | $1.94 | $3.41 |
| Diluted EPS | $0.59 | $3.16 | ($4.50) | $0.59 | $0.09 | $1.79 | $1.94 | $3.38 |
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| Shares outstanding (basic) | 25.2 | 25.1 | 25.0 | 25.1 | 25.0 | 25.1 | 25.3 | 25.0 |
| Shares outstanding (diluted) | 25.3 | 25.5 | 25.0 | 25.1 | 25.0 | 25.1 | 25.3 | 25.2 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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