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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-34257
400859331_ufglogo2017color600a17.gif
________________________
 UNITED FIRE GROUP INC.
(Exact name of registrant as specified in its charter)
Iowa
 
45-2302834
(State of incorporation)
 
(I.R.S. Employer Identification No.)
118 Second Avenue SE
Cedar Rapids
Iowa
52401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (319399-5700
Securities Registered Pursuant to Section 12(b) of the Exchange Act of 1934:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $0.001 par value
UFCS
The NASDAQ Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer
Accelerated filer

Non-accelerated filer

Smaller reporting company
Emerging growth company
 
 
 
 
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
No

As of November 4, 2019, 25,031,726 shares of common stock were outstanding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

United Fire Group, Inc.
Index to Quarterly Report on Form 10-Q
September 30, 2019
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

FORWARD-LOOKING INFORMATION
This report may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about United Fire Group, Inc. ("UFG," the "Registrant," the "Company," "we," "us," or "our"), the industry in which we operate, and beliefs and assumptions made by management. Words such as "expect(s)," "anticipate(s)," "intend(s)," "plan(s)," "believe(s)," "continue(s)," "seek(s)," "estimate(s)," "goal(s)," "target(s)," "forecast(s)," "project(s)," "predict(s)," "should," "could," "may," "will," "might," "hope," "can" and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. See Part I, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2018 for more information concerning factors that could cause actual results to differ materially from those in the forward-looking statements.
Risks and uncertainties that may affect the actual financial condition and results of the Company include, but are not limited to, the following:
The frequency and severity of claims, including those related to catastrophe losses and the impact those claims have on our loss reserve adequacy; the occurrence of catastrophic events, including international events, significant severe weather conditions, climate change, acts of terrorism, acts of war and pandemics;
The adequacy of our reserves for property and casualty insurance losses and loss settlement expenses;
Geographic concentration risk in our property and casualty insurance business;
The potential disruption of our operations and reputation due to unauthorized data access, cyber-attacks or cyber-terrorism and other security breaches;
Developments in general economic conditions, domestic and global financial markets, interest rates and other-than-temporary impairment losses that could affect the performance of our investment portfolio;
Litigation or regulatory actions that could require us to pay significant damages, fines or penalties or change the way we do business;
Our ability to effectively underwrite and adequately price insured risks;
Changes in industry trends, an increase in competition and significant industry developments;
Lowering of one or more of the financial strength ratings of our operating subsidiaries or our issuer credit ratings and the adverse impact such action may have on our premium writings, policy retention, profitability and liquidity;
Governmental actions, policies and regulations, including, but not limited to, domestic health care reform, financial services regulatory reform, corporate governance, new laws or regulations or court decisions interpreting existing laws and regulations or policy provisions; changes in laws, regulations and stock exchange requirements relating to corporate governance and the cost of compliance;
Our relationship with and the financial strength of our reinsurers; and
Competitive, legal, regulatory or tax changes that affect the distribution cost or demand for our products through our independent agent/agency distribution network.
These are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission ("SEC"), we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.


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Table of Contents

PART I — FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
United Fire Group, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
September 30,
2019
 
December 31,
2018
 
(unaudited)
 
 
ASSETS
 
 
 
Investments
 
 
 
Fixed maturities
 
 
 
Available-for-sale, at fair value (amortized cost $1,663,984 in 2019 and $1,761,289 in 2018)
$
1,729,286

 
$
1,749,488

Trading securities, at fair value (amortized cost $12,627 in 2019 and $11,277 in 2018)
16,880

 
13,240

Equity securities at fair value (cost $65,393 in 2019 and $64,819 in 2018)
292,743

 
248,361

Mortgage loans
36,312

 
25,782

Other long-term investments
49,989

 
37,077

Short-term investments
175

 
175

 
2,125,385

 
2,074,123

Cash and cash equivalents
129,708

 
64,454

Accrued investment income
15,604

 
15,774

Premiums receivable (net of allowance for doubtful accounts of $1,238 in 2019 and $785 in 2018)
387,617

 
346,825

Deferred policy acquisition costs
98,500

 
92,796

Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $42,240 in 2019 and $39,894 in 2018)
121,288

 
97,194

Reinsurance receivables and recoverables
57,673

 
61,337

Prepaid reinsurance premiums
7,950

 
7,063

Deferred tax asset

 
912

Income taxes receivable
12,006

 
15,035

Goodwill and intangible assets
22,720

 
23,252

Other assets
35,578

 
17,933

TOTAL ASSETS
$
3,014,029

 
$
2,816,698

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Losses and loss settlement expenses
$
1,360,539

 
$
1,312,483

Unearned premiums
528,214

 
492,918

Accrued expenses and other liabilities
136,861

 
122,922

Deferred tax liability
24,247

 

TOTAL LIABILITIES
$
2,049,861

 
$
1,928,323

Stockholders’ Equity
 
 
 
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,081,726 and 25,097,408 shares issued and outstanding in 2019 and 2018, respectively
$
25

 
$
25

Additional paid-in capital
202,504

 
203,350

Retained earnings
728,536

 
715,472

Accumulated other comprehensive income (loss), net of tax
33,103

 
(30,472
)
TOTAL STOCKHOLDERS’ EQUITY
$
964,168

 
$
888,375

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
3,014,029

 
$
2,816,698

The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.


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Table of Contents

United Fire Group, Inc.
Consolidated Statements of Income and Comprehensive Income (Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In Thousands, Except Share Data)
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Net premiums earned
$
274,942

 
$
264,747

 
$
813,742

 
$
766,767

Investment income, net of investment expenses
13,291

 
13,192

 
43,923

 
43,933

Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $130 and $257 in 2019 and ($496) and ($655) in 2018; previously included in accumulated other comprehensive income)
9,822


13,971

 
50,126

 
7,404

Total revenues
$
298,055

 
$
291,910

 
$
907,791

 
$
818,104

Benefits, Losses and Expenses
 
 
 
 
 
 
 
Losses and loss settlement expenses
$
211,752

 
$
193,667

 
$
596,001

 
$
527,541

Amortization of deferred policy acquisition costs
54,828

 
51,758

 
161,842

 
152,207

Other underwriting expenses (includes reclassifications for employee benefit costs of $1,124 and $3,372 in 2019 and $1,661 and $4,982 in 2018; previously included in accumulated other comprehensive income)
36,003

 
33,887

 
104,370

 
105,994

Total benefits, losses and expenses
$
302,583

 
$
279,312

 
$
862,213

 
$
785,742

Income (loss) from continuing operations before income taxes
$
(4,528
)
 
$
12,598

 
$
45,578

 
$
32,362

Federal income tax expense (benefit) (includes reclassifications of $209 and $654 in 2019 and $453 and $1,184 in 2018; previously included in accumulated other comprehensive income)
(2,186
)
 
1,528

 
7,595

 
771

Income (loss) from continuing operations
$
(2,342
)
 
$
11,070

 
$
37,983

 
$
31,591

Income (loss) from discontinued operations, net of taxes

 

 

 
(1,912
)
Gain on sale of discontinued operations, net of taxes

 
$

 

 
$
27,307

Net income (loss)
$
(2,342
)
 
$
11,070

 
$
37,983

 
$
56,986

Other comprehensive income (loss)
 
 
 
 
 
 
 
Change in net unrealized appreciation on investments
$
15,410

 
$
(15,389
)
 
$
77,360

 
$
(73,402
)
Change in liability for underfunded employee benefit plans

 

 

 

Other comprehensive income (loss), before tax and reclassification adjustments
$
15,410

 
$
(15,389
)
 
$
77,360

 
$
(73,402
)
Income tax effect
(3,237
)
 
3,232

 
(16,246
)
 
15,414

Other comprehensive income (loss), after tax, before reclassification adjustments
$
12,173

 
$
(12,157
)
 
$
61,114

 
$
(57,988
)
Reclassification adjustment for net realized investment (gains) losses included in income
$
(130
)
 
$
496

 
$
(257
)
 
$
655

Reclassification adjustment for employee benefit costs included in expense
1,124

 
1,661

 
3,372

 
4,982

Total reclassification adjustments, before tax
$
994

 
$
2,157

 
$
3,115

 
$
5,637

Income tax effect
(209
)
 
(453
)
 
(654
)
 
(1,184
)
Total reclassification adjustments, after tax
$
785

 
$
1,704

 
$
2,461

 
$
4,453

Comprehensive income
$
10,616

 
$
617

 
$
101,558

 
$
3,451

Diluted weighted average common shares outstanding
25,176,334

 
25,626,951

 
25,643,744

 
25,607,305

Earnings per common share from continuing operations:
 
 
 
 
 
 
 
Basic
$
(0.09
)
 
$
0.44

 
$
1.51

 
$
1.26

Diluted
(0.09
)
 
0.43

 
1.48

 
1.23

Earnings per common share:
 
 
 
 
 
 
 
Basic
$
(0.09
)
 
$
0.44

 
$
1.51

 
$
2.28

Diluted
(0.09
)
 
0.43

 
1.48

 
2.23

The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.


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Table of Contents

United Fire Group, Inc.
Consolidated Statement of Stockholders’ Equity (Unaudited)

 
Common Stock
 
 
 
(In Thousands, Except Share Data)
Shares outstanding
Common stock
Additional paid-in capital
Retaining Earnings
Accumulated other comprehensive income
Total
 
 
 
 
 
 
 
Balance, January 1, 2019
25,097,408

$
25

$
203,350

$
715,472

$
(30,472
)
$
888,375

Net income



44,521


44,521

Stock based compensation
70,414


3,438



3,438

Dividends on common stock ($0.31 per share)



(7,797
)

(7,797
)
Change in net unrealized investment appreciation(1)




26,279

26,279

Change in liability for underfunded employee benefit plans(2)




888

888

Cumulative effect of change in accounting principle



(513
)

(513
)
Balance, March 31, 2019
25,167,822

$
25

$
206,788

$
751,683

$
(3,305
)
$
955,191

 
 
 
 
 
 
 
Net income (loss)

$

$

$
(4,196
)
$

$
(4,196
)
Shares repurchased
(1,507
)

(69
)


(69
)
Stock based compensation
78,885


2,252



2,252

Dividends on common stock ($0.33 per share)



(8,325
)

(8,325
)
Change in net unrealized investment appreciation(1)




22,562

22,562

Change in liability for underfunded employee benefit plans(2)




888

888

Balance, June 30, 2019
25,245,200

$
25

$
208,971

$
739,162

$
20,145

$
968,303

 
 
 
 
 
 
 
Net income (loss)

$

$

$
(2,342
)
$

$
(2,342
)
Shares repurchased
(177,249
)

(8,058
)


(8,058
)
Stock based compensation
13,775


1,591



1,591

Dividends on common stock ($0.33 per share)



(8,284
)

(8,284
)
Change in net unrealized investment appreciation(1)




12,070

12,070

Change in liability for underfunded employee benefit plans(2)




888

888

Balance, September 30, 2019
25,081,726

$
25

$
202,504

$
728,536

$
33,103

$
964,168


(1)
The change in net unrealized appreciation is net of reclassification adjustments and income taxes.
(2)
The change in liability for underfunded employee benefit plans is net of reclassification adjustments and income taxes.







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Table of Contents

United Fire Group, Inc.
Consolidated Statement of Stockholders’ Equity (Continued) (Unaudited)

 
Common Stock
 
 
 
(In Thousands, Except Share Data)
Shares outstanding
Common stock
Additional paid-in capital
Retaining Earnings
Accumulated other comprehensive income
Total
 
 
 
 
 
 
 
Balance, January 1, 2018
24,916,806

$
25

$
196,334

$
608,700

$
168,314

$
973,373

Net income



45,759


45,759

Shares repurchased
(120,372
)

(5,404
)


(5,404
)
Stock based compensation
116,314


3,574



3,574

Dividends on common stock ($0.28 per share)



(6,958
)

(6,958
)
Change in net unrealized investment appreciation(1)



(6,714
)
(34,248
)
(40,962
)
Change in liability for underfunded employee benefit plans(2)




1,311

1,311

Cumulative effect of change in accounting principle



191,244

(191,244
)

Balance, March 31, 2018
24,912,748

$
25

$
194,504

$
832,031

$
(55,867
)
$
970,693

 
 
 
 
 
 
 
Net income

$

$

$
157

$

$
157

Shares repurchased






Stock based compensation
131,219


4,938



4,938

Dividends on common stock ($0.31 per share)



(7,757
)

(7,757
)
Change in net unrealized investment appreciation(1)




(4,743
)
(4,743
)
Change in liability for underfunded employee benefit plans(2)




1,312

1,312

Balance, June 30, 2018
25,043,967

$
25

$
199,442

$
824,431

$
(59,298
)
$
964,600

Net income

$

$

$
11,070

$

$
11,070

Shares repurchased






Stock based compensation
22,417


1,919



1,919

Dividends on common stock ($3.31 per share)



(82,920
)

(82,920
)
Change in net unrealized investment appreciation(1)




(11,765
)
(11,765
)
Change in liability for underfunded employee benefit plans(2)




1,312

1,312

Balance, September 30, 2018
25,066,384

25

201,361

752,581

(69,751
)
884,216

(1)
The change in net unrealized appreciation is net of reclassification adjustments and income taxes.
(2)
The change in liability for underfunded employee benefit plans is net of reclassification adjustments and income taxes.
The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.



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Table of Contents

United Fire Group, Inc.
Consolidated Statements of Cash Flows (Unaudited)

Nine Months Ended September 30,
(In Thousands)
2019
 
2018
Cash Flows From Operating Activities
 
 
 
Net income
$
37,983

 
$
56,986

Less net loss from discontinued operations, net of taxes

 
(1,912
)
Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Net accretion of bond premium
7,074

 
6,518

Depreciation and amortization
4,235

 
4,015

Stock-based compensation expense
5,248

 
4,040

Net realized investment (gains) losses
(50,126
)
 
(7,404
)
Net cash flows from equity and trading investments
911

 
21,253

Deferred income tax benefit
8,829

 
(6,259
)
Changes in:
 
 
 
Accrued investment income
170

 
(3,032
)
Premiums receivable
(40,792
)
 
(50,780
)
Deferred policy acquisition costs
(5,704
)
 
(7,038
)
Reinsurance receivables
3,664

 
(2,954
)
Prepaid reinsurance premiums
(887
)
 
(2,107
)
Income taxes receivable
3,029

 
(4,238
)
Other assets
(17,645
)
 
(223
)
Losses and loss settlement expenses
48,056

 
53,894

Unearned premiums
35,296

 
43,459

Accrued expenses and other liabilities
16,821

 
(3,654
)
Income taxes payable

 

Deferred income taxes
(434
)
 
(8,298
)
Other, net
437

 
3,951

Cash from operating activities - continuing operations
18,182

 
41,143

Cash from operating activities - discontinued operations

 
4,024

Cash from operating activities - gain on sale of discontinued operations

 
(34,851
)
Total adjustments
$
18,182

 
$
10,316

Net cash provided by operating activities
$
56,165

 
$
69,214

Cash Flows From Investing Activities
 
 
 
Proceeds from sale of available-for-sale investments
$
36,490

 
$
129,865

Proceeds from call and maturity of available-for-sale investments
206,478

 
101,837

Proceeds from short-term and other investments
3,607

 
8,527

Proceeds from the sale of discontinued operations