XML 28 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash Flows From Operating Activities    
Net income $ 23,679us-gaap_NetIncomeLoss $ 13,331us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities    
Net accretion of bond premium 3,702us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 3,701us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Depreciation and amortization 1,618us-gaap_DepreciationDepletionAndAmortization 2,295us-gaap_DepreciationDepletionAndAmortization
Stock-based compensation expense 553us-gaap_ShareBasedCompensation 437us-gaap_ShareBasedCompensation
Net realized investment gains (887)us-gaap_RealizedInvestmentGainsLosses (2,194)us-gaap_RealizedInvestmentGainsLosses
Net cash flows from trading investments 510us-gaap_ProceedsFromPaymentsForTradingSecurities (5,673)us-gaap_ProceedsFromPaymentsForTradingSecurities
Deferred income tax benefit (1,519)us-gaap_DeferredIncomeTaxExpenseBenefit (1,559)us-gaap_DeferredIncomeTaxExpenseBenefit
Changes in:    
Accrued investment income (1,020)us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable (763)us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable
Premiums receivable (19,926)us-gaap_IncreaseDecreaseInPremiumsReceivable (17,789)us-gaap_IncreaseDecreaseInPremiumsReceivable
Deferred policy acquisition costs (6,333)ufcs_IncreaseDecreaseInDeferredPolicyAcquisitionCostAndValueOfBusinessAcquired (2,124)ufcs_IncreaseDecreaseInDeferredPolicyAcquisitionCostAndValueOfBusinessAcquired
Reinsurance receivables 3,427us-gaap_IncreaseDecreaseInReinsuranceRecoverable 2,170us-gaap_IncreaseDecreaseInReinsuranceRecoverable
Prepaid reinsurance premiums (295)us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums (470)us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums
Income taxes receivable 0us-gaap_IncreaseDecreaseInIncomeTaxesReceivable 1,786us-gaap_IncreaseDecreaseInIncomeTaxesReceivable
Other assets (697)us-gaap_IncreaseDecreaseInOtherOperatingAssets 2,324us-gaap_IncreaseDecreaseInOtherOperatingAssets
Future policy benefits and losses, claims and loss settlement expenses 8,726us-gaap_IncreaseDecreaseInFuturePolicyBenefitReserves 19,648us-gaap_IncreaseDecreaseInFuturePolicyBenefitReserves
Unearned premiums 19,535us-gaap_IncreaseDecreaseInUnearnedPremiums 20,318us-gaap_IncreaseDecreaseInUnearnedPremiums
Accrued expenses and other liabilities (20,919)ufcs_IncreaseDecreaseInAccruedExpensesAndOtherLiabilities (17,785)ufcs_IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
Income taxes payable 3,790us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable 1,948us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Deferred income taxes (433)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes (72)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
Other, net 342us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (1,038)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Total adjustments (9,826)us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities 5,160us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
Net cash provided by operating activities 13,853us-gaap_NetCashProvidedByUsedInOperatingActivities 18,491us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash Flows From Investing Activities    
Proceeds from sale of available-for-sale investments 5,017us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 0us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Proceeds from call and maturity of held-to-maturity investments 31us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities 11us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
Proceeds from call and maturity of available-for-sale investments 172,825us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 103,480us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Proceeds from short-term and other investments 3,450us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments 764us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
Purchase of available-for-sale investments (133,920)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (131,989)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Purchase of short-term and other investments (1,560)ufcs_PaymentsToAcquireShortTermAndOtherInvestments (1,152)ufcs_PaymentsToAcquireShortTermAndOtherInvestments
Net purchases and sales of property and equipment (1,881)us-gaap_PaymentsForProceedsFromProductiveAssets (2,860)us-gaap_PaymentsForProceedsFromProductiveAssets
Net cash provided by (used in) investing activities 43,962us-gaap_NetCashProvidedByUsedInInvestingActivities (31,746)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash Flows From Financing Activities    
Deposits to investment and universal life contracts 36,099us-gaap_ProceedsFromAnnuitiesAndInvestmentCertificates 49,281us-gaap_ProceedsFromAnnuitiesAndInvestmentCertificates
Withdrawals from investment and universal life contracts (67,248)us-gaap_RepaymentsOfAnnuitiesAndInvestmentCertificates (55,882)us-gaap_RepaymentsOfAnnuitiesAndInvestmentCertificates
Payment of cash dividends (4,997)us-gaap_PaymentsOfDividends (4,567)us-gaap_PaymentsOfDividends
Repurchase of common stock (1,083)us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock
Issuance of common stock 353us-gaap_ProceedsFromIssuanceOfCommonStock 823us-gaap_ProceedsFromIssuanceOfCommonStock
Tax impact from issuance of common stock (193)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 70us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash used in financing activities (37,069)us-gaap_NetCashProvidedByUsedInFinancingActivities (10,275)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net Change in Cash and Cash Equivalents 20,746us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (23,530)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and Cash Equivalents at Beginning of Period 90,574us-gaap_CashAndCashEquivalentsAtCarryingValue 92,193us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and Cash Equivalents at End of Period $ 111,320us-gaap_CashAndCashEquivalentsAtCarryingValue $ 68,663us-gaap_CashAndCashEquivalentsAtCarryingValue