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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 June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-34257
ufglogo2017color600.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 August 5, 2019, 25,257,384 shares of common stock were outstanding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

United Fire Group, Inc.
Index to Quarterly Report on Form 10-Q
June 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 continue," "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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PART I — FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
United Fire Group, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
June 30,
2019
 
December 31,
2018
 
(unaudited)
 
 
ASSETS
 
 
 
Investments
 
 
 
Fixed maturities
 
 
 
Available-for-sale, at fair value (amortized cost $1,653,296 in 2019 and $1,761,289 in 2018)
$
1,703,319

 
$
1,749,488

Trading securities, at fair value (amortized cost $12,932 in 2019 and $11,277 in 2018)
17,143

 
13,240

Equity securities at fair value (cost $65,409 in 2019 and $64,819 in 2018)
283,178

 
248,361

Mortgage loans
36,374

 
25,782

Other long-term investments
47,772

 
37,077

Short-term investments
175

 
175

 
2,087,961

 
2,074,123

Cash and cash equivalents
148,784

 
64,454

Accrued investment income
15,200

 
15,774

Premiums receivable (net of allowance for doubtful accounts of $1,208 in 2019 and $785 in 2018)
402,887

 
346,825

Deferred policy acquisition costs
101,563

 
92,796

Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $42,118 in 2019 and $39,894 in 2018)
115,853

 
97,194

Reinsurance receivables and recoverables
52,779

 
61,337

Prepaid reinsurance premiums
8,112

 
7,063

Deferred tax asset

 
912

Income taxes receivable
9,122

 
15,035

Goodwill and intangible assets
22,897

 
23,252

Other assets
36,639

 
17,933

TOTAL ASSETS
$
3,001,797

 
$
2,816,698

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Losses and loss settlement expenses
$
1,341,666

 
$
1,312,483

Unearned premiums
539,980

 
492,918

Accrued expenses and other liabilities
131,726

 
122,922

Deferred tax liability
20,122

 

TOTAL LIABILITIES
$
2,033,494

 
$
1,928,323

Stockholders’ Equity
 
 
 
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,245,200 and 25,097,408 shares issued and outstanding in 2019 and 2018, respectively
$
25

 
$
25

Additional paid-in capital
208,971

 
203,350

Retained earnings
739,162

 
715,472

Accumulated other comprehensive income (loss), net of tax
20,145

 
(30,472
)
TOTAL STOCKHOLDERS’ EQUITY
$
968,303

 
$
888,375

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
3,001,797

 
$
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 June 30,
 
Six Months Ended June 30,
(In Thousands, Except Share Data)
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Net premiums earned
$
276,486

 
$
256,853

 
$
538,800

 
$
502,020

Investment income, net of investment expenses
14,120

 
17,249

 
30,632

 
30,741

Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $37 and $127 in 2019 and ($196) and ($159) in 2018; previously included in accumulated other comprehensive income)
13,591


1,297

 
40,304

 
(6,567
)
Total revenues
$
304,197

 
$
275,399

 
$
609,736

 
$
526,194

Benefits, Losses and Expenses
 
 
 
 
 
 
 
Losses and loss settlement expenses
$
220,009

 
$
189,146

 
$
384,249

 
$
333,874

Amortization of deferred policy acquisition costs
54,795

 
50,810

 
107,014

 
100,449

Other underwriting expenses (includes reclassifications for employee benefit costs of $1,124 and $2,248 in 2019 and $1,661 and $3,321 in 2018; previously included in accumulated other comprehensive income)
33,964

 
37,252

 
68,367

 
72,107

Total benefits, losses and expenses
$
308,768

 
$
277,208

 
$
559,630

 
$
506,430

Income (loss) from continuing operations before income taxes
$
(4,571
)
 
$
(1,809
)
 
$
50,106

 
$
19,764

Federal income tax expense (benefit) (includes reclassifications of $229 and $445 in 2019 and $390 and $731 in 2018; previously included in accumulated other comprehensive income)
(375
)
 
(1,966
)
 
9,781

 
(757
)
Income (loss) from continuing operations
$
(4,196
)
 
$
157

 
$
40,325

 
$
20,521

Income (loss) from discontinued operations, net of taxes

 

 

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

 
$

 

 
$
27,307

Net income (loss)
$
(4,196
)
 
$
157

 
$
40,325

 
$
45,916

Other comprehensive income (loss)
 
 
 
 
 
 
 
Change in net unrealized appreciation on investments
$
28,596

 
$
(6,199
)
 
$
61,950

 
$
(58,013
)
Change in liability for underfunded employee benefit plans

 

 

 

Other comprehensive income (loss), before tax and reclassification adjustments
$
28,596

 
$
(6,199
)
 
$
61,950

 
$
(58,013
)
Income tax effect
(6,004
)
 
1,301

 
(13,009
)
 
12,182

Other comprehensive income (loss), after tax, before reclassification adjustments
$
22,592

 
$
(4,898
)
 
$
48,941

 
$
(45,831
)
Reclassification adjustment for net realized investment (gains) losses included in income
$
(37
)
 
$
196

 
$
(127
)
 
$
159

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

 
1,661

 
2,248

 
3,321

Total reclassification adjustments, before tax
$
1,087

 
$
1,857

 
$
2,121

 
$
3,480

Income tax effect
(229
)
 
(390
)
 
(445
)
 
(731
)
Total reclassification adjustments, after tax
$
858

 
$
1,467

 
$
1,676

 
$
2,749

Comprehensive income (loss)
$
19,254

 
$
(3,274
)
 
$
90,942

 
$
2,834

Diluted weighted average common shares outstanding
25,210,354

 
25,611,773

 
25,659,803

 
25,582,708

Earnings per common share from continuing operations:
 
 
 
 
 
 
 
Basic
$
(0.17
)
 
$
0.01

 
$
1.60

 
$
0.82

Diluted
(0.17
)
 
0.01

 
1.57

 
0.80

Earnings per common share:
 
 
 
 
 
 
 
Basic
$
(0.17
)
 
$
0.01

 
$
1.60

 
$
1.84

Diluted
(0.17
)
 
0.01

 
1.57

 
1.80

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


(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

(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)

Six Months Ended June 30,
(In Thousands)
2019
 
2018
Cash Flows From Operating Activities
 
 
 
Net income
$
40,325

 
$
45,916

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
5,039

 
4,324

Depreciation and amortization
2,618

 
2,316

Stock-based compensation expense
4,045

 
2,718

Net realized investment (gains) losses
(40,304
)
 
6,567

Net cash flows from equity and trading investments
639

 
21,839

Deferred income tax benefit
7,716

 
(8,836
)
Changes in:
 
 
 
Accrued investment income
574

 
(1,875
)
Premiums receivable
(56,062
)
 
(51,729
)
Deferred policy acquisition costs
(8,767
)
 
(6,963
)
Reinsurance receivables
8,558

 
4,384

Prepaid reinsurance premiums
(1,049
)
 
(1,153
)
Income taxes receivable
5,913

 
6,031

Other assets
(18,706
)
 
(102
)
Losses and loss settlement expenses
29,183

 
16,664

Unearned premiums
47,062

 
52,341

Accrued expenses and other liabilities
10,562

 
9,383

Income taxes payable

 
5,539

Deferred income taxes

 
(14,054
)
Other, net
(1,070
)
 
1,253

Cash from operating activities - continuing operations
(4,049
)
 
48,647

Cash from operating activities - discontinued operations

 
4,023

Cash from operating activities - gain on sale of discontinued operations

 
(34,851
)
Total adjustments
$
(4,049
)
 
$
17,819

Net cash provided by operating activities
$
36,276

 
$
65,647

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

 
$
23,994

Proceeds from call and maturity of available-for-sale investments
111,824

 
60,651

Proceeds from short-term and other investments
2,315

 
5,816

Proceeds from the sale of discontinued operations

 
276,055

Purchase of available-for-sale investments
(44,400
)
 
(383,633
)
Purchase of mortgage loans
(10,723
)
 
(9,896
)
Purchase of short-term and other investments
(11,986
)
 
(1,995
)
Net purchases and sales of property and equipment
(20,920
)
 
(13,012
)
Cash from investing activities - continuing operations
62,600

 
(42,020
)
Cash from investing activities - discontinued operations

 
14,343

Net cash provided by (used in) investing activities
$
62,600

 
$
(27,677
)
Cash Flows From Financing Activities
 
 
 
Payment of cash dividends
$
(16,122
)
 
$
(14,716
)
Repurchase of common stock
(69
)
 
(5,404
)
Issuance of common stock
1,645

 
5,794

Cash from financing activities - continuing operations
(14,546
)
 
(14,326
)
Cash from financing activities - discontinued operations

 
(11,547
)
Net cash used in financing activities
$
(14,546
)
 
$
(25,873
)
Net Change in Cash and Cash Equivalents
$
84,330

 
$
12,097

Less: increase in cash and cash equivalents - discontinued operations

 
(6,819
)
Net increase in cash and cash equivalents - continuing operations
84,330

 
5,278

Cash and Cash Equivalents at Beginning of Period - Continuing Operations
64,454

 
95,562

Cash and Cash Equivalents at End of Period - Continuing Operations
$
148,784

 
$
100,840

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.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share amounts or as otherwise noted)

NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Nature of Business
United Fire Group, Inc. ("UFG," the "Registrant," the "Company," "we," "us," or "our") and its consolidated subsidiaries and affiliates are engaged in the business of writing property and casualty insurance through a network of independent agencies. Our insurance company subsidiaries are licensed as a property and casualty insurer in 46 states and the District of Columbia.
Discontinued Operations
On September 18, 2017, the Company signed a definitive agreement to sell its subsidiary, United Life Insurance Company ("United Life"), to Kuvare US Holdings, Inc. ("Kuvare") and on March 30, 2018, the sale closed. As a result, the life insurance business, previously a separate segment, was reported as discontinued operations in the Consolidated Statements of Income and Comprehensive Income and Consolidated Statements of Cash Flows for all periods presented in this Form 10-Q. Subsequent to the announcement of this sale, our continuing operations were reported as one business segment. All current and prior periods reflected in this Form 10-Q have been presented as continuing and discontinued operations, as applicable, unless otherwise noted. For more information, refer to Note 11. Discontinued Operations.
Basis of Presentation
The unaudited consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X promulgated by the SEC. Certain financial information that is included in our Annual Report on Form 10-K for the year ended December 31, 2018, including certain financial statement footnote disclosures, is not required by the rules and regulations of the SEC for interim financial reporting and have been condensed or omitted.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statement categories that are most dependent on management estimates and assumptions include: investments; deferred policy acquisition costs; reinsurance receivables and recoverables; loss settlement expenses; and pension and postretirement benefit obligations.
Certain prior year amounts have been reclassified to conform to the current year presentation.
Management of UFG believes the accompanying unaudited Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. All significant intercompany transactions have been eliminated in consolidation. The results reported for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018.
Cash and Cash Equivalents
For purposes of reporting cash flows, cash and cash equivalents include cash, money market accounts, and non-negotiable certificates of deposit with original maturities of three months or less.


7

Table of Contents

For the six-month periods ended June 30, 2019 and 2018, we made payments for income taxes totaling $1,537 and $15,037, respectively. We received a tax refund of $5,401 and $1,503 for the six-month periods ended June 30, 2019 and 2018, respectively.
For the six-month periods ended June 30, 2019 and 2018, we made no interest payments (excluding interest credited to policyholders’ accounts).
Deferred Policy Acquisition Costs ("DAC")

Certain costs associated with underwriting new business (primarily commissions, premium taxes and variable underwriting and policy issue expenses associated with successful acquisition efforts) are deferred. The following table is a summary of the components of DAC, including the related amortization recognized for the six-month period ended June 30, 2019.
 
 
 
Total
Recorded asset at beginning of period
$
92,796

Underwriting costs deferred
115,781

Amortization of deferred policy acquisition costs