United Fire Group Q1 Profit Declines - Quick Facts

(RTTNews) - Insurance provider United Fire Group, Inc. (UFCS) Tuesday reported a drop in net earnings for the first quarter, despite a growth in revenues.

For the first quarter, net earnings declined to $13.33 million or $0.52 per share, from $22.39 million or $0.88 per share a year ago.

Adjusted earnings were $11.9 million or $0.47 per share, compared with $21.15 million or $0.84 per share last year.

On average, 2 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.65 for the quarter. Analysts' estimates typically exclude one-time items.

Losses and loss settlement expense surged to $125.24 million during the first quarter, from $97.47 million in the same period last year. First-quarter results were characterized by a higher frequency of weather-related losses, with overall claims increasing by 12.2 percent.

The company also incurred losses from a single large claim of $5.4 million in connection with a explosion in suburban townhome community.

Revenues, however, rose by 8.6 percent to $222.9 million from $205.3 million a year earlier. Analysts expected $228.44 million.

Net premiums earned rose to $193.34 million from $176.82 million a year ago.