United Fire Group, Inc. Reports Estimates For Q2 2023 Results; Company Expects Estimated Pre-Tax Catastrophe Losses Of $33M Representing 13 Points Of Earned Premium; As A Result, The GAAP Combined Ratio Is Estimated To Be 133%
Portfolio Pulse from Happy Mohamed
United Fire Group, Inc. (UFG) has released preliminary estimates for Q2 2023, including a net loss of $2.23 per diluted share and an adjusted operating loss of $2.27 per diluted share. The company expects pre-tax reserve strengthening for prior accident years of $53 million and pre-tax catastrophe losses of $33 million. As a result, the GAAP combined ratio is estimated to be 133%. The company will report Q2 2023 earnings on August 7, 2023.
July 31, 2023 | 9:42 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
United Fire Group expects a net loss in Q2 2023 due to pre-tax catastrophe losses and reserve strengthening for prior accident years. This could negatively impact the company's stock price.
The company's announcement of a net loss for Q2 2023 due to pre-tax catastrophe losses and reserve strengthening for prior accident years is likely to negatively impact investor sentiment and could lead to a decrease in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100