Financial Performance - For the three-month period ended March 31, 2022, net income was $28,349,000, compared to $18,702,000 for the same period in 2021, representing a year-over-year increase of 51.5%[165] - Basic earnings per share (EPS) for Q1 2022 was $1.13, up from $0.75 in Q1 2021, reflecting a 50.7% increase[165] - Net investment losses for the three months ended March 31, 2022, totaled $465 million, compared to net gains of $24,508 million in the same period of 2021[81] - Total incurred losses and loss settlement expenses for the current year were $130,376, significantly lower than $652,155 for the prior year, indicating a decrease of approximately 80%[139] - The company paid a total of $167,465 in losses and loss settlement expenses during the current year, down from $697,078 in the prior year, representing a reduction of about 76%[139] Investment Valuation - The total fair value of investments as of December 31, 2021, was $1,719,790 million, with an amortized cost of $1,656,797 million, indicating a gross unrealized appreciation of $71,642 million[76] - The fair value of available-for-sale fixed maturities was $1,651,468 million, with an amortized cost of $1,671,758 million, reflecting a gross unrealized depreciation of $38,346 million[73] - The fair value of equity securities decreased from $213,401 on December 31, 2021, to $194,230 on March 31, 2022, representing a decline of about 9%[109] - The fair value of mortgage loans is estimated at $46,998 as of March 31, 2022, down from $48,815 at the end of 2021, indicating a decrease of approximately 4%[109] - The fair value of Level 3 securities was $1,039 million as of March 31, 2022, down from $1,670 million at the beginning of the year[125] Debt and Liabilities - The company had no outstanding balance on its $50,000 revolving credit facility as of March 31, 2022, and did not incur any interest expense related to the credit facility during the three-month periods ended March 31, 2022, and 2021[174] - Long-term debt fair value is estimated at $42,598 as of March 31, 2022, compared to $46,047 as of December 31, 2021, reflecting a decrease of approximately 7%[109] - The company’s net liability for losses and loss settlement expenses decreased to $1,364,276 from $1,401,365 at the end of 2021, reflecting a reduction of approximately 2.7%[139] Reserves and Losses - The company conducts quarterly reviews of its reserves for losses and loss settlement expenses, adjusting as necessary based on new information[135] - The favorable reserve development in the three-month period ended March 31, 2022, was primarily driven by the commercial automobile line, which saw reductions in reserves for unpaid liabilities[144] - The company experienced unfavorable reserve development in commercial other liability due to paid loss exceeding the reduction in unpaid claim reserves[145] - The allowance for mortgage loan losses decreased from $71 million to $66 million during the first quarter of 2022[131] Accounting and Compliance - The company adopted new accounting guidance for defined benefit plans and income taxes effective January 1, 2021, which did not impact its financial position or results of operations[69][70] - The company evaluated all material subsequent events for potential recognition or disclosure in its financial statements[68] - The company has not adjusted the net asset value provided by fund managers for its long-term investments in limited liability partnerships[106] Market and Risk Exposure - The company has exposure to market risk from potential losses in its investment portfolio due to adverse changes in interest rates and market prices[280] - The company does not utilize financial hedges or derivative financial instruments to manage risks, focusing instead on active portfolio management[281] - As of March 31, 2022, the company had no direct exposure to investments in sub-prime mortgages or other credit-enhancement exposures[281] Capital Contributions and Investments - The company is contractually committed to make capital contributions of $21,518 million through July 10, 2030, related to a limited liability partnership investment[85] - The fair value of a limited liability partnership investment fund was $24,720 million as of March 31, 2022, with no remaining capital contributions required[86] Stock and Compensation - Stock-based compensation expense recognized for the three-month periods ended March 31, 2022, and 2021 was $979 and $1,008, respectively, showing a slight decrease[158] - As of March 31, 2022, there were 1,253,180 authorized shares remaining available for future issuance under the Stock Plan[152] - The company had $4,867 in stock-based compensation expense that has yet to be recognized, expected to be recognized over the remainder of 2022 and subsequent years[159]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______ Commission File Number 001-34257 Cedar Rapids Iowa 52401 (Address of principal executive offices) (Zip Code) Registrant's telephone number, ...

United Fire Group, Inc. (NASDAQ:UFCS) Q4 2021 Earnings Conference Call February 15, 2022 10:00 AM ET Company Participants Randy Patten - Co-Chief Financial Officer Randy Ramlo - Chief Executive Officer Mike Wilkins - Chief Operating Officer Jeremy Bahl - Vice President & Chief Underwriting Officer. Conference Call Participants Marla Backer - Sidoti Paul Newsome - Piper Sandler Operator Good morning, everyone. My name is Jamie and I’ll be your conference today. At this time, I would like to welcome everyone ...

2021 FOURTH QUARTER AND YEAR-END EARNINGS CONFERENCE CALL FEBRUARY 15, 2022 2021 FOURTH QUARTER EARNINGS CONFERENCE CALL Net income (loss) per diluted share $ 2.28 $ (0.36) Net income (loss) per diluted share $ 3.16 $ (4.50) Net realized investment gains per diluted share $ 0.59 $ 0.94 Net realized investment gains (losses) per diluted share $ 1.47 $ (1.02) Adjusted operating income (loss) per diluted share $ 1.69 $ (1.30) Adjusted operating income (loss) per diluted share $ 1.69 $ (2.88) GAAP combined rati ...

United Fire Group, Inc. (NASDAQ:UFCS) Q3 2021 Earnings Conference Call November 4, 2021 10:00 AM ET Company Participants Randy Ramlo - Chief Executive Officer Mike Wilkins - Chief Operating Officer Randy Patten - Chief Financial Officer Conference Call Participants Marla Backer - Sidoti Operator Good morning and welcome to the United Fire Group, Inc. Q3 2021 Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Randy Patten. Please ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State of incorporation) (I.R.S. Employer Identification No.) Iowa 45-2302834 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, 2021 UNITED FIRE GROUP INC. or (Exact name of registrant as specified in its charter) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

United Fire Group, Inc. (NASDAQ:UFCS) Q2 2021 Earnings Conference Call August 4, 2021 10:00 AM ET Company Participants Randy Patten - Assistant VP & Controller, Corporate Finance and Head, IR Randy Ramlo - President, CEO & Director Michael Wilkins - EVP & COO Dawn Jaffray - EVP & CFO Conference Call Participants Marla Backer - Sidoti & Company Paul Newsome - Piper Sandler & Co. Operator Good morning. My name is Chuck, and I'll be your conference operator today. At this time, I would like to welcome everyone ...

Table of Contents 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, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-34257 ________________________ UNITED FIRE GROUP INC. (Exact name of registrant as specified in its charter) (State of incorporation) (I.R.S. Employer Ident ...

United Fire Group, Inc. (NASDAQ:UFCS) Q1 2021 Earnings Conference Call May 5, 2021 10:00 AM ET Company Participants Randy Ramlo - Chief Executive Officer Randy Patten - Assistant Vice President and Controller Mike Wilkins - Chief Operating Officer Dawn Jaffray - Chief Financial Officer Robert Cataldo - Chief Investment and Strategy Officer Conference Call Participants Paul Newsome - Piper Sandler Operator Good morning, my name is Kate and I’ll be your conference operator today. At this time, I would like to ...

Table of Contents 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 March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-34257 ________________________ UNITED FIRE GROUP INC. (Exact name of registrant as specified in its charter) Iowa 45-2302834 (State of incorporation) (I.R. ...