Financial Data and Key Metrics Changes - Net income increased to $13.5 million, driven by improved underwriting results and higher investment income [9] - Net written premium grew 17.6% to $321 million, led by core commercial and assumed reinsurance business [9] - The first quarter combined ratio improved 4 points to 98.9%, the lowest over the past 8 quarters [10] - Underlying loss ratio improved to 59.4%, reflecting continued underwriting and pricing discipline [10] - Investment income increased 28.5% to $16.3 million, benefiting from reinvesting at higher interest rates [11] Business Line Data and Key Metrics Changes - Net written premium in core commercial business grew 12% to $223 million [12] - Renewal premium change in core commercial business was 10.9%, with rates up 9% [12] - Specialty excess and surplus lines net written premiums declined approximately $1 million as the portfolio is repositioned for sustainable profitability [14] - Commercial property premium change exceeded 20% with rate achievement at 16.5% [28] - Surety net written premium declined slightly as the company reinforced underwriting discipline [30] Market Data and Key Metrics Changes - The expense ratio improved to 34.9%, reflecting diligent cost management [26] - Catastrophe losses contributed 4.6% to the combined ratio, in line with the same period last year [26] - Retention in small business remained consistent at 80% [29] Company Strategy and Development Direction - The company completed a strategic reallocation of public equity assets into fixed maturities [27] - Focus on profitability through an average renewal premium increase and attractive new business opportunities [25] - Emphasis on price adequacy across the portfolio, particularly in general liability due to inflationary pressures [28] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the first quarter results and the momentum carried from 2023 [9] - The company is well positioned to deliver improved long-term performance through strategic initiatives [27] - Management noted that favorable development in property, workers' compensation, and surety will strengthen reserve positions [32] Other Important Information - Total invested assets and cash ended the first quarter at $1.9 billion [33] - Net income per diluted share was $0.52, with non-GAAP adjusted operating income of $0.56 [34] - A cash dividend of $0.16 per share was declared and paid, continuing a 56-year history of dividend payments [34] Q&A Session Summary - There were no questions during the Q&A session, and the conference concluded without further inquiries [19]

Safe harbor statement and non-GAAP measures Non-GAAP Financial Measures 2 First quarter 2024 ▪ Net premiums written(1) of $321.3 million increased 17.6% compared to the first quarter of 2023 ▪ Underlying combined ratio of 94.3%(2) ▪ Net investment income of $16.3 million increased 28.5% compared to the first quarter of 2023 3 1) Net premiums written is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the ...

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, 2024 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 ...

Exhibit 99.1 United Fire Group, Inc. Reports First Quarter 2024 Results First Quarter Net Income of $0.52 per Diluted Share and Adjusted Operating Income of $0.56 per Diluted Share First quarter 2024 highlights: CEDAR RAPIDS, Iowa - (GLOBE NEWSWIRE) - United Fire Group, Inc. (Nasdaq: UFCS), May 7, 2024 - FOR IMMEDIATE RELEASE United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq: UFCS) today reported financial results for the three-month period ended March 31, 2024 (the "first quarter of 2024") with a co ...

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, 2023 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 UNITED FIRE GROUP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdictio ...

United Fire Group, Inc. (NASDAQ:UFCS) Q4 2023 Earnings Conference Call February 14, 2024 10:00 AM ET Company Participants Tim Borst - Investor Relations Kevin Leidwinger - President & Chief Executive Officer Julie Stephenson - Executive Vice President & Chief Operating Officer Eric Martin - Executive Vice President & Chief Financial Officer Conference Call Participants Paul Newsome - Piper Sandler Operator Good day, and welcome to the United Fire Group Insurance 2023 Fourth Quarter Conference Call. All part ...

Safe harbor statement and non-GAAP measures 2 ▪ Net premiums written of $1.1 billion increased 8.4% as compared to full year 2022 ▪ GAAP combined ratio of 109.3% driven by loss ratio of 74.4% and underwriting expense ratio of 34.9% ▪ Underlying combined ratio of 97.1% ▪ Loss ratio components include underlying loss ratio of 62.2%, catastrophe loss ratio of 6.2% and prior year reserve development of 6.0% ▪ Net investment income of $59.6 million increased 32.7% compared to full year 2022 $29.36 ■ Q4 reserve d ...

United Fire Group, Inc. (NASDAQ:UFCS) Q3 2023 Earnings Conference Call November 2, 2023 12:00 PM ET Company Participants Tim Borst - Assistant Vice President & Director of Investor Relations Kevin Leidwinger - Chief Executive Officer Julie Stephenson - Chief Operating Officer Eric Martin - Executive Vice President & Chief Financial Officer Conference Call Participants Operator Good morning. My name is Anthony and I will be your conference operator today. At this time, I would like to welcome everyone to the ...

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 September 30, 2023 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 ...

United Fire Group, Inc. (NASDAQ:UFCS) Q2 2023 Earnings Conference Call August 8, 2023 10:00 AM ET Company Participants Tim Borst - AVP and Director of Investor Relations Kevin Leidwinger - CEO Eric Martin - Executive Vice President and Chief Financial Officer Julie Stephenson - Chief Operating Officer Conference Call Participants Paul Newsome - Piper Sandler Corey Wrenn - Pecaut Wealth Management Operator Good morning. My name is Chuck, and I'll be your conference operator today. At this time, I would like ...