FIRST QUARTER 2023 RESULTS MAY 9, 2023 Safe harbor statement and non-GAAP measures This presentation 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 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual re ...

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, 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) Iowa 45-2302834 (State of incorporation) (I.R ...

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, 2022 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 ...

Financial Data and Key Metrics Changes - Net written premium increased by 6.3% to $235 million in Q4 2022 compared to $221 million in Q4 2021, marking the third consecutive quarter of growth [4] - For the full year 2022, net written premium rose by 4.6% to $984 million from $941 million in 2021 [6] - The combined ratio for Q4 2022 was 103.6%, impacted by 5 points of catastrophe loss activity and 5 points of adverse development [4][9] - The underlying combined ratio improved to 93.8% in Q4 2022, while the full year underlying combined ratio was 93.6%, a 3.4 point improvement over the previous year [5][6] Business Line Data and Key Metrics Changes - Specialty, surety, and assumed reinsurance businesses drove growth, while the core commercial business saw a slight decline [4] - New business in Q4 increased by 55%, and retention improved by 7 points compared to Q4 2021 [8] - The average renewal premium change for the core commercial business was 8.3% for the year, with rate increases of 5.2% and exposure increases of 3.1% [13] Market Data and Key Metrics Changes - The full year catastrophe loss ratio was 7.7%, a 2.5 point improvement compared to 2021 [14] - The company experienced increased costs in reinsurance, with property cat XOL premium increasing by 54% on a risk-adjusted basis [21] Company Strategy and Development Direction - The company is focused on diversifying its portfolio, improving underlying fundamentals, and reducing the expense ratio, which fell to 33.8% in Q4 2022 [5][6] - A strategic decision was made to add a variable quota-share treaty to support growth and reduce volatility in the specialty portfolio [7] - The company aims to aggressively improve its expense ratio and is focused on property rate increases in response to rising reinsurance costs [14][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver consistent superior financial and operational performance despite industry challenges [7] - The management team emphasized a cautious approach to reserve development, focusing on a more granular analysis of long-tail liabilities [16][17] Other Important Information - The company welcomed Julie Stephenson as Executive Vice President and Chief Operating Officer, bringing extensive operational and underwriting experience [8] - Net investment income for Q4 was $12.9 million, relatively flat compared to Q4 2021, with a 19% increase in fixed maturity income [12][15] Q&A Session Summary Question: Details on reserve development in recent quarters - Management indicated no change in philosophy but noted a deeper analysis of long-tail businesses due to inflationary pressures and emerging claims [16][17] Question: Is the granular approach to reserves finished? - Management stated that while significant work has been done on long-tail lines, they will continue to seek granular insights [18] Question: Impact of reinsurance costs and assumed reinsurance - Management confirmed pricing increases across the reinsurance portfolio, with specific increases in property cat XOL and earthquake quota-share programs [21][22] Question: Target for the reinsurance book relative to the rest of the portfolio - The target for the reinsurance book is about 25% of the portfolio, with management being opportunistic in capturing market opportunities [29]

United Fire Group, Inc. (NASDAQ:UFCS) Q3 2022 Results Conference Call November 3, 2022 10:00 AM ET Company Participants Eric Martin - Senior Vice President and Chief Financial Officer Kevin Leidwinger - Chief Executive Officer Conference Call Participants Operator Good morning. My name is Jordan, and I'll be your conference operator today. At this time, I would like to welcome everyone to the UFG Insurance Third Quarter of 2022 Financial Results Conference Call. [Operator Instructions] I will now turn the c ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-34257 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, 2022 or ________________________ UNITED FIRE GROUP INC. (Exact name of registrant as specified in its charter) (State of incorporation) (I.R.S. Employer ...

Financial Data and Key Metrics Changes - The company reported a consolidated net loss of $10.5 million in Q2 2022, compared to a net income of $13.8 million in the same period of 2021 [19] - Year-to-date, consolidated net income was $17.9 million, down from $32.5 million in 2021 [19] - Adjusted operating income for Q2 2022 was $6.1 million, compared to $9 million in Q2 2021 [20] - The combined ratio for Q2 2022 was 100.7%, slightly lower than 100.8% in Q2 2021 [10][22] - Statutory surplus increased approximately 3.5% in Q2 2022 [26] Business Line Data and Key Metrics Changes - Earned premium increased by 2.9% year-over-year, while written premium rose by 9.5%, driven by specialty and assumed reinsurance lines [8] - The core loss ratio improved by 1.8 percentage points in Q2 2022 and by 10.1 percentage points year-to-date compared to the previous year [9] - Commercial auto accounted for 22% of the portfolio at the end of Q2 2022, down from 25% a year earlier [15] - Surety line reported a loss ratio of approximately 20%, and assumed reinsurance reported 22.6% in Q2 2022 [16] Market Data and Key Metrics Changes - The overall change in renewal premiums was 8.1%, with 3% from exposure changes and 5.1% from rate increases [18] - The commercial average renewal rate increase was 7.1%, while the commercial property average renewal rate increase was 9.2% [18] Company Strategy and Development Direction - The company is focused on profitable growth, emphasizing the importance of improving profitability through nonrenewal of underperforming accounts [8] - The management is monitoring economic conditions to make appropriate adjustments to pricing, portfolio, and underwriting strategies [18] - The new CEO, Kevin Leidwinger, is expected to continue the current successful strategy without major changes [30] Management Comments on Operating Environment and Future Outlook - Management noted that the increase in catastrophe losses was a significant factor in the decrease of net income and adjusted operating income [21] - The company has reported favorable reserve development every year since 2009, indicating a positive trend [22] - Management expressed confidence in the future performance of the assumed reinsurance book, highlighting successful results beyond expectations [34] Other Important Information - The company declared and paid a $0.16 per share cash dividend, marking a 6.7% increase over the previous dividend [26] - No share repurchases were made during the quarter, with future purchases dependent on various factors [27] Q&A Session Summary Question: What changes can be expected as management transitions? - Management indicated that while the new CEO is from outside the organization, the current strategy has proven effective, and no major changes are anticipated [30] Question: Is there increased competition in the specialty lines of business? - Management acknowledged increased competition in specialty lines but noted that the assumed reinsurance business remains relationship-driven and not necessarily more competitive than before [32][33]

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, 2022 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 2022 Earnings Conference Call May 5, 2022 10:00 AM ET Company Participants Randy Patten - Assistant Vice President and Corporate Controller Randy Ramlo - Chief Executive Officer Mike Wilkins - Chief Operating Officer Micah Woolstenhulme - Chief Risk Officer Conference Call Participants Marla Backer - Sidoti Paul Newsome - Piper Sandler Operator Good day and welcome to the United Fire Group Insurance 2022 First Quarter Conference Call. [Operator Instructions] Please n ...

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]