UFG(US:UFCS)2025-02-12 17:19Financial Performance - Full year net income was $62 million, with ROE exceeding 8%[6] - Record annual net written premium exceeded $12 billion, driven by a 13% growth in the quarter[6] - The fourth quarter underlying combined ratio improved 16 points from the prior year to 928%, and the full year underlying combined ratio improved 33 points to 938%[6] - Q4 net investment income of $23 million is 21% above prior year[27] Underwriting and Losses - Underwriting profit was achieved for both the fourth quarter and the full year, benefiting from continued underlying margin improvement, neutral prior year reserve development, and below-average catastrophe losses[6] - The 2024 fourth quarter combined ratio of 944% was the best in 11 quarters, and the full year combined ratio of 992% was the best since 2015[10] - Catastrophe loss ratio was below five- and ten-year historical averages for both the fourth quarter and the full year[6] Portfolio and Investments - Book value per common share increased to $3080, and adjusted book value per share improved $195 from 2023 to $3364[6] - Invested assets totaled $21 billion in Q4, with 89% allocated to fixed income securities[24] - The fixed maturity yield was 42%, up approximately 80 basis points over the prior year[27] Premium Growth - Core Commercial growth in the fourth quarter and full year remained steady at +13% over prior year[16]