UFG(UFCS) - 2023 Q4 - Earnings Call Presentation

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 ...