A year after Superstorm Sandy pounded United Fire Group with claims, the Cedar Rapids insurer is reporting a sharply higher fourth-quarter and full year profit.
The company on Tuesday posted net income, including investment gains and losses, of $26.5 million, or $1.04 per share, for the quarter that ended on Dec. 31, compared with a net loss of $2.4 million, or 10 cents per share, for the same period of 2012.
For the year that ended on Dec. 31, United Fire reported net income of $76.1 million, or $2.98 per share, compared with net income of $40.2 million, or $1.58 per share, for 2012.
United Fire Group reported operating income $1 per share for the fourth quarter of 2013, compared with an operating loss of 12 cents per share for the same period in 2012. For all of 2013, the company posted operating income of $2.76 per share, compared with operating income of $1.44 per share for 2012.
Randy Ramlo, United Fire Group president and CEO, said a several factors led to the substantial earnings improvement.
"We attribute a portion of our successful year to a more normal catastrophic loss environment and a continuation of an improved premium rate environment," Ramlo said. "We have worked diligently to implement an aggressive strategic plan over the last few years and our current results are a direct reflection of the endeavors of our entire workforce to execute that strategic plan."