UNITED FIRE GROUP INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule II. Condensed Financial Statements of Parent Company
Condensed Balance Sheets
| December 31, | ||
|---|---|---|
| (In thousands, except share data) | 2023 | 2022 |
| Assets | ||
| Fixed maturities | ||
| Available-for-sale, at fair value (amortized cost $0 in 2023 and $0 in 2022) | $— | $— |
| Investment in subsidiary | 733,152 | 738,098 |
| Cash and cash equivalents | 553 | 2,038 |
| Other assets | 199 | 134 |
| Total assets | $733,904 | $740,270 |
| Liabilities and stockholders' equity | ||
| Liabilities | $159 | $156 |
| Stockholders' equity | ||
| Common stock, $0.001 par value, authorized 75,000,000 shares 25,269,842 and 25,210,541 issued and outstanding in 2023 and 2022, respectively | $25 | $25 |
| Additional paid-in capital | 209,986 | 207,029 |
| Retained earnings | 574,691 | 620,556 |
| Accumulated other comprehensive income, net of tax | (50,957) | (87,496) |
| Total stockholders' equity | $733,745 | $740,114 |
| Total liabilities and stockholders' equity | $733,904 | $740,270 |
Schedule II. Condensed Financial Statements of Parent Company (continued)
Condensed Statements of Income and Comprehensive Income
| For the Years Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2021 |
| Revenues | |||
| Investment income | $99 | $85 | $23 |
| Total revenues | 99 | 85 | 23 |
| Expenses | |||
| Other operating expenses | — | — | 3 |
| Total expenses | — | — | 3 |
| Income before income taxes and equity in net income of subsidiary | 99 | 85 | 20 |
| Federal income tax expense (benefit) | 21 | 18 | 5 |
| Net income before equity in net income (loss) of subsidiary | $78 | $67 | $15 |
| Equity in net income (loss) of subsidiary | (29,778) | 14,964 | 80,579 |
| Net income (loss) | $(29,700) | $15,031 | $80,594 |
| Other comprehensive income (loss) | |||
| Change in unrealized appreciation on investments held by subsidiary | $26,373 | $(176,183) | $(39,901) |
| Change in liability for underfunded employee benefit plans of subsidiary | 18,953 | (8,277) | 19,633 |
| Other comprehensive income (loss), before tax and reclassification adjustments | $45,326 | $(184,460) | $(20,268) |
| Income tax effect | (9,518) | 38,736 | 4,260 |
| Other comprehensive income (loss), after tax, before reclassification adjustments | $35,808 | $(145,724) | $(16,008) |
| Reclassification adjustment for net realized gains of the subsidiary included in income | 718 | 1,323 | (2,256) |
| Reclassification adjustment for employee benefit costs of the subsidiary included in expense | 207 | 3,601 | 6,603 |
| Total reclassification adjustments, before tax | $925 | $4,924 | $4,347 |
| Income tax effect | (194) | (1,034) | (913) |
| Total reclassification adjustments, after tax | $731 | $3,890 | $3,434 |
| Comprehensive income (loss) | $6,839 | $(126,803) | $68,020 |
United Fire Group, Inc. and its subsidiaries file a consolidated federal income tax return. The federal income tax provision represents an allocation under its tax allocation agreements.
Schedule II. Condensed Financial Statements of Parent Company (continued)
Condensed Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net income (loss) | $(29,700) | $15,031 | $80,594 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Equity in net income of subsidiary | 29,778 | (14,964) | (80,579) |
| Dividends received from subsidiary | 13,200 | 12,000 | 10,000 |
| Other, net | 1,691 | 2,845 | 3,131 |
| Total adjustments | $44,669 | $(119) | $(67,448) |
| Net cash provided by operating activities | $14,969 | $14,912 | $13,146 |
| Cash flows from investing activities | |||
| Net cash used in investing activities | $— | $— | $— |
| Cash flows from financing activities | |||
| Payment of cash dividends | $(16,164) | $(15,860) | $(15,064) |
| Repurchase of common stock | — | — | (2,007) |
| Issuance of common stock | (290) | 828 | (421) |
| Net cash used in financing activities | $(16,454) | $(15,032) | $(17,492) |
| Net change in cash and cash equivalents | $(1,485) | $(120) | $(4,346) |
| Cash and cash equivalents at beginning of period | 2,038 | 2,158 | 6,504 |
| Cash and cash equivalents at end of year | $553 | $2,038 | $2,158 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.