UNITED FIRE GROUP INC
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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) | 2024 | 2023 |
| Assets | ||
| Investment in consolidated subsidiaries | 844,638 | 733,152 |
| Cash and cash equivalents | 3,822 | 553 |
| Other assets | 135 | 199 |
| Total assets | $848,595 | $733,904 |
| Liabilities and stockholders' equity | ||
| Note payable | $67,059 | $— |
| Accrued interest payable | 525 | — |
| Other liabilities | (520) | 159 |
| Total Liabilities | $67,064 | $159 |
| Stockholders' equity | ||
| Common stock, $0.001 par value, authorized 75,000,000 shares 25,378,291 and 25,269,842 issued and outstanding in 2024 and 2023, respectively | $25 | $25 |
| Additional paid-in capital | 215,851 | 209,986 |
| Retained earnings | 620,436 | 574,691 |
| Accumulated other comprehensive income, net of tax | (54,781) | (50,957) |
| Total stockholders' equity | $781,531 | $733,745 |
| Total liabilities and stockholders' equity | $848,595 | $733,904 |
Schedule II. Condensed Financial Statements of Parent Company (continued)
Condensed Statements of Income and Comprehensive Income
| For the Years Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2022 |
| Revenues | |||
| Investment income | $223 | $99 | $85 |
| Total revenues | 223 | 99 | 85 |
| Expenses | |||
| Interest expense | 3,844 | — | — |
| Total expenses | 3,844 | — | — |
| Income before income taxes and equity in net income of subsidiary | (3,621) | 99 | 85 |
| Income tax expense (benefit) | (760) | 21 | 18 |
| Net income before equity in net income (loss) of subsidiary | $(2,861) | $78 | $67 |
| Equity in net income (loss) of subsidiary | 64,818 | (29,778) | 14,964 |
| Net income (loss) | $61,957 | $(29,700) | $15,031 |
| Other comprehensive income (loss) | |||
| Change in unrealized gain (loss) on investments held by subsidiary | $(13,466) | $26,373 | $(176,183) |
| Change in liability for underfunded employee benefit plans of subsidiary | 2,089 | 18,953 | (8,277) |
| Other comprehensive income (loss), before tax and reclassification adjustments | $(11,377) | $45,326 | $(184,460) |
| Income tax effect | 2,388 | (9,518) | 38,736 |
| Other comprehensive income (loss), after tax, before reclassification adjustments | $(8,989) | $35,808 | $(145,724) |
| Reclassification adjustment for net realized gains of the subsidiary included in income | 6,791 | 718 | 1,323 |
| Reclassification adjustment for employee benefit costs of the subsidiary included in expense | — | 207 | 3,601 |
| Total reclassification adjustments, before tax | $6,791 | $925 | $4,924 |
| Income tax effect | (1,426) | (194) | (1,034) |
| Total reclassification adjustments, after tax | $5,365 | $731 | $3,890 |
| Comprehensive income (loss) | $58,333 | $6,839 | $(126,803) |
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) | 2024 | 2023 | 2022 |
| Cash flows from operating activities | |||
| Net income (loss) | $61,957 | $(29,700) | $15,031 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Equity in net income of subsidiary | (64,818) | 29,778 | (14,964) |
| Dividends received from subsidiary | 22,800 | 13,200 | 12,000 |
| Other, net | 2,245 | 1,691 | 2,845 |
| Net cash provided by (used in) operating activities | $22,184 | $14,969 | $14,912 |
| Cash flows from investing activities | |||
| Capital contributions to subsidiaries | (70,000) | — | — |
| Net cash provided by (used in) investing activities | $(70,000) | $— | $— |
| Cash flows from financing activities | |||
| Payment of cash dividends | $(16,213) | $(16,164) | $(15,860) |
| Issuance of common stock | 348 | (290) | 828 |
| Debt note issuance | 70,000 | — | — |
| Debt note issuance costs | (3,050) | — | — |
| Net cash provided by (used in) financing activities | $51,085 | $(16,454) | $(15,032) |
| Net change in cash and cash equivalents | $3,269 | $(1,485) | $(120) |
| Cash and cash equivalents at beginning of period | 553 | 2,038 | 2,158 |
| Cash and cash equivalents at end of year | $3,822 | $553 | $2,038 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.