United Fire Group, Inc (UFCS) Tuesday posted a loss for the fourth quarter in spite of a revenue rise, reflecting higher loss and loss settlement expenses and impact of super storm Sandy.
For the quarter, the company posted net loss of $2.42 million as opposed to a profit of $16.89 million last year.
On a per share basis, loss was $0.10 versus a profit of $0.66 a year back.
Two analysts on average polled by Thomson Reuters expected the company to record a loss of $0.24 for the quarter. Analysts estimates typically exclude one-time items.
Total revenues shot up to $213.31 million from $191.55 million last year, driven by higher net premiums written and earned. Consensus estimate for revenue was $205.05 million.
Losses and loss settlement expenses however rose to $141.7 million from $97.53 million last year.
Commenting on the results, Randy Ramlo, president and chief executive officer said, "The most significant contributing factor for the increase in the fourth quarter loss ratio was Super Storm Sandy...Looking ahead we don't anticipate Sandy will have any material negative effects on our 2013 results."
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