联合火险 2024年度报告

UNITED FIRE GROUP, INC. About UFG Insurance Founded in 1946, UFG Insurance is a property and casualty insurance company with over 75 years of local marketexpertise and a growing national footprint. We provide insurance protection to businesses across the country,represented by approximately 1,000 independent agencies. Our company is headquartered in Cedar Rapids, Iowa, with offices in Arizona, California, Colorado, New Jersey andTexas. With more than 850 employees, we pride ourselves on delivering deep expertise, specialized capabilities,personal relationships and responsive service to our agents and policyholders. At UFG, we are committed to achieving superior financial and operational performance, using our nearly eightdecades of experience to successfully guide us through market cycles and industry challenges. We hold a financialstrength rating of “A-” (Excellent) from AM Best that was affirmed in August 2024, reflecting our long-term balancesheet strength. UFG was founded and remainsproudly headquartered inCedar Rapids, Iowa, a vibrantMidwest city that celebrated its175th anniversary in 2024. Annual meeting of shareholders United Fire Group, Inc.’s (UFG) annual meeting of shareholders will be held at 10 a.m. CT on Wednesday, May 21, 2025.This year’s meeting will be held in virtual format only via live audio webcast. You will be able to attend the meeting,submit questions and vote online by logging on tohttps://meetnow.global/MA5DAKFusing your 15-digit control numberprovided with the Notice Regarding the Availability of Proxy Materials or on your proxy card. Our Annual Report on Form 10-K for 2024 is filed with the Securities and Exchange Commission and is available(without exhibits) to shareholders, free of charge, upon written or oral request to: Investor RelationsUnited Fire Group, Inc.118 Second Avenue SECedar Rapids, Iowa 52401Telephone: 319-399-5700 Registrar and Transfer AgentComputershareP.O. Box 505000Louisville, Kentucky 40233-5000 or Board of directors James W. Noyce,Chairperson of the BoardJohn-Paul E. BesongScott L. CarltonBrenda K. ClancyChristopher R. DrahozalMatthew R. Foran Mark A. GreenKevin J. LeidwingerLura E. McBrideGeorge D. MilliganSusan E. Voss Letter to shareholders Dear fellow shareholders, When I began my tenure as CEO in August 2022, UFGInsurance was a company in need of transformation.Its long history of financial strength and stability hadbeen challenged by a period of declining growth andprofitability, and the company was ready to embark ona new strategic path — one aimed at superior financialand operational performance. underpinned by the personal relationships andresponsive service our partners and policyholders value. This value proposition — fulfilled day in and day outby our outstanding people — is what sets us apart atUFG. It enabled us to generate improved financial andoperational performance in 2024 and serves as a solidfoundation for our future success. Since that time, we have taken decisive actions todeepen expertise across all functional areas of thecompany, evolve our capabilities to better servecustomers’ changing needs and improve alignmentwith our distribution partners. 2024 FINANCIAL PERFORMANCE In 2024, we produced the highest level of net writtenpremium in our company’s 78-year history, as well assignificantly improved financial performance. UFGdelivered a combined ratio of 99.2% and adjustedoperating income of $66.2 million — our best resultssince 2015 — and a substantially improved return onequity of 8.2%. These milestones reflect key steps onour journey to consistently deliver superior financial andoperational performance at UFG. From bringing on new talent that complements ourexisting teams to investing in technology designedto modernize the way we do business, we havetransformed UFG into a company with: ■Fully established business units delivering specializedexpertise in middle market, construction, smallbusiness, surety, specialty excess and surplus (E&S)and alternative distribution. ■Deep underwriting knowledge with the capabilityto write complex accounts in every businessunit with aligned claims, premium audit and riskcontrol expertise. 99.2%Combined ratio $1.2Record net writtenpremiumsBILLION ■Availability of workers compensation coverage for bothpackage and businessowners policy (BOP) businessin all regions, positioning UFG as a one-carrier solutionfor policyholders. $66.2Adjusted operatingincomeMILLION 8.2%Return on equity ■A new small business quoting platform and refreshedBOP product, delivering a seamless quoting experiencefor our agent partners. (EXCELLENT) AM Best rating with stable outlook We are also in the midst of launching a new policyadministration system, underwriting workbench andrenewal underwriting center in 2025, intended to equipour underwriting and business enablement teams withthe tools needed to process business more efficientlyand effectively going forward. For an explanation of non-GAAP f