XML 61 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash Flows From Operating Activities      
Net income $ 59,137us-gaap_NetIncomeLoss $ 76,140us-gaap_NetIncomeLoss $ 40,212us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities      
Net accretion of bond premium 14,434us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 15,291us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 15,183us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Depreciation and amortization 6,891us-gaap_DepreciationDepletionAndAmortization 5,603us-gaap_DepreciationDepletionAndAmortization 7,979us-gaap_DepreciationDepletionAndAmortization
Stock-based compensation expense 1,944us-gaap_ShareBasedCompensation 1,777us-gaap_ShareBasedCompensation 1,764us-gaap_ShareBasedCompensation
Net realized investment gains (7,270)us-gaap_RealizedInvestmentGainsLosses (8,695)us-gaap_RealizedInvestmentGainsLosses (5,453)us-gaap_RealizedInvestmentGainsLosses
Net cash flows from trading investments (6,855)us-gaap_ProceedsFromPaymentsForTradingSecurities 3,852us-gaap_ProceedsFromPaymentsForTradingSecurities 403us-gaap_ProceedsFromPaymentsForTradingSecurities
Deferred income tax expense (benefit) 1,926us-gaap_DeferredIncomeTaxExpenseBenefit (368)us-gaap_DeferredIncomeTaxExpenseBenefit 7,452us-gaap_DeferredIncomeTaxExpenseBenefit
Changes in:      
Accrued investment income 1,934us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable 2,452us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable 1,844us-gaap_IncreaseDecreaseInAccruedInvestmentIncomeReceivable
Premiums receivable (30,395)us-gaap_IncreaseDecreaseInPremiumsReceivable (30,346)us-gaap_IncreaseDecreaseInPremiumsReceivable (15,941)us-gaap_IncreaseDecreaseInPremiumsReceivable
Deferred policy acquisition costs (6,417)ufcs_IncreaseDecreaseInDeferredPolicyAcquisitionCostAndValueOfBusinessAcquired (2,690)ufcs_IncreaseDecreaseInDeferredPolicyAcquisitionCostAndValueOfBusinessAcquired (3,467)ufcs_IncreaseDecreaseInDeferredPolicyAcquisitionCostAndValueOfBusinessAcquired
Reinsurance receivables 641us-gaap_IncreaseDecreaseInReinsuranceRecoverable 26,948us-gaap_IncreaseDecreaseInReinsuranceRecoverable 14,175us-gaap_IncreaseDecreaseInReinsuranceRecoverable
Prepaid reinsurance premiums (472)us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums (197)us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums 3,228us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums
Income taxes receivable 1,786us-gaap_IncreaseDecreaseInIncomeTaxesReceivable 14,750us-gaap_IncreaseDecreaseInIncomeTaxesReceivable 10,206us-gaap_IncreaseDecreaseInIncomeTaxesReceivable
Other assets 581us-gaap_IncreaseDecreaseInOtherOperatingAssets (1,417)us-gaap_IncreaseDecreaseInOtherOperatingAssets 3,603us-gaap_IncreaseDecreaseInOtherOperatingAssets
Future policy benefits and losses, claims and loss settlement expenses 47,928us-gaap_IncreaseDecreaseInFuturePolicyBenefitReserves 21,251us-gaap_IncreaseDecreaseInFuturePolicyBenefitReserves 64,384us-gaap_IncreaseDecreaseInFuturePolicyBenefitReserves
Unearned premiums 38,261us-gaap_IncreaseDecreaseInUnearnedPremiums 28,814us-gaap_IncreaseDecreaseInUnearnedPremiums 22,659us-gaap_IncreaseDecreaseInUnearnedPremiums
Accrued expenses and other liabilities 25,287ufcs_IncreaseDecreaseInAccruedExpensesAndOtherLiabilities 8,499ufcs_IncreaseDecreaseInAccruedExpensesAndOtherLiabilities 14,950ufcs_IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
Income taxes payable 5,012us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable 0us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable 0us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Deferred income taxes (249)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes 6,983us-gaap_IncreaseDecreaseInDeferredIncomeTaxes (8,234)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
Other, net (2,813)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (7,156)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (2,871)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Total adjustments 92,154us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities 85,351us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities 131,864us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
Net cash provided by operating activities 151,291us-gaap_NetCashProvidedByUsedInOperatingActivities 161,491us-gaap_NetCashProvidedByUsedInOperatingActivities 172,076us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash Flows From Investing Activities      
Proceeds from sale of available-for-sale investments 3,091us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 23,007us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 20,324us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Proceeds from call and maturity of held-to-maturity investments 260us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities 1,004us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities 2,709us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
Proceeds from call and maturity of available-for-sale investments 561,434us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 477,071us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 527,720us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Proceeds from short-term and other investments 2,883us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments 7,170us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments 4,810us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
Purchase of held-to-maturity investments 0us-gaap_PaymentsToAcquireHeldToMaturitySecurities 0us-gaap_PaymentsToAcquireHeldToMaturitySecurities (200)us-gaap_PaymentsToAcquireHeldToMaturitySecurities
Purchase of available-for-sale investments (614,044)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (587,412)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (653,467)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Purchase of short-term and other investments (4,351)ufcs_PaymentsToAcquireShortTermAndOtherInvestments (14,375)ufcs_PaymentsToAcquireShortTermAndOtherInvestments (10,350)ufcs_PaymentsToAcquireShortTermAndOtherInvestments
Net purchases and sales of property and equipment (8,151)us-gaap_PaymentsForProceedsFromProductiveAssets (8,451)us-gaap_PaymentsForProceedsFromProductiveAssets (2,886)us-gaap_PaymentsForProceedsFromProductiveAssets
Net cash used in investing activities (58,878)us-gaap_NetCashProvidedByUsedInInvestingActivities (101,986)us-gaap_NetCashProvidedByUsedInInvestingActivities (111,340)us-gaap_NetCashProvidedByUsedInInvestingActivities
Policyholders' account balances      
Deposits to investment and universal life contracts 180,487us-gaap_ProceedsFromAnnuitiesAndInvestmentCertificates 150,272us-gaap_ProceedsFromAnnuitiesAndInvestmentCertificates 141,252us-gaap_ProceedsFromAnnuitiesAndInvestmentCertificates
Withdrawals from investment and universal life contracts (243,997)us-gaap_RepaymentsOfAnnuitiesAndInvestmentCertificates (208,827)us-gaap_RepaymentsOfAnnuitiesAndInvestmentCertificates (156,881)us-gaap_RepaymentsOfAnnuitiesAndInvestmentCertificates
Repayment of short-term debt 0us-gaap_RepaymentsOfShortTermDebt 0us-gaap_RepaymentsOfShortTermDebt (45,000)us-gaap_RepaymentsOfShortTermDebt
Repayment of trust preferred securities 0us-gaap_RepaymentsOfLongTermDebt 0us-gaap_RepaymentsOfLongTermDebt (15,626)us-gaap_RepaymentsOfLongTermDebt
Payment of cash dividends (19,680)us-gaap_PaymentsOfDividends (17,484)us-gaap_PaymentsOfDividends (15,269)us-gaap_PaymentsOfDividends
Repurchase of common stock (12,942)us-gaap_PaymentsForRepurchaseOfCommonStock (1,644)us-gaap_PaymentsForRepurchaseOfCommonStock (7,301)us-gaap_PaymentsForRepurchaseOfCommonStock
Issuance of common stock 2,260us-gaap_ProceedsFromIssuanceOfCommonStock 3,393us-gaap_ProceedsFromIssuanceOfCommonStock 1,106us-gaap_ProceedsFromIssuanceOfCommonStock
Tax impact from issuance of common stock (160)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities (488)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities (78)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash used in financing activities (94,032)us-gaap_NetCashProvidedByUsedInFinancingActivities (74,778)us-gaap_NetCashProvidedByUsedInFinancingActivities (97,797)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net Change in Cash and Cash Equivalents (1,619)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (15,273)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (37,061)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and Cash Equivalents at Beginning of Year 92,193us-gaap_CashAndCashEquivalentsAtCarryingValue 107,466us-gaap_CashAndCashEquivalentsAtCarryingValue 144,527us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and Cash Equivalents at End of Year $ 90,574us-gaap_CashAndCashEquivalentsAtCarryingValue $ 92,193us-gaap_CashAndCashEquivalentsAtCarryingValue $ 107,466us-gaap_CashAndCashEquivalentsAtCarryingValue