XML 45 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues    
Net premiums earned $ 213,171us-gaap_PremiumsEarnedNet $ 193,341us-gaap_PremiumsEarnedNet
Investment income, net of investment expenses 24,363us-gaap_NetInvestmentIncome 26,762us-gaap_NetInvestmentIncome
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $1,895 in 2015 and $1,482 in 2014; previously included in accumulated other comprehensive income (loss)) 887ufcs_AllOtherRealizedGainsLosses 2,194ufcs_AllOtherRealizedGainsLosses
Other income 63us-gaap_OtherIncome 607us-gaap_OtherIncome
Total revenues 238,484us-gaap_Revenues 222,904us-gaap_Revenues
Benefits, Losses and Expenses    
Losses and loss settlement expenses 126,409us-gaap_PolicyholderBenefitsAndClaimsIncurredNet 125,237us-gaap_PolicyholderBenefitsAndClaimsIncurredNet
Increase in liability for future policy benefits 7,623us-gaap_LiabilityForFuturePolicyBenefitsPeriodExpense 7,821us-gaap_LiabilityForFuturePolicyBenefitsPeriodExpense
Amortization of deferred policy acquisition costs 42,472ufcs_DeferredPolicyAcquisitionCostAmortizationExpenseAndAmortizationOfValueOfBusinessAcquiredVoba 39,534ufcs_DeferredPolicyAcquisitionCostAmortizationExpenseAndAmortizationOfValueOfBusinessAcquiredVoba
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,867 in 2015 and $768 in 2014; previously included in accumulated other comprehensive income (loss)) 23,534us-gaap_OtherUnderwritingExpense 26,428us-gaap_OtherUnderwritingExpense
Interest on policyholders’ accounts 6,615us-gaap_InterestCreditedToPolicyholdersAccountBalances 7,987us-gaap_InterestCreditedToPolicyholdersAccountBalances
Total benefits, losses and expenses 206,653us-gaap_BenefitsLossesAndExpenses 207,007us-gaap_BenefitsLossesAndExpenses
Income before income taxes 31,831us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 15,897us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Federal income tax expense (includes reclassifications of ($10) in 2015 and ($250) in 2014; previously included in accumulated other comprehensive income (loss)) 8,152us-gaap_IncomeTaxExpenseBenefit 2,566us-gaap_IncomeTaxExpenseBenefit
Net income 23,679us-gaap_NetIncomeLoss 13,331us-gaap_NetIncomeLoss
Other comprehensive income (loss)    
Change in net unrealized appreciation on investments 13,114us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax 24,069us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
Change in liability for underfunded employee benefit plans 0us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTax 0us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTax
Other comprehensive income, before tax and reclassification adjustments 13,114us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax 24,069us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
Income tax effect (4,590)us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax (8,425)us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsTax
Other comprehensive income, after tax, before reclassification adjustments 8,524us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax 15,644us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
Reclassification adjustment for net realized investment gains included in income (1,895)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax (1,482)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
Reclassification adjustment for employee benefit costs included in expense 1,867us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax 768us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
Total reclassification adjustments, before tax (28)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax (714)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
Income tax effect 10ufcs_OtherComprehensiveIncomeLossTotalReclassificationAdjustmentsTaxPortionAttributableToParent 250ufcs_OtherComprehensiveIncomeLossTotalReclassificationAdjustmentsTaxPortionAttributableToParent
Total reclassification adjustments, after tax (18)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax (464)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
Comprehensive income $ 32,185us-gaap_ComprehensiveIncomeNetOfTax $ 28,511us-gaap_ComprehensiveIncomeNetOfTax
Weighted average common shares outstanding (in shares) 24,990,470us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 25,372,280us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Basic earnings per common share (in dollars per share) $ 0.95us-gaap_EarningsPerShareBasic $ 0.53us-gaap_EarningsPerShareBasic
Diluted earnings per common share (in dollars per share) $ 0.94us-gaap_EarningsPerShareDiluted $ 0.52us-gaap_EarningsPerShareDiluted