EX-99 3 exh_992.htm EXHIBIT 99.2
Exhibit 99.2
 
Supplemental Tables

Consolidated supplementary financial information

Income Statement:
 
Three Months Ended March 31,
 
(In Thousands)
 
2010
   
2009
 
Revenues
           
Net premiums written (1)
  $ 119,436     $ 120,846  
Net premiums earned
  $ 114,308     $ 118,321  
Investment income, net of investment expenses
    27,968       23,271  
Realized investment gains (losses)
    2,726       (3,488 )
Other income
    123       159  
Total Revenues
  $ 145,125     $ 138,263  
                 
Benefits, Losses and Expenses
               
Losses and loss settlement expenses
  $ 68,363     $ 86,078  
Increase in liability for future policy benefits
    6,390       3,388  
Amortization of deferred policy acquisition costs
    26,516       29,406  
Other underwriting expenses
    8,807       8,486  
Disaster charges and other related expenses, net of recoveries
    (23 )     (358 )
Interest on policyholders’ accounts
    10,801       9,772  
Total Benefits, Losses and Expenses
  $ 120,854     $ 136,772  
                 
Income before income taxes
    24,271       1,491  
Federal income tax expense (benefit)
    4,879       (1,779 )
Net income
  $ 19,392     $ 3,270  
 
(1)
The Statutory Financial Measures section of our April 26, 2010 press release defines data prepared in accordance with statutory accounting practices, which is a comprehensive basis of accounting other than U.S. GAAP.

Balance Sheet:
 
March 31, 2010
   
December 31, 2009
 
(In Thousands)
 
(unaudited)
   
 
 
Total invested assets:
           
Property and casualty segment
  $ 953,963     $ 915,055  
Life insurance segment
    1,501,685       1,436,786  
Total cash and investments
    2,599,868       2,542,693  
Total assets
    2,940,927       2,902,544  
Future policy benefits and losses, claims and loss settlement expenses
  $ 1,938,982     $ 1,927,645  
Total liabilities
    2,242,464       2,229,809  
Net unrealized investment gains, after-tax
  $ 94,692     $ 82,491  
Total stockholders’ equity
    698,463       672,735  
                 
Property and casualty insurance statutory capital and surplus (1) (2)
  $ -     $ 556,265  
Life insurance statutory capital and surplus (2)
    164,502       160,179  
 
(1)
Because United Fire & Casualty Company owns United Life Insurance Company, the property and casualty insurance statutory capital and surplus includes life insurance statutory capital and surplus and therefore represents our total consolidated statutory capital and surplus.
(2)
The Statutory Financial Measures section of our April 26, 2010 press release defines data prepared in accordance with statutory accounting practices, which is a comprehensive basis of accounting other than U.S. GAAP.

 
 

 
Commercial Lines and Personal Lines

   
Three Months Ended March 31,
 
(In Thousands)
 
2010
   
2009
 
Net Premiums Written
           
Commercial lines:
           
Other liability (1)
  $ 29,148     $ 31,911  
Fire and allied lines (2)
    25,582       26,630  
Automobile
    24,440       26,228  
Workers’ compensation
    13,600       16,340  
Fidelity and surety
    4,051       3,917  
Miscellaneous
    222       246  
Total commercial lines
  $ 97,043     $ 105,272  
                 
Personal lines:
               
Fire and allied lines (3)
  $ 5,568     $ 5,030  
Automobile
    3,637       3,214  
Miscellaneous
    119       88  
Total personal lines
  $ 9,324     $ 8,332  
Reinsurance assumed
    757       1,045  
Total
  $ 107,124     $ 114,649  
 
(1)
“Other liability” is business insurance covering bodily injury and property damage arising from general business operations, accidents on the insured’s premises and products manufactured or sold.
(2)
“Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine.
(3)
“Fire and allied lines” includes fire, allied lines, homeowners and inland marine.

Commercial Lines and Personal Lines

Three Months Ended March 31,
                               
   
2010
   
2009
 
(In Thousands)
 
Unaudited
 
Premiums
Earned
   
Losses
and Loss
Settlement
Expenses
Incurred
   
Loss
Ratio
   
Premiums
Earned
   
Losses
and Loss
Settlement
Expenses
Incurred
   
Loss
Ratio
 
Commercial lines
                                   
Other liability
  $ 28,214     $ 18,841       66.8 %   $ 31,052     $ 20,105       64.7 %
Fire and allied lines
    24,384       19,799       81.2       25,400       27,073       106.6  
Automobile
    23,010       13,830       60.1       24,386       15,210       62.4  
Workers’ compensation
    11,218       4,278       38.1       13,211       11,776       89.1  
Fidelity and surety
    4,679       209       4.5       5,413       273       5.0  
Miscellaneous
    202       36       17.8       210       51       24.3  
Total commercial lines
  $ 91,707     $ 56,993       62.1 %   $ 99,672     $ 74,488       74.7 %
                                                 
Personal lines
                                               
Fire and allied lines
  $ 5,979     $ 2,067       34.6 %   $ 5,339     $ 3,808       71.3 %
Automobile
    3,467       2,881       83.1       3,086       2,351       76.2  
Miscellaneous
    87       (27 )     N/A       84       294       N/A  
Total personal lines
  $ 9,533     $ 4,921       51.6 %   $ 8,509     $ 6,453       75.8 %
Reinsurance assumed
    739       1,714       231.9 %     1,033       1,338       129.5 %
Total
  $ 101,979     $ 63,628       62.4 %   $ 109,214     $ 82,279       75.3 %