United Fire & Casualty Company has reported total revenues of $145.1m for the first quarter of 2010, an increase of 5% compared to $138.2m for the same period last year.
United Fire & Casualty’s net premiums earned were $114.3m for the first quarter of 2010, a decrease of 3.4% compared to $118.3m for the same quarter in 2009. Net premiums written for the quarter were $119.4m compared to $120.8m for the same quarter in 2009.
The operating income for the first quarter of 2010 was $17.6m which is an increase of 218.2% compared to $5.5m for the same period last year.
For the quarter ended March 31, 2010, net income was $19.3m, or $0.73 per share compared to $3.2m, or $0.12 per share for the same quarter in 2009.
Randy Ramlo, president & CEO of United Fire & Casualty Company, said: “In the first quarter of 2010, we had no material investment write downs, the weather was fairly cooperative, we had manageable Hurricane Katrina claims development and we can finally let our core book results tell the story, we performed well.
“We always strive to increase book value for our shareholders and increase statutory capital and surplus. We are happy to report we did both in the first quarter. Our book value for our shareholders increased by $1.14 per share to $26.49 as of March 31, 2010, compared to December 31, 2009, and our statutory surplus grew from $556.3 million at December 31, 2009 to $573.7 million at March 31, 2010.”