United Fire Group, Inc
(NASDAQ:UFCS)

United Fire Group, Inc., together with its subsidiaries, provides property and casualty insurance for individuals and businesses in the United States. The company offers commercial and personal lines of property and casualty insurance; and commercial multiple peril and inland marine insurance, as we...

Website: http://www.ufginsurance.com

Founded: 1946

Full Time Employees: 1,173

Sector: Financial Services

Industry: Insurance-Property & Casualty

Insurance

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At a glance:

Bull Thesis:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2011-12-31	2009-12-31	2008-12-31	2008-06-30	2006-12-31	2005-12-31

revenues
net earned premium	342,975,000	341,052,000	328,431,000	314,802,000	308,411,000
net investment income	27,040,000	26,415,000	25,992,000	21,673,000	23,458,000	23,156,000	24,459,000	18,029,000
net investment gains	-254,000	-1,661,000	-405,000	-1,002,000	-754,000	-1,318,000	-1,680,000	-1,229,000	-1,202,000	3,855,000	-1,960,000	1,124,000	-1,745,000	19,755,000	-14,250,000	-20,932,000	-465,000
other income	-319,000					-800,000		-3,200,000						-257,000	-39,000	26,000	-25,000	44,000	332,000	-90,000	-79,000	-53,000	604,000	5,719,000										126,000	198,000	145,000	183,000	108,000	83,000	123,000	132,000	63,000	535,000	607,000	337,000	182,000	115,000	85,000	243,000				184,000
total revenues	369,442,000	365,806,000	354,018,000	335,473,000	331,115,000	333,175,000	322,964,000	301,169,000	295,999,000	287,319,000	273,955,000	267,089,000	267,104,000	280,163,000	235,573,000	219,536,000	245,014,000	272,501,000	248,543,000	244,412,000	300,735,000	310,898,000	282,121,000	297,803,000	177,805,000	293,374,000	298,055,000	304,197,000	305,539,000	291,910,000	275,399,000	250,795,000	269,617,000	286,979,000	283,059,000	289,494,000	279,773,000	265,685,000	275,956,000	264,560,000	255,918,000	238,484,000	232,673,000	222,904,000	223,024,000	219,719,000	205,305,000	206,581,000	199,646,000
yoy	11.58%	9.79%	9.62%	11.39%	11.86%	15.96%	17.89%	12.76%	10.82%	2.55%	16.29%	21.66%	9.02%	2.81%	-5.22%	-10.18%	-18.53%	-12.35%	-11.90%	-17.93%	69.14%	5.97%	-5.35%	-2.10%	-41.81%	0.50%	8.23%	21.29%	13.32%	1.72%	-2.71%	-13.37%	-3.63%	8.01%	2.57%	9.42%	9.32%	11.41%	18.60%	18.69%	14.75%	8.54%	13.33%	7.90%	11.71%
qoq	0.99%	3.33%	5.53%	1.32%	-0.62%	3.16%	7.24%	1.75%	3.02%	4.88%	2.57%	-0.01%	-4.66%	18.93%	7.30%	-10.40%	-10.09%	9.64%	1.69%	-18.73%	-3.27%	10.20%	-5.27%	67.49%	-39.39%	-1.57%	-2.02%	-0.44%	4.67%	6.00%	9.81%	-6.98%	-6.05%	1.38%	-2.22%	3.47%	5.30%	-3.72%	4.31%	3.38%	7.31%	2.50%	4.38%	-0.05%	1.50%	7.02%	-0.62%	3.47%
benefits, losses and expenses
losses and loss settlement expenses	208,125,000	192,794,000	188,180,000	193,732,000	189,696,000	176,486,000	187,148,000	201,325,000	179,646,000	171,289,000	172,798,000	250,730,000	174,597,000	173,006,000	182,411,000	151,508,000	130,376,000	118,174,000	175,444,000	152,139,000	206,398,000	243,298,000	234,693,000	204,973,000	186,503,000	234,171,000	211,752,000	220,009,000	164,240,000	193,667,000	189,146,000	144,728,000	223,208,000	197,698,000	167,623,000	176,555,000	180,412,000	142,128,000	127,791,000	144,526,000	150,362,000	126,409,000	142,716,000	125,237,000	131,168,000	120,435,000	97,470,000	119,756,000	106,766,000				100,707,000
amortization of deferred policy acquisition costs	82,041,000	82,043,000	81,513,000	74,413,000	77,354,000	76,834,000	71,425,000	67,389,000	65,690,000	63,291,000	62,709,000	59,156,000	59,835,000	56,959,000	53,107,000	52,538,000	50,471,000	52,899,000	51,261,000	46,007,000	53,265,000	51,812,000	52,095,000	51,893,000	54,452,000	54,857,000	54,828,000	54,795,000	52,219,000	51,758,000	50,810,000	49,639,000	52,986,000	53,093,000	52,134,000	54,116,000	52,585,000	50,231,000	51,291,000	48,697,000	44,357,000	42,472,000	40,196,000	39,534,000	38,767,000	36,708,000	38,081,000	36,167,000	34,179,000				32,029,000
other underwriting expenses	37,567,000	39,592,000	32,124,000	35,307,000	39,586,000	37,410,000	36,454,000	34,613,000	32,465,000	26,016,000	29,275,000	28,633,000	31,876,000	26,760,000	30,487,000	28,754,000	28,644,000	28,338,000	35,468,000	28,400,000	18,368,000	29,312,000	35,470,000	36,701,000	41,849,000	33,045,000	36,003,000	33,964,000	34,403,000	33,887,000	37,252,000	34,855,000	25,817,000	26,201,000	24,890,000	24,574,000	24,772,000	26,753,000	29,696,000	26,161,000	23,546,000	23,534,000	20,776,000	26,428,000	21,654,000	23,308,000	22,348,000	20,496,000	20,541,000				5,568,000
interest expense	3,183,000	3,182,000	3,118,000	2,484,000	2,483,000	2,481,000	2,481,000	1,460,000	859,000	869,000	797,000	797,000	797,000	797,000	797,000	797,000	797,000	796,000	797,000	1,594,000
other non-underwriting expenses	514,000	-9,000	407,000	335,000	142,000	419,000	481,000	152,000
total benefits, losses and expenses	331,430,000	317,602,000	305,342,000	306,271,000	309,261,000	293,630,000	297,989,000	304,939,000	279,715,000	263,188,000	265,579,000	339,316,000	267,105,000	257,522,000	266,802,000	233,597,000	210,288,000	200,207,000	262,970,000	228,140,000	278,031,000	324,422,000	337,349,000	293,567,000	282,804,000	322,073,000	302,583,000	308,768,000	250,862,000	279,312,000	277,208,000	229,222,000	302,011,000	286,924,000	257,970,000	274,319,000	278,909,000	236,911,000	232,693,000	237,736,000	236,385,000	206,653,000	219,617,000	207,007,000	208,629,000	199,401,000	175,455,000
income before income taxes	38,012,000	48,204,000	48,676,000	29,202,000	21,854,000	39,545,000	24,975,000	-3,770,000	16,284,000	24,131,000	8,376,000	-72,227,000	-1,000	22,641,000	-31,229,000	-14,061,000	34,726,000	72,294,000	-14,427,000	16,272,000	22,704,000	-38,997,750	-55,228,000	4,236,000	-104,999,000									55,000	25,089,000	15,175,000	864,000	28,774,000	43,263,000	26,824,000	19,533,000	31,831,000	13,056,000	15,897,000	14,395,000	20,318,000	29,850,000	10,020,000	19,177,000				-5,388,000
income tax expense	7,960,000	9,850,000	9,486,000	6,255,000	4,154,000
net income	30,052,000	38,354,000	39,190,000	22,947,000	17,700,000	31,442,000	19,748,000	-2,735,000	13,502,000	19,608,000	6,380,000	-56,382,000	694,000	20,120,000	-22,981,000	-10,457,000	28,349,000	57,735,000	-9,593,000	13,750,000	18,702,000	-8,891,000	-37,241,000	5,960,000	-72,534,000	-23,163,000	-2,342,000	-4,196,000	44,521,000	11,070,000	157,000	45,759,000	-17,864,000	2,958,000	19,936,000	12,368,000	3,114,000	22,427,000	30,895,000	19,534,000	15,018,000	23,679,000	10,685,000	13,331,000	11,725,000	15,496,000	22,393,000	8,730,000	14,716,000				-1,523,000
yoy	69.79%	21.98%	98.45%	-939.01%	31.09%	60.35%	209.53%	-95.15%	1845.53%	-2.54%	-127.76%	439.18%	-97.55%	-65.15%	139.56%	-176.05%	51.58%	-749.36%	-74.24%	130.70%	-125.78%	-61.62%	1490.14%	-242.04%	-262.92%	-309.24%	-1591.72%	-109.17%	-349.22%	274.24%	-99.21%	269.98%	-673.67%	-86.81%	-35.47%	-36.68%	-79.26%	-5.29%	189.14%	46.53%	28.09%	52.81%	-52.28%	52.70%	-20.32%				-1066.25%
qoq	-21.65%	-2.13%	70.78%	29.64%	-43.71%	59.22%	-822.05%	-120.26%	-31.14%	207.34%	-111.32%	-8224.21%	-96.55%	-187.55%	119.77%	-136.89%	-50.90%	-701.85%	-169.77%	-26.48%	-310.35%	-76.13%	-724.85%	-108.22%	213.15%	889.03%	-44.18%	-109.42%	302.18%	6950.96%	-99.66%	-356.15%	-703.92%	-85.16%	61.19%	297.17%	-86.11%	-27.41%	58.16%	30.07%	-36.58%	121.61%	-19.85%	13.70%	-24.34%	-30.80%	156.51%	-40.68%
net income margin %	8.13%	10.48%	11.07%	6.84%	5.35%	9.44%	6.11%	-0.91%	4.56%	6.82%	2.33%	-21.11%	0.26%	7.18%	-9.76%	-4.76%	11.57%	21.19%	-3.86%	5.63%	6.22%	-2.86%	-13.20%	2.00%	-40.79%	-7.90%	-0.79%	-1.38%	14.57%	3.79%	0.06%	18.25%	-6.63%	1.03%	7.04%	4.27%	1.11%	8.44%	11.20%	7.38%	5.87%	9.93%	4.59%	5.98%	5.26%	7.05%	10.91%	4.23%	7.37%			NaN%	-Infinity%
earnings per common share:
basic	1,180	1,500	1,540	900	700	1,240	780	-110	530	770	250	-2,230	30	800	-910	-420	1,130	2,300	-380	550	750	-350	-1,490	240	-2,900	-920	-90	-170	1,770	440	10	820	-770
diluted	1,150	1,450	1,490	870	670	1,210	760	-110	520	770	250	-2,230	30	790	-910	-420	1,120	2,260	-380	540	740	-350	-1,490	240	-2,900	-900	-90	-170	1,740	430	10	800	-770
weighted-average common shares outstanding:
basic	25,560,813,000	25,470,451,000	25,501,551,000	25,471,114,000	25,391,281,000	25,319,973,000
diluted	26,098,592,000	26,352,913,000	26,367,501,000	26,390,660,000	26,237,647,000	25,917,760,000
net premiums earned						217,153,250	300,185,000	287,569,000	280,859,000	264,366,000	259,456,000	254,638,000	256,127,000	247,795,000	238,256,000	231,262,000	234,228,000	239,986,000	238,909,000	224,703,000	259,225,000	263,563,000	259,061,000	263,609,000	268,849,000	273,230,000	274,942,000	276,486,000	262,314,000	264,747,000	256,853,000	245,167,000	255,758,000	259,563,000	253,872,000	260,069,000	253,487,000	241,298,000	249,073,000	239,421,000	229,225,000	213,171,000	201,827,000	193,341,000	194,219,000	186,367,000	176,817,000	176,531,000	170,090,000				123,274,000
federal income tax expense						1,743,500	5,227,000	-1,035,000	2,782,000	4,523,000	1,996,000	-15,845,000	-695,000	2,521,000	-8,248,000	-3,604,000	6,377,000	14,559,000	-4,834,000	2,522,000	4,002,000	-4,633,000	-17,987,000	-1,724,000	-32,465,000	-5,536,000	-2,186,000	-375,000	10,156,000	1,528,000		1,209,000			5,153,000			6,347,000			4,515,000	8,152,000	2,371,000	2,566,000	2,670,000	4,822,000	7,457,000
other comprehensive income
change in net unrealized gain on investments						8,498,750	51,745,000	-6,654,000	-11,096,000
change in liability for underfunded employee benefit plans						-543,000	-724,000	-724,000	-724,000	21,413,000	-820,000	-820,000	-820,000	5,496,000	-4,591,000	-4,591,000	-4,591,000	20,658,000	-3,765,000	-3,765,000	6,505,000
foreign currency translation adjustment						216,250	853,000	35,000	-23,000
other comprehensive income, before tax and reclassification adjustments						8,172,000	51,874,000	-7,343,000	-11,843,000	92,643,000	-44,065,000	-20,436,000	17,184,000	28,386,000	-70,006,000	-55,282,000	-87,556,000	13,988,000	-15,995,000	5,731,000	-23,992,000	20,924,000	4,116,000	34,895,000	5,575,000	-28,157,000	15,410,000	28,596,000	33,354,000	-15,389,000	-6,199,000	-51,814,000				-9,440,000	49,332,000	43,876,000	5,660,000	-2,008,000	-36,237,000	13,114,000	27,108,000	24,069,000	-282,000	-51,782,000	15,161,000
income tax effect						-1,670,750	-10,714,000	1,549,000	2,482,000	-19,455,000	9,253,000	4,293,000	-3,609,000	-5,961,000	14,701,000	11,609,000	18,387,000	-2,934,000	3,359,000	-1,202,000	5,038,000	-4,394,000	-864,000	-7,329,000	-1,171,000	5,912,000	-3,237,000	-6,004,000	-7,005,000	3,232,000	1,301,000	10,881,000	-6,648,000	-10,729,000	-5,238,000	3,304,000	-17,267,000	-15,357,000	-1,981,000	703,000	12,682,000	-4,590,000	-9,488,000	-8,425,000	107,000	18,115,000	-5,306,000	-6,964,000
other comprehensive income, after tax, before reclassification adjustments						6,501,250	41,160,000	-5,794,000	-9,361,000	73,188,000	-34,812,000	-16,143,000	13,575,000	22,425,000	-55,305,000	-43,673,000	-69,169,000	11,054,000	-12,636,000	4,529,000	-18,954,000	16,530,000	3,252,000	27,566,000	4,404,000	-22,245,000	12,173,000	22,592,000	26,349,000	-12,157,000	-4,898,000	-40,933,000	12,347,000	19,924,000	9,728,000	-6,136,000	32,065,000	28,519,000	3,679,000	-1,305,000	-23,555,000	8,524,000	17,620,000	15,644,000	-175,000	-33,667,000	9,855,000
reclassification adjustment for net investment losses included in income						1,368,250	1,680,000	1,229,000	2,564,000	192,750	79,000	152,000	540,000	369,500	1,079,000	716,000
reclassification adjustment for employee benefit costs included in expense										52,000	51,000	52,000	52,000	901,000	900,000	900,000	900,000	1,704,000	1,586,000	1,645,000	1,667,000	1,072,000	1,072,000	1,072,000	1,072,000	1,125,000	1,124,000	1,124,000	1,124,000	1,661,000	1,661,000	1,660,000	1,352,000	1,352,000	1,352,000	1,371,000	1,371,000	1,371,000	1,867,000	1,867,000	1,867,000	1,867,000	768,000	768,000	1,915,000	1,243,000	1,242,000
total reclassification adjustments, before tax						1,368,250	1,680,000	1,229,000	2,564,000	-1,000	130,000	204,000	592,000	746,000	1,979,000	1,616,000	582,000	-1,005,000	1,372,000	1,504,000	2,474,000	-665,000	1,018,000	992,000	1,193,000	2,903,000	994,000	1,087,000	1,034,000	2,157,000	1,857,000	1,623,000	933,000	-623,000	-2,053,000	-949,000	671,000	-275,000	2,069,000	42,000	872,000	-28,000	-838,000	-714,000	1,298,000	-3,174,000	-667,000
total reclassification adjustments, after tax						1,081,000	1,328,000	970,000	2,026,000		102,000	161,000	468,000	589,000	1,563,000	1,277,000	460,000	-796,000	1,087,000	1,188,000	1,954,000	-527,000	805,000	785,000	943,000	2,294,000	785,000	858,000	817,000	1,704,000	1,467,000	1,282,000	606,000	-404,000	-1,335,000	-617,000	437,000	-179,000	1,345,000	27,000	567,000	-18,000	-545,000	-464,000	843,000	-2,063,000	-433,000
comprehensive income						15,211,000	62,236,000	-7,559,000	6,167,000	92,796,000	-28,330,000	-72,364,000	14,737,000	43,134,000	-76,723,000	-52,853,000	-40,360,000	67,993,000	-21,142,000	19,467,000	1,702,000	7,112,000	-33,184,000	34,311,000	-67,187,000	-43,114,000	10,616,000	19,254,000	71,687,000	617,000	-3,274,000	6,108,000	-4,911,000	22,478,000	28,329,000	5,615,000	35,616,000	50,767,000	35,919,000	18,256,000	-7,970,000	32,185,000	27,760,000	28,511,000	12,393,000	-20,234,000	31,815,000	22,164,000	21,109,000
diluted weighted-average common shares outstanding							25,912,313,000	25,314,456,000	25,834,494,000		25,579,334,000	25,249,073,000	25,500,115,000		25,188,958,000	25,148,143,000	25,323,105,000		25,092,167,000	25,416,868,000	25,379,812,000		25,031,234,000	25,255,604,000	25,014,027,000		25,176,334,000	25,210,354,000	25,604,268,000	25,626,951,000	25,611,773,000	25,458,090,000	24,960,086,000
investment income, net of investment expenses									16,342,000	19,098,000	16,459,000	11,327,000	12,722,000	12,870,000	11,606,000	9,180,000	11,276,000	13,331,000	11,571,000	13,795,000	17,081,000	17,367,000	7,244,000	12,696,000	2,363,000	16,491,000	13,291,000	14,120,000	16,512,000	13,192,000	17,249,000	13,492,000	13,792,000	24,610,000	25,035,000	26,690,000	24,507,000	22,224,000	26,576,000	24,050,000	25,792,000	24,363,000	27,603,000	26,762,000	27,278,000	29,019,000	26,464,000	28,665,000	28,749,000				27,844,000
other nonunderwriting expenses									1,055,000
change in net unrealized appreciation on investments										71,230,000	-43,245,000	-19,616,000	18,004,000	22,890,000	-65,415,000	-50,691,000	-82,965,000	-6,670,000	-12,230,000	9,496,000	-30,497,000	2,468,000	4,116,000	33,037,000	7,168,000	-7,233,000	15,410,000	28,596,000	33,354,000	-15,389,000	-6,199,000	-51,814,000	18,995,000	30,653,000	14,966,000	-9,440,000	49,332,000	43,876,000	-3,054,000	-2,008,000	-36,237,000	13,114,000	27,108,000	24,069,000	-282,000	-51,782,000	15,161,000	20,613,000	8,667,000
reclassification adjustment for net realized investment losses included in income																	-318,000	113,250	-214,000	-141,000	807,000	-3,250	-54,000	-80,000	121,000	-64,250	-130,000	-37,000	-90,000	496,000
net realized investment gains																		7,060,750	-2,269,000	6,004,000	24,508,000	30,021,000	15,212,000	15,779,000	-93,407,000	3,653,000	9,822,000	13,591,000	26,713,000	13,971,000	1,297,000	-7,864,000	67,000	2,680,000	3,954,000	2,590,000	1,596,000	2,055,000	655,500	966,000	769,000	887,000	2,708,000	2,194,000					564,000
goodwill impairment																							15,091,000
change in net unrealized appreciation on investments for which an allowance for a credit loss has been recorded																								1,858,000	-1,593,000
income from continuing operations before income taxes																										-28,699,000	-4,528,000	-4,571,000	54,677,000	12,598,000	-1,809,000	21,573,000	-32,394,000
income from continuing operations																										9,495,750	-2,342,000	-4,196,000	44,521,000	11,070,000	157,000	20,364,000	-19,082,000
income from discontinued operations, net of taxes																																-1,912,000	1,218,000
gain on sale of discontinued operations, net of taxes																																27,307,000
earnings per common share from continuing operations:
basic	1,180	1,500	1,540	900	700	1,240	780	-110	530	770	250	-2,230	30	800	-910	-420	1,130	2,300	-380	550	750	-350	-1,490	240	-2,900	-920	-90	-170	1,770	440	10	820	-770
diluted	1,150	1,450	1,490	870	670	1,210	760	-110	520	770	250	-2,230	30	790	-910	-420	1,120	2,260	-380	540	740	-350	-1,490	240	-2,900	-900	-90	-170	1,740	430	10	800	-770
earnings per common share:
federal income tax benefit																															-1,966,000		-13,312,000	-2,903,000		2,807,000	-2,250,000		4,989,250	7,290,000								1,290,000	4,461,000				-3,865,000
reclassification adjustment for net realized investment (gains) losses included in income																															196,000
reclassification adjustment for net realized investment gains included in income																																-37,000	-419,000	-1,975,000	-3,405,000	-2,320,000	-700,000	-1,646,000	-1,178,750	-1,825,000	-995,000	-1,895,000	-1,606,000	-1,482,000
other comprehensive income , before tax and reclassification adjustments																																	18,995,000	30,653,000	14,966,000
increase in liability for future policy benefits																																		5,281,000	8,579,000	14,091,000	16,002,000	12,552,000	18,442,000	12,784,000	12,096,000	7,623,000	8,077,000	7,821,000	8,415,000								5,360,000
interest on policyholders’ accounts																																		4,651,000	4,744,000	4,983,000	5,138,000	5,247,000	4,551,750	5,568,000	6,024,000	6,615,000	7,852,000	7,987,000	8,625,000	9,081,000	9,320,000	10,327,000	10,627,000				10,217,000
weighted-average common shares outstanding																		25,092,297,000				25,027,358,000				25,138,039,000								25,133,035,000	25,443,101,000	25,389,633,000	25,366,283,000	25,209,888,000	25,047,405,000	25,067,080,000	25,023,753,000	24,990,470,000	25,330,066,000	25,372,280,000	25,359,196,000	25,297,718,000	25,245,497,000	25,423,191,000	25,476,220,000				27,153,114,000
basic earnings per common share																																		120	780	490	120	890	1,230	780	600	950	420	530	460	610	890	340	580
diluted earnings per common share																																		120	770	480	120	880	1,220	770	590	940	420	520	450	610	880	340	580
other-than-temporary impairment charges																																													-139,000				-4,000
all other net realized gains																																													1,329,000	4,151,000	1,909,000	1,300,000	568,000
total net realized investment gains																																													1,190,000	4,151,000	1,909,000
reclassification adjustment for net realized gains included in income																																													-617,000	-4,417,000	-1,909,000
cash dividends declared per common share																																													180	180	150	150	150				150
future policy benefits																																														9,869,000	8,236,000	9,815,000	8,356,000
total expenses																																																196,561,000	180,469,000
adjustment for net realized gains included in income																																																-1,300,000	-564,000
adjustment for employee benefit costs included in expense																																																1,085,000	1,732,000
income tax effect of components of other comprehensive income																																																	-3,442,000
realized investment gains																																																					944,000
flood charges and other related expenses																																																					3,753,000
basic and diluted earnings per common share																																																					-60

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31

assets
investments:
fixed maturities, available-for-sale, at fair value	2,218,931,000	2,205,350,000	2,016,366,000	1,953,294,000	1,931,091,000	1,868,331,000	1,852,791,000	1,796,133,000
mortgage loans	30,676,000	30,830,000	39,333,000	39,496,000	40,765,000	40,922,000	41,081,000	41,283,000	41,426,000	45,421,000	45,589,000	45,756,000	37,912,000	37,947,000	46,757,000	46,953,000	47,042,000	47,201,000	47,325,000	47,449,000	47,570,000	47,690,000	47,809,000	47,685,000	45,192,000	42,448,000	36,312,000	36,374,000	34,209,000	14,896,000	9,896,000			3,573,000	3,640,000	3,772,000	3,836,000	3,899,000	3,961,000	4,022,000	4,082,000	4,141,000		4,257,000	4,313,000	4,368,000	4,477,000	4,529,000	4,581,000		4,683,000	4,732,000	4,781,000	4,829,000	4,876,000	6,423,000	6,468,000	7,067,000	7,199,000	7,328,000	7,455,000	7,579,000	7,701,000	7,821,000	7,938,000	13,127,000	13,257,000	19,161,000	19,339,000	19,512,000	26,471,000	27,789,000	28,265,000	22,730,000	23,188,000	23,637,000	24,078,000	24,512,000	24,938,000	25,357,000	31,520,000	41,523,000	25,946,000	26,360,000
other long-term investments	239,018,000	228,507,000	215,363,000	206,858,000	193,090,000	183,741,000	101,480,000	98,405,000	99,020,000	99,507,000	93,836,000	91,663,000	91,003,000	86,276,000	79,917,000	81,146,000	84,007,000	84,090,000	80,162,000	80,326,000	77,816,000	69,305,000	62,903,000	68,941,000	66,917,000	78,410,000	49,989,000	47,772,000	40,929,000	40,432,000	43,949,000	44,998,000	49,966,000	65,664,000	67,024,000	57,787,000	52,349,000	51,815,000	54,151,000	51,278,000	50,656,000	47,059,000		46,428,000	48,707,000	46,513,000	34,876,000	33,623,000	30,646,000		29,499,000	24,399,000	22,154,000	20,574,000	19,342,000	20,647,000	20,143,000	17,145,000	16,110,000	15,880,000	14,276,000	13,686,000	11,307,000	11,216,000	11,801,000	11,922,000	14,301,000	12,793,000	14,739,000	14,661,000	14,858,000	11,777,000	11,095,000	9,958,000	11,673,000	11,036,000	10,605,000	9,648,000	7,097,000	6,902,000	6,554,000	6,461,000	7,292,000	9,584,000
total investments	2,488,625,000	2,464,687,000	2,271,062,000	2,199,897,000	2,165,536,000	2,093,094,000	1,995,452,000	1,935,876,000	1,729,748,000		1,829,099,000	1,835,621,000	1,879,688,000		1,823,450,000	1,888,833,000	1,976,956,000																																		3,069,066,000	3,030,720,000													2,130,034,000
cash and cash equivalents	162,029,000	156,332,000	233,737,000	202,149,000	183,678,000	200,949,000	197,371,000	153,430,000	217,785,000	102,046,000	69,150,000	79,704,000	53,230,000	96,650,000	53,017,000	91,934,000	109,522,000	132,104,000	132,772,000	118,519,000	71,514,000	87,948,000	99,604,000	146,262,000	120,724,000	120,722,000	129,708,000	148,784,000	95,536,000	52,252,000	100,840,000	316,852,000	98,610,000	130,421,000	93,656,000	140,944,000	119,700,000	143,981,000	106,449,000	124,061,000	93,382,000	111,320,000		71,932,000	90,276,000	68,663,000	86,691,000	80,789,000	101,948,000		82,566,000	101,978,000	74,000,000	144,527,000	154,477,000	177,414,000	165,772,000	156,839,000	144,220,000	190,852,000	176,324,000	152,973,000	106,146,000	109,582,000	118,791,000	137,317,000	268,476,000	252,565,000	182,640,000	209,669,000	248,229,000	255,045,000	237,031,000	256,359,000	192,764,000	162,791,000	239,825,000	222,322,000	232,086,000	305,575,000	224,807,000	181,270,000	283,857,000	265,064,000
accrued investment income	16,891,000	18,243,000	15,926,000	16,318,000	15,441,000	15,795,000	16,069,000	16,543,000	16,325,000	15,934,000	17,269,000	14,738,000	15,396,000	14,480,000	15,169,000	14,079,000	13,935,000	13,396,000	13,947,000	13,826,000	14,662,000	14,615,000	15,028,000	14,485,000	15,193,000	15,182,000	15,604,000	15,200,000	16,483,000	16,873,000	15,716,000	15,083,000	14,911,000	25,530,000	28,134,000	27,007,000	24,901,000	26,825,000	25,136,000	26,293,000	25,190,000	27,009,000		27,525,000	27,159,000	28,686,000	29,064,000	29,381,000	30,079,000		31,229,000	32,750,000	32,563,000	32,219,000	31,819,000	32,211,000	32,318,000	29,458,000	30,086,000	28,697,000	29,398,000	28,861,000	28,861,000	27,849,000	30,001,000	28,076,000	28,618,000	28,431,000	29,021,000	28,064,000	28,420,000	28,383,000	28,462,000	26,992,000	29,386,000	30,232,000	30,187,000	28,139,000	27,836,000	27,168,000	27,849,000	28,207,000	25,943,000	26,795,000
premiums receivable	546,378,000	497,920,000	520,838,000	512,660,000	452,643,000	450,801,000	608,883,000	584,521,000	518,245,000	464,791,000	475,632,000	463,686,000	398,390,000	365,729,000	374,341,000	373,006,000	334,890,000	316,771,000	325,072,000	334,267,000	328,389,000	317,292,000	352,150,000	376,808,000	363,202,000	357,632,000	387,617,000	402,887,000	365,186,000	379,293,000	380,242,000	339,007,000	351,410,000	361,866,000	324,428,000	331,242,000	339,851,000	302,762,000	276,517,000	295,658,000	302,806,000	268,956,000		258,580,000	268,094,000	236,424,000	233,747,000	237,646,000	207,920,000		203,592,000	211,205,000	186,908,000	172,348,000	185,987,000	189,582,000	168,728,000	144,371,000	131,609,000	127,456,000	145,986,000	153,980,000	141,835,000	134,295,000	148,185,000	157,533,000	138,772,000	121,059,000	136,952,000	144,154,000	131,867,000	126,689,000	137,304,000	142,334,000	123,448,000	115,655,000	128,025,000	133,597,000	121,634,000	118,764,000	129,026,000	133,155,000	121,587,000	117,209,000
deferred policy acquisition costs	162,728,000	158,184,000	164,446,000	161,976,000	151,850,000	147,224,000	149,038,000	144,044,000	135,210,000	126,532,000	125,292,000	122,649,000	107,489,000	104,225,000	106,376,000	104,090,000	95,762,000	91,446,000	95,060,000	96,286,000	87,955,000	87,094,000	94,223,000	97,566,000	94,335,000	94,292,000	98,500,000	101,563,000	95,891,000	95,140,000	95,065,000	89,836,000	97,477,000	167,512,000	165,073,000	157,238,000	159,050,000	160,158,000	168,264,000	158,716,000	159,073,000	139,141,000		146,547,000	143,314,000	143,296,000	144,038,000	137,811,000	113,088,000		100,146,000	107,058,000	105,231,000	106,654,000	109,940,000	111,290,000	120,609,000	88,222,000	88,633,000	92,505,000	95,980,000	121,587,000	150,602,000	158,265,000	158,887,000	143,618,000	128,363,000	128,998,000	140,530,000	145,942,000	133,384,000	135,761,000	133,118,000	147,660,000	134,238,000	119,869,000	110,252,000	96,915,000	104,369,000	89,223,000	92,457,000	104,602,000	73,395,000	86,232,000
property and equipment, at cost	130,160,000		134,698,000	135,714,000
reinsurance receivables	230,009,000		233,132,000	247,821,000	232,220,000		250,042,000	243,988,000																																																																								32,485,000	31,596,000	29,864,000	30,527,000	30,463,000
prepaid reinsurance premiums	30,298,000	32,357,000	32,334,000	39,737,000	44,137,000	44,892,000	42,013,000	32,899,000	24,608,000	27,682,000	21,425,000	12,970,000	10,569,000	11,300,000	12,142,000	10,623,000	8,864,000	9,328,000	9,312,000	12,351,000	13,413,000	12,965,000	12,284,000	14,506,000	11,689,000	9,550,000	7,950,000	8,112,000	7,506,000	5,856,000	4,902,000	4,002,000	3,821,000	3,966,000	3,841,000	4,002,000	4,153,000	4,112,000	3,790,000	3,898,000	3,974,000	3,927,000		3,712,000	3,770,000	3,630,000	3,438,000	3,536,000	3,218,000		3,162,000	3,315,000	3,541,000	6,191,000	7,301,000	8,477,000	8,009,000	1,759,000	1,731,000	1,673,000	1,854,000	1,854,000	1,783,000	1,559,000	1,725,000	2,018,000	2,576,000	2,645,000	2,588,000	2,793,000	4,057,000	5,578,000	6,062,000	4,446,000	3,288,000	3,015,000	3,100,000	3,023,000	3,097,000	3,122,000	3,140,000	3,309,000	3,615,000	3,605,000
intangible assets	3,020,000	3,197,000	3,374,000	3,552,000	3,729,000		4,084,000	4,261,000	4,438,000		4,793,000	4,970,000	5,147,000		5,502,000	5,679,000	5,856,000		6,211,000	6,388,000	6,565,000
deferred tax asset	14,104,000	15,448,000	16,603,000	22,464,000	19,700,000	23,018,000	14,399,000	26,585,000	22,735,000	13,621,000	36,591,000	22,479,000	13,980,000	15,531,000	25,983,000	9,384,000															4,482,000
income taxes receivable		532,000	2,691,000	5,988,000	7,897,000	14,181,000	16,591,000	19,600,000	11,524,000	21,463,000	36,469,000	42,850,000	29,944,000	31,418,000	39,593,000	33,648,000	14,674,000	32,378,000	69,074,000	62,268,000	66,208,000	66,194,000	57,388,000	38,374,000	34,340,000	19,190,000	12,006,000	9,122,000	4,388,000	10,269,000			21,360,000	8,288,000	10,430,000	11,732,000	12,341,000			1,928,000	6,042,000			4,959,000	3,891,000		2,924,000		2,386,000		15,783,000	14,454,000	22,816,000	26,742,000	26,904,000	24,432,000	19,486,000	16,733,000	10,762,000	28,197,000	24,796,000	16,633,000	25,300,000	26,974,000	20,078,000	12,835,000		7,439,000	10,930,000	5,649,000		10,355,000	6,719,000	7,816,000	11,346,000	40,689,000	7,537,000	4,554,000			1,352,000	2,010,000		4,574,000
other assets	125,299,000	122,750,000	125,071,000	112,854,000	115,188,000	127,760,000	116,807,000	112,328,000	189,692,000	123,496,000	90,527,000	89,394,000	88,886,000	88,672,000	74,303,000	83,505,000	95,829,000	81,061,000	45,652,000	47,568,000	44,305,000	37,196,000	41,521,000	39,067,000	37,032,000	29,905,000	35,578,000	36,639,000	38,967,000	16,632,000	16,512,000	16,306,000	15,302,000	14,853,000	15,132,000	14,638,000	15,136,000	16,423,000	15,183,000	16,010,000	14,253,000	15,146,000		14,548,000	14,331,000	12,706,000	13,479,000	12,431,000	12,600,000		12,641,000	13,257,000	14,525,000	17,216,000	17,761,000	17,668,000	19,203,000	16,250,000	16,467,000	18,109,000	20,765,000	49,527,000	48,939,000	48,986,000	47,773,000	47,373,000	17,202,000	16,572,000	18,065,000	16,308,000	15,123,000	14,708,000	22,746,000	22,133,000	21,623,000	20,732,000	18,258,000	17,095,000	19,160,000	16,058,000	18,754,000	18,210,000	16,402,000	19,658,000
total assets	3,909,541,000	3,840,789,000	3,753,912,000	3,661,130,000	3,528,264,000	3,488,469,000	3,546,132,000	3,408,697,000	3,244,635,000	3,144,190,000	3,051,779,000	3,017,877,000	2,898,403,000	2,882,286,000	2,818,900,000	2,885,194,000	2,929,997,000	3,012,721,000	3,010,654,000	3,058,153,000	3,064,967,000	3,069,678,000	3,048,480,000	3,034,913,000	2,949,646,000	3,013,472,000	3,014,029,000	3,001,797,000	2,903,999,000	2,830,960,000	2,902,176,000	2,845,364,000	4,190,833,000	4,197,412,000	4,096,985,000	4,107,037,000	4,105,838,000	3,975,992,000	3,890,376,000	3,876,016,000	3,891,483,000	3,864,251,000	3,856,689,000	3,825,328,000	3,851,910,000	3,769,249,000	3,723,697,000	3,700,749,000	3,724,690,000	3,694,653,000	3,737,810,000	3,741,263,000	3,687,342,000	3,618,924,000	3,604,745,000	3,621,934,000	3,549,529,000	3,056,579,000	3,019,696,000	2,902,544,000	2,970,816,000	2,806,189,000	2,710,869,000	2,687,130,000	2,711,576,000	2,769,158,000	2,779,222,000	2,760,554,000	2,769,581,000	2,760,480,000	2,769,129,000	2,776,067,000	2,783,923,000	2,755,517,000	2,648,543,000	2,721,924,000	2,765,563,000	2,647,335,000	2,592,804,000	2,570,387,000	2,534,774,000	2,477,168,000	2,454,314,000	2,405,155,000
liabilities
losses and loss settlement expenses	1,970,257,000	1,924,826,000	1,882,067,000	1,860,131,000	1,816,459,000	1,796,782,000	1,794,941,000	1,755,739,000	1,690,885,000	1,638,755,000	1,636,918,000	1,614,832,000	1,499,391,000	1,497,274,000	1,464,508,000	1,459,828,000	1,487,991,000	1,514,265,000	1,567,650,000	1,568,453,000	1,613,025,000	1,578,131,000	1,555,083,000	1,477,689,000	1,438,405,000	1,421,754,000	1,360,539,000	1,341,666,000	1,303,496,000	1,278,077,000	1,240,847,000	1,219,981,000	1,237,280,000
unearned premium	691,461,000	660,210,000	691,429,000	699,675,000	644,231,000
accrued expenses and other liabilities	150,935,000	168,383,000	135,577,000	138,499,000	132,805,000	171,649,000	198,318,000	175,750,000	180,242,000	172,306,000	159,261,000	139,043,000	106,419,000	120,510,000	115,304,000	116,850,000	103,077,000	102,849,000	101,447,000	101,542,000	92,401,000	126,624,000	156,874,000	151,257,000	152,469,000	155,498,000	136,861,000	131,726,000	123,563,000	158,761,000	173,458,000	158,811,000	130,618,000	173,610,000	145,190,000	189,519,000	204,939,000	192,023,000	200,599,000	207,788,000	224,523,000	189,791,000		131,220,000	140,058,000	124,124,000	168,738,000	159,161,000	157,801,000		152,503,000	140,883,000	143,288,000	138,210,000	129,773,000	133,217,000	123,294,000	79,489,000	73,357,000	84,934,000	73,727,000	78,180,000	78,490,000	74,649,000	62,308,000	68,937,000	72,442,000	63,937,000	56,612,000	56,880,000	54,476,000	67,690,000	70,357,000	66,500,000	41,319,000	57,558,000	61,918,000	57,599,000	50,861,000	56,809,000	49,495,000	56,589,000	50,324,000	55,605,000
long term debt	146,274,000	146,200,000	146,128,000	117,157,000	117,107,000	117,059,000	117,011,000	116,965,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000
total liabilities	2,958,927,000	2,899,619,000	2,855,201,000	2,815,462,000	2,710,602,000	2,706,938,000	2,760,309,000	2,682,102,000	2,507,869,000	2,410,445,000	2,406,842,000	2,341,512,000	2,146,608,000	2,142,172,000	2,118,105,000	2,104,291,000	2,094,372,000	2,133,600,000	2,196,125,000	2,218,678,000	2,241,368,000	2,244,529,000	2,228,198,000	2,174,246,000	2,116,502,000	2,103,000,000	2,049,861,000	2,033,494,000	1,948,808,000	1,946,744,000	1,937,576,000	1,874,671,000	3,246,785,000	3,234,824,000	3,136,600,000	3,147,857,000	3,144,807,000	3,046,823,000	3,011,479,000	3,030,556,000	3,059,543,000	3,020,018,000	3,039,274,000	3,016,894,000	3,025,644,000	2,961,142,000	2,979,470,000	2,966,366,000	2,966,548,000	2,965,476,000	2,983,988,000	3,005,901,000	2,967,952,000	2,922,783,000	2,919,288,000	2,917,161,000	2,831,139,000	2,350,644,000	2,321,233,000	2,229,809,000	2,290,024,000	2,153,006,000	2,075,610,000	2,045,389,000	2,027,384,000	2,042,733,000	2,019,893,000	2,009,057,000	2,020,380,000	2,026,856,000	2,053,844,000	2,095,259,000	2,122,402,000	2,129,075,000	2,146,203,000	2,221,712,000	2,203,127,000	2,081,339,000	2,061,148,000	2,052,388,000	2,037,822,000	2,015,112,000	1,991,838,000	1,965,773,000
stockholders' equity
common stock, 0.001 par value...	26,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000		25,000	25,000	25,000	25,000	25,000	25,000		25,000	25,000	26,000	25,000
additional paid-in capital	224,064,000	223,887,000	221,633,000	218,332,000	216,877,000	215,851,000	213,374,000	212,327,000	210,886,000	209,986,000	209,931,000	208,987,000	208,010,000	207,030,000	206,811,000	206,165,000	204,006,000	203,375,000	203,014,000	203,055,000	202,874,000	202,359,000	200,849,000	199,796,000	198,317,000	200,179,000	202,504,000	208,971,000	206,788,000	201,361,000	199,442,000	194,504,000	193,114,000	199,759,000	213,021,000	213,957,000	215,075,000	212,484,000	207,426,000	204,274,000	203,489,000	202,306,000		203,458,000	208,366,000	212,904,000	212,522,000	210,503,000	209,472,000		212,281,000	212,171,000	213,492,000	213,045,000	127,589,000	132,200,000	136,622,000	137,322,000	137,647,000	139,403,000	139,807,000	139,343,000	138,952,000	138,511,000	140,229,000	145,835,000	149,778,000	149,511,000	156,919,000	162,579,000	161,961,000	161,533,000	160,809,000	160,949,000	66,602,000	66,242,000	66,166,000	66,049,000	11,398,000	7,796,000	7,542,000	7,339,000	7,301,000	7,040,000
retained earnings	747,260,000	722,321,000	688,050,000	653,026,000	634,002,000	620,436,000	593,052,000	577,359,000	584,147,000	574,691,000	559,126,000	556,788,000	617,213,000	620,555,000	604,469,000	631,481,000	645,966,000	621,384,000	567,411,000	580,767,000	570,789,000	555,854,000	568,501,000	613,996,000	616,303,000	697,116,000	728,536,000	739,162,000	751,683,000	752,581,000	824,431,000	832,031,000	600,988,000	625,836,000	629,891,000	610,672,000	604,652,000	607,883,000	591,009,000	565,748,000	551,735,000	542,223,000		493,753,000	498,470,000	492,848,000	462,132,000	454,975,000	444,035,000		431,660,000	426,744,000	415,843,000	400,485,000	387,419,000	396,037,000	417,862,000	411,118,000	399,679,000	384,242,000	386,443,000	400,588,000	409,910,000	410,634,000	429,470,000	450,301,000	455,908,000	439,860,000	417,491,000	402,156,000	374,638,000	343,761,000	318,227,000	299,117,000	279,491,000	268,872,000	330,131,000	325,008,000	303,671,000	274,846,000	293,405,000	274,919,000	258,048,000	242,774,000
accumulated other comprehensive income, net of tax	-20,736,000	-5,063,000	-10,997,000	-25,715,000	-33,242,000	-54,781,000	-20,628,000	-63,116,000	-58,292,000	-50,957,000	-124,145,000	-89,435,000	-73,453,000	-87,496,000	-110,510,000	-56,768,000	-14,372,000	54,337,000	44,079,000	55,628,000	49,911,000	66,911,000	50,907,000	46,850,000	18,499,000	13,152,000	33,103,000	20,145,000	-3,305,000	-69,751,000	-59,298,000	-55,867,000	149,921,000	136,968,000	117,448,000	134,526,000	141,279,000	108,777,000	80,437,000	75,413,000	76,691,000	99,679,000		111,198,000	119,405,000	102,330,000	69,548,000	68,880,000	104,610,000		109,856,000	96,422,000	90,029,000	82,586,000	85,440,000	90,269,000	76,588,000	69,758,000	73,248,000	60,647,000	65,902,000	24,612,000	-2,241,000	3,849,000	25,226,000	40,194,000	63,005,000	71,473,000	83,209,000	76,681,000	86,511,000	83,351,000	90,377,000	74,268,000	77,574,000	86,440,000	87,484,000	96,292,000	86,634,000	102,459,000	96,755,000	80,648,000	98,067,000	90,637,000
total stockholders' equity	950,614,000	941,170,000	898,711,000	845,668,000	817,662,000	781,531,000	785,823,000	726,595,000	736,766,000	733,745,000				740,114,000				879,121,000				825,149,000				910,472,000													878,897,000				817,415,000											696,141,000														751,497,000				680,808,000		626,442,000	502,340,000
total liabilities and stockholders' equity	3,909,541,000	3,840,789,000	3,753,912,000	3,661,130,000	3,528,264,000	3,488,469,000				3,144,190,000				2,882,286,000				3,012,721,000				3,069,678,000				3,013,472,000													3,890,376,000															3,618,924,000														2,760,554,000				2,776,067,000		2,755,517,000	2,648,543,000
short-term investments				249,000	590,000	100,000	100,000	100,000	100,000	100,000		250,000	275,000	275,000	275,000	275,000	275,000	275,000				175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000	175,000		500,000	475,000	800,000	800,000	800,000	800,000		800,000	1,100,000	1,100,000	1,100,000	1,500,000	1,500,000	1,100,000	1,100,000	1,100,000	7,359,000	6,519,000	13,715,000	23,202,000	26,142,000	56,954,000	79,043,000	95,302,000	78,334,000	43,146,000	55,096,000	39,326,000	28,268,000	44,956,000	54,414,000	59,834,000	35,485,000	18,589,000	25,596,000	34,790,000	37,721,000	52,199,000	10,989,000	13,557,000	6,576,000
property and equipment at cost		132,631,000			136,245,000	136,021,000	135,383,000	134,622,000
reinsurance receivables and recoverables		238,508,000				230,828,000			239,971,000	223,269,000	211,645,000	194,866,000	162,425,000	170,953,000	155,960,000	135,527,000	134,988,000	127,815,000	121,290,000	124,785,000	163,541,000	160,540,000	199,920,000	127,881,000	98,395,000	72,369,000	57,673,000	52,779,000	56,617,000	66,148,000	58,810,000	63,506,000	68,116,000	73,967,000	70,057,000	87,159,000	80,940,000	71,745,000	73,527,000	74,415,000	73,892,000	83,383,000		84,067,000	81,314,000	85,281,000	100,821,000	104,774,000	120,140,000		147,625,000	152,898,000	150,520,000	128,574,000	126,559,000	124,840,000	104,094,000	48,310,000	39,584,000	40,936,000	56,826,000	53,050,000	50,856,000	60,275,000	47,721,000	48,540,000	43,386,000	45,475,000	44,166,000	48,905,000	46,564,000	53,543,000	60,438,000	60,533,000	65,420,000	126,161,000	139,213,000	35,922,000	35,094,000
equity securities, at fair value										55,019,000				169,106,000				213,401,000				206,685,000				299,203,000																									179,724,000	174,359,000	176,057,000		144,483,000	166,315,000	168,886,000	123,996,000	143,396,000	132,718,000	126,374,000	107,674,000	93,283,000	120,985,000	157,447,000	150,941,000	163,165,000	177,720,000	191,596,000	193,527,000	194,257,000	193,207,000	184,701,000	171,635,000	162,099,000	158,522,000	154,490,000	152,958,000	149,616,000	154,481,000	143,537,000
goodwill and intangible assets						3,906,000																	6,920,000	22,188,000	22,365,000		22,720,000	22,897,000	23,074,000	23,429,000	23,606,000	23,783,000	24,163,000	24,355,000	24,547,000	24,932,000	25,124,000	25,317,000		25,701,000	25,893,000	26,086,000		26,470,000	26,662,000	26,855,000	27,239,000	27,431,000	27,624,000		28,895,000	29,530,000	30,166,000	30,801,000	31,531,000	31,681,000	31,853,000
unearned premiums						621,448,000	650,039,000	633,648,000	586,742,000	549,384,000	560,663,000	537,637,000	490,798,000	474,388,000	488,293,000	477,613,000	446,051,000	439,733,000	458,931,000	474,171,000	461,530,000	464,845,000	499,730,000	530,801,000	520,960,000	505,162,000	528,214,000	539,980,000	510,713,000	508,850,000	517,732,000	476,912,000	490,443,000	502,415,000	467,105,000	468,745,000	475,908,000	436,058,000	415,057,000	428,822,000	431,773,000	398,260,000	378,725,000	390,438,000	395,146,000	360,782,000	354,136,000	354,477,000	326,320,000	311,650,000	324,338,000	330,297,000	304,219,000	288,991,000	300,291,000	302,133,000	281,680,000	222,891,000	211,196,000	206,010,000	225,836,000	233,531,000	222,561,000	216,966,000	233,895,000	239,765,000	234,386,000	224,530,000	237,005,000	244,670,000	235,529,000	231,377,000	244,227,000	246,505,000	230,701,000	222,267,000	235,069,000	241,173,000	231,498,000	230,264,000	245,963,000	251,339,000	236,653,000	231,939,000
equity securities at fair value											51,217,000	129,625,000	159,378,000		149,505,000	163,241,000	194,230,000		200,876,000	196,880,000	193,263,000		198,791,000	207,626,000	206,951,000		292,743,000	283,178,000	269,843,000	276,253,000	260,979,000	280,362,000
liabilities and stockholders' equity
total liabilities and stockholders’ equity							3,546,132,000	3,408,697,000	3,244,635,000		3,051,779,000	3,017,877,000	2,898,403,000		2,818,900,000	2,885,194,000	2,929,997,000		3,010,654,000	3,058,153,000	3,064,967,000		3,048,480,000	3,034,913,000	2,949,646,000		3,014,029,000	3,001,797,000	2,903,999,000	2,830,960,000	2,902,176,000	2,845,364,000	4,190,833,000	4,197,412,000	4,096,985,000	4,107,037,000	4,105,838,000	3,975,992,000		3,876,016,000	3,891,483,000	3,864,251,000		3,825,328,000	3,851,910,000	3,769,249,000	3,723,697,000	3,700,749,000	3,724,690,000		3,737,810,000	3,741,263,000	3,687,342,000		3,604,745,000	3,621,934,000	3,549,529,000	3,056,579,000	3,019,696,000	2,902,544,000	2,970,816,000	2,806,189,000	2,710,869,000	2,687,130,000	2,711,576,000	2,769,158,000	2,779,222,000		2,769,581,000	2,760,480,000	2,769,129,000		2,783,923,000			2,721,924,000	2,765,563,000	2,647,335,000	2,592,804,000	2,570,387,000	2,534,774,000	2,477,168,000	2,454,314,000	2,405,155,000
less: allowance for mortgage loan losses								45,000	46,000	55,000	55,000	55,000	49,000	49,000	65,000	66,000	66,000	71,000	71,000	76,000	76,000	76,000	76,000	76,000	77,000
fixed maturities
available-for-sale, at fair value									1,589,248,000	1,686,502,000	1,638,512,000	1,568,382,000	1,591,169,000	1,551,336,000	1,547,061,000	1,597,284,000	1,651,468,000	1,719,790,000	1,727,601,000	1,781,865,000	1,816,765,000	1,825,438,000	1,717,039,000	1,696,166,000	1,699,359,000	1,719,607,000	1,729,286,000	1,703,319,000	1,730,563,000	1,730,031,000	1,792,019,000	1,563,996,000	1,498,662,000	2,955,079,000	2,932,188,000	2,916,464,000	2,942,364,000	2,855,166,000	2,824,961,000	2,790,417,000	2,811,361,000	2,817,955,000		2,826,643,000	2,824,018,000	2,805,723,000	2,769,082,000	2,764,816,000	2,807,582,000		2,830,707,000	2,800,624,000	2,791,622,000	2,697,248,000	2,670,784,000	2,644,475,000	2,619,909,000	2,283,526,000	2,259,822,000	2,158,391,000	2,123,951,000	2,028,801,000	1,957,298,000	1,898,569,000	1,864,851,000	1,893,322,000	1,814,472,000	1,812,810,000	1,877,138,000	1,812,367,000	1,815,299,000	1,808,228,000	1,802,689,000	1,743,308,000	1,717,133,000	1,777,111,000	1,777,430,000	1,783,533,000	1,716,982,000	1,633,579,000	1,642,498,000
property and equipment									134,354,000	134,247,000	133,887,000	133,950,000	133,259,000	133,113,000	133,064,000	134,886,000	138,721,000	137,702,000	136,196,000	134,650,000	132,273,000	129,874,000	127,990,000	126,036,000	122,646,000	116,989,000	121,288,000	115,853,000	108,223,000	88,882,000	80,128,000	71,929,000	64,520,000	57,726,000	56,231,000	54,994,000	53,236,000	52,340,000	53,241,000	52,882,000	50,112,000	49,705,000		48,040,000	48,001,000	47,974,000	44,579,000	43,647,000	42,328,000		43,105,000	44,098,000	44,888,000	45,644,000	45,044,000	36,929,000	36,480,000	21,815,000	22,187,000	22,278,000	20,400,000	18,081,000	17,480,000	15,275,000	8,381,000	8,558,000	10,259,000		11,423,000	11,798,000	12,022,000		10,699,000	10,767,000	10,954,000	11,150,000	11,522,000	11,998,000	12,260,000	12,942,000	20,106,000	16,893,000	17,707,000	18,094,000
investments
goodwill and net intangible assets										4,615,000				5,324,000				6,034,000				6,743,000				22,542,000													25,509,000
liabilities and stockholders’ equity
stockholders’ equity
total stockholders’ equity											644,937,000	676,365,000	751,795,000		700,795,000	780,903,000	835,625,000		814,529,000	839,475,000	823,599,000		820,282,000	860,667,000	833,144,000		964,168,000	968,303,000	955,191,000	884,216,000	964,600,000	970,693,000	944,048,000	962,588,000	960,385,000	959,180,000	961,031,000	929,169,000		845,460,000	831,940,000	844,233,000		808,434,000	826,266,000	808,107,000	744,227,000	734,383,000	758,142,000	729,177,000	753,822,000	735,362,000	719,390,000		685,457,000	704,773,000	718,390,000	705,935,000	698,463,000	672,735,000	680,792,000	653,183,000	635,259,000	641,741,000	684,192,000	726,425,000	759,329,000		749,201,000	733,624,000	715,285,000		661,521,000			500,212,000	562,436,000	565,996,000	469,659,000	452,210,000	431,249,000	396,429,000	396,935,000	373,926,000
deferred tax liability																	7,253,000	26,753,000	18,097,000	24,512,000	24,412,000	24,929,000	16,511,000	14,499,000	4,668,000	20,586,000	24,247,000	20,122,000
short-term investments available-for-sale, at fair value																			175,000	801,000	804,000
trading securities, at fair value																							14,811,000	11,223,000	11,208,000	15,256,000	16,880,000	17,143,000	16,409,000	14,399,000	14,705,000	15,379,000	13,673,000	15,828,000	14,971,000	13,253,000	12,558,000	13,000,000	12,622,000	12,918,000	16,388,000	16,793,000		17,441,000	18,305,000	16,095,000	9,977,000	12,551,000	13,738,000		14,498,000	14,249,000	15,230,000	13,454,000	13,916,000	15,058,000	13,323,000	9,454,000	11,693,000	12,613,000	10,994,000	11,247,000	10,405,000	8,055,000	7,358,000	9,555,000	14,153,000	10,793,000	10,998,000	14,271,000	11,916,000	11,577,000	9,784,000	9,921,000	9,107,000	4,881,000	7,216,000	6,462,000	12,030,000	10,518,000	7,026,000
future policy benefits and losses, claims and loss settlement expenses
fixed maturities - sum																										2,155,099,000	2,125,385,000	2,087,961,000	2,092,128,000	2,076,186,000																																								2,147,198,000		2,133,342,000	2,141,344,000	2,076,477,000	2,056,076,000	2,091,630,000	2,077,644,000	2,093,770,000	2,037,268,000	1,964,260,000		1,958,910,000	1,880,505,000	1,832,099,000
deferred income liability																													11,036,000
held-to-maturity, at amortized cost																															150,000	150,000	150,000	192,000	195,000	652,000	658,000	664,000	672,000	289,000	356,000	366,000		413,000	630,000	644,000	1,102,000	1,477,000	1,638,000		1,847,000	3,864,000	4,072,000	4,143,000	5,330,000	5,664,000	5,859,000	8,017,000	8,629,000	9,605,000	11,906,000	12,513,000	13,027,000	15,177,000	16,038,000	17,873,000	19,360,000	27,343,000	28,688,000	30,085,000	39,613,000	44,663,000	51,750,000	56,497,000	64,999,000	72,765,000	77,065,000	82,835,000	83,690,000	87,480,000	93,470,000	100,832,000	114,044,000	125,122,000
assets held for sale																																	1,592,846,000
deferred income taxes																														1,056,000		1,386,000	24,707,000	48,466,000	40,620,000	43,787,000	45,105,000	29,688,000	14,653,000	12,920,000	14,785,000	28,387,000		30,895,000	37,866,000	28,458,000	6,213,000	6,099,000	26,826,000		32,464,000	25,252,000	19,234,000	13,624,000	8,288,000	13,828,000	15,179,000	17,715,000	18,929,000			6,723,000	15,110,000	8,297,000	7,995,000	19,970,000	33,398,000	39,530,000	43,110,000	40,511,000	45,988,000	43,964,000	42,032,000	32,898,000	33,138,000	36,152,000	35,891,000	40,230,000	34,797,000	43,607,000	43,772,000	34,264,000	43,928,000	40,360,000
liabilities held for sale																																	1,363,737,000
income taxes payable																															5,539,000	17,581,000						5,645,000	4,917,000			8,802,000				1,948,000		1,567,000																			978,000				10,491,000								14,048,000	1,111,000			3,921,000
equity securities
policy loans																																		5,499,000	5,396,000	5,300,000	5,282,000	5,348,000	5,618,000	5,569,000	5,702,000	5,792,000		6,046,000	6,200,000	6,177,000	6,361,000	6,369,000	6,566,000		7,308,000	7,393,000	7,168,000	7,209,000	7,191,000	7,328,000	7,289,000	7,504,000	7,699,000	7,947,000	7,977,000	7,705,000	7,734,000	7,808,000	7,647,000	7,507,000	7,560,000	7,622,000	7,622,000	7,679,000	7,723,000	7,833,000	8,104,000	8,014,000	8,043,000	8,193,000	8,171,000	8,226,000	8,125,000	8,222,000	8,078,000	7,819,000	7,791,000	8,068,000
property and casualty insurance																																		1,180,478,000	1,140,719,000	1,090,167,000	1,054,548,000	1,016,082,000	1,003,895,000	1,005,997,000	999,032,000	975,468,000	969,437,000	1,004,593,000	981,927,000	974,246,000	978,174,000	968,493,000	971,239,000	971,911,000	965,685,000	960,291,000	954,860,000	945,051,000	952,476,000	949,668,000	913,336,000	601,527,000	602,139,000	606,045,000	597,021,000	592,853,000	577,415,000	586,109,000	553,928,000	526,480,000	489,195,000	496,083,000	491,212,000	485,926,000	494,523,000	518,886,000	521,887,000	522,791,000	564,021,000	620,100,000	583,913,000	461,859,000	458,019,000	464,889,000	453,739,000	439,136,000	434,688,000	427,047,000
life insurance																																		1,329,855,000	1,342,966,000	1,355,639,000	1,364,307,000	1,367,327,000	1,372,358,000	1,375,029,000	1,389,430,000	1,419,310,000	1,447,764,000	1,459,748,000	1,470,647,000	1,471,584,000	1,472,209,000	1,476,569,000	1,484,362,000	1,498,176,000	1,508,998,000	1,504,178,000	1,493,772,000	1,476,281,000	1,459,838,000	1,419,797,000	1,399,136,000	1,354,009,000	1,336,843,000	1,321,600,000	1,289,719,000	1,248,442,000	1,197,144,000	1,167,665,000	1,169,258,000	1,187,581,000	1,189,494,000	1,184,977,000	1,192,441,000	1,198,869,000	1,212,837,000	1,233,342,000	1,243,899,000	1,260,381,000	1,277,024,000	1,285,635,000	1,286,336,000	1,280,478,000	1,271,925,000	1,255,708,000	1,244,853,000	1,233,784,000	1,222,324,000	1,210,822,000
consolidated balance sheet data:
total cash and investments																																											3,261,535,000							3,151,829,000
net unrealized investment gains, after tax																																											149,623,000							144,096,000
repurchase of united fire group, inc. common stock																																											-12,942,000							-7,301,000
book value per share																																											32,670							28,900
consolidated income statement data:
revenues
net premiums written																																											866,120,000							720,881,000
net premiums earned																																											828,330,000							694,994,000
investment income, net of investment expenses																																											104,609,000							111,905,000
net realized investment gains																																											7,270,000							5,453,000
other income																																											1,685,000							891,000
consolidated revenues																																											941,894,000							813,243,000
amortization of deferred policy acquisition costs																																											167,449,000							141,834,000
other underwriting expenses																																											94,871,000							81,125,000
net income																																											59,137,000							40,212,000
property and casualty insurance segment data:
combined ratio																																											97,800							101,200
life insurance segment data:
earnings per share data:
basic earnings per common share																																											2,340							1,580
diluted earnings per common share																																											2,320							1,580
other supplemental data:
cash dividends declared per common share																																											780							600
debt																																																				45,000,000	45,000,000	45,000,000	53,000,000	82,900,000	82,900,000
trust preferred securities																																																					7,579,000	15,626,000	15,622,000	15,618,000	15,614,000
equity securities, at fair value (cost 68,559 in 2011 and 54,139 in 2010																																																						159,451,000
common stock																																																							85,009,000	86,267,000	87,318,000	87,737,000	87,889,000	88,443,000	88,640,000	88,640,000	88,638,000	88,747,000	89,267,000	90,095,000	90,638,000		91,582,000	92,208,000	92,175,000		92,108,000	92,108,000	78,673,000	78,658,000	78,655,000	78,647,000	67,956,000	67,109,000	33,547,000	33,523,000	33,519,000	33,475,000
securities lending collateral																																																										75,013,000	78,769,000		89,035,000
securities lending payable																																																										75,013,000	78,769,000		89,035,000
future policy benefits and losses, claims and loss settlement expenses:
realized investment gains
benefits, losses and expenses
increase in liability for future policy benefits
interest on policyholders’ accounts
income before income taxes
federal income tax expense
weighted-average common shares outstanding
property and equipment (primarily land and buildings, at cost, less accumulated
depreciation of 30,198 in 2007 and 27,320 in 2006)																																																																				10,794,000
27,648,993 shares issued and outstanding in 2007 and 2006, respectively																																																																				90,653,000
depreciation of 27,320 in 2006 and 25,722 in 2005)																																																																								12,663,000
and outstanding in 2006 and 23,597,773 shares issued and outstanding in 2005																																																																								92,163,000
redeemable preferred stock
6.375% cumulative convertible preferred stock — series a, no par value
6.375% cumulative convertible preferred stock - series a, no par value																																																																															61,997,000		65,703,000	65,627,000	65,541,000
future policy benefits and losses, claims and settlement expenses
intangibles																																																																																790,000	805,000	738,000	776,000	1,362,000
6.375% cumulative convertible preferred stock—series a, no par value																																																																																65,789,000
available-for-sale, at market																																																																																		1,648,720,000	1,574,353,000	1,519,401,000
equity securities, at market																																																																																		135,985,000	130,909,000	128,889,000
trading securities, at market																																																																																		6,581,000
trading, at market																																																																																			6,613,000	8,099,000
6.375% cumulative convertible preferred stock – series a, no par value																																																																																				65,456,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31

cash flows from operating activities
net income	30,052,000	38,354,000	39,190,000	22,947,000	17,700,000	31,442,000	19,748,000	-2,735,000	13,502,000	19,608,000	6,380,000	-56,382,000	694,000	20,120,000	-22,981,000	-10,457,000	28,349,000	57,735,000	-9,593,000	13,750,000	18,702,000	-8,891,000	-37,241,000	5,960,000	-72,534,000	-23,163,000	-2,342,000	-4,196,000	44,521,000	11,070,000	157,000	45,759,000	-17,864,000	2,958,000	19,936,000	12,368,000	3,114,000	22,427,000	30,895,000	19,534,000	15,018,000	23,679,000	325,000	10,685,000	13,331,000	11,725,000	15,496,000	22,393,000	8,730,000	14,716,000	19,184,000	16,891,000	-4,776,000	-17,914,000	5,810,000	15,394,000	19,392,000	1,779,000	-10,156,000	-5,334,000	3,270,000	-14,842,000	-16,826,000	-1,523,000	20,127,000		19,071,000	31,252,000	34,610,000	29,266,000	22,426,000	22,942,000	13,451,000	-58,428,000	7,955,000	26,917,000	32,600,000	18,606,000	21,685,000	20,055,000	18,471,000
adjustments to reconcile net income to net cash from operating activities
net accretion of bond premium	216,000	405,000	346,000	540,000	259,000	610,000	860,000	1,396,000	1,665,000	1,854,000	1,747,000	1,694,000	1,797,000	2,031,000	1,868,000	2,195,000	2,906,000	3,051,000	3,343,000	3,617,000	3,586,000	2,725,000	2,218,000	2,493,000	3,008,000	2,298,000	2,035,000	2,276,000	2,763,000	2,194,000	2,146,000	2,178,000	-1,194,000	3,956,000	3,901,000	3,807,000	3,629,000	3,447,000	3,211,000	3,408,000	3,424,000	3,702,000	3,384,000	3,900,000	3,701,000	3,726,000	4,008,000	3,981,000	3,782,000	3,607,000	3,520,000	3,928,000	3,942,000	2,063,000	1,705,000	1,057,000	834,000
depreciation and amortization	2,926,000	2,957,000	2,821,000	2,496,000	2,496,000	2,588,000	2,496,000	3,148,000	2,672,000	2,667,000	2,659,000	2,536,000	2,646,000	-409,000	4,668,000	1,743,000	1,668,000	1,683,000	1,712,000	1,547,000	1,628,000	1,647,000	1,691,000	1,682,000	1,636,000	6,956,000	1,617,000	1,452,000	1,166,000	1,699,000	1,157,000	1,159,000	1,168,000	1,168,000	1,165,000	1,700,000	1,553,000	1,626,000	-1,233,000	4,472,000	1,616,000	1,618,000	1,692,000	1,462,000	2,295,000	1,190,000	1,145,000	1,785,000	2,318,000	1,386,000	2,285,000	3,024,000	851,000	1,002,000	706,000	720,000	735,000	838,000	890,000	906,000	899,000	980,000	918,000	821,000	897,000		912,000	878,000	874,000	757,000	780,000	991,000	950,000	990,000	926,000	918,000	913,000	982,000	937,000	990,000	1,000,000
stock-based compensation expense	2,617,000	3,014,000	2,316,000	1,941,000	1,758,000	1,719,000	1,087,000	1,555,000	1,156,000	122,000	949,000	1,099,000	1,076,000	236,000	828,000	783,000	979,000	370,000	959,000	1,106,000	1,009,000	1,013,000	1,052,000	1,293,000	1,634,000	904,000	1,203,000	1,357,000	2,688,000	1,322,000	1,437,000	1,281,000	1,202,000	1,210,000	1,044,000	866,000	888,000	977,000	693,000	617,000	647,000	553,000	501,000	507,000	437,000	618,000	407,000	411,000	402,000	520,000	396,000	445,000	445,000	450,000	489,000	431,000	447,000	396,000	421,000	409,000	858,000	478,000	478,000	433,000	391,000		329,000	398,000	350,000
net investment losses	478,000	1,772,000	609,000	1,107,000	793,000	1,498,000	1,731,000	1,381,000	1,291,000	-3,931,000	2,072,000	-1,247,000	1,559,000		14,250,000	20,932,000	465,000
deferred income tax expense	5,511,000		1,141,000	-4,309,000	-2,061,000		1,118,000	-2,559,000	-7,170,000		-5,200,000	-4,251,000	-2,182,000		-2,622,000																														-1,559,000	-2,256,000	-2,556,000	460,000			5,011,000				117,000	663,000	2,313,000					-4,461,000	-5,126,000	-1,141,000	-1,024,000		-573,000	-184,000	870,000	5,345,000	224,000	1,540,000	2,854,000	55,000	164,000	232,000	260,000
changes in:
accrued investment income	1,352,000	-2,317,000	392,000	-877,000	354,000	274,000	474,000	-218,000	-391,000	1,335,000	-2,531,000	658,000	-916,000	689,000	-1,090,000	-144,000	-539,000	551,000	-121,000	836,000	-47,000	413,000	-543,000	708,000	-11,000	422,000	-404,000	1,283,000	-709,000	-1,157,000	-633,000	-1,242,000	-820,000	2,604,000	-3,078,000	-2,106,000	1,924,000	-1,689,000	1,157,000	-1,103,000	1,819,000	-1,020,000	-366,000	1,527,000	-763,000	317,000	698,000	296,000	1,521,000	-187,000	-344,000	-400,000	392,000	107,000	400,000	628,000	-1,389,000	701,000	-537,000	0	-1,012,000	2,152,000	-1,925,000	542,000	-187,000		-957,000	356,000	-37,000	79,000	-1,470,000	2,394,000	846,000	-45,000	-2,048,000	-303,000	-668,000	681,000	358,000	-2,264,000	852,000
premiums receivable	-48,458,000	22,918,000	-8,178,000	-60,017,000	-1,842,000	158,082,000	-24,362,000	-66,276,000	-53,454,000	10,841,000	-11,946,000	-65,296,000	-32,661,000	8,612,000	-1,335,000	-38,116,000	-18,119,000	8,301,000	9,195,000	-5,878,000	-11,097,000	34,858,000	24,658,000	-13,606,000	-5,570,000	29,985,000	15,270,000	-37,701,000	-18,361,000	949,000	-41,235,000	-10,494,000	10,456,000	-37,438,000	-18,226,000	8,609,000	-37,089,000	-26,245,000	19,141,000	7,148,000	-33,850,000	-19,926,000	9,514,000	-31,670,000	-17,789,000	3,899,000	-29,726,000	-19,631,000	7,613,000	-24,297,000	-14,560,000	13,639,000	3,520,000	-20,779,000	-8,447,000	-12,762,000	-4,153,000	18,530,000	7,994,000	-12,145,000	-7,540,000	13,890,000	9,348,000	-18,761,000	-17,713,000		7,202,000	-12,287,000	-5,178,000	10,615,000	5,030,000	-18,886,000	-7,793,000	12,370,000	5,572,000	-11,963,000	-2,870,000	10,262,000	4,129,000	-11,568,000	-4,378,000
deferred policy acquisition costs	-4,544,000	6,262,000	-2,470,000	-10,126,000	-4,626,000	1,814,000	-4,994,000	-8,834,000	-8,678,000	-1,240,000	-2,643,000	-15,160,000	-3,264,000	2,151,000	-2,286,000	-8,328,000	-4,316,000	3,614,000	1,226,000	-8,331,000	-861,000	7,129,000	3,343,000	-3,231,000	-43,000	4,208,000	3,063,000	-5,672,000	-3,095,000	-75,000	-5,229,000	-1,734,000	3,038,000	-4,915,000	-2,238,000	2,176,000	-7,428,000	-3,579,000	-281,000	-2,327,000	-8,224,000	-6,333,000	924,000	-9,019,000	-2,124,000	-1,352,000	-371,000	-2,917,000	175,000	-6,046,000	1,526,000	13,948,000	4,134,000	-4,654,000	-1,719,000	-3,930,000	-3,364,000	5,325,000	1,471,000	-2,065,000	-1,927,000	6,514,000	1,426,000	399,000	-1,322,000		-410,000	-1,530,000	-591,000	-2,025,000	711,000	-4,676,000	-714,000	-2,445,000	2,379,000	-2,998,000	87,000	6,022,000	-2,448,000	-2,616,000	1,280,000
reinsurance receivables	8,499,000	-5,376,000	14,689,000	-15,601,000	-1,392,000	19,214,000	-6,054,000	-4,017,000	-16,702,000	-11,624,000	-16,779,000	-32,441,000	8,528,000	-14,993,000	-20,433,000	-539,000	-7,173,000	-6,525,000	3,495,000	38,756,000	-3,001,000	39,380,000	-72,039,000	-29,486,000	-26,026,000	-14,696,000	-4,894,000	3,838,000	4,720,000	-7,338,000	4,696,000	-312,000	-855,000	-3,910,000	-644,000	-6,219,000	-9,195,000	1,782,000	888,000	-523,000	9,491,000	3,427,000	-2,753,000	3,967,000	2,170,000	3,953,000	15,366,000	-5,741,000	5,273,000	-1,125,000	-23,199,000	-16,122,000	-1,644,000	-6,713,000	830,000	-8,726,000	1,352,000	15,890,000	-3,776,000	-2,194,000	9,419,000	-12,554,000	819,000	-5,154,000	2,089,000		4,739,000	-2,341,000	6,979,000	6,895,000	95,000	4,887,000	60,741,000	13,052,000	-103,291,000	-828,000	-2,609,000	-889,000	-1,732,000	663,000	-64,000
prepaid reinsurance premiums	2,059,000	-23,000	7,403,000	4,400,000	755,000	-2,879,000	-9,114,000	-8,291,000	3,074,000	-6,257,000	-8,455,000	-2,401,000	731,000	842,000	-1,519,000	-1,759,000	464,000	-16,000	3,039,000	1,062,000	-448,000	-681,000	2,222,000	-2,817,000	-2,139,000	-1,600,000	162,000	-606,000	-443,000	-954,000	-900,000	-253,000	145,000	-125,000	-59,000	151,000	-41,000	-322,000	108,000	76,000	-47,000	-295,000	58,000	-140,000	-470,000	98,000	-318,000	-255,000	153,000	226,000	2,650,000	1,110,000	1,176,000	-467,000	-135,000	-28,000	-58,000	181,000	0	-71,000	-224,000	166,000	293,000	558,000	69,000		205,000	1,264,000	1,521,000	484,000	-1,616,000	-1,158,000	-273,000	85,000	-77,000	74,000	25,000	18,000	169,000	306,000	-10,000
income taxes receivable	532,000	2,159,000	3,297,000	1,909,000	6,284,000	2,410,000	3,009,000	-8,076,000	9,939,000	15,006,000	6,381,000	-12,906,000	1,474,000	8,175,000	-5,945,000	-18,974,000	17,704,000	36,696,000	-6,806,000	3,940,000	-14,000	-8,806,000	-19,014,000	-4,034,000	-15,150,000	-7,184,000	-2,884,000	-4,734,000	10,647,000	-10,269,000	0	6,031,000	-13,848,000	2,142,000	4,631,000	609,000				4,114,000			-1,068,000	-3,891,000	1,786,000	-2,924,000	2,386,000	14,150,000	-1,329,000	8,362,000	3,926,000		-2,442,000	-5,047,000	1,018,000	-5,971,000	17,435,000		-8,163,000																			1,352,000	658,000	-2,010,000	4,574,000
other assets	-2,294,000	2,493,000	-11,816,000	2,653,000	11,769,000	-9,947,000	-4,451,000	77,150,000	-65,029,000	-32,807,000	-1,348,000	-139,000	-109,000	-14,894,000	9,202,000	12,324,000	-14,768,000	-35,409,000	1,916,000	-3,263,000	-7,109,000	4,325,000	-2,454,000	-2,036,000	-7,126,000	5,673,000	1,061,000	2,328,000	-21,034,000	-121,000	-206,000	104,000	-860,000	279,000	-777,000	498,000	1,287,000	-1,240,000	827,000	-1,757,000	893,000	-697,000	-217,000	-1,625,000	2,324,000	-1,048,000	169,000	1,013,000	616,000	1,268,000	2,691,000	11,132,000	-356,000	-7,161,000	6,355,000	217,000	1,642,000	-26,370,000	28,762,000	-588,000	47,000	27,813,000	-400,000	-30,171,000	-630,000		-1,757,000	-1,185,000	-415,000	8,038,000	-613,000	-510,000	-891,000	-574,000	-1,163,000	-363,000	-2,288,000	764,000	-544,000	-1,808,000	3,256,000
losses and loss settlement expenses	45,431,000		21,936,000	43,672,000	19,677,000		39,202,000	64,854,000	52,130,000		22,086,000	115,441,000	2,117,000		4,680,000	-28,163,000	-26,274,000		-803,000	-44,572,000	34,894,000		77,394,000	39,284,000	16,651,000		18,873,000	38,170,000	-8,987,000	37,230,000	20,866,000	-4,202,000
unearned premium	31,251,000	-31,219,000	-8,246,000	55,444,000	22,783,000
accrued expenses and other liabilities	-19,584,000	36,116,000	-3,646,000	4,970,000	-39,568,000	-22,408,000	21,844,000	-5,216,000	7,212,000	34,510,000	19,449,000	31,856,000	-14,859,000	11,569,000	-5,405,000	10,277,000	-3,469,000	23,778,000	-2,271,000	7,039,000	-26,116,000	-10,722,000	6,691,000	-140,000	-1,958,000	-1,162,000	6,259,000	9,287,000	1,275,000	-13,037,000	16,308,000	-6,925,000	-29,730,000	29,772,000	-12,472,000	-14,049,000	14,288,000	-7,205,000	3,284,000	-14,868,000	36,598,000	-20,919,000	-8,070,000	16,702,000	-17,785,000	11,492,000	2,603,000	-5,068,000	12,808,000	-673,000	5,721,000	-18,291,000	-3,698,000	13,986,000	11,507,000	6,592,000	-10,969,000	9,153,000	-3,845,000	589,000	4,157,000	-279,000	-6,337,000	-3,145,000	8,800,000		24,000	2,771,000	-12,988,000	-18,311,000	3,857,000	25,181,000	-16,239,000	-4,360,000	4,319,000	6,921,000	-5,936,000	7,302,000	-5,086,000	6,277,000	-5,281,000
income taxes payable	1,412,000																														-12,042,000	17,581,000				0	-5,645,000	728,000	4,917,000	0	-8,802,000	3,790,000			1,948,000																															-13,894,000	13,047,000				3,921,000
other	-828,000	-18,000	1,063,000	2,241,000	535,000	-1,532,000	-2,527,000	1,162,000	1,206,000	-1,737,000	-732,000	3,720,000	1,650,000	935,000	2,957,000	3,789,000	247,000	-213,000	860,000	-1,752,000	-6,532,000	-5,594,000	4,776,000	-700,000	11,120,000	-1,711,000	1,507,000	558,000	-1,628,000	2,698,000	-455,000	1,708,000	280,000	1,387,000	253,000	-3,543,000	-589,000	2,063,000	-1,939,000	246,000	-1,809,000	342,000	2,607,000	-1,937,000	-1,038,000	-980,000	-2,865,000	31,000	-1,242,000	-931,000	-1,200,000	-1,023,000	2,639,000	262,000	-748,000	-688,000	194,000	-166,000	-305,000	-592,000	1,545,000	1,369,000	2,377,000	1,112,000	1,137,000		510,000	503,000	-106,000	-827,000	-98,000	220,000	292,000	251,000	198,000	301,000	353,000	-582,000	491,000	361,000	1,162,000
net cash from operating activities	56,628,000	119,832,000	60,847,000	53,390,000	35,674,000	156,354,000	56,458,000	91,331,000	36,161,000	22,230,000	111,642,000	44,650,000	-6,786,000	28,542,000	-13,919,000	-17,469,000	1,595,000	11,729,000	-16,642,000	15,320,000	19,510,000	54,303,000	-17,100,000	6,719,000	-2,487,000	37,587,000	19,889,000	25,573,000	10,703,000	3,567,000	42,073,000	23,574,000	4,162,000	72,927,000	39,207,000	46,992,000	45,751,000	35,326,000	65,591,000	33,151,000	77,403,000	13,853,000	32,151,000	36,702,000	18,491,000	47,622,000	38,661,000	31,744,000	50,201,000	39,260,000	35,885,000	19,845,000	13,796,000	9,522,000	31,268,000	13,751,000	29,716,000	48,594,000	15,064,000	27,562,000	9,189,000	12,685,000	15,298,000	-13,597,000	29,518,000		28,372,000	3,670,000	25,727,000	23,271,000	33,159,000	11,470,000	36,557,000	-40,672,000	35,385,000	27,565,000	31,412,000	40,438,000	33,395,000	25,933,000	42,924,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-3,466,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-726,000	-54,000	-347,000		0	0	0	0	0	0	0	0	0	0	0	0	-4,176,000	-146,000	-578,000
free cash flows	56,628,000	119,832,000	60,847,000	53,390,000	35,674,000	156,354,000	56,458,000	91,331,000	36,161,000	22,230,000	111,642,000	44,650,000	-6,786,000	28,542,000	-13,919,000	-17,469,000	1,595,000	11,729,000	-16,642,000	15,320,000	19,510,000	54,303,000	-20,566,000	6,719,000	-2,487,000	37,587,000	19,889,000	25,573,000	10,703,000	3,567,000	42,073,000	23,574,000	4,162,000	72,927,000	39,207,000	46,992,000	45,751,000	35,326,000	65,591,000	33,151,000	77,403,000	13,853,000	32,151,000	36,702,000	18,491,000	47,622,000	38,661,000	31,744,000	50,201,000	39,260,000	35,885,000	19,845,000	13,796,000	9,522,000	31,268,000	13,751,000	29,716,000	48,594,000	15,064,000	27,562,000	9,189,000	12,685,000	14,572,000	-13,651,000	29,171,000		28,372,000	3,670,000	25,727,000	23,271,000	33,159,000	11,470,000	36,557,000	-40,672,000	35,385,000	27,565,000	31,412,000	40,438,000	29,219,000	25,787,000	42,346,000
cash flows from investing activities
proceeds from sale of available-for-sale investments	67,642,000	1,111,000	95,625,000	0	24,318,000	94,392,000	163,380,000	145,621,000	88,378,000	28,639,000	4,940,000	33,941,000	9,868,000	150,000	18,399,000			9,877,000	53,973,000	16,982,000	99,682,000	33,837,000	0	4,997,000	11,910,000	5,270,000	0	0	36,490,000	105,871,000			-1,671,000	0	5,059,000	2,007,000	1,074,000	1,968,000	3,315,000	0	3,211,000	5,017,000	3,081,000			17,036,000	3,161,000	2,810,000	-1,409,000	10,412,000	3,000,000	17,625,000	504,000	16,520,000	4,847,000	2,799,000	603,000	2,012,000	3,060,000	311,000	8,049,000	3,163,000	2,641,000				0	0	2,846,000	1,646,000	0	0	754,000	1,791,000	1,113,000			900,000	5,152,000	1,201,000	4,288,000
proceeds from call and maturity of available-for-sale investments	80,825,000	81,388,000	66,148,000	61,412,000	49,821,000	42,578,000	69,103,000	32,405,000	34,719,000	33,684,000	18,361,000	7,612,000	20,424,000	38,592,000	41,269,000	38,942,000	65,407,000	49,535,000	61,135,000	80,950,000	72,617,000	79,543,000	79,729,000	90,733,000	68,976,000	59,037,000	94,654,000	73,084,000	38,740,000	41,186,000	30,331,000	30,320,000	-13,214,000	76,104,000	71,613,000	116,531,000	168,849,000	142,629,000	131,363,000	153,192,000	201,348,000	172,825,000	141,716,000	145,771,000	103,480,000	131,892,000	111,125,000	127,514,000	131,285,000	153,049,000	149,285,000	125,043,000	122,237,000	118,788,000	197,447,000	106,020,000	86,868,000	102,403,000	68,546,000	94,046,000	83,586,000	91,231,000	33,430,000	75,647,000	157,940,000		50,177,000	83,993,000	60,571,000	87,755,000	63,171,000	41,655,000	70,957,000	76,289,000	45,665,000	37,943,000	71,081,000	39,502,000	93,726,000	40,630,000	46,445,000
proceeds from sale of other investments	154,000		1,758,000	2,937,000	3,148,000		1,516,000	1,358,000	4,739,000		1,371,000	1,139,000	972,000		861,000	801,000	1,581,000		1,402,000	1,593,000	621,000		2,641,000
purchase of available-for-sale investments	-181,361,000	-267,747,000	-205,654,000	-75,875,000	-110,957,000																				-57,182,000	-61,909,000	-107,128,000	-19,393,000	-25,007,000	-102,023,000	-290,518,000	-93,115,000	11,901,000	-70,399,000	-103,623,000	-107,943,000	-213,875,000	-124,338,000	-193,265,000	-118,021,000	-250,145,000	-133,920,000	-161,918,000	-138,205,000	-131,989,000	-173,348,000	-152,971,000	-142,615,000	-142,429,000	-162,483,000	-252,345,000	-162,270,000	-140,084,000	-137,885,000	-154,923,000	-112,712,000	-165,250,000	-152,731,000	-98,182,000	-122,215,000	-129,264,000	-121,708,000	-60,837,000	-192,454,000	-159,669,000		-96,957,000	-105,868,000	-62,454,000	-105,786,000	-89,534,000	-95,790,000	-39,063,000	-91,728,000	-71,064,000	-83,822,000	-187,412,000	-35,501,000	-58,658,000	-176,008,000	-84,601,000
purchase of other investments	-10,255,000		-11,383,000	-17,090,000	-11,986,000		-1,062,000	-1,722,000	-1,494,000		-2,388,000	-5,321,000	-7,190,000		-2,103,000	-1,747,000	-1,597,000		-1,358,000	-2,240,000	-2,423,000		-1,252,000
net purchases and sales of property and equipment	-384,000	-655,000	-1,558,000	-1,738,000	-2,495,000	-2,940,000	-3,090,000	-3,237,000	-2,603,000	-2,849,000	-2,420,000	-3,002,000	-2,615,000	538,000	-3,372,000	3,207,000	-2,510,000	-3,044,000	-3,338,000	-3,746,000	-3,848,000				-7,144,000	-4,630,000	-6,876,000	-8,903,000	-12,017,000	-10,748,000	-9,161,000	-3,851,000	-7,769,000	-2,469,000	-1,392,000	-3,265,000	-2,256,000	-569,000	1,067,000	-7,052,000	-1,830,000	-1,881,000	-1,538,000	-1,294,000	-2,860,000	-1,930,000	-2,273,000	-386,000	-534,000	36,000	-893,000	-7,282,000	-10,252,000	3,586,000	-100,000	-331,000	-629,000	-2,718,000	-3,195,000	-1,568,000	-3,094,000						-525,000	-638,000	-218,000	-2,743,000	-697,000	-791,000	-741,000	-558,000	-449,000	-671,000	-234,000
net cash from investing activities	-43,379,000	-192,394,000	-55,064,000	-30,354,000	-48,151,000	-149,415,000	-8,468,000	-218,484,000	83,880,000	14,775,000	-118,148,000	-14,012,000	-32,501,000	19,143,000	-20,785,000	2,532,000	-20,061,000	-8,627,000	35,659,000	36,381,000	-31,682,000	-112,707,000	-21,291,000	26,893,000	14,234,000	-35,088,000	-23,011,000	35,174,000	27,426,000	30,168,000	-253,831,000	226,154,000	20,404,000	3,463,000	-28,228,000	5,483,000	-45,994,000	20,487,000	-58,716,000	27,514,000	-49,046,000	43,962,000	-18,585,000	6,395,000	-31,746,000	-26,186,000	-40,997,000	-13,151,000	-14,490,000	-191,000	-101,238,000	-27,209,000	-24,201,000	-14,000	-123,768,000	112,000	-156,262,000	38,148,000	-111,154,000	-21,704,000	-35,379,000	-6,610,000	3,245,000	-98,541,000	-5,349,000		-34,287,000	-22,057,000	-6,692,000	12,482,000	-26,805,000	-30,873,000	15,077,000	-27,103,000	-12,558,000	-33,938,000	-110,145,000	39,248,000	11,317,000	-133,498,000	-28,253,000
cash flows from financing activities
issuance of common stock	-2,439,000	-760,000	985,000	-486,000	-732,000	758,000	-40,000	-114,000	-256,000	-67,000	-5,000	-122,000	-96,000	-18,000	-182,000	1,377,000	-349,000	-9,000	0	76,000	-488,000	497,000	-6,000	193,000	-755,000	344,000	388,000	895,000	750,000	597,000	3,501,000	2,293,000	753,000	963,000	1,244,000	1,011,000	1,393,000	4,745,000	2,817,000	1,304,000	1,022,000	353,000	325,000	634,000	823,000	1,610,000	862,000	603,000	359,000	358,000	43,000	69,000	0			22,000	1,000	7,000	0	12,000	7,000			82,000	36,000		247,000	202,000	64,000	299,000	-482,000							52,000	227,000	42,000	305,000
payment of cash dividends	-5,113,000	-4,083,000	-4,082,000	-4,079,000	-4,062,000	-4,058,000	-4,055,000	-4,053,000	-4,046,000	-4,042,000	-4,043,000	-4,042,000	-4,037,000	-4,034,000	-4,031,000	-4,028,000	-3,767,000	-3,762,000	-3,763,000	-3,772,000	-3,767,000	-3,749,000	-8,261,000	-8,267,000	-8,249,000	-8,256,000	-8,284,000	-8,325,000	-7,797,000	-82,919,000	-7,756,000	-6,960,000	-6,984,000	-7,013,000	-6,367,000	-6,348,000	-6,345,000	-5,553,000	-5,634,000	-5,521,000	-5,506,000	-4,997,000	-5,042,000	-5,063,000	-4,567,000	-4,568,000	-4,556,000	-3,786,000	-3,814,000	-3,815,000	-3,826,000	-3,825,000	-3,842,000	-3,911,000	-3,929,000	-3,955,000	-3,955,000	-3,980,000	-3,989,000	-3,988,000	-3,994,000			-4,084,000	-4,079,000		-3,736,000	-3,734,000	-3,733,000	-3,732,000	-3,316,000	-3,316,000	-2,832,000	-2,832,000	-2,831,000	-2,833,000	-3,517,000	-3,516,000	-5,120,000	-3,111,000	-3,111,000
net cash from financing activities	-7,552,000	-4,843,000	25,805,000	-4,565,000	-4,794,000	-3,361,000	-4,049,000	62,798,000	-4,302,000	-4,109,000	-4,048,000	-4,164,000	-4,133,000	-4,052,000	-4,213,000	-2,651,000	-4,116,000	-3,770,000	-4,764,000	-4,696,000	-4,262,000	46,748,000	-8,267,000	-8,074,000	-11,745,000	-11,485,000	-15,954,000	-7,499,000	-7,047,000	-82,322,000	-4,255,000	-21,618,000	-25,626,000	-39,625,000	-28,176,000	-31,231,000	-24,038,000	-18,281,000	-24,487,000	-29,986,000	-46,295,000	-37,069,000	-31,910,000	-21,484,000	-10,275,000	-15,534,000	-18,823,000	-24,111,000	-55,123,000	-11,091,000	-5,174,000	-2,586,000	-12,532,000	2,134,000	78,215,000	-1,244,000	79,914,000	-72,214,000			22,754,000	-15,284,000	-37,069,000	-19,021,000	-8,258,000		-21,114,000	-20,173,000	-25,851,000			82,998,000	-21,661,000	-9,259,000	-5,324,000	-3,391,000	5,244,000	1,082,000	-1,175,000	4,978,000	4,122,000
net change in cash and cash equivalents	5,697,000	-77,405,000	31,588,000	18,471,000	-17,271,000	3,578,000	43,941,000	-64,355,000	115,739,000	32,896,000	-10,554,000	26,474,000	-43,420,000	43,633,000	-38,917,000	-17,588,000	-22,582,000	-668,000	14,253,000	47,005,000	-16,434,000	-11,656,000	-46,658,000	25,538,000	2,000	-8,986,000	-19,076,000	53,248,000	31,082,000	-48,587,000	-216,013,000	228,110,000	-1,060,000	36,765,000	-17,197,000	21,244,000	-24,281,000	37,532,000	-17,612,000	30,679,000	-17,938,000	20,746,000	-18,344,000	21,613,000	-23,530,000	5,902,000	-21,159,000	-5,518,000	-19,412,000	27,978,000	-70,527,000	-9,950,000	-22,937,000	11,642,000	-14,285,000	12,619,000	-46,632,000	14,528,000	23,351,000	46,827,000	-3,436,000	-9,209,000	-18,526,000	-131,159,000	15,911,000		-27,029,000	-38,560,000	-6,816,000	18,014,000	-19,328,000	63,595,000	29,973,000	-77,034,000	17,503,000	-9,764,000	-73,489,000	80,768,000	43,537,000	-102,587,000	18,793,000
cash and cash equivalents at beginning of period	156,332,000		0	0	200,949,000		0	0	102,046,000		0	0	96,650,000		0	0	132,104,000		0	0	87,948,000		0	0	120,722,000									0	110,853,000	0	0	106,449,000		0	0	90,574,000	0	0	92,193,000	0	0	107,466,000	0	0	144,527,000		0	0	180,057,000	0	190,852,000		0	0	109,582,000		0	0	252,565,000		0	0	255,045,000		0	0	162,791,000		0				0	0	265,064,000
cash and cash equivalents at end of period	162,029,000		31,588,000	18,471,000	183,678,000		43,941,000	-64,355,000	217,785,000		-10,554,000	26,474,000	53,230,000		-38,917,000	-17,588,000	109,522,000		14,253,000	47,005,000	71,514,000		-46,658,000	25,538,000	120,724,000									36,765,000	93,656,000	21,244,000	-24,281,000	143,981,000		30,679,000	-17,938,000	111,320,000	-18,344,000	21,613,000	68,663,000	5,902,000	-21,159,000	101,948,000	-19,412,000	27,978,000	74,000,000		-22,937,000	11,642,000	165,772,000	12,619,000	144,220,000		23,351,000	46,827,000	106,146,000		-18,526,000	-131,159,000	268,476,000		-27,029,000	-38,560,000	248,229,000		-19,328,000	63,595,000	192,764,000		17,503,000				43,537,000	-102,587,000	283,857,000
supplemental disclosures of cash flow information
income taxes paid	496,000	-4,249,000	11,600,000			5,400,000	1,100,000	9,600,000	12,000	12,000	12,000	1,312,000	12,000
interest paid	3,109,000	3,182,000	3,118,000	2,533,000	2,434,000	2,372,000	2,481,000	1,460,000	859,000	869,000	797,000	797,000	797,000
net cash flows from trading investments																																383,000	2,340,000	-914,000	-610,000	-292,000	385,000	-129,000	417,000	2,011,000	142,000	510,000	548,000	-1,808,000	-5,673,000	2,551,000	1,239,000	46,000	411,000	595,000	-1,343,000	-389,000	500,000	-1,899,000	-205,000	1,627,000	752,000	-1,118,000	978,000	-284,000	-2,068,000	-1,124,000	1,606,000	5,631,000	-4,247,000		3,612,000	-1,596,000	50,000	-1,521,000	398,000	-716,000	-4,345,000	1,671,000	-522,000	5,619,000	-1,425,000	-3,181,000	-269,000	-19,000	1,500,000
deferred income tax benefit																	-1,234,000	5,384,000	-2,334,000	-1,420,000	4,002,000	4,356,000	-2,595,000	2,574,000	-21,803,000	1,319,000	1,113,000	2,853,000	4,863,000	2,577,000	-4,957,000	-3,879,000	-3,939,000	-906,000	-134,000	-426,000	-2,083,000	322,000		-1,112,000	-1,223,000	-1,519,000	-1,293,000						517,000			5,613,000	-4,330,000						-507,000	-6,465,000	-3,208,000																		771,000
losses, claims and loss settlement expenses
proceeds from short-term and other investments																									1,889,000	790,000	1,292,000	1,288,000	1,027,000	2,711,000	2,738,000	3,078,000	1,526,000	1,618,000	1,702,000	823,000	623,000	789,000	200,000	388,000	383,000	3,450,000	722,000	884,000	764,000	687,000	1,475,000	407,000	916,000	285,000	2,590,000	158,000	3,029,000	6,000	1,548,000	419,000	2,781,000	3,256,000	10,756,000	12,691,000	5,234,000			24,158,000	30,682,000		13,244,000	30,440,000	6,469,000	41,621,000	15,435,000	8,474,000	12,153,000	461,000	14,334,000	13,736,000	9,061,000	30,790,000	2,079,000	6,582,000	2,445,000
purchase of mortgage loans																									-2,746,000	-6,210,000	0			-5,000,000
purchase of short-term and other investments																									-1,469,000	-27,436,000	-4,953,000	-179,000	-11,807,000	-1,829,000	-1,319,000	-676,000	-1,879,000	-1,395,000	-1,590,000	-2,676,000			-1,013,000	-1,060,000	-2,023,000	-1,560,000	-865,000	-786,000	-1,152,000	-900,000	-1,675,000	-900,000	-4,350,000	-1,700,000	-2,950,000	-450,000	-1,201,000	-1,252,000	-454,000	-458,000	-2,850,000	-5,418,000	-3,720,000	-5,488,000	-2,046,000			-8,254,000	-42,009,000		-1,628,000	-39,543,000	-19,105,000	-17,111,000	-12,218,000	-904,000	-36,810,000	-17,733,000	-7,976,000	-4,815,000	-6,457,000	-9,059,000	-34,431,000	-19,226,000	-7,664,000
debt note issuance		0				2,989,000	46,000
debt note issuance costs		0
cash and cash equivalents at beginning of year																																																																													305,575,000
cash and cash equivalents at end of year																																																																													232,086,000
net cash flows from equity and trading investments							0	0	56,381,000		76,527,000	31,030,000	8,523,000		564,000	10,774,000	18,387,000		-6,479,000	2,246,000	38,737,000		20,404,000	14,992,000	2,156,000		272,000	-596,000	1,235,000	-586,000
unearned premiums						-28,591,000	16,391,000	46,906,000	37,358,000	-11,279,000	23,026,000	46,839,000	16,410,000	-13,905,000	10,680,000	31,562,000	6,318,000	-19,198,000	-15,240,000	12,641,000	-3,315,000	-34,885,000	-31,071,000	9,841,000	15,798,000	-23,052,000	-11,766,000	29,267,000	17,795,000	-8,882,000	40,820,000	11,521,000	-11,901,000	35,310,000	23,232,000	-7,163,000	39,850,000	21,001,000	-13,765,000	-2,951,000	33,513,000	19,535,000	-4,708,000	34,364,000	20,318,000	-341,000	28,157,000	14,670,000	-5,959,000	26,078,000	15,228,000	-11,300,000	-1,841,000	20,452,000	9,090,000	11,695,000	5,186,000	-19,826,000	-7,695,000	10,970,000	5,595,000	-16,929,000	-5,870,000	5,379,000	9,856,000		-7,665,000	9,141,000	4,152,000	-12,850,000	-2,278,000	15,804,000	8,434,000	-12,802,000	-6,104,000	9,675,000	1,234,000	-15,699,000	-5,376,000	14,686,000	4,714,000
deferred income taxes																		545,000				-192,000	3,529,000	-279,000	4,463,000	324,000				5,756,000	-15,000	-14,039,000	2,906,000	-1,759,000	647,000	2,746,000	-2,000	-548,000	-330,000	-65,000	-1,000	-433,000	-1,258,000	0	-72,000			1,665,000	-372,000	961,000	-3,409,000	-240,000	1,177,000	-1,021,000	2,000	-1,000	-1,387,000	42,000				-98,000	984,000	-2,000	-546,000		-343,000	0	-548,000	368,000	239,000	-1,000	-1,094,000	769,000	239,000	1,000	-549,000	371,000			115,000
cash from operating activities									22,659,000	2,622,000	105,262,000	101,032,000	-7,480,000	8,422,000	9,062,000	-7,012,000	-26,754,000	-46,006,000	-7,049,000	1,570,000	808,000		20,141,000	759,000	70,047,000
purchase of investments in mortgage loans											0	-8,009,000	-128,000		0
purchase of investments available-for-sale							-238,315,000	-392,909,000	-39,859,000		-138,012,000	-40,372,000	-53,832,000		-75,839,000	-103,578,000	-82,942,000		-76,155,000	-57,158,000	-198,331,000		-98,702,000
borrowings of long-term debt
repurchase of common stock																		1,000	-1,001,000	-1,000,000	-7,000	0	0	0	-2,741,000	-3,573,000	-8,058,000			0	0	-5,404,000	-8,600,000	-15,435,000	-5,749,000				0	-980,000	-360,000	-1,083,000	-5,682,000			0			-766,000			-37,000	-6,314,000			-931,000	-2,758,000	-1,007,000	0	0	-538,000	-2,879,000	-6,709,000	-5,039,000	-190,000
goodwill impairment																						0
net investment (gains) losses
net realized investment losses																			2,269,000	-6,004,000	-24,508,000		-15,212,000	-15,779,000	93,407,000		-9,822,000
less net income from discontinued operations, net of taxes																														0	0	-1,912,000
net realized investment (gains) losses																													-26,713,000		-1,297,000	7,864,000
cash from operating activities - continuing operations																										60,750,000	22,231,000	29,769,000	-33,818,000	-7,504,000	41,917,000	6,730,000
cash from operating activities - discontinued operations																														1,000	-1,000	4,024,000
cash from operating activities - gain on sale of discontinued operations																														0	0	-34,851,000
total adjustments																										60,750,000	22,231,000	29,769,000	-33,818,000	-7,503,000	41,916,000	-24,097,000	27,445,000	69,969,000	19,271,000	34,624,000	42,637,000	12,899,000	34,696,000	13,617,000	62,385,000	-9,826,000	31,826,000	26,017,000	5,160,000	35,897,000	23,165,000	9,351,000	41,471,000	24,544,000	16,701,000	2,954,000	18,572,000	27,436,000	25,458,000	-1,643,000	10,324,000	46,815,000	25,220,000	32,896,000	5,919,000	27,527,000	32,124,000	-12,074,000	9,391,000		9,301,000	-27,582,000	-8,883,000	-5,995,000	10,733,000	-11,472,000	23,106,000	17,756,000	27,430,000	648,000	-1,188,000	21,832,000	11,710,000	5,878,000	24,453,000
proceeds from sale of discontinued operations
cash from investing activities - continuing operations																										-35,088,000	-23,011,000	35,174,000	27,426,000	30,168,000	-253,831,000	211,811,000
cash from investing activities - discontinued operations																														0	0	14,343,000
cash from financing activities - continued operations
cash from financing activities - discontinued operations																														0	0	-11,547,000
less: decrease in cash and cash equivalents - discontinued operations
net increase in cash and cash equivalents - continuing operations																										-8,986,000	-19,076,000	53,248,000	31,082,000	-48,588,000	-216,012,000	221,290,000
cash and cash equivalents at beginning of year - continuing operations
cash and cash equivalents at end of year - continuing operations
purchase of property and equipment																							-3,466,000																																																								-4,176,000	-146,000	-578,000
purchase of investments mortgage loans
proceeds from call and maturity of held-to-maturity investments																																		4,000	3,000	6,000	6,000	8,000	67,000	67,000	10,000	31,000	217,000	15,000	11,000	377,000	161,000	19,000	2,031,000	210,000	75,000	1,193,000	341,000	223,000	486,000	619,000	984,000	2,309,000	616,000	519,000	2,156,000	865,000	1,847,000	1,496,000	8,054,000		1,402,000	9,559,000	5,199,000	7,100,000	4,805,000	8,716,000	7,827,000	4,375,000	5,819,000	875,000	3,816,000	6,077,000	7,625,000	13,469,000	11,412,000
purchase of held-to-maturity investments
less: decrease (increase) in cash and cash equivalents - discontinued operations
less net loss from discontinued operations, net of taxes
proceeds from the sale of discontinued operations																														0	0	276,055,000
cash from financing activities - continuing operations																											-15,954,000	-7,499,000	-7,047,000	-82,322,000	-4,255,000	-10,071,000
less: increase in cash and cash equivalents - discontinued operations																														-1,000	1,000	-6,820,000
cash and cash equivalents at beginning of period - continuing operations																											0	0	64,454,000	0	0	95,562,000
cash and cash equivalents at end of period - continuing operations																											-19,076,000	53,248,000	95,536,000	-48,588,000	-216,012,000	316,852,000
net realized investment gains																																	3,237,000	-2,680,000	-3,954,000	-2,590,000	-1,596,000	-2,055,000	-224,000	-966,000	-769,000	-887,000	-894,000	-2,708,000	-2,194,000	-1,190,000	-4,151,000	-1,909,000	-1,300,000	-564,000	-2,794,000		-1,219,000	-1,124,000	-2,653,000
future policy benefits and losses, claims and loss settlement expenses																																	42,006,000	44,788,000	26,590,000	49,850,000	54,842,000	23,965,000	16,539,000	17,197,000	35,009,000	8,726,000	33,225,000	18,121,000	19,648,000	17,688,000	4,352,000	6,364,000	16,084,000	13,749,000	20,596,000	-837,000	15,326,000	45,667,000	7,146,000	9,179,000	3,480,000	19,107,000	11,093,000	21,763,000	-6,489,000	38,950,000	35,505,000	45,374,000	1,669,000		9,621,000	-5,873,000	-22,660,000	885,000	4,498,000	-36,688,000	-45,752,000	41,931,000
tax impact from issuance of common stock																																				-128,000	310,000	-664,000	-358,000	-156,000	-126,000	-193,000	-52,000	-112,000	70,000	-209,000	-139,000	-78,000	-32,000	-66,000	9,000
policyholders’ account balances
deposits to investment and universal life contracts																																		17,752,000	20,630,000	18,500,000	20,322,000	25,145,000	20,753,000	21,393,000	21,241,000	36,099,000	35,015,000	46,838,000	49,281,000	45,807,000	26,717,000	25,369,000	31,587,000	37,923,000	40,390,000	42,421,000	56,768,000	40,247,000	31,242,000	36,291,000	34,378,000	44,617,000	56,520,000	88,519,000	75,338,000	58,038,000	63,973,000	47,092,000	41,836,000		72,865,000	41,152,000	54,160,000	66,959,000	53,545,000	47,696,000	38,583,000	39,433,000	29,006,000	29,981,000	33,170,000	32,498,000	28,724,000	29,392,000	28,427,000
withdrawals from investment and universal life contracts																																		-35,892,000	-37,934,000	-41,399,000	-39,718,000	-41,954,000	-42,065,000	-46,026,000	-62,566,000	-67,248,000	-56,474,000	-58,214,000	-55,882,000	-58,174,000	-41,608,000	-46,219,000	-37,457,000	-35,778,000	-33,743,000	-33,209,000	-29,244,000	-28,279,000	-28,984,000	-28,916,000	-26,521,000	-22,819,000	-22,168,000	-43,546,000	-48,064,000	-66,400,000	-90,353,000	-57,094,000	-45,876,000		-83,628,000	-57,844,000	-76,368,000	-81,402,000	-75,429,000	-68,881,000	-57,521,000	-45,878,000	-31,546,000	-30,795,000	-24,663,000	-27,952,000	-25,006,000	-21,345,000	-21,499,000
policyholders' account balances
repayment of short-term debt																																																				-53,000,000
repayment of trust preferred securities																																																	0	-7,579,000	-8,047,000
deferred income benefit
acquisition of property and casualty company, net of cash acquired																																																				-1,226,000	1,225,000	0	-172,619,000
borrowings of short-term debt																																																				45,000,000	0	0	79,900,000
realized investment (gains) losses																																																								-2,346,000	-2,726,000					6,019,000	4,154,000	-944,000	1,154,000
changes in
income taxes receivable/payable																																																													1,674,000	-6,896,000	-7,243,000	-13,813,000	8,417,000		-5,281,000	-16,140,000	20,846,000	-3,636,000	1,097,000	3,530,000	29,343,000	-33,121,000
funds on deposit for hurricane katrina litigation
change in securities lending collateral																																																								3,756,000	-78,769,000
change in securities lending payable																																																								-3,756,000	78,769,000
tax benefit from issuance of common stock																																																					0	20,000	-14,000						5,000		5,000	22,000	15,000		88,000	51,000	26,000
adjustments to reconcile net income to net cash from operating activities:
policyholders’ account balances:
tax benefit (expense) from issuance of common stock
net bond premium amortization
realized investment losses																																																											-1,925,000	13,153,000	3,488,000																			-698,000	-321,000
changes in securities lending collateral
changes in securities lending payable
proceeds from exercise of stock options
net bond premium accretion																																																												843,000	705,000										180,000	431,000	871,000
net cash from by financing activities
net bond premium (discount) accretion																																																																										404,000	58,000
net bond (discount) premium accretion																																																															1,117,000	808,000	581,000		4,000	-257,000	-8,000
proceeds from sale of short-term and other investments
net increase from purchase of short-term and other investments
net purchases of property and equipment																																																															-726,000	-54,000	-347,000
payment of cash dividends to common stockholders
cash provided by:
operating activities
investing activities
financing activities
net increase in cash and cash equivalents
realized investment gains																																																																			-871,000	-1,500,000	-1,994,000	-1,725,000	-3,703,000	-413,000	-4,124,000		-631,000	-1,606,000	-1,828,000
net proceeds from sale of subsidiary
gain on sale of subsidiary
redemption of preferred stock																																																																										0	0
net cash provided (used) by financing activities
policyholders' account balances:
issuance of common stock pursuant to stock option exercises																																																																									109,000	18,000	47,000	398,000	254,000
future policy benefits and losses, claims and settlement expenses																																																																												13,207,000	840,000	17,459,000	21,954,000	7,861,000	12,215,000
net bond discount accretion																																																																													226,000	27,000	-50,000	-77,000	-82,000
issuance of preferred stock
net cashflows from trading investments
accounts receivable
net proceeds from the issuance of preferred stock
net proceeds from the issuance of common stock

United Fire Group, Inc(NASDAQ:UFCS)

United Fire Group, Inc
(NASDAQ:UFCS)