United Fire Group, Inc. (NASDAQ:UFCS) Q2 2022 Results Conference Call August 4, 2022 10:00 AM ET

Company Participants

Randy Ramlo - CEO

Eric Martin - CFO

Michael Wilkins - COO

Conference Call Participants

Marla Backer - Sidoti

Operator

Good morning, my name is Jordan, and I will be your conference operator today. At this time, I would like to welcome everyone to the UFG Insurance Second Quarter of 2022 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Eric Martin, Chief Financial Officer. Please go ahead.

Eric Martin

Good morning, everyone, and thank you for joining this call. This morning, we issued a press release on our results. To find a copy of this document, please visit our website at ufginsurance.com. Press releases and slides are located under the Investors tab.

Joining me on the call are Chief Executive Officer, Randy Ramlo; and Chief Operating Officer, Mike Wilkins. We also have other members of management available to answer questions at the end of our prepared remarks.

Before I turn the call over to Randy Ramlo, a couple of reminders. First, please note that our presentation today may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The company cautions investors that any forward-looking statements include risks and uncertainties and are not a guarantee of future performance.

These forward-looking statements are based on management's current expectations. The actual results may differ materially due to a variety of factors, which are described in our press release and SEC filings. Also, please note that in our discussion today, we may use some non-GAAP financial measures. Reconciliations of these measures to the most comparable GAAP measures are also available in our press release and SEC filings.

At this time, I will now turn the call over to Mr. Randy Ramlo, CEO of UFG Insurance.

Randy Ramlo

Thanks, Eric. Good morning, and welcome to our second quarter 2022 conference call. Today, I'm pleased to report continued improvement in our core loss ratio, and for the first time in 2 years, premium growth.

Let me start with premium growth. This quarter, we saw some positive signs of growth after 2 years of focusing on improving profitability through nonrenewal of underperforming accounts in our commercial auto line of business and our exit of personal lines business. Profitable growth is our #1 consideration when putting new business on the books. Earned premium was up by 2.9% over the same quarter last year and written premium was up 9.5%. This growth was led by our specialty and assumed reinsurance lines.