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2Q Earnings and 3Q Dividend

August 6, 2009

Employers Holdings, Inc. Reports Second Quarter Earnings and Declares Third Quarter Dividend


Key Highlights

 

•    Added to the S & P 600 Small Cap Index


•    Grew direct written premium 41% since June 30, 2008 and diversified direct written premium as follows:


•    California 45%, Florida 9%, Wisconsin 7%, Nevada 5%


•    Decreased underwriting and other operating expenses, excluding acquired operations and non-recurring restructuring charges


•    Continued favorable prior accident year development of $15.7 million in the quarter and $29.2 million in the first six months of this year


•    Stable portfolio fair market value of $2.1 billion with a tax equivalent yield of 5.6% at June 30, 2009


•    Generated three month book value per share growth of 3.9% to $18.97 at June 30, 2009 from $18.26 at March 31, 2009 and six month book value per share growth of 8.8% since December 31, 2008


Employers Holdings, Inc. (“EHI” or the “Company”) (NYSE: EIG) today reported second quarter net income of $20.3 million or $0.44 per share compared with $27.4 million or $0.55 per share in the second quarter of 2008, a decrease of $7.0 million or $0.11 per share. Net income includes amortization of the deferred reinsurance gain related to the Loss Portfolio Transfer (“LPT”) Agreement. Consolidated net income before the impact of the LPT (the Company’s non-GAAP measure described below) was $16.0 million or $0.34 per share in the second quarter of 2009 and $22.8 million or $0.46 per share in the second quarter of 2008.

 

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EMPLOYERS® and America's small business insurance specialist® are registered trademarks of Employers Insurance Company of Nevada. Insurance is offered through Employers Compensation Insurance Company, Employers Insurance Company of Nevada, Employers Preferred Insurance Company, and Employers Assurance Company. Not all insurers do business in all jurisdictions. A forward-looking statements disclaimer is an integral part of this website.