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Earnings Report

November 4, 2009

Employers Holdings, Inc. Reports Third Quarter Earnings, Declares Fourth Quarter Dividend and Announces 2010 Stock Repurchase Plan

Key Highlights

(Comparisons refer to the prior-year third quarter unless otherwise stated)

 

  • -- Increase in net premiums earned of 34%

  • -- Three month book value per share growth of 9.3% to $20.74 and 19% book value per share growth since December 31, 2008

  • -- Contingent profit commission from LPT of $14.1 million resulting in a negative commission expense of $1.3 million

  • -- Favorable prior accident year development of $10.4 million in the third quarter and $39.6 million in the first nine months

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

 


RENO, Nev., Nov. 4 /PRNewswire-FirstCall/ -- Employers Holdings, Inc. ("EHI" or the "Company") (NYSE: EIG) today reported third quarter net income of $30.6 million or $0.68 per share compared with $33.1 million or $0.67 per share in the third quarter of 2008, a decrease of $2.5 million in net income and an increase of $0.01 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 deferred reinsurance gain (the Company's non-GAAP measure described below) was $25.9 million or $0.57 per share in the third quarter of 2009 and $28.5 million or $0.58 per share in the third 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.