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2010 Earnings Report

February 23, 2011

Employers Holdings, Inc. Reports Fourth Quarter and Full Year 2010 Earnings and Declares First Quarter 2011 Dividend

 

Employers Holdings, Inc. ("EHI" or the "Company") (NYSE: EIG) today reported fourth quarter net income of $20.1 million or $0.51  per diluted share compared with $11.3 million  or $0.26 per diluted share in the fourth quarter of 2009, an increase of $8.9 million  in net income or $0.25 per share. Net income in the fourth quarter of 2010 was driven largely by expense reductions, realized gains from equity sales in the quarter and increased written premium. Written premium was impacted by a $2.8 million favorable adjustment in the final audit accrual rate in the fourth quarter of 2010 relative to the fourth quarter of 2009 and a $1.6 million reinsurance reinstatement premium paid that lowered written premium in the fourth quarter of 2009. In force premium of $321.1 million at December 31, 2010 declined $63.9 million or 16.6% relative to year-end 2009 and just 2.2% since September 30, 2010.

 

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