Employers Holdings, Inc. Reports Fourth Quarter and Full Year 2014 Earnings and Declares First Quarter 2015 Dividend
Quarterly GAAP Net Income per Diluted Share of
Quarterly Net Income Before the
LPT per Diluted Share of
Full Year GAAP Net Income per Diluted Share of
Full Year Net
Income Before the LPT per Diluted Share of
Key Highlights
(Comparison
of Q4 and full year 2014 to Q4 and full year of 2013)
- Net premiums earned increased 1.5% in the quarter and 6.6% in the full year
- Net premiums written declined 2.8% in the quarter and increased 1.4% in the full year
- Total revenue was flat in the quarter and increased 6.9% in the full year
-
In-force payroll exposure declined 2.1% overall and 9.3% in
California year-over-year -
Net rate (in-force premium divided by in-force payroll) increased 3.9%
overall and 11.2% in
California in the full year - Net realized gains declined 43.7% in the quarter and increased 71.5% in the full year
- The combined ratio before the LPT improved 16.0 percentage points in the quarter and 4.8 points for the full year, largely driven by a loss provision rate of 72.2% in the fourth quarter of 2014, a decline of 14.3 percentage points year-over-year, and an estimated loss provision rate of 73.6% in the full year, a decline of 3.4 percentage points year-over-year
Q4 2014 | Q4 2013 | Year 2014 | Year 2013 | |||||||||||||||||
Expense ratio | 29.7% | 28.8% | 30.8% | 31.7% | ||||||||||||||||
Loss & LAE ratio before impact of LPT | 72.5% | 89.5% | 74.3% | 78.1% | ||||||||||||||||
Combined ratio before impact of LPT | 102.2% | 118.2% | 105.0% | 109.8% |
-
Book value per share before the LPT increased 8.6% since
December 31, 2013 -
In the full year, the reallocation of
$13.1 million of reserves ($1.1 million in the fourth quarter) from non-taxable periods prior toJanuary 1, 2000 , reduced our effective tax rate by 3.4 percentage points, or$3.6 million . - Changes in LPT estimates lowered GAAP losses and increased GAAP net income
(1) Favorable development in the LPT ceded reserves reduced the deferred reinsurance gain, reduced losses and loss adjustment expenses (LAE) and increased net income by:
a.
b.
(2) Increases in LPT contingent profit commission receivables reduced losses and LAE and increased net income by:
a.
b.
Net income includes the impact of the Loss Portfolio Transfer ("LPT")
Agreement. Fourth quarter net income before impact of the LPT (the
Company's non-GAAP measure described below) was
President and Chief Executive Officer
Dirks continued: "As a reminder, our initiatives include the following:
centralizing the management of our underwriting and sales operations;
slowing policy count growth in
Dirks concluded: "While the spike in litigated claims in southern
First Quarter 2015 Dividend
The Board of Directors declared a first quarter 2015 dividend of
Conference Call and Web Cast; Form 10-K, Supplemental Materials
The Company will host a conference call on Thursday, February 19, 2015,
at
EHI expects to file its Form 10-K for the year ended December 31, 2014,
with the
The Company provides a list of portfolio securities in the Calendar of Events, Fourth Quarter “Investors” section of its web site at www.employers.com.
An investor presentation for the reporting period will be posted to the website.
Discussion of Non-GAAP Financial Measures
This earnings release includes non-GAAP financial measures used to analyze the Company's operating performance for the periods presented.
These non-GAAP financial measures exclude impacts related to the LPT Agreement deferred reinsurance gain. The 1999 LPT Agreement was a non-recurring transaction that does not result in ongoing cash benefits and, consequently, the Company believes these non-GAAP measures are useful in providing stockholders and management a meaningful understanding of the Company's operating performance. In addition, these measures, as defined, are helpful to management in identifying trends in the Company's performance because the items excluded have limited significance in current and ongoing operations.
The Company strongly urges stockholders and other interested persons not to rely on any single financial measure to evaluate its business. The non-GAAP measures are not a substitute for GAAP measures and investors should be careful when comparing the Company's non-GAAP financial measures to similarly titled measures used by other companies.
Net Income before impact of the LPT Agreement. Net income before (i) amortization of deferred reinsurance gain-LPT Agreement (ii) adjustments to LPT Agreement ceded reserves and (iii) adjustments to the contingent profit commission.
Deferred reinsurance gain-LPT Agreement. Deferred reinsurance
gain–LPT Agreement reflects the unamortized gain from our LPT Agreement.
Under GAAP, this gain is deferred and is being amortized using the
recovery method. Amortization is determined by the proportion of actual
reinsurance recoveries to total estimated recoveries over the life of
the LPT Agreement, except for the contingent profit commission, which is
amortized through
(a) Any adjustment to the contingent profit commission under the LPT Agreement results in a cumulative adjustment to the Deferred Gain, which is also recognized in losses and LAE incurred in the consolidated statement of income and comprehensive income, so that the Deferred Gain reflects the balance that would have existed had the revised contingent profit commission been recognized at the inception of the LPT Agreement. (LPT Contingent Commission Adjustments).
(b) Any adjustment to the estimated reserves ceded under the LPT Agreement results in a cumulative adjustment to the Deferred Gain, which is also included in losses and LAE incurred in the consolidated statement of income and comprehensive income, so that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement (LPT Reserve Adjustments).
Gross Premiums Written. Gross premiums written is the sum of both direct premiums written and assumed premiums written before the effect of ceded reinsurance. Direct premiums written represents the premiums on all policies the Company's insurance subsidiaries have issued during the year. Assumed premiums written represents the premiums that the insurance subsidiaries have received from an authorized state-mandated pool.
Net Premiums Written. Net premiums written is the sum of direct premiums written and assumed premiums written less ceded premiums written. Ceded premiums written is the portion of direct premiums written that are ceded to reinsurers under reinsurance contracts. The Company uses net premiums written, primarily in relation to gross premiums written, to measure the amount of business retained after cession to reinsurers.
Losses and LAE before impact of the LPT Agreement. Losses and LAE includes (i) amortization of deferred reinsurance gain-LPT Agreement (ii) adjustments to LPT Agreement ceded reserves and (iii) adjustments to the contingent profit commission.
Losses and LAE Ratio. The losses and LAE ratio is a measure of underwriting profitability. Expressed as a percentage, it is the ratio of losses and LAE to net premiums earned.
Commission Expense Ratio. Commission expense ratio is the ratio (expressed as a percentage) of commission expense to net premiums earned.
Underwriting and Other Operating Expense Ratio. The underwriting and other operating expense ratio is the ratio (expressed as a percentage) of underwriting and other operating expense to net premiums earned.
Combined Ratio. The combined ratio represents a summary percentage of claims and expenses to net premiums earned. The combined ratio is the sum of the losses and LAE ratio, the commission expense ratio, the policyholder dividends ratio and the underwriting and other operating expense ratio.
Combined Ratio before impact of the LPT Agreement. Combined ratio before impact of the LPT Agreement is the GAAP combined ratio before (i) amortization of deferred reinsurance gain-LPT Agreement (ii) adjustments to LPT Agreement ceded reserves and (iii) adjustments to the contingent profit commission.
Equity including deferred reinsurance gain-LPT Agreement. Equity including deferred reinsurance gain-LPT Agreement is total equity plus the deferred reinsurance gain-LPT Agreement. The deferred reinsurance gain-LPT is part of statutory capital against which we write business.
Book value per share. Equity including deferred reinsurance gain-LPT Agreement divided by number of shares outstanding.
Net rate. Net rate, defined as total premium in-force divided by total insured payroll exposure, is a function of a variety of factors, including rate changes, underwriting risk profiles and pricing, and changes in business mix related to economic and competitive pressures.
Forward-Looking Statements
In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections regarding the Company's future operations and performance. Certain of these statements may constitute "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," or "continue," or other comparable terminology and their negatives.
EHI and its management caution investors that such forward-looking
statements are not guarantees of future performance. Risks and
uncertainties are inherent in EHI's future performance. Factors that
could cause the Company's actual results to differ materially from those
indicated by such forward-looking statements include, among other
things, those discussed or identified from time to time in EHI's public
filings with the
All forward-looking statements made in this press release reflect EHI's
current views with respect to future events, business transactions and
business performance and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties, which may cause actual results to
differ materially from those set forth in these statements. The business
and results of EHI could be affected by, among other things,
competition, pricing and policy term trends, the levels of new and
renewal business achieved, market acceptance, changes in demand, the
frequency and severity of catastrophic events, actual loss experience
including increased loss costs nationally and in
The
© 2015 EMPLOYERS. All rights reserved.
EMPLOYERS® and America's small business insurance specialist® are
registered trademarks of
Employers Holdings, Inc. | ||||||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | ||||||||||||||||
Gross premiums written | $ | 151,580 | $ | 156,270 | $ | 697,712 | $ | 689,871 | ||||||||
Net premiums written | $ | 149,291 | $ | 153,559 | $ | 687,624 | $ | 678,466 | ||||||||
Net premiums earned | $ | 172,601 | $ | 169,992 | $ | 684,467 | $ | 642,349 | ||||||||
Net investment income | 17,877 | 17,915 | 72,354 | 70,764 | ||||||||||||
Realized gains on investments, net | 2,136 | 3,794 | 16,338 | 9,529 | ||||||||||||
Other income | 34 | 663 | 308 | 939 | ||||||||||||
Total revenues | 192,648 | 192,364 | 773,467 | 723,581 | ||||||||||||
Expenses | ||||||||||||||||
Losses and loss adjustment expenses | 110,217 | 136,902 | 453,354 | 463,579 | ||||||||||||
Commission expense | 20,399 | 19,792 | 81,382 | 78,258 | ||||||||||||
Underwriting and other operating expense | 30,856 | 29,042 | 129,167 | 125,324 | ||||||||||||
Interest expense | 731 | 826 | 3,005 | 3,246 | ||||||||||||
Total expenses | 162,203 | 186,562 | 666,908 | 670,407 | ||||||||||||
Net income before income taxes | 30,445 | 5,802 | 106,559 | 53,174 | ||||||||||||
Income tax (benefit) expense | 1,311 | (8,359 | ) | 5,875 | (10,650 | ) | ||||||||||
Net income | $ | 29,134 | $ | 14,161 | $ | 100,684 | $ | 63,824 | ||||||||
Less impact of the LPT Agreement: | ||||||||||||||||
Amortization of Deferred Gain related to losses | 2,674 | 3,115 | 11,147 | 12,890 | ||||||||||||
Amortization of Deferred Gain related to contingent commission | 518 | 526 | 1,905 | 1,710 | ||||||||||||
Impact of the LPT Reserve Adjustments | 8,777 | 8,874 | 31,112 | 18,986 | ||||||||||||
Impact of the LPT Contingent Commission Adjustments | 2,953 | 2,731 | 10,846 | 4,348 | ||||||||||||
Net income before LPT Agreement | $ | 14,212 | $ | (1,085 | ) | $ | 45,674 | $ | 25,890 | |||||||
Comprehensive income | ||||||||||||||||
Unrealized gains (losses) during the period (net of taxes of $14,606 and $(17,734) for the periods ended December 31, 2014 and 2013, respectively) |
$ | 6,614 | $ | 1,670 | $ | 27,127 | $ | (32,937 | ) | |||||||
Reclassification adjustment for realized gains in net income (net of taxes of $5,718 and $3,335 for the periods ended December 31, 2014 and 2013) | (1,389 | ) | (2,466 | ) | (10,620 | ) | (6,194 | ) | ||||||||
Other comprehensive income (loss), net of tax | 5,225 | (796 | ) | 16,507 | (39,131 | ) | ||||||||||
Total comprehensive income | $ | 34,359 | $ | 13,365 | $ | 117,191 | $ | 24,693 | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 31,596,435 | 31,356,077 | 31,529,621 | 31,142,534 | ||||||||||||
Diluted | 32,143,130 | 32,139,146 | 32,069,069 | 31,938,167 | ||||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.92 | $ | 0.45 | $ | 3.19 | $ | 2.05 | ||||||||
Diluted | 0.91 | 0.44 | 3.14 | 2.00 | ||||||||||||
Earnings per common share attributable to the LPT Agreement | ||||||||||||||||
Basic | $ | 0.47 | $ | 0.48 | $ | 1.74 | $ | 1.22 | ||||||||
Diluted | 0.47 | 0.47 | 1.72 | 1.19 | ||||||||||||
Earnings per common share before the LPT Agreement | ||||||||||||||||
Basic | $ | 0.45 | $ | (0.03 | ) | $ | 1.45 | $ | 0.83 | |||||||
Diluted | 0.44 | (0.03 | ) | 1.42 | 0.81 | |||||||||||
Employers Holdings, Inc. | |||||||
Consolidated Balance Sheets | |||||||
(in thousands, except share and per share data) | |||||||
As of | As of | ||||||
December 31, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Available for sale: | |||||||
Fixed maturity securities at fair value (amortized cost $2,186,119 at December 31, 2014 and $2,116,064 at December 31, 2013) | $ | 2,275,749 | $ | 2,182,546 | |||
Equity securities at fair value (cost $97,834 at December 31, 2014 and $89,689 at December 31, 2013) | 172,705 | 162,312 | |||||
Total investments | 2,448,454 | 2,344,858 | |||||
Cash and cash equivalents | 103,573 | 34,503 | |||||
Restricted cash and cash equivalents | 10,758 | 6,564 | |||||
Accrued investment income | 20,511 | 20,255 | |||||
Premiums receivable, less bad debt allowance of $7,877 at December 31, 2014 and $7,064 at December 31, 2013 | 295,832 | 279,080 | |||||
Reinsurance recoverable for: | |||||||
Paid losses | 10,663 | 8,412 | |||||
Unpaid losses, including bad debt allowance of $389 at December 31, 2013 | 669,481 | 742,666 | |||||
Deferred policy acquisition costs | 44,600 | 43,532 | |||||
Deferred income taxes, net | 49,709 | 58,062 | |||||
Property and equipment, net | 21,032 | 16,616 | |||||
Intangible assets, net | 9,034 | 9,685 | |||||
Goodwill | 36,192 | 36,192 | |||||
Contingent commission receivable–LPT Agreement | 26,366 | 25,104 | |||||
Other assets | 23,450 | 17,920 | |||||
Total assets | $ | 3,769,655 | $ | 3,643,449 | |||
Liabilities and stockholders' equity | |||||||
Claims and policy liabilities: | |||||||
Unpaid losses and loss adjustment expenses | $ | 2,369,666 | $ | 2,330,491 | |||
Unearned premiums | 310,778 | 303,967 | |||||
Total claims and policy liabilities | 2,680,444 | 2,634,458 | |||||
Commissions and premium taxes payable | 46,285 | 45,314 | |||||
Accounts payable and accrued expenses | 20,379 | 18,711 | |||||
Deferred reinsurance gain–LPT Agreement | 207,020 | 249,072 | |||||
Notes payable | 92,000 | 102,000 | |||||
Other liabilities | 36,683 | 25,191 | |||||
Total liabilities | $ | 3,082,811 | $ | 3,074,746 | |||
Employers Holdings, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(in thousands, except share and per share data) | ||||||||
(Continued) | ||||||||
As of | As of | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock, $0.01 par value; 150,000,000 shares authorized; 54,866,802 and 54,672,904 shares issued and 31,493,828 and 31,299,930 shares outstanding at December 31, 2014 and 2013, respectively | $ | 549 | $ | 547 | ||||
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued | — | — | ||||||
Additional paid-in capital | 346,602 | 338,090 | ||||||
Retained earnings | 595,318 | 502,198 | ||||||
Accumulated other comprehensive income, net | 106,925 | 90,418 | ||||||
Treasury stock, at cost (23,372,974 shares at December 31, 2014 and 2013) | (362,550 | ) | (362,550 | ) | ||||
Total stockholders’ equity | 686,844 | 568,703 | ||||||
Total liabilities and stockholders’ equity | $ | 3,769,655 | $ | 3,643,449 | ||||
Equity including deferred reinsurance gain - LPT | ||||||||
Total stockholders’ equity | $ | 686,844 | $ | 568,703 | ||||
Deferred reinsurance gain - LPT Agreement | 207,020 | 249,072 | ||||||
Total equity including deferred reinsurance gain - LPT Agreement (A) | $ | 893,864 | $ | 817,775 | ||||
Shares outstanding (B) | 31,493,828 | 31,299,930 | ||||||
Book value per share (A * 1000) / B | $ | 28.38 | $ | 26.13 | ||||
Employers Holdings, Inc. | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(in thousands) | ||||||||
Twelve Months Ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Operating activities | ||||||||
Net income | $ | 100,684 | $ | 63,824 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 6,995 | 6,080 | ||||||
Stock-based compensation | 6,033 | 5,622 | ||||||
Amortization of premium on investments, net | 10,560 | 8,969 | ||||||
Deferred income tax benefit | (535 | ) | (10,761 | ) | ||||
Realized gains on investments, net | (16,338 | ) | (9,529 | ) | ||||
Excess tax benefits from stock-based compensation | (1,156 | ) | — | |||||
Other | 496 | 241 | ||||||
Change in operating assets and liabilities: | ||||||||
Premiums receivable | (17,565 | ) | (57,175 | ) | ||||
Reinsurance recoverable for paid and unpaid losses | 71,322 | 63,775 | ||||||
Federal income taxes recoverable | 6,506 | (3,663 | ) | |||||
Unpaid losses and loss adjustment expenses | 39,175 | 98,951 | ||||||
Unearned premiums | 6,811 | 38,818 | ||||||
Accounts payable, accrued expenses and other liabilities | 10,259 | (1,080 | ) | |||||
Deferred reinsurance gain-LPT Agreement | (42,052 | ) | (31,971 | ) | ||||
Contingent commission receivable–LPT Agreement | (1,262 | ) | (5,963 | ) | ||||
Other | (10,536 | ) | (2,413 | ) | ||||
Net cash provided by operating activities | 169,397 | 163,725 | ||||||
Investing activities | ||||||||
Purchase of fixed maturity securities | (378,012 | ) | (514,210 | ) | ||||
Purchase of equity securities | (29,458 | ) | (30,499 | ) | ||||
Proceeds from sale of fixed maturity securities | 47,875 | 52,471 | ||||||
Proceeds from sale of equity securities | 36,539 | 30,652 | ||||||
Proceeds from maturities and redemptions of investments | 251,051 | 206,843 | ||||||
Proceeds from sale of fixed assets | — | 780 | ||||||
Capital expenditures and other | (9,299 | ) | (3,716 | ) | ||||
Change in restricted cash and cash equivalents | (4,194 | ) | (1,211 | ) | ||||
Net cash used in investing activities | (85,498 | ) | (258,890 | ) | ||||
Financing activities | ||||||||
Acquisition of treasury stock | — | — | ||||||
Cash transactions related to stock-based compensation | 1,555 | 6,462 | ||||||
Dividends paid to stockholders | (7,540 | ) | (7,455 | ) | ||||
Payments on notes payable | (10,000 | ) | (10,000 | ) | ||||
Excess tax benefits from stock-based compensation | 1,156 | — | ||||||
Net cash used in financing activities | (14,829 | ) | (10,993 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 69,070 | (106,158 | ) | |||||
Cash and cash equivalents at the beginning of the period | 34,503 | 140,661 | ||||||
Cash and cash equivalents at the end of the period | $ | 103,573 | $ | 34,503 | ||||
Employers Holdings, Inc. | ||||||||||||||||
Calculation of Combined Ratio before the Impact of the LPT Agreement | ||||||||||||||||
(in thousands, except for percentages) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net premiums earned | $ | 172,601 | $ | 169,992 | $ | 684,467 | $ | 642,349 | ||||||||
Losses and loss adjustment expenses | $ | 110,217 | $ | 136,902 | $ | 453,354 | $ | 463,579 | ||||||||
Loss & LAE ratio | 63.9 | % | 80.5 | % | 66.2 | % | 72.2 | % | ||||||||
Amortization of Deferred Gain related to losses | $ | 2,674 | $ | 3,115 | $ | 11,147 | $ | 12,890 | ||||||||
Amortization of Deferred Gain related to contingent commission | 518 | 526 | 1,905 | 1,710 | ||||||||||||
LPT Reserve Adjustments | 8,777 | 8,874 | 31,112 | 18,986 | ||||||||||||
LPT Contingent Commission Adjustments | 2,953 | 2,731 | 10,846 | 4,348 | ||||||||||||
Loss & LAE before impact of LPT | $ | 125,139 | $ | 152,148 | $ | 508,364 | $ | 501,513 | ||||||||
Impact of LPT | 8.6 | % | 8.9 | % | 8.0 | % | 5.9 | % | ||||||||
Loss & LAE ratio before impact of LPT | 72.5 | % | 89.5 | % | 74.3 | % | 78.1 | % | ||||||||
Commission expense | $ | 20,399 | $ | 19,792 | $ | 81,382 | $ | 78,258 | ||||||||
Commission expense ratio | 11.8 | % | 11.6 | % | 11.9 | % | 12.2 | % | ||||||||
Underwriting & other operating expenses | $ | 30,856 | $ | 29,042 | $ | 129,167 | $ | 125,324 | ||||||||
Underwriting & other operating expenses ratio | 17.9 | % | 17.2 | % | 18.9 | % | 19.5 | % | ||||||||
Total expenses | $ | 161,472 | $ | 185,736 | $ | 663,903 | $ | 667,161 | ||||||||
Combined ratio | 93.6 | % | 109.3 | % | 97.0 | % | 103.9 | % | ||||||||
Total expense before impact of the LPT | $ | 176,394 | $ | 200,982 | $ | 718,913 | $ | 705,095 | ||||||||
Combined ratio before the impact of the LPT | 102.2 | % | 118.2 | % | 105.0 | % | 109.8 | % | ||||||||
Reconciliations to Current Accident Period Combined Ratio: | ||||||||||||||||
Losses & LAE before impact of LPT | $ | 125,139 | $ | 152,148 | $ | 508,364 | $ | 501,513 | ||||||||
Plus: Unfavorable prior period reserve development | (529 | ) | (5,137 | ) | (4,521 | ) | (6,934 | ) | ||||||||
Accident period losses & LAE before impact of LPT | $ | 124,610 | $ | 147,011 | $ | 503,843 | $ | 494,579 | ||||||||
Losses & LAE ratio before impact of LPT | 72.5 | % | 89.5 | % | 74.3 | % | 78.1 | % | ||||||||
Plus: Unfavorable prior period reserve development ratio | (0.3 | ) | (3.0 | ) | (0.7 | ) | (1.1 | ) | ||||||||
Accident period losses & LAE ratio before impact of LPT | 72.2 | % | 86.5 | % | 73.6 | % | 77.0 | % | ||||||||
Combined ratio before impact of the LPT | 102.2 | % | 118.2 | % | 105.0 | % | 109.8 | % | ||||||||
Plus: Unfavorable prior period reserve development ratio | (0.3 | ) | (3.0 | ) | (0.7 | ) | (1.1 | ) | ||||||||
Accident period combined ratio before impact of LPT | 101.9 | % | 115.2 | % | 104.3 | % | 108.7 | % | ||||||||
Source:
Employers Holdings, Inc.
Media:
Ty Vukelich, 775-327-2677
tvukelich@employers.com
or
Analysts:
Vicki
Erickson Mills, 775-327-2794
vericksonmills@employers.com