(Q 4, 2011 compared to Q 4, 2010 except where noted)
Net written premiums of $101 million; up 29%
Lowest hazard group A (as defined by NCCI) up 4 points as a percent of in-force premiums and hazard group B up 1 point
Net earned premiums of $100 million; up 20%
Revenues of $138 million; up 22%
Fourth quarter results include a realized gain of $18 million
Book value (including deferred LPT gain) per share of $25.06; up 13%
Repurchased 3.25 million common shares in Q 4 2011
Reno, Nevada—February 27, 2012—Employers Holdings, Inc. (“EHI” or the “Company”) (NYSE:EIG) today reported fourth quarter net income of $19.4 million or $0.56 per diluted share compared with $20.1 million or $0.51 per diluted share in the fourth quarter of 2010, a decrease of $0.8 million in net income and an increase of $0.05 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 $15.2 million or $0.44 per diluted share in the fourth quarter of 2011 and $15.4 million or $0.39 per diluted share in the fourth quarter of 2010.
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