Employers Holdings Q3 net premiums earned falls
EIG•Employers Holdings’ third-quarter revenue and net premiums earned fell year over year, while net income improved to $11.6 million from a loss a year earlier. The company returned $24.4 million to shareholders through buybacks and dividends.
1. Quarterly results
Employers Holdings reported third-quarter revenue of $189.3 million, EPS of $0.64 and pretax profit of $14.5 million. Net income rose to $11.6 million, mainly because the company did not record reserve strengthening or prior-year loss development in the quarter.
2. Premiums and outlook
The company attributed lower premiums to pricing and underwriting actions intended to prioritize profitability. Higher yields and private equity returns drove increased net investment income. Employers Holdings plans to launch a large-deductible workers’ compensation product next year and expects higher interest rates to benefit investment income going forward.
