Employers (EIG)
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Employers (EIG) - 2024 Q2 - Earnings Call Transcript
2024-08-03 13:33
Financial Data and Key Metrics Changes - The adjusted net income per share for Q2 2024 was $1.10, marking the highest quarterly result in the last 10 years [4] - Gross written premiums increased by 10% for the quarter, with all major distribution channels contributing to the growth [5] - The combined ratio was 95.4%, excluding the LPT, and the current accident year combined ratio was 100.2%, the lowest since Q4 2018 [5][6] - Net investment income was $27 million for the quarter, a slight increase year-over-year, primarily due to higher yields on fixed maturity investments [7][8] - The book value per share increased by 14% to $44.91, and the adjusted book value per share increased by more than 10% to $48.89 [10] Business Line Data and Key Metrics Changes - New business premiums increased by 9%, and renewal business premiums increased by 10%, partially offset by lower final audit premium recognition [4] - Endorsement premiums were strong, with $13 million recognized, and $3 million in noncompliant premium [18] - Approximately $41 million of premium this quarter came from appetite expansion efforts, performing at a favorable loss ratio [18] Market Data and Key Metrics Changes - The annual change in employment and hourly wages for leisure and hospitality was 6% as of June, down from 10.5% a year ago, impacting audit pick-ups [15][17] - Audit pick-ups decreased to $4.9 million this quarter from $7.7 million in Q2 2023, contributing to a decrease in audit accrual [17] Company Strategy and Development Direction - The company is focused on maintaining strong growth in written premiums and managing expenses effectively through integration plans [6][10] - The company intends to continue expanding into new classes as the environment remains favorable [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the effectiveness of medical cost containment measures in controlling medical inflation [14] - The competitive environment remains stable, with average rate decreases of 3% to 4% year-over-year in the renewal book [22] - Management noted that the decrease in audit pick-ups was not surprising given the underlying economic conditions [17] Other Important Information - The company repurchased $19 million of common stock at an average price of $41.53 per share during the quarter [9] - A regular quarterly dividend of $0.30 per share was declared, payable on August 28 [9] Q&A Session Summary Question: Does the workers' comp reimbursement in California follow Medicare fee schedules? - Yes, California medical fee schedules are tied to Medicare, with some adjustments [12] Question: Is the risk of future medical inflation limited due to fee schedules? - The industry has implemented successful medical cost containment measures, which help control medical costs [14] Question: What is the outlook for top line growth considering audit premiums? - The company is pleased with top line growth, although audit pick-ups have slowed, impacting overall growth [15][17] Question: What is the right run rate for expenses? - Expenses can vary based on several factors, but the current expense level is not considered unusual [19][20] Question: How is the competition in the workers' comp sector? - The competitive environment remains stable, with average rate decreases observed in the renewal book [22] Question: How does the ADP book perform compared to the non-ADP book? - The ADP book continues to perform favorably, with no significant changes noted [28]
Employers (EIG) - 2024 Q2 - Quarterly Report
2024-08-02 20:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share EIG New York Stock Exchange FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission ...
Employers Holdings (EIG) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2024-08-01 01:05
Core Insights - Employers Holdings (EIG) reported revenue of $217 million for the quarter ended June 2024, reflecting a 0.8% increase year-over-year, but fell short of the Zacks Consensus Estimate of $223.77 million by 3.03% [1] - The company's EPS was $1.10, down from $1.17 in the same quarter last year, but exceeded the consensus estimate of $1.08 by 1.85% [1] Financial Metrics - Combined Ratio was reported at 94.2%, better than the two-analyst average estimate of 95.5% [3] - Loss and LAE ratio stood at 57.9%, slightly better than the average estimate of 58.1% from two analysts [4] - Net premiums earned were $187.80 million, below the average estimate of $196.80 million, but showed a 6% increase compared to the year-ago quarter [5] - Net investment income was $26.90 million, marginally below the average estimate of $26.92 million, with a 0.4% increase year-over-year [6] Stock Performance - Shares of Employers Holdings have returned +9.8% over the past month, contrasting with a -0.4% change in the Zacks S&P 500 composite [6] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [6]
Employers Holdings (EIG) Q2 Earnings Surpass Estimates
ZACKS· 2024-07-31 23:20
Employers Holdings (EIG) came out with quarterly earnings of $1.10 per share, beating the Zacks Consensus Estimate of $1.08 per share. This compares to earnings of $1.17 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.85%. A quarter ago, it was expected that this provider of workers-compensation insurance would post earnings of $0.69 per share when it actually produced earnings of $0.67, delivering a surprise of -2.90%. Ove ...
Employers (EIG) - 2024 Q2 - Quarterly Results
2024-07-31 20:16
Exhibit99.2 EmployersHoldings,Inc. SecondQuarter2024 FinancialSupplement America's small business insurance specialist® EMPLOYERS HOLDINGS, INC. Table of Contents 1 Consolidated Financial Highlights 2 Summary Consolidated Balance Sheets 3 Summary Consolidated Income Statements 4 Return on Equity 5 Combined Ratios 6 Roll-forward of Unpaid Losses and LAE 7 Consolidated Investment Portfolio 8 Book Value Per Share 10 Non-GAAP Financial Measures Page 9 Earnings Per Share EMPLOYERS HOLDINGS, INC. Consolidated Fin ...
Employers Holdings, Inc. Reports Second Quarter 2024 Results and Declares Regular Quarterly Dividend of $0.30 per Share
Newsfilter· 2024-07-31 20:15
HENDERSON, Nev., July 31, 2024 (GLOBE NEWSWIRE) -- Employers Holdings, Inc. (the "Company") (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers' compensation insurance and services focused on small and select businesses engaged in low-to-medium hazard industries, today reported financial results for its second quarter ended June 30, 2024. Financial Highlights: (All comparisons vs. the second quarter of 2023). Net income per diluted share of $1.25, versus $1.30; Adjusted n ...
Employers Holdings, Inc. Reports Second Quarter 2024 Results and Declares Regular Quarterly Dividend of $0.30 per Share
GlobeNewswire News Room· 2024-07-31 20:15
HENDERSON, Nev., July 31, 2024 (GLOBE NEWSWIRE) -- Employers Holdings, Inc. (the "Company") (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers' compensation insurance and services focused on small and select businesses engaged in low-to-medium hazard industries, today reported financial results for its second quarter ended June 30, 2024. Financial Highlights: (All comparisons vs. the second quarter of 2023). Net income per diluted share of $1.25, versus $1.30; Adjusted n ...
Wolters Kluwer recognized as one of America's Best Employers for Women by Forbes
GlobeNewswire News Room· 2024-07-25 12:52
PRESS RELEASE Wolters Kluwer recognized as one of America's Best Employers for Women by Forbes Recognition highlights the company's commitment to gender diversity and inclusive workplace practices New York – July 25, 2024 – Wolters Kluwer, a global leader in professional information, software solutions, and services, has been recognized by Forbes as one of America's Best Employers for Women 2024. This prestigious and independently judged award, based on an exhaustive survey involving more than 150,000 women ...
Simply Business Partners with Employers® to Expand Workers' Compensation Offering for Small Business Customers
Prnewswire· 2024-07-17 14:00
Technology-driven partnership provides end-to-end digital quote and purchase experience Businesses with more than one employee are required by most states to carry workers' compensation insurance, but small businesses may not know where to go to purchase the coverage they require, or they find it prohibitively expensive. Simply Business focuses on the unique needs of small business owners and works with top providers to offer tailored and affordable solutions. About Simply Business For more information abou ...
Employers Holdings, Inc. Schedules Second Quarter 2024 Earnings Release and Conference Call
GlobeNewswire News Room· 2024-07-02 20:15
Conference Call Details The Company will then review these financial results via a conference call and webcast on Thursday, August 1, 2024, at 11:00 a.m. EDT / 8:00 a.m. PDT. An archived version of the webcast will be accessible on the Company's website following the live call. EMPLOYERS® and America's small business insurance specialist® are registered trademarks of EIG Services, Inc. Employers Holdings, Inc. is a holding company with subsidiaries that are specialty providers of workers' compensation insur ...