Core Points - Cognizant has been recognized as one of America's Best Employers for Veterans 2025 by Forbes, highlighting its commitment to supporting veterans [1][3] - The recognition is based on an independent survey of over 17,000 U.S. veterans, evaluating various factors including workplace atmosphere, salary, diversity, and veteran-specific support [2][3] - Cognizant's Veterans Network affinity group aids service members and military spouses in transitioning to new roles, while also supporting initiatives like Code Platoon for technical training [3][4] Company Commitment - Cognizant emphasizes the unique skills and perspectives that veterans bring to the workforce, which contribute to team strength and innovation [4] - The company is dedicated to creating pathways for veterans and their families to achieve success in their careers [4][5] Industry Context - The recognition by Forbes is part of a broader trend of companies increasingly focusing on veteran support and inclusion in the workplace [2][3] - Statista, the organization collaborating with Forbes, is known for its extensive industry rankings and data analysis, reinforcing the credibility of the recognition [4][5]

Core Insights - The new PSAs titled "Story Unfold" promote skills-first hiring practices, emphasizing the competitive advantage of hiring STARs (Skilled Through Alternative Routes) [1][3][4] - Over 70 million STARs in the U.S. are often overlooked due to lack of a bachelor's degree, despite research indicating that skills-based hiring increases the likelihood of successful hires by 60% [2][3] - The "Tear the Paper Ceiling" campaign aims to change perceptions around hiring practices and has gained significant traction, with 31 states pledging to remove degree requirements for state employment [6][7] Campaign Overview - The "Tear the Paper Ceiling" campaign was launched in 2022 and has since inspired over 1 million commitments to open jobs to STARs, with 76,000 STARs experiencing upward mobility and a median wage gain of $17,000 [7][8] - The campaign has received over $120 million in donated media and has driven nearly six million visits to its website, showcasing its broad reach and impact [8] Industry Impact - The term "paper ceiling" has been widely adopted across various industries and has influenced national conversations about hiring practices, with political leaders and major publications referencing it [6][7] - The coalition supporting the campaign includes 85 national private sector and nonprofit organizations, indicating a strong collaborative effort to create opportunities for STARs [7]

Financial Performance - Total revenues for the three months ended September 30, 2025, were $239.3 million, an increase from $224.0 million in the same period of 2024, representing a growth of 6.0%[15] - Net premiums earned for the nine months ended September 30, 2025, reached $573.4 million, compared to $559.3 million for the same period in 2024, reflecting a year-over-year increase of 2.0%[15] - The company reported a net loss of $8.3 million for the three months ended September 30, 2025, compared to a net income of $30.3 million in the same period of 2024[15] - The company reported net investment income of $26.1 million for the three months ended September 30, 2025, slightly down from $26.6 million in the same period of 2024[15] - The company’s comprehensive income for the three months ended September 30, 2025, was $8.3 million, a decrease from $84.0 million in the same period of 2024[15] - Net income for the nine months ended September 30, 2025, is $34.2 million, compared to $90.3 million for the same period in 2024, indicating a decrease of approximately 62.1%[23] - The company reported a total expense of $646.6 million for the nine months ended September 30, 2025, with losses and loss adjustment expenses at $447.4 million[117] Assets and Liabilities - Total assets as of September 30, 2025, were $3,526.4 million, a slight decrease from $3,541.3 million as of December 31, 2024[12] - Stockholders' equity decreased to $1,039.2 million as of September 30, 2025, down from $1,068.7 million at the end of 2024[12] - The total liabilities increased to $2,487.2 million as of September 30, 2025, compared to $2,472.6 million at December 31, 2024[12] - As of September 30, 2025, total stockholders' equity is $1,039.2 million, a decrease from $1,093.4 million as of September 30, 2024, reflecting a decline of approximately 4.9%[20] Cash and Investments - Total cash, cash equivalents, and restricted cash at the end of the period is $167.0 million, an increase from $143.5 million at the end of September 2024, representing a growth of approximately 16.4%[23] - The Company reported total investments at fair value of $2,267.9 million as of September 30, 2025, compared to $2,351.6 million as of December 31, 2024, indicating a decrease of about 3.5%[37] - The Company’s cash and cash equivalents increased to $166.8 million as of September 30, 2025, compared to $68.3 million as of December 31, 2024, marking a growth of approximately 144.5%[37] - The fair value of investment securities on deposit with the FHLB was $407.7 million as of September 30, 2025, supporting the Letter of Credit Agreements[100] Dividends and Stock Repurchase - The company declared cash dividends of $0.32 per common share for the three months ended September 30, 2025, compared to $0.30 in the same period of 2024[15] - The company declared dividends totaling $22.7 million for the nine months ended September 30, 2025, consistent with the previous year's $22.8 million[23] - EHI paid $22.8 million in dividends to stockholders for each of the nine months ended September 30, 2025, and 2024[197] - The company plans to execute a recapitalization plan with a $125.0 million increase to the existing stock repurchase program[123] Underwriting and Losses - The combined ratio for the Insurance Operations segment was 129.7% for the three months ended September 30, 2025, indicating an underwriting loss[115] - Losses and loss adjustment expenses for the three months ended September 30, 2025, were $186.6 million, significantly higher than $117.7 million in the prior year, indicating an increase of 58.6%[15] - The liability for unpaid losses and loss adjustment expenses (LAE) at the end of the period was $1,822.5 million as of September 30, 2025, compared to $1,836.5 million for the same period in 2024[85] - Current accident year losses and LAE for the three months ended September 30, 2025, were $150.1 million, an increase from $119.3 million in the same period of 2024, representing a 25.0% increase[148] Compliance and Credit Facilities - As of September 30, 2025, EHI maintained a minimum consolidated net worth of $800 million and a debt to total capitalization ratio of no more than 35%[95] - EHI has a $25.0 million unsecured revolving credit facility, with an option to increase it to $35.0 million, which can be used for working capital and general corporate purposes[179] - The Company entered into a Credit Agreement providing for a $25.0 million unsecured revolving credit facility on May 28, 2024[92] Technology and Strategic Focus - The company continues to invest in technology to enhance data analytic capabilities and reduce operating costs over the long term[129] - The company focuses on disciplined underwriting and claims management to pursue profitable growth opportunities[128] - The company continues to focus on diversifying risk exposure and leveraging data-driven strategies to improve underwriting performance[145]

Financial Data and Key Metrics Changes - Gross premiums written increased by 1.4% to $183.9 million compared to $181.2 million in the prior year, primarily due to renewal business premium growth [16] - Net premiums earned rose by 3% to $192.1 million from $186.6 million in the previous year, driven by larger levels of 2024 written premium earning in 2025 [16] - Losses and loss adjustment expenses (LAE) were $186.6 million, significantly higher than $117.7 million a year ago, reflecting increased reserves due to cumulative trauma claims [17] - The adjusted net loss was $25.5 million compared to adjusted net income of $20.2 million a year ago [20] - The book value per share increased by 6.1% to $49.70, while adjusted book value per share rose by 5.5% to $51.31 over the last 12 months [22][23] Business Line Data and Key Metrics Changes - The company increased its accident year 2025 loss and LAE ratio from 69% to 72% due to rising cumulative trauma claims in California [6] - The underwriting expense ratio decreased to 20.6% from 23.5% year-over-year, attributed to lower compensation-related expenses and higher net premiums earned [18] - The commission expense ratio improved to 12% from 13.8%, primarily due to a higher proportion of renewal business [18] Market Data and Key Metrics Changes - The company reported a 4% growth in policies in force, indicating strong retention in the small commercial business despite competitive pressures [13] - The frequency of cumulative trauma claims in California has increased, impacting reserves, while frequency in other states continues to decline [6][10] Company Strategy and Development Direction - The company is focusing on underwriting margin over growth in a soft workers' compensation market, implementing targeted pricing actions and enhanced risk selection [12] - A new excess workers' compensation offering is being developed, with plans to start accepting submissions in early 2026 [14] - The company is pursuing legislative reforms in California to align cumulative trauma claims with other states [11][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the adjustments made to reserves adequately address recent trends and emphasized that these are not indicative of broad deterioration in the business [7][12] - The company is committed to providing best-in-class care to injured workers while managing the impact of cumulative trauma claims [11] - Future growth is expected to be steady, with a focus on maintaining underwriting margins rather than aggressive expansion [33] Other Important Information - The company announced a $125 million debt-funded recapitalization plan and increased its share repurchase authorization to $250 million [15][21] - Net investment income for the quarter was $26.1 million, slightly lower than the previous year, with realized and unrealized gains on investments increasing to $21.2 million [14][19] Q&A Session Summary Question: Can you elaborate on the targeted litigation strategies? - The company is using analytics to manage cumulative trauma claims and has established aggressive targets to reduce litigation costs [25] Question: How predictable are the loss trends going into 2026? - Management believes the trend is stabilizing but acknowledges the difficulty in predicting future outcomes [29] Question: Will there be a traditional fourth-quarter reserve review? - Yes, a full fourth-quarter review will be conducted, including an external actuarial review [36] Question: What commentary have you received from rating agencies regarding cumulative trauma claims? - Rating agencies have been supportive of the company's operational and capital actions [38] Question: How are medical cost trends evolving? - Overall claim severity values have held steady, with no significant concerns regarding medical costs [39] Question: Can you discuss the new excess workers' compensation product? - The new product is part of the company's diversification strategy, leveraging existing expertise and systems [41]

分组1 - Employers Holdings (EIG) reported a quarterly loss of $1.1 per share, significantly missing the Zacks Consensus Estimate of $0.61, and down from earnings of $0.81 per share a year ago, representing an earnings surprise of -280.33% [1] - The company posted revenues of $239.3 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 11.36%, and up from $224 million in the same quarter last year [2] - Employers Holdings shares have declined approximately 21.4% year-to-date, contrasting with the S&P 500's gain of 17.2% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.61 on revenues of $215.71 million, and for the current fiscal year, it is $2.55 on revenues of $879.5 million [7] - The Zacks Industry Rank for Insurance - Accident and Health is currently in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stocks in this sector [8] 分组3 - The estimate revisions trend for Employers Holdings was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Financial Performance - Gross premiums written for Q3 2025 were $183.9 million, a 1% increase from $181.2 million in Q3 2024[4] - Net premiums earned increased by 3% to $192.1 million in Q3 2025, compared to $186.6 million in Q3 2024[4] - Net (loss) income for Q3 2025 was $(8.3) million, a decrease of 127% from $30.3 million in Q3 2024[4] - Total revenues for the nine months ended September 30, 2025, were $688.2 million, up from $664.1 million in the same period of 2024[10] - Adjusted net (loss) income for Q3 2025 was $(25.5) million, a 226% decrease from $20.2 million in Q3 2024[10] - For the three months ended September 30, 2025, the net loss was $8.3 million compared to a net income of $30.3 million for the same period in 2024, representing a significant decline[13] - Adjusted net loss for the nine months ended September 30, 2025, was $25.5 million, compared to an adjusted net income of $20.2 million for the same period in 2024[13] - The net loss for the three months ended September 30, 2025, was $(8.3) million, compared to a net income of $30.3 million for the same period in 2024[24] - Adjusted net loss income for the three months ended September 30, 2025, was $(25.5) million, while for the same period in 2024, it was $20.2 million[24] Underwriting Performance - The combined ratio excluding LPT for Q3 2025 was 130.4%, compared to 101.2% in Q3 2024[4] - The GAAP combined ratio for the three months ended September 30, 2025, was 129.7%, compared to 100.4% in 2024, indicating a deterioration in underwriting performance[15] - Losses and LAE incurred for the three months ended September 30, 2025, were $186.6 million, significantly higher than $117.7 million in the same period of 2024, marking a 58.6% increase[15] Shareholder Metrics - Book value per share increased to $45.76 in Q3 2025, up 4% from $44.20 in Q3 2024[4] - Cash dividends declared per share increased by 7% to $0.32 in Q3 2025, compared to $0.30 in Q3 2024[4] - Stockholders' equity decreased by 5% to $1,039.2 million as of September 30, 2025, from $1,093.4 million at the end of 2024[7] - Stockholders' equity at the end of the period was $1,039.2 million, down from $1,093.4 million at the end of September 2024, reflecting a decrease of 4.9%[13] - The average stockholders' equity for the three months ended September 30, 2025, was $1,061.2 million, slightly up from $1,058.2 million in 2024[13] - The return on stockholders' equity for the three months ended September 30, 2025, was (0.8)%, a decline from 2.9% in the same period of 2024[13] - Basic earnings per share for the three months ended September 30, 2025, was $(0.36), compared to $1.22 for the same period in 2024[24] - Book value per share as of September 30, 2025, was $45.76, reflecting a year-over-year increase of 6.3%[21] - Adjusted book value per share as of September 30, 2025, was $51.31, with a year-over-year increase of 5.5%[21] - The average common shares outstanding (basic) for the three months ended September 30, 2025, was 23,247,221, down from 24,858,159 in 2024[24] Asset and Investment Overview - Total assets as of September 30, 2025, were $3,526.4 million, a decrease of 3% from $3,617.3 million at the end of 2024[7] - Total investments and cash as of September 30, 2025, amounted to $2,546.7 million, an increase from $2,532.4 million at the end of December 2024[19] - The net unpaid losses and LAE at the end of the period were $1,429.8 million, compared to $1,423.4 million at the end of September 2024, indicating a slight increase[17] - Stockholders' equity as of September 30, 2025, was $1,039.2 million, down from $1,083.1 million as of June 30, 2025, representing a decrease of 4.1%[21] LPT Agreement Impact - The impact of the LPT Agreement on net income for the three months ended September 30, 2025, was $(1.3) million, compared to $(1.5) million in 2024[24] - The deferred reinsurance gain reflects the unamortized gain from the LPT Agreement, which is being amortized using the recovery method[27] - Management believes that non-GAAP measures excluding the effects of the LPT Agreement provide a meaningful understanding of the company's ongoing underwriting performance[26]

Core Insights - Employers Holdings, Inc. reported a net loss of $8.3 million for Q3 2025, with an adjusted net loss of $25.5 million, reflecting a significant decline compared to the previous year [5][31][38] - The company experienced a 1% increase in gross premiums written, totaling $183.9 million, and a 3% increase in net premiums earned, reaching $192.1 million [5][7][31] - The loss and loss adjustment expenses ratio increased dramatically from 63.1% to 97.1%, primarily due to higher current accident year losses and reserve strengthening [5][8][31] Financial Highlights - Gross premiums written increased by 1% year-over-year, driven by higher renewal business writings [2][7] - Net premiums earned rose by 3%, attributed to larger levels of 2024 written premiums earned in 2025 [7] - The company reported a 59% increase in losses and loss adjustment expenses, totaling $186.6 million [8][31] - The commission expense ratio improved from 13.8% to 12.0%, while the underwriting expense ratio decreased from 23.5% to 20.6% [4][9][10] Management Commentary - CEO Katherine Antonello highlighted a record number of policies in-force, up 4% year-over-year, and emphasized the company's commitment to improving underwriting margins over increasing written premiums [2][3] - The company undertook a rigorous internal review of reserves, resulting in a $38.2 million strengthening of prior accident year loss and LAE reserves [3][4] Capital Management - The Board approved a $125 million debt-funded recapitalization plan and increased the share repurchase authorization to $250 million [6][18] - The company returned $52.7 million to stockholders through share repurchases and dividends [5][6] Investment Performance - Net investment income decreased by 2% to $26.1 million, while net realized and unrealized gains on investments increased from $10.9 million to $21.2 million [11][31] - The company's book value per share, including deferred gain, increased by 6.1% year-over-year to $49.70 [14][36]

Core Insights - Heald has appointed Dr. Sunita Mishra, former Chief Medical Officer of Amazon Health Services, to its Advisory Board to guide its expansion into employer, provider, and health system markets [1][2] Company Overview - Heald is a human-led, tech-enabled health platform focused on reversing Type 2 Diabetes by addressing root causes such as nutrition, movement, sleep, and stress [9] - The company connects individuals with smart devices and a multidisciplinary clinical team to provide real-time insights and personalized coaching [9] Market Context - Over 38 million Americans (14.7% of U.S. adults) have Diabetes, with nearly 100 million adults having prediabetes, leading to over $400 billion in annual healthcare costs [6] - Employers face a projected $90 billion annual burden from Diabetes-related absenteeism and drug spending, with GLP-1 drug costs approaching $12,000 per member per year [6] Strategic Initiatives - Heald is expanding its reach through an outcomes-based pricing model, ensuring organizations pay only for verified health improvements [4] - The company’s approach integrates continuous glucose monitoring, smart devices, and a dedicated clinical team to empower participants in making sustainable health changes [7] Performance Metrics - Participants in Heald's program have achieved an average weight reduction of 15 lbs and a 3% decrease in A1C levels, with nearly 98% reducing medication usage [3]

Core Insights - Robert Half has been recognized by Forbes as one of the World's Best Employers for 2025, highlighting its commitment to providing an outstanding workplace environment and exceptional opportunities for employees globally [1][2]. Company Recognition - The Forbes' World's Best Employers list is based on an independent survey of over 300,000 employees across 50 countries, focusing on satisfaction, culture, and reputation, with emphasis on well-being, inclusivity, career growth, and work-life balance [2]. - Robert Half's CEO, M. Keith Waddell, emphasized the company's dedication to creating an environment where employees can thrive both professionally and personally [3]. Employee Experience - Robert Half invests in programs and initiatives that promote connection, career development, and well-being, contributing to its recognition as a top employer [3]. - The company has also been acknowledged as one of Fortune's Most Admired Companies and one of Forbes' Best Employers for Company Culture [3][4]. Company Overview - Robert Half is the world's first and largest specialized talent solutions and business consulting firm, providing contract talent and permanent placement solutions across various fields including finance, technology, marketing, legal, and customer support [4]. - The company is the parent of Protiviti, a global consulting firm that offers internal audit, risk, and business consulting solutions [4].

Core Insights - Employers Holdings (NYSE: EIG) is positioned in the workers' compensation insurance sector, with its underwriting history performing well compared to most peers, although its returns on equity have not been as strong [1] Group 1: Company Performance - Employers Holdings has a solid underwriting history in the workers' compensation insurance space, indicating a competitive position within the industry [1] - Despite the favorable underwriting history, the company has faced challenges with returns on equity, suggesting potential areas for improvement [1]