Employers Holdings Inc

For the period ended Jun 30, 2024. Filed Aug 2, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 2, 2024

EIG$47.30+0.4%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

PART 1 – FINANCIAL INFORMATION Item 1 Consolidated Financial Statements

PART I –FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Employers Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(in millions, except share data)
	As of	As of
	June 30,2024	December 31,2023
Assets · (unaudited)
Investments:
Fixed maturity securities at fair value (amortized cost $2,136.6 at June 30, 2024 and $2,048.0 at December 31, 2023, less CECL allowance of $1.9 at June 30, 2024 and $2.7 at December 31, 2023)	$2,009.4	$1,936.3
Equity securities at fair value (cost $134.4 at June 30, 2024 and $125.9 at December 31, 2023)	232.6	211.2
Equity securities at cost	5.7	6.0
Other invested assets (cost $86.5 at June 30, 2024 and $82.5 at December 31, 2023)	97.5	91.5
Short-term investments at fair value (amortized cost $30.9 at June 30, 2024 and $33.1 at December 31, 2023)	30.9	33.1
Total investments	2,376.1	2,278.1
Cash and cash equivalents	95.5	226.4
Restricted cash and cash equivalents	0.2	0.2
Accrued investment income	16.7	16.3
Premiums receivable (less CECL allowance of $18.8 at June 30, 2024 and $17.9 at December 31, 2023)	399.8	359.4
Reinsurance recoverable for:
Paid losses	6.3	6.3
Unpaid losses (less CECL allowance of $0.9 at June 30, 2024 and $0.9 at December 31, 2023)	417.4	427.5
Deferred policy acquisition costs	62.3	55.6
Deferred income tax asset, net	42.1	43.4
Property and equipment, net	6.7	6.5
Operating lease right-of-use assets	4.4	5.1
Intangible assets, net	13.6	13.6
Goodwill	36.2	36.2
Contingent commission receivable—LPT Agreement	14.6	14.2
Cloud computing arrangements	21.2	28.0
Other assets	36.9	33.6
Total assets	$3,550.0	$3,550.4
Liabilities and stockholders’ equity
Claims and policy liabilities:
Unpaid losses and loss adjustment expenses	$1,850.9	$1,884.5
Unearned premiums	419.4	379.7
Commissions and premium taxes payable	65.2	66.0
Accounts payable and accrued expenses	18.7	26.1
Deferred reinsurance gain—LPT Agreement	95.3	99.2
Operating lease liability	5.1	5.9
Non-cancellable obligations	12.1	17.0
Other liabilities	60.4	58.1
Total liabilities	$2,527.1	$2,536.5
Commitments and contingencies

Employers Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(in millions, except share data)
	As of	As of
	June 30,2024	December 31,2023
Stockholders’ equity: · (unaudited)
Common stock, $0.01 par value; 150,000,000 shares authorized; 58,167,193 and 58,055,968 shares issued and 24,896,116 and 25,369,753 shares outstanding at June 30, 2024 and December 31, 2023, respectively	$0.6	$0.6
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	—	—
Additional paid-in capital	420.9	419.8
Retained earnings	1,429.4	1,384.3
Accumulated other comprehensive loss, net of tax	(99.0)	(86.0)
Treasury stock, at cost (33,271,077 shares at June 30, 2024 and 32,686,215 shares at December 31, 2023)	(729.0)	(704.8)
Total stockholders’ equity	1,022.9	1,013.9
Total liabilities and stockholders’ equity	$3,550.0	$3,550.4

Employers Holdings, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(in millions, except per share data)
Three Months Ended · Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Revenues · (unaudited) · (unaudited)
Net premiums earned	$187.8	$177.1	$372.6	$349.8
Net investment income	26.9	26.8	53.8	54.4
Net realized and unrealized gains on investments	2.2	11.3	13.6	17.7
Other income (loss)	0.1	—	0.1	(0.2)
Total revenues	217.0	215.2	440.1	421.7
Expenses
Losses and loss adjustment expenses	108.8	90.5	225.3	197.9
Commission expense	26.8	23.6	52.3	47.1
Underwriting and general and administrative expenses	41.4	46.0	87.2	90.3
Interest and financing expenses	—	1.9	—	4.2
Other expenses	—	9.4	—	9.4
Total expenses	177.0	171.4	364.8	348.9
Net Income before income taxes	40.0	43.8	75.3	72.8
Income tax expense	8.3	8.9	15.3	14.3
Net Income	$31.7	$34.9	$60.0	$58.5
Comprehensive income
Unrealized AFS investment (losses) gains arising during the period, net of tax benefit (expense) of $1.4 and $4.1 for the three months ended June 30, 2024 and 2023, respectively, and $4.4 and $(1.9) for the six months ended June 30, 2024 and 2023, respectively	$(4.9)	$(15.5)	$(16.5)	$7.1
Reclassification adjustment for realized AFS investment losses in net income, net of tax benefit of $(0.7) for the three months ended June 30, 2024, and $(0.9) and $(0.4) for the six months ended June 30, 2024 and 2023, respectively	2.8	0.1	3.5	1.3
Other comprehensive (loss) income, net of tax	(2.1)	(15.4)	(13.0)	8.4
Total Comprehensive income	$29.6	$19.5	$47.0	$66.9
Earnings per common share (Note 13):
Basic	$1.25	$1.31	$2.37	$2.17
Diluted	$1.25	$1.30	$2.36	$2.16
Cash dividends declared per common share and eligible plan awards	$0.30	$0.28	$0.58	$0.54

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.