Employers Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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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.
Sep 30, 2024 · Filed Nov 1, 2024
EIG$47.56+0.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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 | |
| September 30,2024 | December 31,2023 | |
| Assets · (unaudited) | ||
| Investments: | ||
| Fixed maturity securities at fair value (amortized cost $2,124.6 at September 30, 2024 and $2,048.0 at December 31, 2023, less CECL allowance of $1.4 at September 30, 2024 and $2.7 at December 31, 2023) | $2,065.8 | $1,936.3 |
| Equity securities at fair value (cost $144.7 at September 30, 2024 and $125.9 at December 31, 2023) | 256.2 | 211.2 |
| Equity securities at cost | 5.7 | 6.0 |
| Other invested assets (cost $88.8 at September 30, 2024 and $82.5 at December 31, 2023) | 99.7 | 91.5 |
| Short-term investments at fair value (amortized cost $30.6 at September 30, 2024 and $33.1 at December 31, 2023) | 30.6 | 33.1 |
| Total investments | 2,458.0 | 2,278.1 |
| Cash and cash equivalents | 143.3 | 226.4 |
| Restricted cash and cash equivalents | 0.2 | 0.2 |
| Accrued investment income | 15.8 | 16.3 |
| Premiums receivable (less CECL allowance of $16.2 at September 30, 2024 and $17.9 at December 31, 2023) | 378.8 | 359.4 |
| Reinsurance recoverable for: | ||
| Paid losses | 6.6 | 6.3 |
| Unpaid losses (less CECL allowance of $0.9 at September 30, 2024 and $0.9 at December 31, 2023) | 412.2 | 427.5 |
| Deferred policy acquisition costs | 60.9 | 55.6 |
| Deferred income tax asset, net | 26.2 | 43.4 |
| Property and equipment, net | 7.0 | 6.5 |
| Operating lease right-of-use assets | 4.0 | 5.1 |
| Intangible assets, net | 13.6 | 13.6 |
| Goodwill | 36.2 | 36.2 |
| Contingent commission receivable—LPT Agreement | — | 14.2 |
| Cloud computing arrangements | 18.8 | 28.0 |
| Other assets | 35.7 | 33.6 |
| Total assets | $3,617.3 | $3,550.4 |
| Liabilities and stockholders’ equity | ||
| Claims and policy liabilities: | ||
| Unpaid losses and loss adjustment expenses | $1,836.5 | $1,884.5 |
| Unearned premiums | 412.5 | 379.7 |
| Commissions and premium taxes payable | 65.4 | 66.0 |
| Accounts payable and accrued expenses | 22.0 | 26.1 |
| Deferred reinsurance gain—LPT Agreement | 93.8 | 99.2 |
| Operating lease liability | 4.7 | 5.9 |
| Non-cancellable obligations | 11.1 | 17.0 |
| Other liabilities | 77.9 | 58.1 |
| Total liabilities | $2,523.9 | $2,536.5 |
| Commitments and contingencies | ||
| Employers Holdings, Inc. and Subsidiaries | ||
|---|---|---|
| Consolidated Balance Sheets | ||
| (in millions, except share data) | ||
| As of | As of | |
| September 30,2024 | December 31,2023 | |
| Stockholders’ equity: · (unaudited) | ||
| Common stock, $0.01 par value; 150,000,000 shares authorized; 58,170,831 and 58,055,968 shares issued and 24,736,533 and 25,369,753 shares outstanding at September 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 | 422.5 | 419.8 |
| Retained earnings | 1,452.1 | 1,384.3 |
| Accumulated other comprehensive loss, net of tax | (45.3) | (86.0) |
| Treasury stock, at cost (33,434,298 shares at September 30, 2024 and 32,686,215 shares at December 31, 2023) | (736.5) | (704.8) |
| Total stockholders’ equity | 1,093.4 | 1,013.9 |
| Total liabilities and stockholders’ equity | $3,617.3 | $3,550.4 |
| Employers Holdings, Inc. and Subsidiaries | ||||
|---|---|---|---|---|
| Consolidated Statements of Comprehensive Income (Loss) | ||||
| (in millions, except per share data) | ||||
| Three Months Ended · Nine Months Ended | ||||
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Revenues · (unaudited) · (unaudited) | ||||
| Net premiums earned | $186.6 | $184.6 | $559.3 | $534.4 |
| Net investment income | 26.6 | 25.9 | 80.3 | 80.3 |
| Net realized and unrealized gains (losses) on investments | 10.9 | (7.1) | 24.5 | 10.7 |
| Other income (loss) | (0.1) | 0.1 | — | (0.2) |
| Total revenues | 224.0 | 203.5 | 664.1 | 625.2 |
| Expenses | ||||
| Losses and loss adjustment expenses | 117.7 | 114.9 | 343.0 | 312.8 |
| Commission expense | 26.4 | 26.7 | 78.7 | 73.8 |
| Underwriting and general and administrative expenses | 43.2 | 43.5 | 130.2 | 133.7 |
| Interest and financing expenses | — | 1.0 | 0.1 | 5.2 |
| Other expenses | — | — | — | 9.4 |
| Total expenses | 187.3 | 186.1 | 552.0 | 534.9 |
| Net Income before income taxes | 36.7 | 17.4 | 112.1 | 90.3 |
| Income tax expense | 6.4 | 3.4 | 21.8 | 17.8 |
| Net Income | $30.3 | $14.0 | $90.3 | $72.5 |
| Comprehensive income | ||||
| Unrealized AFS investment gains (losses) arising during the period, net of tax (expense) benefit of $(13.9) and $7.3 for the three months ended September 30, 2024 and 2023, respectively, and $(9.5) and $5.3 for the nine months ended September 30, 2024 and 2023, respectively | $52.2 | $(27.0) | $35.7 | $(20.0) |
| Reclassification adjustment for realized AFS investment losses in net income, net of tax benefit of $(0.4) and $(0.3) for the three months ended September 30, 2024 and 2023, respectively, and $(1.3) and $(0.6) for the nine months ended September 30, 2024 and 2023, respectively | 1.5 | 0.9 | 5.0 | 2.3 |
| Other comprehensive income (loss), net of tax | 53.7 | (26.1) | 40.7 | (17.7) |
| Total Comprehensive income (loss) | $84.0 | $(12.1) | $131.0 | $54.8 |
| Earnings per common share (Note 13): | ||||
| Basic | $1.22 | $0.54 | $3.59 | $2.72 |
| Diluted | $1.21 | $0.54 | $3.57 | $2.71 |
| Cash dividends declared per common share and eligible equity plan awards | $0.30 | $0.28 | $0.88 | $0.82 |
| Employers Holdings, Inc. and Subsidiaries | |||||||
|---|---|---|---|---|---|---|---|
| Consolidated Statements of Stockholders’ Equity | |||||||
| For the Three Months Ended September 30, 2024 and 2023 | |||||||
| (Unaudited) | |||||||
| Common Stock · Additional Paid-In Capital · Retained Earnings · Accumulated Other Comprehensive Loss, Net · Treasury Stock at Cost · Total Stockholders’ Equity | |||||||
| Shares Issued · Amount | |||||||
| (in millions, except share data) | |||||||
| Balance, July 1, 2024 | 58,167,193 | $0.6 | $420.9 | $1,429.4 | $(99.0) | $(729.0) | $1,022.9 |
| Stock-based obligations | — | — | 1.7 | — | — | — | 1.7 |
| Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings | 3,638 | — | (0.1) | — | — | — | (0.1) |
| Acquisitions of common stock(1) | — | — | — | — | — | (7.5) | (7.5) |
| Dividends declared | — | — | — | (7.6) | — | — | (7.6) |
| Net income for the period | — | — | — | 30.3 | — | — | 30.3 |
| Change in net unrealized losses on AFS investments, net of taxes of $(14.3) | — | — | — | — | 53.7 | — | 53.7 |
| Balance, September 30, 2024 | 58,170,831 | $0.6 | $422.5 | $1,452.1 | $(45.3) | $(736.5) | $1,093.4 |
| Balance, July 1, 2023 | 57,997,485 | $0.6 | $417.1 | $1,339.4 | $(130.5) | $(674.9) | $951.7 |
| Stock-based obligations | — | — | 1.3 | — | — | — | 1.3 |
| Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings | 7,470 | — | (0.2) | — | — | — | (0.2) |
| Acquisitions of common stock(1) | — | — | — | — | — | (14.4) | (14.4) |
| Dividends declared | — | — | — | (7.3) | — | — | (7.3) |
| Net income for the period | — | — | — | 14.0 | — | — | 14.0 |
| Change in net unrealized losses on AFS investments, net of taxes of $7.0 | — | — | — | — | (26.1) | — | (26.1) |
| Balance, September 30, 2023 | 58,004,955 | $0.6 | $418.2 | $1,346.1 | $(156.6) | $(689.3) | $919.0 |
| (1) Amount includes applicable excise tax as imposed by the Inflation Reduction Act of 2022 (See Note 7). | |||||||
| See accompanying unaudited notes to the consolidated financial statements. | |||||||
| Employers Holdings, Inc. and Subsidiaries | |||||||
|---|---|---|---|---|---|---|---|
| Consolidated Statements of Stockholders’ Equity | |||||||
| For the Nine Months Ended September 30, 2024 and 2023 | |||||||
| (Unaudited) | |||||||
| Common Stock · Additional Paid-In Capital · Retained Earnings · Accumulated Other Comprehensive Loss, Net · Treasury Stock at Cost · Total Stockholders’ Equity | |||||||
| Shares Issued · Amount | |||||||
| (in millions, except share data) | |||||||
| Balance, January 1, 2024 | 58,055,968 | $0.6 | $419.8 | $1,384.3 | $(86.0) | $(704.8) | $1,013.9 |
| Stock-based obligations | — | — | 4.5 | — | — | — | 4.5 |
| Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings | 114,863 | — | (1.8) | — | — | — | (1.8) |
| Acquisitions of common stock(1) | — | — | — | — | — | (31.7) | (31.7) |
| Dividends declared | — | — | — | (22.5) | — | — | (22.5) |
| Net income for the period | — | — | — | 90.3 | — | — | 90.3 |
| Change in net unrealized losses on AFS investments, net of taxes of $(10.8) | — | — | — | — | 40.7 | — | 40.7 |
| Balance, September 30, 2024 | 58,170,831 | $0.6 | $422.5 | $1,452.1 | $(45.3) | $(736.5) | $1,093.4 |
| Balance, January 1, 2023 | 57,876,287 | $0.6 | $414.6 | $1,295.6 | $(138.9) | $(627.7) | $944.2 |
| Stock-based obligations | — | — | 4.4 | — | — | — | 4.4 |
| Stock options exercised | 23,500 | — | 0.7 | — | — | — | 0.7 |
| Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings | 105,168 | — | (1.5) | — | — | — | (1.5) |
| Acquisitions of common stock(1) | — | — | — | — | — | (61.6) | (61.6) |
| Dividends declared | — | — | — | (22.0) | — | — | (22.0) |
| Net income for the period | — | — | — | 72.5 | — | — | 72.5 |
| Change in net unrealized losses on AFS investments, net of taxes of $4.7 | — | — | — | — | (17.7) | — | (17.7) |
| Balance, September 30, 2023 | 58,004,955 | $0.6 | $418.2 | $1,346.1 | $(156.6) | $(689.3) | $919.0 |
| (1) Amount includes applicable excise tax as imposed by the Inflation Reduction Act of 2022 (See Note 7). | |||||||
| See accompanying unaudited notes to the consolidated financial statements. | |||||||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.