Employers Holdings, Inc. Reports Second Quarter 2012 Earnings and Declares Third Quarter 2012 Dividend
August 07, 2012
Key Highlights
(Q2,
2012 compared to Q2, 2011 except where noted) - Overall net rate up 3.8%; California net rate up 14.4% at
quarter-end
- Net written premiums of $150 million; up 42%
- Net earned premiums of $119 million; up 35%
- Revenues of $138 million; up 26%
- Deferred acquisition cost (DAC) accounting change increase to
underwriting and other operating expense was $2 million
- Income tax benefit of $2.3 million
- Combined ratio (before LPT and DAC accounting change) improvement
of 6.3 percentage points
- Book value of $25.85 up 3% since December 31, 2011
- Repurchased 1.1 million common shares in Q2 2012
RENO, Nev.--(BUSINESS WIRE)--
Employers Holdings, Inc. (“EHI” or the “Company”) (NYSE:EIG) today
reported second quarter 2012 net income of $5.0 million or $0.16 per
diluted share. Net income in the second quarter of 2011 was $8.3 million
or $0.21 per diluted share. As expected, during the second quarter of
2012, we recorded a $2.2 million or $0.07 per diluted share addition to
underwriting and other operating expense as a result of our prospective
adoption of the Financial Accounting Standards Board's change in
accounting methods for deferred acquisition costs (DAC). This change in
accounting method, which became effective in 2012, alters the definition
of acquisition costs which may be capitalized and lowered our reported
net income as a result of having to expense certain costs that were
previously capitalized. Adjusted for the change in DAC accounting,
non-GAAP net income was $7.3 million or $0.23 per diluted share, an
increase of $0.02 per share compared with last year's second quarter. We
continue to estimate that our underwriting and other operating expenses
in 2012 will increase further by approximately $2 million, in addition
to the year-to-date expense of $5 million, as a result of the new DAC
accounting, with approximately 16% of the total $7 million to be
recorded in Q3 and the remaining 6% to be recorded in Q4.
Net income includes amortization of the deferred reinsurance gain
related to the Loss Portfolio Transfer (“LPT”) Agreement. Consolidated
net income before the impact of the LPT deferred reinsurance gain (the
Company's non-GAAP measure described below) was $1.2 million or $0.04
per diluted share in the second quarter of 2012 and $4.0 million or
$0.10 per diluted share in the second quarter of 2011. Adjusted for the
change in DAC accounting, net income before the impact of the LPT
deferred reinsurance gain was $3.5 million or $0.11 per diluted share in
the second quarter of 2012, which was $0.5 million or $0.01 per diluted
share higher than the second quarter of 2011.
The change in DAC accounting impacts year-over-year comparisons of our
results, which have not been retroactively adjusted. Reconciliations of
results which illustrate the impact of the change in DAC accounting for
the second quarter and year-to-date are included in the tables attached
to this press release.
President and Chief Executive Officer Douglas D. Dirks commented on the
results: “Net income, excluding the LPT and the DAC accounting change,
increased one cent per diluted share relative to last year's second
quarter. Our second quarter combined ratio, excluding the LPT and the
DAC accounting change, improved more than six percentage points as cost
controls and increases in net premiums earned drove the underwriting and
other operating expense ratio down. The loss provision rate of 77.0% has
been stable for the last year and a half. Our focus in 2012 is on
getting more rate across the entire book of business in order to improve
our loss ratio and our operating margin.”
Dirks continued: “In the second quarter, we continued to regain scale
and grow our business given what we believe are improving market
conditions. Over the last twelve months, we added nearly 20,000 policies
for an increase of 38% in policy count. We increased net premiums
written by 42% in the last twelve months. ”
Commenting on the balance sheet, Dirks added: “Since the end of last
year, our book value increased 3% to $25.85 (not adjusted for the
exclusion of the DAC accounting change). We continued to actively
purchase shares in the second quarter with repurchases of 1.1 million
common shares at a cost of $18.6 million."
"As we continue to expand our business and grow into an improving
pricing environment, our operating companies will require additional
capital. We have aggressively moved capital out of the operating
companies into the holding company during the soft part of the cycle. We
did this because it provided the greatest flexibility for deployment of
capital, either back into the business, into a strategic opportunity, or
to return it to shareholders through repurchases and dividends. We now
expect to contribute back down to the operating subsidiaries up to $70
million of the capital that we moved to the holding company in recent
years. The ultimate amount of capital contributed back to the operating
subsidiaries will be governed by our expectations relative to growth and
internal capital generation as well as regulatory and rating agency
considerations. We expect that the contribution will be made prior to
the close of the third quarter. We will continue to evaluate our best
uses of capital including organic growth, capital retention needs,
investment opportunities, and share repurchases and dividends.”
Second Quarter 2012
Net premiums written increased 42.4% to $150.4 million in the second
quarter of 2012 compared with $105.6 million in 2011. In-force premiums
of $476.2 million at quarter-end 2012 increased 37.2% relative to the
end of the second quarter in 2011.
Net premiums earned were $119.0 million, an increase of $30.8 million or
35.0% from the second quarter of 2011, primarily due to policy count
growth of 38.3% year over year at June 30, 2012. There were 71,971
policies in force at the end of this year's second quarter, an increase
of 19,933 policies in the last twelve months.
Net investment income was $18.3 million compared with net investment
income of $20.3 million in the second quarter of 2011. The decrease in
the second quarter of 2012 was primarily related to a decrease in yield.
The pre-tax book yield on invested assets was 3.7% for the second
quarter of 2012 compared with 4.2% in the second quarter of 2011. The
tax equivalent yield on invested assets decreased to 4.8% at the end of
the second quarter in 2012 compared with 5.2% at the end of the second
quarter in 2011.
Realized gains on investments were $0.9 million compared with $1.1
million in the second quarter of 2011.
Losses and loss adjustment expenses (LAE) were $88.3 million compared
with $64.2 million in the second quarter of 2011 primarily as a result
of increases in net premiums earned. The current accident year provision
rate for losses was 77.0% in the second quarter of 2012 compared with
78.0% in the second quarter of 2011. Before the impact of the LPT
deferred reinsurance gain, losses and LAE were $92.1 million in the
second quarter of 2012 and $68.4 million in the second quarter of 2011.
Commission expense was $16.1 million compared with $11.1 million, or
$5.0 million higher than in the second quarter of 2011. Commission
expense increased in the second quarter of 2012 primarily due to higher
net premiums earned and higher incentive commissions.
Dividends to policyholders were $0.8 million compared with $0.9 million
in the second quarter of 2011. Policyholder dividends fluctuate due to
changes in premium levels on dividend policies and the eligibility of
policyholders to receive dividend payments.
Underwriting and other operating expenses were $29.5 million compared
with $26.2 million in the second quarter of 2011, an increase of $3.3
million primarily as a result of a $2.2 million increase related to the
DAC accounting change, a $0.9 million increase in compensation, a $0.6
million change in bad debt expense, and an increase in premium taxes and
assessments of $0.4 million. These increases were partially offset by
cost control actions undertaken by management and a decrease in
professional services fees of $0.6 million relative to the same period
in 2011.
An income tax benefit of $2.3 million was recorded in the second quarter
of 2012 compared with an income tax benefit of $2.0 million in the
second quarter of 2011. The increased tax benefit was primarily related
to increased tax exempt interest income as a percentage of pre-tax net
income.
At the end of the second quarter of 2012, the change in net rate was a
positive 3.8% year over year and 4.1% year to date, continuing the
positive trend begun in the fourth quarter of 2011. The net rate change
in California was up 14.4% year over year and 7.6% year to date. Our
change in total payroll exposure increased 32.2% year over year and
16.1% year to date.
The second quarter 2012 combined ratio was 113.3% (116.5% before the
impact of the LPT deferred reinsurance gain), compared with 116.2%
(121.0% before the impact of the LPT deferred reinsurance gain) for the
second quarter of 2011. The combined ratio, adjusted for the DAC
accounting change, was 111.5% (114.7% before the impact of the LPT
deferred reinsurance gain), an improvement of 4.7 percentage points
relative to the combined ratio for the second quarter of last year
(please see the attached reconciliations excluding the impact of the DAC
accounting change for the second quarter of 2012).
Year-to-Date 2012
Net premiums written increased 40.7% to $290.7 million in the first six
months of 2012 compared with $206.7 million in 2011.
Net premiums earned were $228.9 million, an increase of $58.3 million or
34.2% from the first six months of 2011, primarily due to policy count
growth of 38.3% year over year at June 30, 2012.
Net investment income was $36.7 million compared with net investment
income of $40.8 million in the first six months of 2011. The decrease
was primarily related to a decrease in yield.
Realized gains on investments were $2.7 million compared with $1.3
million in the first six months of 2011.
Losses and loss adjustment expenses (LAE) were $169.2 million compared
with $123.6 million in the first six months of 2011 primarily as a
result of increases in net premiums earned. The current accident year
provision rate for losses was 77.0% in the first six months of 2012
compared with 77.3% in the first six months of 2011. The current
accident year provision rate has been impacted by increasing medical and
indemnity cost trends nationally and in California which represents over
half of the Company's book of business. Before the impact of the LPT
deferred reinsurance gain, losses and LAE were $177.2 million in the
first six months of 2012 and $132.4 million in the first six months of
2011.
Commission expense was $29.7 million compared with $21.4 million, or
$8.3 million higher than in the first six months of 2011. Commission
expense increased in the first six months of 2012 primarily due to
higher net premiums earned and higher agency incentive commissions.
Dividends to policyholders were $1.7 million compared with $1.9 million
in the first six months of 2011. Policyholder dividends fluctuate due to
changes in premium levels on dividend policies and the eligibility of
policyholders to receive dividend payments.
Underwriting and other operating expenses were $61.7 million compared
with $51.9 million in the first six months of 2011, an increase of $9.8
million primarily as a result of a $5.2 million increase related to the
DAC accounting change, a $1.2 million increase in premium taxes and
assessments, a $2.0 million increase in compensation, and a $1.3 million
change in bad debt expense. These increases were partially offset by
cost control actions undertaken by management.
An income tax benefit of $6.7 million was recorded in the first six
months of 2012 compared with an income tax benefit of $4.4 million in
the first six months of 2011. The increased tax benefit was primarily
related to increased tax exempt interest income as a percentage of
pre-tax net income.
The unadjusted year-to-date 2012 combined ratio was 114.6% (118.1%
before the impact of the LPT deferred reinsurance gain), compared with
116.5% (121.6% before the impact of the LPT deferred reinsurance gain)
for the same period of 2011. The combined ratio, adjusted for the DAC
accounting change, was 112.3% (115.8% before the impact of the LPT
deferred reinsurance gain), an improvement of 4.2 percentage points
relative to the combined ratio for the same period last year (please see
the attached reconciliations excluding the impact of the DAC accounting
change for the first six months of 2012).
Debt, Capital Structure
Total outstanding debt at June 30, 2012, was $122.0 million with a debt
to total capitalization ratio, including the deferred reinsurance gain -
LPT Agreement, of 13.2%. As of June 30, 2012, the Company's capital
structure consisted of $90.0 million principal balance on its credit
facility with Wells Fargo, $32.0 million in surplus notes maturing in
2034, and $799.9 million of stockholders' equity including the deferred
reinsurance gain - LPT Agreement.
Investments
Total invested assets were approximately $2 billion at June 30, 2012.
The Company's investment portfolio, which is classified as
available-for-sale, consisted of 94% fixed maturity securities and 6%
equity securities at the end of the second quarter. A repositioning of
the portfolio which began in the fourth quarter of last year was
completed in the first quarter of this year. The modest changes in asset
allocation reduced tax-exempt municipal exposure, shortened duration,
and added high dividend equities.
The Company provides a list of portfolio securities by CUSIP in the
Calendar of Events, Second Quarter “Investors” section of its web site
at www.employers.com.
Common Share Repurchases and Dividends
The Company repurchased 1.1 million shares of common stock during the
second quarter of 2012 at an average price of $17.10 per share for a
total cost of $18.6 million. Since the inception of its current stock
repurchase program in November of 2010, the Company has repurchased 9.2
million shares of common stock at an average price of $15.73 per share
for a total of $144.4 million. At June 30, 2012, approximately $55.6
million remained available for share repurchases pursuant to the
Company's current stock repurchase program.
The Board of Directors declared a third quarter 2012 dividend of six
cents per share. The dividend is payable on September 4, 2012 to
stockholders of record as of August 21, 2012.
Conference Call and Web Cast; Form 10-Q
The Company will host a conference call on Wednesday, August 8, 2012, at
10:30 a.m. Pacific Daylight Time. The conference call will be available
via a live web cast on the Company's web site at www.employers.com.
An archived version will be available following the call. The conference
call replay number is (888) 286-8010 with a pass code of 40075953.
International callers may dial (617) 801-6888.
EHI expects to file its Form 10-Q for the quarter ended June 30, 2012,
with the Securities and Exchange Commission (“SEC”) on Wednesday,
August 8, 2012. The Form 10-Q will be available without charge through
the EDGAR system at the SEC's web site and will also be posted on the
Company's website, www.employers.com,
through the “Investors” link.
Discussion of Non-GAAP Financial Measures
This earnings release includes non-GAAP financial measures used to
analyze the Company's operating performance for the periods presented.
These non-GAAP financial measures exclude impacts related to the LPT
Agreement deferred reinsurance gain. The 1999 LPT Agreement was a
non-recurring transaction that does not result in ongoing cash benefits
and, consequently, the Company believes these non-GAAP measures are
useful in providing stockholders and management a meaningful
understanding of the Company's operating performance. In addition, these
measures, as defined, are helpful to management in identifying trends in
the Company's performance because the items excluded have limited
significance in current and ongoing operations.
The Company strongly urges stockholders and other interested persons not
to rely on any single financial measure to evaluate its business. The
non-GAAP measures are not a substitute for GAAP measures and investors
should be careful when comparing the Company's non-GAAP financial
measures to similarly titled measures used by other companies.
Net Income before impact of the deferred reinsurance gain - LPT
Agreement. Net income less (i) amortization of deferred reinsurance
gain-LPT Agreement and (ii) adjustments to LPT Agreement ceded reserves.
Deferred reinsurance gain-LPT Agreement. This reflects the
unamortized gain from the LPT Agreement. Under GAAP, this gain is
deferred and amortized using the recovery method, whereby the
amortization is determined by the proportion of actual reinsurance
recoveries to total estimated recoveries, and the amortization is
reflected in losses and LAE.
Gross Premiums Written. Gross premiums written is the sum of both
direct premiums written and assumed premiums written before the effect
of ceded reinsurance. Direct premiums written represents the premiums on
all policies the Company's insurance subsidiaries have issued during the
year. Assumed premiums written represents the premiums that the
insurance subsidiaries have received from an authorized state-mandated
pool.
Net Premiums Written. Net premiums written is the sum of direct
premiums written and assumed premiums written less ceded premiums
written. Ceded premiums written is the portion of direct premiums
written that are ceded to reinsurers under reinsurance contracts. The
Company uses net premiums written, primarily in relation to gross
premiums written, to measure the amount of business retained after
cession to reinsurers.
Losses and LAE before impact of the deferred reinsurance gain - LPT
Agreement. Losses and LAE less (i) amortization of deferred
reinsurance gain-LPT Agreement and (ii) adjustments to LPT Agreement
ceded reserves.
Losses and LAE Ratio. The losses and LAE ratio is a measure of
underwriting profitability. Expressed as a percentage, it is the ratio
of losses and LAE to net premiums earned.
Commission Expense Ratio. Commission expense ratio is the ratio
(expressed as a percentage) of commission expense to net premiums earned.
Underwriting and Other Operating Expense Ratio. The underwriting
and other operating expense ratio is the ratio (expressed as a
percentage) of underwriting and other operating expense to net premiums
earned.
Combined Ratio. The combined ratio represents a summary
percentage of claims and expenses to net premiums earned. The combined
ratio is the sum of the losses and LAE ratio, the commission expense
ratio, the policyholder dividends ratio and the underwriting and other
operating expense ratio.
Combined Ratio before impacts of the deferred reinsurance gain - LPT
Agreement. Combined ratio before impacts of LPT is the GAAP combined
ratio before (i) amortization of deferred reinsurance gain-LPT Agreement
and (ii) adjustments to LPT Agreement ceded reserves.
Equity including deferred reinsurance gain-LPT Agreement.
Equity including deferred reinsurance gain-LPT is total equity plus the
deferred reinsurance gain-LPT Agreement.
Book value per share. Equity including deferred reinsurance
gain-LPT Agreement divided by number of shares outstanding.
Net rate. Net rate, defined as total premium in-force divided by
total insured payroll exposure, is a function of a variety of factors,
including rate changes, underwriting risk profiles and pricing, and
changes in business mix related to economic and competitive pressures.
Forward-Looking Statements
In this press release, the Company and its management discuss and make
statements based on currently available information regarding their
intentions, beliefs, current expectations, and projections regarding the
Company's future operations and performance. Certain of these statements
may constitute "forward-looking" statements as that term is defined in
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts and are often identified by
words such as "may," "will," "could," "would," "should," "expect,"
"plan," "anticipate," "target," "project," "intend," "believe,"
"estimate," "predict," "potential," "pro
forma," "seek," "likely," or "continue," or other comparable
terminology and their negatives.
EHI and its management caution investors that such forward-looking
statements are not guarantees of future performance. Risks and
uncertainties are inherent in EHI's future performance. Factors that
could cause the Company's actual results to differ materially from those
indicated by such forward-looking statements include, among other
things, those discussed or identified from time to time in EHI's public
filings with the SEC, including the risks detailed in the Company's
Quarterly Reports on Form 10-Q and the Company's Annual Reports on Form
10-K.
All forward-looking statements made in this press release reflect EHI's
current views with respect to future events, business transactions and
business performance and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties, which may cause actual results to
differ materially from those set forth in these statements. The business
and results of EHI could be affected by, among other things,
competition, pricing and policy term trends, the levels of new and
renewal business achieved, market acceptance, changes in demand, the
frequency and severity of catastrophic events, actual loss experience
including increased loss costs nationally and in California,
uncertainties in the loss reserving and claims settlement process, new
theories of liability, judicial, legislative, regulatory and other
governmental developments, litigation tactics and developments,
investigation developments, accounting changes, the amount and timing of
reinsurance recoverables, credit developments among reinsurers, changes
in the cost or availability of reinsurance, market developments
(including adverse developments in financial markets as a result of,
among other things, changes in local, regional or national economic
conditions and volatility and deterioration of financial markets),
credit and other risks associated with EHI's investment activities,
significant changes in investment yield rates, rating agency action,
possible terrorism or the outbreak and effects of war and economic,
political, regulatory, insurance and reinsurance business conditions,
relations with and performance of employees and agents, observed market
conditions, EHI's growth rate, capital needs at EHI's operating
companies, strategic initiatives, and other factors identified in EHI's
filings with the SEC. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date on
which they are made.
The SEC filings for EHI can be accessed through the “Investors” link on
the Company's website, www.employers.com,
or through the SEC's EDGAR Database at www.sec.gov
(EHI EDGAR CIK No. 0001379041). EHI assumes no obligation to update this
release or the information contained herein, which speaks as of the date
issued.
Copyright © 2012 EMPLOYERS. All rights reserved. EMPLOYERS® and
America's small business insurance specialist. ® are
registered trademarks of Employers Insurance Company of Nevada.
Employers Holdings, Inc. is a holding company with subsidiaries that are
specialty providers of workers' compensation insurance and services
focused on select, small businesses engaged in low to medium hazard
industries. Insurance subsidiaries include Employers Insurance Company
of Nevada, Employers Compensation Insurance Company, Employers Preferred
Insurance Company, and Employers Assurance Company, all rated A-
(Excellent) by A.M. Best Company. Additional information can be found
at: http://www.employers.com.
|
| | Employers Holdings, Inc. | | Consolidated Statements of Comprehensive Income | | (in thousands) | |
|
|
|
| |
| |
| |
| | | | | | | Three Months Ended | | Six Months Ended | | | | | | June 30, | | June 30, | | | | | | 2012 | | 2011 | | 2012 |
| 2011 | | | | | |
(unaudited)
| | Revenues | | | | | | | | | | | | |
Gross premiums written
| | | | |
$
|
153,094
|
| |
$
|
107,830
|
| |
$
|
295,888
|
| |
$
|
211,057
|
| |
Net premiums written
| | | | |
$
|
150,364
|
| |
$
|
105,566
|
| |
$
|
290,728
|
| |
$
|
206,692
|
| |
Net premiums earned
| | | | |
$
|
118,955
| | |
$
|
88,128
| | |
$
|
228,855
| | |
$
|
170,555
| | |
Net investment income
| | | | |
18,297
| | |
20,306
| | |
36,682
| | |
40,799
| | |
Realized gains on investments, net
| | | | |
945
| | |
1,102
| | |
2,723
| | |
1,336
| | |
Other income
| | | |
|
114
|
|
|
3
|
|
|
195
|
|
|
123
|
| |
Total revenues
| | | | |
138,311
| | |
109,539
| | |
268,455
| | |
212,813
| | | | | | | | | | | | |
| | Expenses | | | | | | | | | | | | |
Losses and loss adjustment expenses
| | | | |
88,293
| | |
64,150
| | |
169,216
| | |
123,571
| | |
Commission expense
| | | | |
16,147
| | |
11,119
| | |
29,676
| | |
21,400
| | |
Dividends to policyholders
| | | | |
803
| | |
914
| | |
1,650
| | |
1,926
| | |
Underwriting and other operating expense
| | | | |
29,513
| | |
26,200
| | |
61,655
| | |
51,878
| | |
Interest expense
| | | | |
858
|
| |
908
|
| |
1,760
|
| |
1,825
|
| |
Total expenses
| | | | |
135,614
|
| |
103,291
|
| |
263,957
|
| |
200,600
|
| | | | | | | | | | | |
| |
Net income before income taxes
| | | | |
2,697
| | |
6,248
| | |
4,498
| | |
12,213
| | |
Income tax benefit
| | | | |
(2,309
|
)
| |
(2,003
|
)
| |
(6,730
|
)
| |
(4,383
|
)
| |
Net income
| | | | |
$
|
5,006
|
| |
$
|
8,251
|
| |
$
|
11,228
|
| |
$
|
16,596
|
| | | | | | | | | | | |
| | Comprehensive income | | | | | | | | | | | | |
Unrealized gains during the period (net of taxes of $2,070 and
$10,794 for the three months ended June 30, 2012 and 2011,
respectively, and $5,324 and $9,264 for the six months ended June
30, 2012 and 2011, respectively)
| | | | |
$
|
3,844
| | |
$
|
18,866
| | |
$
|
9,888
| | |
$
|
16,022
| | |
Less: reclassification adjustment for realized gains in net income
(net of taxes of $331 and $386 for the three months ended June 30,
2012 and 2011, respectively, and $952 and $468 for the six months
ended June 30, 2012 and 2011, respectively)
| | | | |
614
|
| |
716
|
| |
1,771
|
| |
868
|
| |
Other comprehensive income, net of tax
| | | | |
3,230
| | |
18,150
| | |
8,117
| | |
15,154
| | | | | | | | | | | | |
| |
Total comprehensive income
| | | | |
$
|
8,236
|
| |
$
|
26,401
|
| |
$
|
19,345
|
| |
$
|
31,750
|
| | Reconciliation of net income to net income before impact of LPT
Agreement | | | | | | | | | | | | |
Net income
| | | | |
$
|
5,006
| | |
$
|
8,251
| | |
$
|
11,228
| | |
$
|
16,596
| | |
Less: Impact of LPT Agreement
| | | | | | | | | | | | |
Amortization of deferred reinsurance gain - LPT Agreement
| | | | |
3,828
|
| |
4,262
|
| |
7,984
|
| |
8,782
|
| |
Net income before LPT Agreement
| | | | |
$
|
1,178
|
| |
$
|
3,989
|
| |
$
|
3,244
|
| |
$
|
7,814
|
| | | | | | | | | | | | | | | | | | | |
|
| Employers Holdings, Inc. | | Consolidated Statements of Comprehensive Income | | (in thousands, except share and per share data) | |
|
|
| |
| |
| |
| | | | | | Three Months Ended | | Six Months Ended | | | | | June 30, | | June 30, | | | | | 2012 | | 2011 | | 2012 | | 2011 | | | | |
(unaudited)
| | | | | | | | | | |
| | Net Income | | | |
$
|
5,006
| |
$
|
8,251
| |
$
|
11,228
| |
$
|
16,596
| | | | | | | | | | |
| | Earnings per common share | | | | | | | | | | | |
Basic
| | | |
$
|
0.16
| |
$
|
0.21
| |
$
|
0.35
| |
$
|
0.43
| |
Diluted
| | | |
$
|
0.16
| |
$
|
0.21
| |
$
|
0.35
| |
$
|
0.43
| | | | | | | | | | |
| | Weighted average shares outstanding | | | | | | | | | | | |
Basic
| | | |
31,537,452
| |
38,468,113
| |
32,093,328
| |
38,570,576
| |
Diluted
| | | |
31,685,636
| |
38,596,313
| |
32,242,591
| |
38,722,024
| | | | | | | | | | |
| | Reconciliation of EPS to EPS before impact of the LPT
Agreement | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | June 30, | | June 30, | | | | | 2012 | | 2011 | | 2012 | | 2011 | | | | |
(unaudited)
| | Earnings per common share | | | | | | | | | | | |
Basic
| | | |
$
|
0.16
| |
$
|
0.21
| |
$
|
0.35
| |
$
|
0.43
| |
Diluted
| | | |
$
|
0.16
| |
$
|
0.21
| |
$
|
0.35
| |
$
|
0.43
| | | | | | | | | | |
| | Earnings per common share attributable to the LPT Agreement | | | | | | | | | | | |
Basic
| | | |
$
|
0.12
| |
$
|
0.11
| |
$
|
0.25
| |
$
|
0.23
| |
Diluted
| | | |
$
|
0.12
| |
$
|
0.11
| |
$
|
0.25
| |
$
|
0.23
| | | | | | | | | | |
| | Earnings per common share before the LPT Agreement | | | | | | | | | | | |
Basic
| | | |
$
|
0.04
| |
$
|
0.10
| |
$
|
0.10
| |
$
|
0.20
| |
Diluted
| | | |
$
|
0.04
| |
$
|
0.10
| |
$
|
0.10
| |
$
|
0.20
| | | | | | | | | | | | | | |
|
|
| | Employers Holdings, Inc. | | Consolidated Balance Sheets | | (in thousands, except share and per share data) | |
|
|
| |
| | | | | | As of | | As of | | | | | June 30, 2012 | | December 31, 2011 | | | | |
(unaudited)
| | | | Assets | | | | | |
Available for sale:
| | | | | | |
Fixed maturity securities at fair value (amortized cost $1,742,607
at June 30, 2012
and $1,706,216 at December 31, 2011)
| | | |
$
|
1,892,648
| |
$
|
1,852,699
|
Equity securities at fair value (cost $80,247 at June 30, 2012 and
$64,962 at
December 31, 2011)
| | | |
122,262
| |
98,046
| |
Total investments
| | | |
2,014,910
| |
1,950,745
| |
Cash and cash equivalents
| | | |
208,791
| |
252,300
| |
Restricted cash and cash equivalents
| | | |
7,141
| |
6,299
| |
Accrued investment income
| | | |
19,331
| |
19,537
| |
Premiums receivable (less bad debt allowance of $6,046 at June 30,
2012 and $5,546 at December 31, 2011)
| | | |
216,719
| |
160,443
| |
Reinsurance recoverable for:
| | | | | | | |
Paid losses
| | | |
9,654
| |
10,729
| |
Unpaid losses
| | | |
920,047
| |
940,840
| |
Funds held by or deposited with reinsureds
| | | |
3,395
| |
1,102
| |
Deferred policy acquisition costs
| | | |
40,742
| |
37,524
| |
Federal income taxes recoverable
| | | |
1,117
| |
1,993
| |
Deferred income taxes, net
| | | |
25,443
| |
22,140
| |
Property and equipment, net
| | | |
12,099
| |
11,360
| |
Intangible assets, net
| | | |
11,122
| |
11,728
| |
Goodwill
| | | |
36,192
| |
36,192
| |
Other assets
| | | |
13,576
| |
18,812
| |
Total assets
| | | |
$
|
3,540,279
| |
$
|
3,481,744
| | | | | | |
| | Liabilities and stockholders' equity | | | | | | | |
Claims and policy liabilities:
| | | | | | | |
Unpaid losses and loss adjustment expenses
| | | |
$
|
2,281,789
| |
$
|
2,272,363
| |
Unearned premiums
| | | |
257,779
| |
194,933
| |
Policyholders' dividends accrued
| | | |
3,096
| |
3,838
| |
Total claims and policy liabilities
| | | |
2,542,664
| |
2,471,134
| |
Commissions and premium taxes payable
| | | |
35,523
| |
28,905
| |
Accounts payable and accrued expenses
| | | |
14,845
| |
14,994
| |
Deferred reinsurance gain-LPT Agreement
| | | |
345,210
| |
353,194
| |
Notes payable
| | | |
122,000
| |
122,000
| |
Other liabilities
| | | |
25,386
| |
17,331
| |
Total liabilities
| | | |
$
|
3,085,628
| |
$
|
3,007,558
| | | | | | | | |
|
|
| | Employers Holdings, Inc. | | Consolidated Balance Sheets | | (in thousands, except share and per share data) | |
(Continued)
| |
|
|
| |
| | | | | | As of | | As of | | | | | June 30, 2012 | | December 31, 2011 | | | | |
(unaudited)
| | | | Commitments and contingencies | | | | | | | | | | | | |
| | Stockholders’ equity: | | | | | | | |
Common stock, $0.01 par value; 150,000,000 shares authorized;
54,069,136 and 53,948,442 shares issued and 30,947,550 and
32,996,809 shares outstanding at June 30, 2012 and December 31,
2011, respectively
| | | |
541
| | |
540
| | |
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none
issued
| | | |
—
| | |
—
| | |
Additional paid-in capital
| | | |
321,262
| | |
318,989
| | |
Retained earnings
| | | |
366,089
| | |
358,693
| | |
Accumulated other comprehensive income, net
| | | |
124,836
| | |
116,719
| | |
Treasury stock, at cost (23,121,586 shares at June 30, 2012 and
20,951,633 shares at December 31, 2011)
| | | |
(358,077
|
)
| |
(320,755
|
)
| |
Total stockholders’ equity
| | | |
454,651
|
| |
474,186
|
| |
Total liabilities and stockholders’ equity
| | | |
3,540,279
|
| |
3,481,744
|
| | | | | | |
| | Equity including deferred reinsurance gain - LPT | | | | | | | |
Total stockholders’ equity
| | | |
454,651
| | |
474,186
| | |
Deferred reinsurance gain - LPT Agreement
| | | |
345,210
|
| |
353,194
|
| |
Total equity including deferred reinsurance gain - LPT Agreement
(A) | | | |
799,861
|
| |
827,380
|
| |
Shares outstanding (B) | | | |
30,947,550
| | |
32,996,809
| | |
Book value per share (A * 1000) / B | | | |
25.85
|
| |
25.07
|
| | | | | | | | |
|
|
| | Employers Holdings, Inc. | | Consolidated Statements of Cash Flows | | (in thousands) | |
|
|
| | | | | | Six Months Ended | | | | | June 30, | | | | | 2012 |
| 2011 | | | | |
(unaudited)
| | Operating activities | | | | | | | |
Net income
| | | |
$
|
11,228
| | |
$
|
16,596
| | |
Adjustments to reconcile net income to net cash provided by
operating activities:
| | | | | | | |
Depreciation and amortization
| | | |
2,787
| | |
3,387
| | |
Stock-based compensation
| | | |
2,542
| | |
1,756
| | |
Amortization of premium on investments, net
| | | |
3,400
| | |
3,937
| | |
Allowance for doubtful accounts
| | | |
500
| | |
(870
|
)
| |
Deferred income tax (benefit) expense
| | | |
(7,675
|
)
| |
(2,186
|
)
| |
Realized gains on investments, net
| | | |
(2,723
|
)
| |
(1,336
|
)
| |
Realized losses on retirement of assets
| | | |
334
| | |
121
| | |
Change in operating assets and liabilities:
| | | | | | | |
Accrued investment income
| | | |
206
| | |
1,066
| | |
Premiums receivable
| | | |
(56,776
|
)
| |
(38,942
|
)
| |
Reinsurance recoverable for paid and unpaid losses
| | | |
21,868
| | |
23,084
| | |
Funds held by or deposited with reinsureds
| | | |
(2,293
|
)
| |
1,155
| | |
Federal income taxes recoverable
| | | |
876
| | |
(2,344
|
)
| |
Unpaid losses and loss adjustment expenses
| | | |
9,426
| | |
(24,198
|
)
| |
Unearned premiums
| | | |
62,846
| | |
35,561
| | |
Accounts payable, accrued expenses and other liabilities
| | | |
7,906
| | |
2,377
| | |
Deferred reinsurance gain-LPT Agreement
| | | |
(7,984
|
)
| |
(8,781
|
)
| |
Other
| | | |
7,893
|
| |
2,329
|
| |
Net cash provided by operating activities
| | | |
54,361
| | |
12,712
| | | Investing activities | | | | | | | |
Purchase of fixed securities
| | | |
(183,315
|
)
| |
(61,495
|
)
| |
Purchase of equity securities
| | | |
(23,768
|
)
| |
(2,096
|
)
| |
Proceeds from sale of fixed maturities
| | | |
69,722
| | |
96,993
| | |
Proceeds from sale of equity securities
| | | |
8,916
| | |
2,181
| | |
Proceeds from maturities and redemptions of investments
| | | |
76,091
| | |
49,457
| | |
Proceeds from sale of fixed assets
| | | |
75
| | |
—
| | |
Capital expenditures and other
| | | |
(3,326
|
)
| |
(2,603
|
)
| |
Restricted cash and cash equivalents provided by (used in) investing
activities
| | | |
(842
|
)
| |
11,817
|
| |
Net cash provided by (used in) investing activities
| | | |
(56,447
|
)
| |
94,254
| | | Financing activities | | | | | | | |
Acquisition of treasury stock
| | | |
(37,322
|
)
| |
(21,060
|
)
| |
Cash transactions related to stock-based compensation
| | | |
(279
|
)
| |
764
| | |
Dividends paid to stockholders
| | | |
(3,822
|
)
| |
(4,613
|
)
| |
Net cash used in financing activities
| | | |
(41,423
|
)
| |
(24,909
|
)
| |
Net increase (decrease) in cash and cash equivalents
| | | |
(43,509
|
)
| |
82,057
|
| |
Cash and cash equivalents at the beginning of the period
| | | |
252,300
|
| |
119,825
|
| |
Cash and cash equivalents at the end of the period
| | | |
$
|
208,791
|
| |
$
|
201,882
|
| | | | | | | | | | |
|
|
|
|
| | | Employers Holdings, Inc. | |
| Reconciliation of GAAP to Non-GAAP Net Income before Taxes,
Income Tax Benefit, Net Income before LPT, | Earnings and Earnings before the LPT per Common Diluted Shares
for Three Months Ended June 30 | | | | |
| | | | | Three Months Ended June 30, | | ($ thousands except per share data) | | | | 2012 |
| 2011 | | | | |
GAAP
Results
|
|
Adjustments (1)(2) |
|
Non-GAAP
Results
| |
GAAP
Results
| |
Net income before taxes
| | | |
$
|
2,697
|
| |
$
|
2,166
| | |
$
|
4,863
| | |
$
|
6,248
|
| |
Income tax benefit
| | | |
(2,309
|
)
| |
(159
|
)
| |
(2,468
|
)
| |
(2,003
|
)
| |
Net income
| | | |
$
|
5,006
|
| |
$
|
2,325
| | |
$
|
7,331
|
| |
$
|
8,251
|
| |
Less: Amortization of the LPT(3) | | | |
3,828
|
| | | |
3,828
|
| |
4,262
|
| |
Net income before LPT(3) | | | |
$
|
1,178
|
| | | |
$
|
3,503
|
| |
$
|
3,989
|
| | | | | | | | | | |
| |
Earnings per common diluted share
| | | |
0.16
| | |
0.07
| | |
0.23
| | |
0.21
| | |
Earnings before the LPT per common diluted share(3) | | | |
0.04
| | |
0.07
| | |
0.11
| | |
0.10
| | |
Diluted shares used in per share calculations
| | | |
31,685,636
| | |
31,685,636
| | |
31,685,636
| | |
38,596,313
| | | | | | | | | | | | | | | |
|
(1)
|
|
Adjustment to exclude the deferred acquisition accounting change
which added $2.2 million to underwriting and other operating
expense in the three months ended June 30, 2012. The $2.2 million
was comprised of expenses related to acquiring new or renewal
insurance contracts.
| | |
|
(2)
| |
Adjustment to include the tax benefit related to the exclusion of
the DAC accounting change in the three months ended June 30, 2012.
| | |
|
(3)
| |
The LPT adjustment is also a non-GAAP measure which is
explained/reconciled in additional detail later in this release.
This calculation is normally included in the Company's reports on
financial and operating results.
|
|
|
|
| | Reconciliation of GAAP to Non-GAAP Underwriting and Other
Operating Expenses and Underwriting and Other | Operating Expense Ratio, Combined Ratio, and Combined Ratio
before LPT for Three Months Ended June 30 | | | | |
| | | | | Three Months Ended June 30, | | ($ thousands except for percentages) | | | | 2012 |
| 2011 | | | | |
GAAP
Results
|
|
Adjustments(1) |
|
Non-GAAP
Results
| |
GAAP
Results
| |
Underwriting & other operating expenses
| | | |
$
|
29,513
|
| |
$
|
2,166
|
| |
$
|
27,347
|
| |
$
|
26,200
|
| | Underwriting & other operating expenses ratio | | | |
24.8
|
%
| |
1.8
|
%
| |
23.0
|
%
| |
29.8
|
%
| |
Total expenses
| | | |
$
|
134,756
|
| |
$
|
2,166
|
| |
$
|
132,590
|
| |
$
|
102,383
|
| | Combined ratio | | | |
113.3
|
%
| |
1.8
|
%
| |
111.5
|
%
| |
116.2
|
%
| |
Total expenses before LPT(2) | | | |
$
|
138,584
|
| |
$
|
2,166
|
| |
$
|
136,418
|
| |
$
|
106,645
|
| | Combined ratio before LPT(2) | | | |
116.5
|
%
| |
1.8
|
%
| |
114.7
|
%
| |
121.0
|
%
| |
Net premiums earned used in the ratio calculations
| | | |
$
|
118,955
| | |
$
|
118,955
| | |
$
|
118,955
| | |
$
|
88,128
| | | | | | | | | | | | | | | | | | | |
|
(1)
|
|
Adjustment to exclude the deferred acquisition accounting change
which added $2.2 million to underwriting and other operating
expense in the three months ended June 30, 2012. The $2.2 million
was comprised of expenses related to acquiring new or renewal
insurance contracts.
| | |
|
(2)
| |
The LPT adjustment is also a non-GAAP measure which is
explained/reconciled in additional detail later in this release.
This calculation is normally included in the Company's reports on
financial and operating results.
|
|
|
|
| | | Employers Holdings, Inc. | |
| Reconciliation of GAAP to Non-GAAP Net Income before Taxes,
Income Tax Benefit, Net Income before LPT, | Earnings and Earnings before the LPT per Common Diluted Shares
for Six Months Ended June 30 | | | | |
| | | | | Six Months Ended June 30, | | ($ thousands except per share data) | | | | 2012 |
| 2011 | | | | |
GAAP
Results
|
|
Adjustments (1)(2) |
|
Non-GAAP
Results
| |
GAAP
Results
| |
Net income before taxes
| | | |
$
|
4,498
|
| |
$
|
5,168
| | |
$
|
9,666
| | |
$
|
12,213
|
| |
Income tax benefit
| | | |
(6,730
|
)
| |
(667
|
)
| |
(7,397
|
)
| |
(4,383
|
)
| |
Net income
| | | |
$
|
11,228
|
| |
$
|
5,835
| | |
$
|
17,063
|
| |
$
|
16,596
|
| |
Less: Amortization of the LPT(3) | | | |
7,984
|
| | | |
7,984
|
| |
8,782
|
| |
Net income before LPT(3) | | | |
$
|
3,244
|
| | | |
$
|
9,079
|
| |
$
|
7,814
|
| | | | | | | | | | |
| |
Earnings per common diluted share
| | | |
0.35
| | |
0.18
| | |
0.53
| | |
0.43
| | |
Earnings before the LPT per common diluted share(3) | | | |
0.10
| | |
0.18
| | |
0.28
| | |
0.20
| | |
Diluted shares used in per share calculations
| | | |
32,242,591
| | |
32,242,591
| | |
32,242,591
| | |
38,722,024
| | | | | | | | | | | | | | | |
|
|
(1)
|
|
Adjustment to exclude the deferred acquisition accounting change
which added $5.2 million to underwriting and other operating expense
in the six months ended June 30, 2012. The $5.2 million was
comprised of expenses related to acquiring new or renewal insurance
contracts.
| |
| |
(2)
| |
Adjustment to include the tax benefit related to the exclusion of
the DAC accounting change in the six months ended June 30, 2012.
| |
| |
(3)
| |
The LPT adjustment is also a non-GAAP measure which is
explained/reconciled in additional detail later in this release.
This calculation is normally included in the Company's reports on
financial and operating results.
|
|
|
|
| | Reconciliation of GAAP to Non-GAAP Underwriting and Other
Operating Expenses and Underwriting and Other | Operating Expense Ratio, Combined Ratio, and Combined Ratio
before LPT for Six Months Ended June 30 | | | | |
| | | | | Six Months Ended June 30, | | ($ thousands except for percentages) | | | | 2012 |
| 2011 | | | | |
GAAP
Results
|
|
Adjustments(1) |
|
Non-GAAP
Results
| |
GAAP
Results
| |
Underwriting & other operating expenses
| | | |
$
|
61,655
|
| |
$
|
5,168
|
| |
$
|
56,487
|
| |
$
|
51,878
|
| | Underwriting & other operating expenses ratio | | | |
27.0
|
%
| |
2.3
|
%
| |
24.7
|
%
| |
30.4
|
%
| |
Total expenses
| | | |
$
|
262,197
|
| |
$
|
5,168
|
| |
$
|
257,029
|
| |
$
|
198,775
|
| | Combined ratio | | | |
114.6
|
%
| |
2.3
|
%
| |
112.3
|
%
| |
116.5
|
%
| |
Total expenses before LPT(2) | | | |
$
|
270,181
|
| |
$
|
5,168
|
| |
$
|
265,013
|
| |
$
|
207,557
|
| | Combined ratio before LPT(2) | | | |
118.1
|
%
| |
2.3
|
%
| |
115.8
|
%
| |
121.6
|
%
| |
Net premiums earned used in the ratio calculations
| | | |
$
|
228,855
| | |
$
|
228,855
| | |
$
|
228,855
| | |
$
|
170,555
| | | | | | | | | | | | | | | | | | | |
|
|
(1)
|
|
Adjustment to exclude the deferred acquisition accounting change
which added $5.2 million to underwriting and other operating expense
in the six months ended June 30, 2012. The $5.2 million was
comprised of expenses related to acquiring new or renewal insurance
contracts.
| |
| |
(2)
| |
The LPT adjustment is also a non-GAAP measure which is
explained/reconciled in additional detail later in this release.
This calculation is normally included in the Company's reports on
financial and operating results.
|
|
| | Employers Holdings, Inc. | | Calculation of Combined Ratio before the Impact of the LPT
Agreement | | (in thousands, except for percentages) | |
|
|
| |
| |
| |
| | | | | | Three Months Ended | | Six Months Ended | | | | | June 30, | | March 31, | | | | | 2012 | | 2011 | | 2012 | | 2011 | | | | |
(unaudited)
| |
Net premiums earned
| | | |
$
|
118,955
|
| |
$
|
88,128
|
| |
$
|
228,855
|
| |
$
|
170,555
|
| | | | | | | | | | |
| |
Losses and loss adjustment expenses
| | | |
88,293
|
| |
64,150
|
| |
169,216
|
| |
123,571
|
| | Loss & LAE ratio | | | |
74.2
|
%
| |
72.8
|
%
| |
73.9
|
%
| |
72.5
|
%
| | | | | | | | | | |
| |
Amortization of deferred reinsurance gain – LPT
| | | |
$
|
3,828
| | |
$
|
4,262
| | |
$
|
7,984
| | |
$
|
8,782
| | |
Impact of LPT
| | | |
3.2
|
%
| |
4.8
|
%
|
|
3.5
|
%
| |
5.1
|
%
| | Loss & LAE before impact of LPT | | | |
$
|
92,121
|
| |
$
|
68,412
|
| |
$
|
177,200
|
| |
$
|
132,353
|
| | Loss & LAE ratio before impact of LPT | | | |
77.4
|
%
| |
77.6
|
%
| |
77.4
|
%
| |
77.6
|
%
| | | | | | | | | | |
| |
Commission expense
| | | |
$
|
16,147
|
| |
$
|
11,119
|
| |
$
|
29,676
|
| |
$
|
21,400
|
| | Commission expense ratio | | | |
13.6
|
%
| |
12.6
|
%
| |
13.0
|
%
| |
12.5
|
%
| | | | |
| |
| |
| |
| |
Dividends to policyholders
| | | |
$
|
803
|
| |
$
|
914
|
| |
$
|
1,650
|
| |
$
|
1,926
|
| | Policyholder dividend ratio | | | |
0.7
|
%
| |
1.0
|
%
| |
0.7
|
%
| |
1.1
|
%
| | | | | | | | | | |
| |
Underwriting & other operating expenses
| | | |
$
|
29,513
|
| |
$
|
26,200
|
| |
$
|
61,655
|
| |
$
|
51,878
|
| | Underwriting & other operating expenses ratio | | | |
24.8
|
%
| |
29.8
|
%
| |
27.0
|
%
| |
30.4
|
%
| | | | | | | | | | |
| |
Total expenses
| | | |
$
|
134,756
|
| |
$
|
102,383
|
| |
$
|
262,197
|
| |
$
|
198,775
|
| | Combined ratio | | | |
113.3
|
%
| |
116.2
|
%
| |
114.6
|
%
| |
116.5
|
%
| | | | | | | | | | |
| |
Total expense before impact of the LPT
| | | |
$
|
138,584
|
| |
$
|
106,645
|
| |
$
|
270,181
|
| |
$
|
207,557
|
| | Combined ratio before the impact of the LPT | | | | 116.5 | % | | 121.0 | % | | 118.1 | % | | 121.6 | % | | | | | | | | | | |
| | Reconciliations to Current Accident Period Combined Ratio: | | | | | | | | | | | |
Losses & LAE before impact of LPT
| | | |
$
|
92,121
| | |
$
|
68,412
| | |
$
|
177,200
| | |
$
|
132,353
| | |
Plus: Favorable (unfavorable) prior period reserve development
| | | |
(529
|
)
| |
363
|
| |
(1,054
|
)
| |
(467
|
)
| | Accident period losses & LAE before impact of LPT | | | |
$
|
91,592
|
| |
$
|
68,775
|
| |
$
|
176,146
|
| |
$
|
131,886
|
| | | | | | | | | | |
| |
Losses & LAE ratio before impact of LPT
| | | |
77.4
|
%
| |
77.6
|
%
| |
77.4
|
%
| |
77.6
|
%
| |
Plus: Favorable (unfavorable) prior period reserve development ratio
| | | |
(0.4
|
)
| |
0.4
|
| |
(0.5
|
)
| |
(0.3
|
)
| | Accident period losses & LAE ratio before impact of LPT | | | |
77.0
|
%
| |
78.0
|
%
| |
77.0
|
%
| |
77.3
|
%
| | | | | | | | | | |
| |
Combined ratio before impact of the LPT
| | | |
116.5
|
%
| |
121.0
|
%
| |
118.1
|
%
| |
121.6
|
%
| |
Plus: Favorable (unfavorable) prior period reserve development ratio
| | | |
(0.4
|
)
| |
0.4
|
| |
(0.5
|
)
| |
(0.3
|
)
| | Accident period combined ratio before impact of LPT | | | | 116.1 | % | | 121.4 | % | | 117.6 | % | | 121.3 | % |
Employers Holdings, Inc.
Media:
Ty Vukelich, 775-327-2677
tvukelich@employers.com
or
Analysts:
Vicki
Erickson Mills, 775-327-2794
vericksonmills@employers.com Source: Employers Holdings, Inc. | Copyright: | Copyright Business Wire 2012 | | Wordcount: | 6536 |
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