Q1 2024 Employers Holdings Inc Earnings Call Transcript
Key Points
- Employers Holdings Inc (EIG) reported an 8% increase in first quarter revenue year over year, driven by higher new and renewal premiums, strong net investment income, and investment gains.
- Gross written premium increased by 14% for the quarter, with contributions from all major distribution channels.
- Net income and adjusted net income per diluted share rose sharply by 29% and 12%, respectively.
- The underwriting and general and administrative expense ratio improved to 24.8%, down from 25.7% a year ago, primarily due to the integration of Cerity.
- Employers Holdings Inc (EIG) launched a best-in-class digital claim reporting tool, receiving positive feedback and enhancing user experience.
- The current accident year loss and LAE ratio on voluntary business increased to 64%, slightly above the previous year's 63.3%.
- The first quarter 2024 GAAP combined ratio of 101.6% showed no improvement from the first quarter of 2023.
- Net investment income decreased by 3% due to the unwinding of the former Federal Home Loan Bank leverage investment strategy.
- Commission expense ratio increased to 13.8% from 13.5% a year ago, due to higher initial commission rates on new business premium growth.
- Employers Holdings Inc (EIG) experienced a $1.05 million incremental bad debt expense related to some noncompliant policies.
Good day and welcome to the Q1 2024 Employers Holdings, Inc. earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) As a reminder, this call may be recorded.
I'd now like to call over to Lori Brown, General Counsel. Please go ahead.
Thank you, Michelle. Good morning, and welcome, everyone to the first quarter 2024 earnings call for Employers. Today's call is being recorded and webcast from the Investors section of our website where a replay will be available following the call.
Presenting today are Kathy Antonello, our Chief Executive Officer, and Mike Paquette, our Chief Financial Officer. Statements made during this conference call that are not based on historical facts are considered forward-looking statements.
These statements are made in reliance on the Safe Harbor provision of the Private
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
