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Employers Holdings (EIG) investor relations material

Employers Holdings Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Gross premiums written declined 2.2% year-over-year to $203.3M, while net premiums earned increased 5.6% to $198.3M, driven by strong prior-year growth and a record 4.6% increase in policies in force.

  • Net income and adjusted net income fell sharply year-over-year, mainly due to higher loss and LAE ratios from a surge in California cumulative trauma (CT) claims.

  • Focus on profitability led to targeted underwriting and improved risk selection, impacting growth in certain classes and jurisdictions.

  • Returned $31.4M to shareholders in Q2 via dividends and share repurchases.

  • Record 134,421 policies in force as of June 30, 2025, up 5% year-over-year.

Financial highlights

  • Combined ratio rose to 105.6% for Q2 2025, up from 94.2% in 2024, driven by higher loss ratios.

  • Loss and LAE ratio increased to 70.7% for Q2, reflecting unfavorable loss trends, especially in California.

  • Commission expense ratio improved to 13.2% from 13.9%; underwriting expense ratio improved to 21.7% from 22.4%.

  • Net investment income was $27.1M, up slightly year-over-year; net realized/unrealized gains reached $20.9M.

  • Book value per share (including deferred gain) increased 12.8% to $49.44; adjusted book value per share rose 8.2% to $51.68.

Outlook and guidance

  • Management expects continued pressure on loss ratios due to CT claims in California and inflationary trends.

  • Full actuarial study planned for Q3 to address CT claim trends.

  • Focus remains on disciplined underwriting, expense control, and technology investments to support long-term profitability.

  • Liquidity and capital resources remain strong, with no anticipated need to suspend dividends or seek additional capital.

  • Cautiously optimistic about maintaining a strong customer base despite headwinds from medical cost inflation and regulatory changes.

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Frequently asked questions

Employers Holdings Inc is a provider of workers’ compensation insurance primarily focused on small businesses. The company markets its services through independent agents and brokers, offering coverage to employers across a variety of industries. It operates in select states with a focus on underwriting discipline and risk management. The company is headquartered in Reno, Nevada, and its shares are listed on the NYSE.

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