Employers Holdings, Inc. (EHI), a Nevada-based holding company specializing in commercial property and casualty insurance, reported significant financial performance for the third quarter and the nine months ended September 30, 2024. Total revenues for Q3 2024 reached $224.0 million, an increase from $203.5 million in Q3 2023. For the nine-month period, total revenues rose to $664.1 million from $625.2 million in the prior year. The company’s net income for Q3 2024 was $30.3 million, compared to $14.0 million in Q3 2023, while net income for the nine months increased to $90.3 million from $72.5 million.
Gross premiums written for Q3 2024 were $181.2 million, down from $196.2 million in Q3 2023, but for the nine months, they increased to $599.9 million from $589.5 million. The net premiums earned for Q3 2024 were $186.6 million, slightly up from $184.6 million in the same quarter of 2023, and for the nine months, they rose to $559.3 million from $534.4 million.
The company’s total expenses for Q3 2024 were $187.3 million, compared to $186.1 million in Q3 2023. The net income before income taxes for Q3 2024 was $36.7 million, significantly higher than $17.4 million in Q3 2023. The increase in profitability was attributed to improved investment income and a favorable shift in net realized and unrealized gains on investments, which totaled $10.9 million for Q3 2024, compared to a loss of $(7.1) million in Q3 2023.
EHI's cash and cash equivalents decreased to $143.3 million as of September 30, 2024, from $226.4 million at the end of 2023. The company’s total investments at fair value increased to $2,352.6 million from $2,180.6 million at the end of the previous fiscal year. The company also reported an increase in unfunded commitments to private equity limited partnerships, totaling $18.1 million.
Strategically, EHI executed an integration plan in Q4 2023 to consolidate its direct-to-consumer operations into mainstream operations. Additionally, the company entered a new reinsurance program effective July 1, 2024, covering $190.0 million in excess of a $10.0 million retention on a per occurrence basis. EHI also established a $25.0 million unsecured revolving credit facility in May 2024, which can be increased to $35.0 million, maintaining compliance with all covenants.
Overall, EHI's financial results reflect a robust performance driven by strategic initiatives and improved investment outcomes, despite some fluctuations in premium writings.
About Employers Holdings, Inc.
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