EMC announces fourth-quarter and year-end results
EMC Insurance Group Inc. reported operating income of $2.21 per share in 2010, down from $2.55 per share in 2009.
Net income totaled $31.35 million in 2010, down from $45.37 million in 2009. President and CEO Bruce Kelley said in a press release that the 2009 number included $14.6 million of investment gain resulting from the sale of EMC’s common stock investment in Verisk Analytics Inc.
“Excluding this one-time transaction, net income for 2010 was comparable to 2009,” he said.
Net income in the fourth quarter was $10.7 million, down from $27.55 million in 2009.
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