h digitalfootprint web 728x90

EMC reports earnings, expects higher premium growth for year


Des Moines-based property-casualty insurer EMC Insurance Group Inc. reported net income of $1.3 million, or 6 cents per share in the second quarter of 2019, compared with a net loss of $5 million, or 24 cents per share, for the second quarter of 2018. The company reported a second-quarter non-GAAP operating loss, which excludes net realized investment gains/losses and the change in unrealized gains on equity investments from net income/loss, of $2.1 million (10 cents per share), compared with a non-GAAP operating loss of $365,000 (2 cents per share) for the quarter a year ago. Premiums earned increased 6.4% and 6.9% for the second quarter and first six months of 2019, respectively. “Premium growth in the first half of the year has outpaced expectations due to better than expected commercial lines business growth and strong growth in the reinsurance segment,” EMC President and CEO Bruce Kelley said in an earnings release. “We are now expecting earned premium growth in the reinsurance segment to be in the high-single digits for 2019, up from the previous low-single digit projection.”   

Facebook Notice for EU! You need to login to view and post FB Comments!

snb brd 010123 300x250