EMC Insurance Group Inc. on Friday reported operating income of $13.4 million for the fourth quarter of 2015, compared with operating income of $15.4 million for the previous year’s fourth quarter. For all of 2015, the company reported operating income of $46.2 million compared with $27.2 million in 2014. Net income, including realized investment gains and losses, totaled $9.9 million, or 48 cents per share, for the fourth quarter of 2015, compared with $16.2 million, or 80 cents per share, for the fourth quarter of 2014.  For 2015, the company’s GAAP combined ratio was 96.3 percent, its best annual combined ratio since 2006. The company is projecting that 2016 operating income will be within a range of $1.70 to $1.90 per share.