Published on 25 Apr 2024 on GuruFocus.com via Yahoo Finance
Employers Holdings Inc (EIG) Surpasses Q1 Earnings Expectations and Raises Dividend
Net Income: Reported at $28.3 million, marking a 20% increase from the previous year, surpassing the estimated $18.60 million.EPS (Earnings Per Share): Increased by 29% to $1.11, significantly exceeding the estimated $0.71.Revenue: Gross premiums written rose to $210.9 million, an 8% increase year-over-year, surpassing the estimated $217.46 million.Dividend: Raised the regular quarterly dividend to $0.30 per share, a 7% increase.Share Repurchases: Bought back 123,073 shares at an average price of $39.45, with a remaining authorization of $16.2 million for future repurchases.Investment Income: Net investment income decreased by $0.8 million to $26.8 million, primarily due to a lower balance of fixed maturity securities.Operational Efficiency: Underwriting and general administrative expense ratio improved to 24.8% from 25.7% the previous year, reflecting cost savings from operational integrations.
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