This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

EMC Insurance Group Inc. Reports 2011 Fourth Quarter And Year-End Results And 2012 Operating Income Guidance

EMC Insurance Group Inc. (Nasdaq:EMCI) today reported operating income of $0.58 per share for the fourth quarter ended December 31, 2011, compared to $0.71 per share for the fourth quarter of 2010 1. Operating loss for the twelve-month period ended December 31, 2011 was $0.63 per share, compared to operating income of $2.21 for the same period in 2010.

Net income, including realized investment gains and losses, totaled $9,306,000 ($0.72 per share) for the fourth quarter of 2011 compared to $10,711,000 ($0.83 per share) for the fourth quarter of 2010. Net loss for the twelve-month period ended December 31, 2011 was $2,098,000 ($0.16 per share) compared to net income of $31,346,000 ($2.40 per share) for the same period in 2010.

“Our financial results for the fourth quarter were much closer to what we expected during 2011,” stated Bruce G. Kelley, President and Chief Executive Officer. “Catastrophe losses were within expectations, the equity portfolio improved, and we recorded premium growth in both our property and casualty insurance segment and our reinsurance segment.”

“Unfortunately, our fourth quarter results could not undo the damage caused by the record catastrophe losses experienced during the first three quarters of the year,” continued Kelley. “For the year, catastrophe losses added an unprecedented 19.3 percentage points to our combined ratio, which is 11.6 percentage points greater than the Company’s most recent 10-year (2001 through 2010) average of 7.7 percentage points. 2011 also marked the fourth consecutive year of above average catastrophe losses. While this is not unprecedented, having most recently occurred during the period 1998 through 2001, it is also not common. What is unusual and will be remembered most about this current period of above average catastrophe losses is the fact that we established new records for catastrophe losses in two of the four years.”

Premiums earned increased 8.4 percent to $111,768,000 for the fourth quarter of 2011, from $103,062,000 for the fourth quarter of 2010. For the year ended December 31, 2011, premiums earned increased 7.0 percent to $416,402,000 from $389,122,000 in 2010.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs