Net realized investment gains totaled $1,863,000 ($0.14 per share) for the fourth quarter of 2011 compared to $1,586,000 ($0.12 per share) in 2010. For the year ended December 31, 2011, net realized investment gains totaled $6,047,000 ($0.47 per share), compared to $2,515,000 ($0.19 per share) in 2010. The large amount of realized investment gains for 2011 resulted from first quarter activity in the equity portfolio, when market prices were at elevated levels.During the fourth quarter of 2011, the Company recognized $132,000 (less than $0.01 per share after tax) of “other-than-temporary” investment impairment losses on 2 equity securities because management determined that it would likely not hold those securities until they recovered to their cost basis. This compares to $89,000 (less than $0.01 per share after tax) of “other-than-temporary” investment impairment losses in the fourth quarter of 2010. During 2011, “other-than-temporary” investment impairment losses totaled $5,960,000 ($0.30 per share after tax), compared to $2,384,000 ($0.12 per share after tax) in 2010.
EMC Insurance Group Inc. Reports 2011 Fourth Quarter And Year-End Results And 2012 Operating Income Guidance
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