This Day On The Street
Continue to site
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

EMC Insurance Group Inc. Announces Year-End 2012 Combined Ratio And Operating Income Estimates And Releases 2012 Fourth Quarter And Year-End Earnings Call And Access Information

EMC Insurance Group Inc. (NASDAQ:EMCI) (the “Company”) today announced that it expects to report that the GAAP combined ratio for the year ended December 31, 2012 will be approximately 99.6 percent and that operating income 1 will be approximately $2.54 per share. These results are significantly better than the Company’s most recent guidance, which anticipated a GAAP combined ratio of 101.3 percent and operating income of $2.05 to $2.30 per share.

“Both our property and casualty insurance segment and our reinsurance segment experienced strong operating results during the fourth quarter,” stated Bruce G. Kelley, President and Chief Executive Officer. “The fourth quarter was relatively quiet, in part because Superstorm Sandy was not a significant event for us. We continued to benefit from the improving rate environment, and experienced a decline in both claims frequency and severity.”

Premium income is expected to have increased approximately 10.2 percent for the year ended December 31, 2012. The property and casualty insurance segment is expected to report an increase of approximately 11.0 percent, with the majority of the increase attributed to rate level increases, growth in insured exposures and an increase in retained policies. The reinsurance segment is expected to report an increase of approximately 7.3 percent, which is down from the 16.5 percent increase reported at the end of the third quarter. This decrease is primarily attributed to a significant decline in the year-end estimate of “earned but not reported” premiums on several pro rata accounts, including the new offshore energy and liability account.

Catastrophe and storm losses are expected to have totaled approximately $53,460,000 ($2.70 per share after tax) compared to an unprecedented $80,331,000 ($4.04 per share after tax) in 2011. Losses associated with Superstorm Sandy were capped at $4,000,000 in the reinsurance segment and totaled only $907,000 in the property and casualty insurance segment. On a per share basis, the losses associated with Superstorm Sandy amounted to approximately $0.25 after tax.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.69 -0.59%
FB $119.49 1.40%
GOOG $711.11 1.40%
TSLA $214.84 1.60%
YHOO $37.23 0.79%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs