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EMC Insurance Group Inc. Reports 2012 Fourth Quarter And Year-End Results And 2013 Operating Income Guidance

EMC Insurance Group Inc. (Nasdaq:EMCI):

Fourth Quarter Ended December 31, 2012 Operating Income Per Share – $0.99Net Income Per Share – $1.01Net Realized Investment Gains Per Share – $0.02Catastrophe and Storm Losses Per Share – $0.41Large Losses Per Share – $0.21GAAP Combined Ratio – 93.4 percent

Year Ended December 31, 2012 Operating Income Per Share – $2.54Net Income Per Share – $2.95Net Realized Investment Gains Per Share – $0.40Catastrophe and Storm Losses Per Share – $2.70Large Losses Per Share – $1.07GAAP Combined Ratio – 99.6 percent

2013 Operating Income Guidance – $2.40 to $2.65 per share

Certain amounts previously reported in 2011 have been adjusted in conjunction with the Company’s retrospective adoption of new accounting guidance for the calculation of deferred policy acquisition costs that became effective January 1, 2012.

EMC Insurance Group Inc. (Nasdaq:EMCI) today reported operating income of $12,729,000 ($0.99 per share) for the fourth quarter ended December 31, 2012, compared to $8,136,000 ($0.63 per share) for the fourth quarter of 2011 1. For the year ended December 31, 2012, operating income totaled $32,755,000 ($2.54 per share), compared to an operating loss of $8,784,000 ($0.68 per share) for the same period in 2011.

Net income, including realized investment gains and losses, totaled $12,998,000 ($1.01 per share) for the fourth quarter of 2012, compared to $9,999,000 ($0.78 per share) for the fourth quarter of 2011. For the year ended December 31, 2012, net income totaled $37,966,000 ($2.95 per share), compared to a net loss of $2,737,000 ($0.21 per share) for the same period in 2011.

“We are very pleased with our strong fourth quarter and full-year results,” stated Bruce G. Kelley, President and Chief Executive Officer. “Rate levels continued to increase on all lines of business throughout the year, while overall policy retention levels remained consistent with past experience. The compounding effect of the increasing rate levels over the past two years, coupled with our relatively flat loss cost trend for the year, resulted in improved profitability. We remain committed to our strategy of careful risk selection and appropriate rate levels to build on our current year results,” continued Kelley.

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