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Employers Holdings, Inc. Reports Fourth Quarter And Full Year 2012 Earnings And Declares First Quarter 2013 Dividend

Stocks in this article: EIG

All forward-looking statements made in this press release reflect EHI's current views with respect to future events, business transactions and business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. The business and results of EHI could be affected by, among other things, competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, the frequency and severity of catastrophic events, actual loss experience including increased loss costs nationally and in California, uncertainties in the loss reserving and claims settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments, accounting changes, the amount and timing of reinsurance recoverables, credit developments among reinsurers, changes in the cost or availability of reinsurance, market developments (including adverse developments in financial markets as a result of, among other things, changes in local, regional or national economic conditions and volatility and deterioration of financial markets), credit and other risks associated with EHI's investment activities, significant changes in investment yield rates, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions (including pricing conditions), relations with and performance of employees and agents, observed market conditions (including trends in rates and losses), EHI's growth rate, capital needs at EHI's operating companies, strategic initiatives, and other factors identified in EHI's filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.

The SEC filings for EHI can be accessed through the “Investors” link on the Company's website, www.employers.com, or through the SEC's EDGAR Database at www.sec.gov (EHI EDGAR CIK No. 0001379041). EHI assumes no obligation to update this release or the information contained herein, which speaks as of the date issued.

Copyright © 2013 EMPLOYERS. All rights reserved. EMPLOYERS ® and America's small business insurance specialist. ® are registered trademarks of Employers Insurance Company of Nevada. Employers Holdings, Inc. is a holding company with subsidiaries that are specialty providers of workers' compensation insurance and services focused on select, small businesses engaged in low to medium hazard industries. Insurance subsidiaries include Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company, all rated A- (Excellent) by A.M. Best Company. Additional information can be found at: http://www.employers.com.

 
Employers Holdings, Inc.
Consolidated Statements of Income and Comprehensive Income
(in thousands)
 
          Three Months Ended       Twelve Months Ended
December 31, December 31,
      2011       2011
2012 As Restated 2012 As Restated
Revenues (unaudited)
Gross premiums written $ 137,407   $ 102,941   $ 580,327   $ 418,512  
Net premiums written $ 134,595   $ 100,789   $ 569,676   $ 410,038  
Net premiums earned $ 140,843 $ 100,268 $ 501,464 $ 363,424
Net investment income 18,175 19,734 72,363 80,117
Realized gains on investments, net 487 18,178 5,048 20,161
Other income 82   247   307   452  
Total revenues 159,587 138,427 579,182 464,154
 
Expenses
Losses and loss adjustment expenses 22,760 73,031 287,910 262,511
Commission expense 18,462 13,729 65,580 47,344
Dividends to policyholders 687 657 3,204 3,423
Underwriting and other operating expense 30,505 23,505 121,440 100,717
Interest expense 848   911   3,504   3,642  
Total expenses 73,262   111,833   481,638   417,637  
 
Net income before income taxes 86,325 26,594 97,544 46,517
Income tax (benefit) expense (1,444 ) 6,632   (9,347 ) (2,106 )
Net income $ 87,769   $ 19,962   $ 106,891   $ 48,623  
 
Comprehensive income

Unrealized gains during the period (net of taxes of $8,675 and

   $24,602 for the periods ended December 31, 2012 and 2011,

   respectively)

$ (9,822 ) $ 12,734 $ 16,111 $ 45,691

Less: reclassification adjustment for realized gains in net

   income (net of taxes of $1,767 and $7,056 for the period

   ended December 31, 2012 and 2011)

316   11,816   3,281   13,105  
Other comprehensive income, net of tax (10,138 ) 918 12,830 32,586
 
Total comprehensive income $ 77,631   $ 20,880   $ 119,721   $ 81,209  

Reconciliation of net income to net income before impact of

   LPT Agreement

Net income $ 87,769 $ 19,962 $ 106,891 $ 48,623
Impact of the LPT Agreement:
Less amortization of deferred reinsurance gain - LPT Agreement 4,033 4,470 16,976 18,249
Less impact of the LPT Reserve Adjustment (1) 73,349 73,349
Less impact of the LPT Contingent Commission Adjustment (2) 8,601   316   9,609   1,050  
Net income before impact of the LPT Agreement $ 1,786   $ 15,176   $ 6,957   $ 29,324  
 
(1)   Any adjustment to the estimated reserves ceded under the LPT Agreement results in a cumulative adjustment to the Deferred Gain, which is also included in losses and LAE incurred in the consolidated statement of income and comprehensive income such that the Deferred Gain reflects the balance that would have existed had the revised reserves been recognized at the inception of the LPT Agreement. (See Note 3 to the financial statements included in the Company's Form 10-K for the fiscal year ended December 31, 2012 to be filed with the Securities and Exchange Commission.)
 
(2) Any adjustment to the contingent profit commission under the LPT Agreement results in a cumulative adjustment to the Deferred Gain, which is also recognized in losses and LAE incurred in the consolidated statement of income and comprehensive income such that the Deferred Gain reflects the balance that would have existed had the revised contingent profit commission been recognized at the inception of the LPT Agreement. (LPT Contingent Commission Adjustment). (See Note 3 to the financial statements included in the Company's Form 10-K for the fiscal year ended December 31, 2012 to be filed with the Securities and Exchange Commission.)
 
 
Employers Holdings, Inc.
Consolidated Statements of Comprehensive Income
(in thousands, except share and per share data)
                           
Three Months Ended Twelve Months Ended
December 31, December 31,
2011 2011
2012 As Restated 2012 As Restated
(unaudited)
 
Net Income $ 87,769 $ 19,962 $ 106,891 $ 48,623
 
Earnings per common share
Basic $ 2.85 $ 0.58 $ 3.40 $ 1.30
Diluted $ 2.82 $ 0.58 $ 3.37 $ 1.30
 
Weighted average shares outstanding
Basic 30,839,338 34,388,151 31,476,056 37,284,425
Diluted 31,152,831 34,522,369 31,703,426 37,424,065
 
Reconciliation of EPS to EPS before impact of the LPT Agreement
Three Months Ended Twelve Months Ended
December 31, December 31,
2011 2011
2012 As Restated 2012 As Restated
(unaudited)
Earnings per common share
Basic $ 2.85 $ 0.58 $ 3.40 $ 1.30
Diluted $ 2.82 $ 0.58 $ 3.37 $ 1.30
 
Earnings per common share attributable to the LPT Agreement
Basic $ 2.79 $ 0.14 $ 3.17 $ 0.52
Diluted $ 2.76 $ 0.14 $ 3.15 $ 0.52
 
Earnings per common share before the LPT Agreement
Basic $ 0.06 $ 0.44 $ 0.22 $ 0.79
Diluted $ 0.06 $ 0.44 $ 0.22 $ 0.78
 
 
Employers Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
               
As of
As of December 31, 2011
December 31, 2012 As Restated
Assets
Available for sale:

Fixed maturity securities at fair value (amortized cost $1,869,142 at December

   31, 2012 and $1,706,216 at December 31, 2011)

$ 2,024,428 $ 1,852,699

Equity securities at fair value (amortized cost $81,067 at December 31, 2012

   and $64,962 at December 31, 2011)

125,086   98,046
Total investments 2,149,514 1,950,745
Cash and cash equivalents 140,661 252,300
Restricted cash and cash equivalents 5,353 6,299
Accrued investment income 19,356 19,537

Premiums receivable, less bad debt allowance of $5,957 at December 31, 2012

   and $5,546 at December 31, 2011

223,011 160,443
Reinsurance recoverable for:
Paid losses 9,467 10,729
Unpaid losses 805,386 940,840
Funds held by or deposited with reinsureds 1,838 1,102
Deferred policy acquisition costs 38,852 37,524
Federal income taxes recoverable 1,893 1,993
Deferred income taxes, net 26,231 22,140
Property and equipment, net 14,680 11,360
Intangible assets, net 10,558 11,728
Goodwill 36,192 36,192
Contingent commission receivable–LPT Agreement 19,141 4,127
Other assets 9,206   15,251
Total assets $ 3,511,339   $ 3,482,310
 
Liabilities and stockholders' equity
Claims and policy liabilities:
Unpaid losses and loss adjustment expenses $ 2,231,540 $ 2,272,363
Unearned premiums 265,149 194,933
Policyholders' dividends accrued 2,942   3,838
Total claims and policy liabilities 2,499,631 2,471,134
Commissions and premium taxes payable 40,825 28,905
Accounts payable and accrued expenses 19,522 14,994
Deferred reinsurance gain–LPT Agreement 281,043 365,963
Notes payable 112,000 122,000
Other liabilities 18,937   17,331
Total liabilities $ 2,971,958 $ 3,020,327
 
 
Employers Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(Continued)
               
As of
As of December 31, 2011
December 31, 2012 As Restated
Commitments and contingencies
 
Stockholders’ equity:

Common stock, $0.01 par value; 150,000,000 shares authorized; 54,144,453

  and 53,948,442 shares issued and 30,771,479 and 32,996,809 shares

  outstanding at December 31, 2012 and 2011, respectively

$ 542 $ 540
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued
Additional paid-in capital 325,990 318,989
Retained earnings 445,850 346,490
Accumulated other comprehensive income, net 129,549 116,719

Treasury stock, at cost (23,372,974 shares at December 31, 2012 and

  20,951,633 shares at December 31, 2011)

(362,550 ) (320,755 )
Total stockholders’ equity 539,381   461,983  
Total liabilities and stockholders’ equity $ 3,511,339   $ 3,482,310  
 
Equity including deferred reinsurance gain - LPT
Total stockholders’ equity $ 539,381 $ 461,983
Deferred reinsurance gain - LPT Agreement 281,043   365,963  
Total equity including deferred reinsurance gain - LPT Agreement (A) $ 820,424   $ 827,946  
Shares outstanding (B) $ 30,771,479 $ 32,996,809
Book value per share (A * 1000) / B $ 26.66   $ 25.09  
 
 
Employers Holdings, Inc.
Consolidated Statements of Cash Flows
(in thousands)
         
Twelve Months Ended
December 31,
      2011
2012 As Restated
Operating activities
Net income $ 106,891 $ 48,623
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 5,601 6,388
Stock-based compensation 6,141 3,742
Amortization of premium on investments, net 7,019 7,242
Allowance for doubtful accounts 411 (2,057 )
Deferred income tax (benefit) expense (10,999 ) (1,608 )
Realized gains on investments, net (5,048 ) (20,161 )
Realized losses (gains) on retirement of assets 245 (155 )
Change in operating assets and liabilities:
Accrued investment income 181 3,485
Premiums receivable (62,979 ) (48,399 )
Reinsurance recoverable for paid and unpaid losses 136,716 18,889
Funds held by or deposited with reinsureds (736 ) 2,599
Federal income taxes recoverable 100 2,055
Unpaid losses and loss adjustment expenses (40,823 ) (7,366 )
Unearned premiums 70,216 45,448
Accounts payable, accrued expenses and other liabilities 3,028 (4,265 )
Deferred reinsurance gain-LPT Agreement (84,920 ) (17,436 )
Contingent commission receivable–LPT Agreement (15,014 ) (1,863 )
Other 15,741   8,054  
Net cash provided by operating activities 131,771 43,215
Investing activities
Purchase of fixed maturity securities (455,221 ) (236,633 )
Purchase of equity securities (31,478 ) (21,310 )
Proceeds from sale of fixed maturity securities 139,792 317,365
Proceeds from sale of equity securities 16,646 6,476
Proceeds from maturities and redemptions of investments 149,259 126,902
Proceeds from sale of fixed assets 226 396
Capital expenditures and other (5,116 ) (4,687 )
Restricted cash and cash equivalents provided by investing activities 946   10,650  
Net cash (used in) provided by investing activities (184,946 ) 199,159
Financing activities
Acquisition of treasury stock (41,795 ) (91,975 )
Cash transactions related to stock-based compensation 839 1,019
Dividends paid to stockholders (7,508 ) (8,943 )
Payments on notes payable (10,000 ) (10,000 )
Net cash used in financing activities (58,464 ) (109,899 )
Net (decrease) increase in cash and cash equivalents (111,639 ) 132,475  
Cash and cash equivalents at the beginning of the period 252,300   119,825  
Cash and cash equivalents at the end of the period $ 140,661   $ 252,300  
 
 

Employers Holdings, Inc.

 

 

Reconciliation of GAAP to Non-GAAP Net Income before Taxes, Income Tax Benefit, Net Income before LPT,

Earnings and Earnings before the LPT per Common Diluted Shares

 
        Three Months Ended December 31,
($ thousands except per share data) 2012     2011

Reported

Results

    Adjustments (1)(2)    

Non-GAAP

Results

As Restated
Net income before taxes $ 86,325   $ 595 $ 86,920 $ 26,594
Income tax (benefit) expense $ (1,444 ) $ 798   $ (646 ) $ 6,632
Net income $ 87,769   $ (203 ) $ 87,566   $ 19,962
Less: Amortization of the LPT (3) 4,033 4,033 4,470
Less: LPT Reserve Adjustment (3) 73,349 73,349
Less: LPT Contingent Commission Adjustment (3) 8,601   8,601   316
Net income before LPT (3) $ 1,786   $ 1,583   $ 15,176
 
Earnings per common diluted share $ 2.82 $ (0.01 ) $ 2.81 $ 0.58
Earnings before the LPT per common diluted share (3) 0.06 (0.01 ) 0.05 0.44
Diluted shares used in per share calculations 31,152,831 31,152,831 31,152,831 34,522,369
 
(1)   Adjustment to exclude the DAC accounting change which added $0.6 million to underwriting and other operating expense in the three months ended December 31, 2012. The $0.6 million was comprised of expenses related to acquiring new or renewal insurance contracts.
 
(2) Adjustment to include the tax benefit related to the exclusion of the DAC accounting change in the three months ended December 31, 2012.
 
(3) The LPT adjustment is also a non-GAAP measure which is explained/reconciled in additional detail elsewhere in this release. This calculation is normally included in the Company's reports on financial and operating results.
 
 

Reconciliation of GAAP to Non-GAAP Underwriting and Other Operating Expenses and Underwriting and Other

Operating Expense Ratio, Combined Ratio, and Combined Ratio before LPT

 
        Three Months Ended December 31,
($ thousands except for percentages) 2012     2011

Reported

Results

    Adjustments (1)    

Non-GAAP

Results

As Restated
Underwriting & other operating expenses $ 30,505   $ 595   $ 29,910   $ 23,505  
Underwriting & other operating expenses ratio 21.6 % 0.4 % 21.2 % 23.4 %
Total expenses $ 72,414   $ 595   $ 71,819   $ 110,922  
Combined ratio 51.4 % 0.4 % 51.0 % 110.6 %
Total expenses before LPT (2) $ 158,397   $ 595   $ 157,802   $ 115,708  
Combined ratio before LPT (2) 112.5 % 0.4 % 112.1 % 115.4 %
 
(1)   Adjustment to exclude the DAC accounting change which added $0.6 million to underwriting and other operating expense in the three months ended December 31, 2012. The $0.6 million was comprised of expenses related to acquiring new or renewal insurance contracts.
 
(2) The LPT adjustment is also a non-GAAP measure which is explained/reconciled in additional detail elsewhere in this release. This calculation is normally included in the Company's reports on financial and operating results.
 

Employers Holdings, Inc.

 

Reconciliation of GAAP to Non-GAAP Net Income before Taxes, Income Tax Benefit, Net Income before LPT,

Earnings and Earnings before the LPT per Common Diluted Shares

 
        Twelve Months Ended December 31,
      2011
($ thousands except per share data) 2012 As Restated

Reported

Results

      Adjustments (1)(2)      

Non-GAAP

Results

As Restated
Net income before taxes $ 97,544   $ 7,061 $ 104,605 $ 46,517  
Income tax (benefit) expense $ (9,347 ) $ 2,472   $ (6,875 ) $ (2,106 )
Net income $ 106,891   $ 4,589   $ 111,480   $ 48,623  
Less: Amortization of the LPT (3) 16,976 16,976 18,249
Less: LPT Reserve Adjustment (3) 73,349 73,349
Less: LPT Contingent Commission Adjustment (3) 9,609   9,609   1,050  
Net income before LPT (3) $ 6,957   $ 11,546   $ 29,324  
 
Earnings per common diluted share $ 3.37 $ 0.14 $ 3.52 $ 1.30
Earnings before the LPT per common diluted share (3) 0.22 0.14 0.36 0.78
Diluted shares used in per share calculations 31,703,426 31,703,426 31,703,426 37,424,065
 
(1)   Adjustment to exclude the DAC accounting change which added $7.1 million to underwriting and other operating expense in the twelve months ended December 31, 2012. The $7.1 million was comprised of expenses related to acquiring new or renewal insurance contracts.
 
(2) Adjustment to include the tax benefit related to the exclusion of the DAC accounting change in the twelve months ended December 31, 2012.
 
(3) The LPT adjustment is also a non-GAAP measure which is explained/reconciled in additional detail elsewhere in this release. This calculation is normally included in the Company's reports on financial and operating results.
 
 

Reconciliation of GAAP to Non-GAAP Underwriting and Other Operating Expenses and Underwriting and Other

Operating Expense Ratio, Combined Ratio, and Combined Ratio before LPT

 
        Twelve Months Ended December 31,
    2011
($ thousands except for percentages) 2012 As Restated

Reported

Results

    Adjustments (1)    

Non-GAAP

Results

As Restated
Underwriting & other operating expenses $ 121,440   $ 7,061   $ 114,379   $ 100,717  
Underwriting & other operating expenses ratio 24.2 % 1.4 % 22.8 % 27.8 %
Total expenses $ 478,134   $ 7,061   $ 471,073   $ 413,995  
Combined ratio 95.3 % 1.4 % 93.9 % 113.9 %
Total expenses before LPT (2) $ 578,068   $ 7,061   $ 571,007   $ 433,294  
Combined ratio before LPT (2) 115.3 % 1.4 % 113.9 % 119.2 %
 
(1)   Adjustment to exclude the DAC accounting change which added $7.1 million to underwriting and other operating expense in the twelve months ended December 31, 2012. The $7.1 million was comprised of expenses related to acquiring new or renewal insurance contracts.
 
(2) The LPT adjustment is also a non-GAAP measure which is explained/reconciled in additional detail elsewhere in this release. This calculation is normally included in the Company's reports on financial and operating results.
 
 
Employers Holdings, Inc.
Calculation of Combined Ratio before the Impact of the LPT Agreement
(in thousands, except for percentages)
     
          Three Months Ended Twelve Months Ended
December 31, December 31,
      2011       2011
2012 As Restated 2012 As Restated
(unaudited)
Net premiums earned $ 140,843   $ 100,268   $ 501,464   $ 363,424  
 
Losses and loss adjustment expenses $ 22,760   $ 73,031   $ 287,910   $ 262,511  
Loss & LAE ratio 16.2 % 72.8 % 57.4 % 72.2 %
 
Amortization of deferred reinsurance gain – LPT $ 4,033 $ 4,470 $ 16,976 $ 18,249
LPT Reserve Adjustment 73,349 73,349
LPT Contingent Commission Adjustment 8,601 316 9,609 1,050
Impact of LPT 61.0 % 4.8 %   19.9 % 5.3 %
Loss & LAE before impact of LPT $ 108,743   $ 77,817   $ 387,844   $ 281,810  
Loss & LAE ratio before impact of LPT 77.2 % 77.6 % 77.3 % 77.5 %
 
Commission expense $ 18,462   $ 13,729   $ 65,580   $ 47,344  
Commission expense ratio 13.1 % 13.7 % 13.1 % 13.0 %
 
Dividends to policyholders $ 687   $ 657   $ 3,204   $ 3,423  
Policyholder dividend ratio 0.5 % 0.7 % 0.6 % 0.9 %
 
Underwriting & other operating expenses $ 30,505   $ 23,505   $ 121,440   $ 100,717  
Underwriting & other operating expenses ratio 21.6 % 23.4 % 24.2 % 27.8 %
 
Total expenses $ 72,414   $ 110,922   $ 478,134   $ 413,995  
Combined ratio 51.4 % 110.6 % 95.3 % 113.9 %
 
Total expense before impact of the LPT $ 158,397   $ 115,708   $ 578,068   $ 433,294  
Combined ratio before the impact of the LPT 112.5 % 115.4 % 115.3 % 119.2 %
 
Reconciliations to Current Accident Period Combined Ratio:
Losses & LAE before impact of LPT $ 108,743 $ 77,817 $ 387,844 $ 281,810
Plus: Unfavorable prior period reserve development (520 ) (496 ) (1,800 ) (1,127 )
Accident period losses & LAE before impact of LPT $ 108,223   $ 77,321   $ 386,044   $ 280,683  
 
Losses & LAE ratio before impact of LPT 77.2 % 77.6 % 77.3 % 77.5 %
Plus: Unfavorable prior period reserve development ratio (0.4 ) (0.5 ) (0.3 ) (0.3 )
Accident period losses & LAE ratio before impact of LPT 76.8 % 77.1 % 77.0 % 77.2 %
 
Combined ratio before impact of the LPT 112.5 % 115.4 % 115.3 % 119.2 %
Plus: Unfavorable prior period reserve development ratio (0.4 ) (0.5 ) (0.3 ) (0.3 )
Accident period combined ratio before impact of LPT 112.1 % 114.9 % 115.0 % 118.9 %
 




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