An income tax benefit of $9.3 million was recorded in 2012 compared with an income tax benefit of $2.1 million in 2011. The increased tax benefit was primarily related to higher tax exempt income as a percentage of pre-tax net income. The change in estimate of the contingent commission receivable - LPT Agreement also resulted in an additional $0.6 million bonus accrual that increased the income tax benefit by $0.2 million during the year ended December 31, 2012. This change in estimate increased net income by $8.2 million or $0.26 per diluted share.The 2012 combined ratio was 95.3% (115.3% before the impact of the LPT), compared with 113.9% (119.2% before the impact of the LPT) in 2011. The year over year combined ratio improved 18.6 percentage points on a GAAP basis and 3.9 percentage points before the impact of the LPT.
Employers Holdings, Inc. Reports Fourth Quarter And Full Year 2012 Earnings And Declares First Quarter 2013 Dividend
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