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EMC Insurance Group Inc. Reports 2013 Second Quarter And Six Month Results

EMC Insurance Group Inc. (Nasdaq: EMCI):

Second Quarter Ended June 30, 2013 Operating Income Per Share – $0.47Net Income Per Share – $0.48Net Realized Investment Gains Per Share – $0.01Catastrophe and Storm Losses Per Share – $1.06Large Losses Per Share – $0.33GAAP Combined Ratio – 102.2 percent

Six Months Ended June 30, 2013 Operating Income Per Share – $1.43Net Income Per Share – $1.58Net Realized Investment Gains Per Share – $0.14Catastrophe and Storm Losses Per Share – $1.34Large Losses Per Share – $0.47GAAP Combined Ratio – 98.1 percent

EMC Insurance Group Inc. (Nasdaq OMX/GS:EMCI) today reported operating income of $6,098,000 ($0.47 per share) for the second quarter ended June 30, 2013, compared to an operating loss of $1,837,000 ($0.14 per share) for the second quarter of 2012 1. For the six months ended June 30, 2013, the Company reported operating income of $18,637,000 ($1.43 per share), compared to $11,590,000 ($0.90 per share) for the same period in 2012.

Net income, including realized investment gains and losses, totaled $6,212,000 ($0.48 per share) for the second quarter of 2013, compared to a net loss of $2,576,000 ($0.20 per share) for the second quarter of 2012. For the six months ended June 30, 2013, the Company reported net income of $20,485,000 ($1.58 per share), compared to $16,647,000 ($1.29 per share) for the same period in 2012.

“The Company experienced another strong quarter of high-single-digit rate level increases and a more normal level of catastrophe and storm losses consistent with our long-term average. On a consolidated basis, the year is progressing as expected; however, there have been some variations by segment,” stated President and Chief Executive Officer, Bruce G. Kelley.

Kelley went on to say, “Interest rates rose during the quarter, but still remain historically low. We continue to stress improvement in our underwriting margins in this low interest rate environment. We remain optimistic that the pace of rate level increases achieved in the first half of the year will continue for the remainder of the year.”

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