Employers Holdings CEO "thrilled" with latest financial results

Employers Holdings CEO “thrilled” with latest financial results | Insurance Business America

Workers Comp

Employers Holdings CEO “thrilled” with latest financial results

Fourth quarter saw completion of full integration with firm

Workers Comp

By
Terry Gangcuangco

Employers Holdings, subsidiaries of which specialize in workers’ compensation insurance, has published its financial results for the quarter and year ended December 31, 2023.

According to the company’s earnings report, here’s how Employers performed last year:

Metric

Q4 2023

Q4 2022

FY 2023

FY 2022

Net income

$45.6 million

$47.2 million

$118.1 million

$48.4 million

Adjusted net income

$36.1 million

$34.4 million

$101.7 million

$81 million

Net investment income

$26.2 million

$27 million

$106.5 million

$89.8 million

Gross written premium

$178.2 million

$173.8 million

$767.7 million

$714.2 million

Combined ratio

88.1%

90.6%

95%

96.9%

Commenting on the numbers, chief executive Katherine Antonello said: “We are thrilled with our fourth quarter and full-year 2023 results. We closed the year with impressive revenue growth driven by strong increases in both premium writings and investment income.

“Our growth in written premium in 2023 resulted from a 20% increase in new business coupled with a 9% increase in renewal business, and solid audit premium recognition.

“Our investment performance also contributed nicely to our overall results and financial strength. Our 2023 net investment income of $106.5 million represented a 19% increase over 2022, and we recognized $70.9 million of after-tax unrealized gains from our fixed maturities, common stock, and other investments.”

During the fourth quarter, Antonello highlighted, the business also completed a full integration of Cerity’s operations into those of Employers.

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