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EMC Insurance Group Inc. (Nasdaq:EMCI) today reported operating income of $6,379,000 ($0.48 per share) for the second quarter ended June 30, 2009, compared to an operating loss of $1,181,000 ($0.09 per share) for the second quarter of 2008(1). For the six-month period ended June 30, 2009, operating income was $17,768,000 ($1.34 per share) compared to $8,930,000 ($0.65 per share) for the same period in 2008.
Net income, including realized investment gains and losses, totaled $6,967,000 ($0.53 per share) for the second quarter of 2009 compared to a net loss of $940,000 ($0.07 per share) for the second quarter of 2008. For the six-month period ended June 30, 2009, net income was $12,771,000 ($0.96 per share) compared to $7,279,000 ($0.53 per share) for the same period in 2008.
"Through the first six months of 2009 our operating results are pretty much in line with our expectations," stated Bruce G. Kelley, President and Chief Executive Officer. "Premium rates continue to show some signs of stabilization and storm losses, while slightly higher than our 10-year average, are significantly lower than the record amount experienced in 2008. We continue to review and adjust our branch operations to keep current with changing market conditions and to maximize our earnings potential; however, we do not anticipate any major changes to our operating plan during the remainder of the year."
Premiums earned decreased 0.5 percent to $96,098,000 for the three months ended June 30, 2009 from $96,618,000 for the same period in 2008. For the six months ended June 30, 2009, premiums earned decreased 1.6 percent to $188,553,000 from $191,595,000 for the same period in 2008.
Investment income decreased 6.9 percent to $11,173,000 for the second quarter of 2009 from $11,999,000 for the same period in 2008. For the six-month period ended June 30, 2009, net investment income decreased 2.0 percent to $23,450,000 from $23,940,000 for the same period in 2008. This decrease in investment income is attributed to a high level of call activity that occurred on the Company's U.S. Government Agency securities during the first quarter of 2009 as a result of the low interest rate environment, a decline in yield on short-term investments and the elimination of dividends on the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) preferred stocks in 2008. The proceeds from the called securities are being invested in short-term securities until attractive long-term opportunities can be identified.
"Other-than-temporary" investment impairment losses declined to $759,000 in the second quarter of 2009 from $1,695,000 for the same period in 2008. For the first six months of 2009, "other-than-temporary" investment impairment losses totaled $9,117,000, compared to $4,597,000 for the same period in 2008.
Catastrophe and storm losses totaled $9,065,000 ($0.45 per share after tax) in the second quarter of 2009 compared to a record $23,518,000 ($1.12 per share after tax) in the second quarter of 2008. For the first six months of 2009, catastrophe and storm losses totaled $12,777,000 ($0.63 per share after tax) compared to $29,248,000 ($1.39 per share after tax) for the same period in 2008. Catastrophe and storm losses accounted for 6.8 percentage points of the combined ratio for the first six months of 2009, which is slightly higher than the 10-year average of 6.5 percentage points.
Large losses, which the Company defines as losses greater than $250,000, excluding catastrophe and storm losses, increased to $7,356,000 ($0.36 per share after taxes) in the second quarter of 2009 from $6,330,000 ($0.30 per share after taxes) for the same period in 2008. For the first six months of 2009, large losses totaled $15,370,000 ($0.75 per share after taxes), compared to $12,336,000 ($0.58 per share after taxes) for the same period in 2008.
The Company's GAAP combined ratio was 102.9 percent in the second quarter of 2009 compared to 116.0 percent in the second quarter of 2008. For the six month period ended June 30, 2009, the Company's GAAP combined ratio was 99.5 percent compared to 106.6 percent for the same period in 2008.
At June 30, 2009, consolidated assets totaled $1.1 billion, including $1.0 billion in the investment portfolio; stockholders' equity increased 8.6 percent to $307.3 million; and the net book value of the Company's stock was $23.22 per share, an increase of 8.9 percent from $21.32 per share at December 31, 2008.
Based on actual results for the first six months of 2009 and management's expectations for the remainder of the year, management is increasing its 2009 operating income guidance from the previous range of $1.45 to $1.70 per share to a revised range of $1.80 to $2.05 per share. The revised range is based on a projected GAAP combined ratio of 103.5 percent for the year.
As of June 30, 2009, 601,119 shares of the Company's common stock have been purchased under the Company's $25 million stock repurchase program at a cost of approximately $15.0 million. The timing and terms of the purchases are determined by management based on market conditions, and the transactions are conducted in accordance with the applicable rules of the SEC. Common stock purchased under this program is being retired by the Company. The Company's parent organization, Employers Mutual Casualty Company, has a stock purchase program in place as well, with about $4.5 million of its $15 million authorization remaining. This program is currently dormant and will not be reactivated until the Company's repurchase program is completed.
The Company will hold an earnings teleconference call at 11:00 a.m. eastern daylight time on July 23, 2009 to allow securities analysts, stockholders and other interested parties the opportunity to hear management discuss the Company's results for the first six months of 2009, as well as its expectations for the remainder of the year. Dial-in information for the call is toll-free 1-877-407-8031 (International: 1-201-689-8031). The event will be archived and available for digital replay through August 6, 2009. The replay access information is toll-free 1-877-660-6853 (International: 1-201-612-7415); passcodes required for playback: account number 286, conference ID number 327390.
Members of the news media, investors and the general public are invited to access a live webcast of the conference call via http://www.investorcalendar.com or the Company's investor relations page at www.emcins.com/ir. The webcast will be archived and available for replay until July 23, 2010. A transcript of the teleconference will also be available on the Company's website shortly after the completion of the teleconference.
EMC Insurance Group Inc., the publicly-held insurance holding company of EMC Insurance Companies, owns subsidiaries with operations in property and casualty insurance and reinsurance. EMC Insurance Companies is one of the largest property and casualty entities in Iowa and among the top 60 insurance entities nationwide based on premium volume. For more information, visit our website www.emcinsurance.com.
The Private Securities Litigation Reform Act of 1995 provides issuers the opportunity to make cautionary statements regarding forward-looking statements. Accordingly, any forward-looking statement contained in this report is based on management's current beliefs, assumptions and expectations of the Company's future performance, taking into account all information currently available to management. These beliefs, assumptions and expectations can change as the result of many possible events or factors, not all of which are known to management. If a change occurs, the Company's business, financial condition, liquidity, results of operations, plans and objectives may vary materially from those expressed in the forward-looking statements. The risks and uncertainties that may affect the actual results of the Company include, but are not limited to, the following:
-- catastrophic events and the occurrence of significant severe weather conditions;
-- the adequacy of loss and settlement expense reserves;
-- state and federal legislation and regulations;
-- changes in the property and casualty insurance industry, interest rates or the performance of financial markets and the general economy;
-- rating agency actions;
-- "other-than-temporary" investment impairment losses; and
-- other risks and uncertainties inherent to the Company's business, including those discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K.
Management intends to identify forward-looking statements when using the words "believe", "expect", "anticipate", "estimate", "project" or similar expressions. Undue reliance should not be placed on these forward-looking statements.
The Company uses a non-GAAP financial measure called "operating income" that management believes is useful to investors because it illustrates the performance of our normal, ongoing operations, which is important in understanding and evaluating our financial condition and results of operations. While this measure is consistent with measures utilized by investors to evaluate performance, it is not a substitute for the U.S. GAAP financial measure of net income. Therefore, the Company has provided the following reconciliation of this non-GAAP financial measure to the U.S. GAAP financial measure of net income. Management also uses non-GAAP financial measures for goal setting, determining employee and senior management awards and compensation, and evaluating performance.
Reconciliation of operating income to net income:
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Operating Income (loss) $ 6,378,774 $ (1,181,460 ) $ 17,767,638 $ 8,930,311
Net realized investment gains (losses) 588,358 241,130 (4,996,643 ) (1,651,655 )
Net income (loss) $ 6,967,132 $ (940,330 ) $ 12,770,995 $ 7,278,656
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
Property and
Casualty Parent
Quarter Ended June 30, 2009 Insurance Reinsurance Company Consolidated
Revenues:
Premiums earned $ 76,546,730 $ 19,551,276 $ - $ 96,098,006
Investment income, net 8,332,816 2,838,412 1,390 11,172,618
Other income 198,272 - - 198,272
85,077,818 22,389,688 1,390 107,468,896
Losses and expenses:
Losses and settlement expenses 50,982,026 14,182,225 - 65,164,251
Dividends to policyholders 1,926,476 - - 1,926,476
Amortization of deferred policy acquisition costs 18,295,137 3,227,018 - 21,522,155
Other underwriting expenses 9,590,347 716,971 - 10,307,318
Interest expense 225,000 - - 225,000
Other expenses 175,195 (241,995 ) 404,722 337,922
81,194,181 17,884,219 404,722 99,483,122
Operating income (loss) before income taxes 3,883,637 4,505,469 (403,332 ) 7,985,774
Realized investment losses 699,368 205,799 - 905,167
Income (loss) before income taxes 4,583,005 4,711,268 (403,332 ) 8,890,941
Income tax expense (benefit):
Current 700,344 1,287,224 (141,166 ) 1,846,402
Deferred 83,182 (5,775 ) - 77,407
783,526 1,281,449 (141,166 ) 1,923,809
Net income (loss) $ 3,799,479 $ 3,429,819 $ (262,166 ) $ 6,967,132
Average shares outstanding 13,235,928
Per Share Data:
Net income (loss) per share - basic and diluted $ 0.29 $ 0.26 $ (0.02 ) $ 0.53
Catastrophe and storm losses (after tax) $ (0.40 ) $ (0.05 ) $ - $ (0.45 )
Dividends per share $ 0.18
Other Information of Interest:
Net written premiums $ 80,557,228 $ 18,591,374 $ - $ 99,148,602
Catastrophe and storm losses $ 7,973,720 $ 1,090,954 $ - $ 9,064,674
GAAP Combined Ratio:
Loss ratio 66.6 % 72.5 % - 67.8 %
Expense ratio 38.9 % 20.2 % - 35.1 %
105.5 % 92.7 % - 102.9 %
Property and
Casualty Parent
Quarter Ended June 30, 2008 Insurance Reinsurance Company Consolidated
Revenues:
Premiums earned $ 78,463,944 $ 18,153,752 $ - $ 96,617,696
Investment income, net 8,947,910 3,010,099 41,345 11,999,354
Other income 160,571 - - 160,571
87,572,425 21,163,851 41,345 108,777,621
Losses and expenses:
Losses and settlement expenses 66,543,098 13,793,879 - 80,336,977
Dividends to policyholders 1,851,840 - - 1,851,840
Amortization of deferred policy acquisition costs 18,367,821 3,526,349 - 21,894,170
Other underwriting expenses 7,680,153 330,283 - 8,010,436
Interest expense 225,000 - - 225,000
Other expenses 154,370 (77,770 ) 333,419 410,019
94,822,282 17,572,741 333,419 112,728,442
Operating income (loss) before income taxes (7,249,857 ) 3,591,110 (292,074 ) (3,950,821 )
Realized investment gains 291,436 79,534 - 370,970
Income (loss) before income taxes (6,958,421 ) 3,670,644 (292,074 ) (3,579,851 )
Income tax expense (benefit):
Current (3,066,352 ) 1,541,311 (102,226 ) (1,627,267 )
Deferred (362,376 ) (649,878 ) - (1,012,254 )
(3,428,728 ) 891,433 (102,226 ) (2,639,521 )
Net income (loss) $ (3,529,693 ) $ 2,779,211 $ (189,848 ) $ (940,330 )
Average shares outstanding 13,653,462
Per Share Data:
Net income (loss) per share - basic and diluted $ (0.26 ) $ 0.20 $ (0.01 ) $ (0.07 )
Catastrophe and storm losses (after tax) $ (1.05 ) $ (0.07 ) $ - $ (1.12 )
Dividends per share $ 0.18
Other Information of Interest:
Net written premiums $ 79,918,030 $ 16,835,091 $ - $ 96,753,121
Catastrophe and storm losses $ 21,966,957 $ 1,550,556 $ - $ 23,517,513
GAAP Combined Ratio:
Loss ratio 84.8 % 76.0 % - 83.1 %
Expense ratio 35.6 % 21.2 % - 32.9 %
120.4 % 97.2 % - 116.0 %
Property and
Casualty Parent
Six Months Ended June 30, 2009 Insurance Reinsurance Company Consolidated
Revenues:
Premiums earned $ 152,628,332 $ 35,924,222 $ - $ 188,552,554
Investment income, net 17,552,335 5,883,461 14,057 23,449,853
Other income 351,258 - - 351,258
170,531,925 41,807,683 14,057 212,353,665
Losses and expenses:
Losses and settlement expenses 91,827,193 27,113,672 - 118,940,865
Dividends to policyholders 5,756,082 - - 5,756,082
Amortization of deferred policy acquisition costs 37,173,220 6,359,641 - 43,532,861
Other underwriting expenses 18,362,521 1,075,080 - 19,437,601
Interest expense 450,000 - - 450,000
Other expenses 406,329 (393,124 ) 717,949 731,154
153,975,345 34,155,269 717,949 188,848,563
Operating income (loss) before income taxes 16,556,580 7,652,414 (703,892 ) 23,505,102
Realized investment losses (5,090,803 ) (2,596,340 ) - (7,687,143 )
Income (loss) before income taxes 11,465,777 5,056,074 (703,892 ) 15,817,959
Income tax expense (benefit):
Current 4,763,021 1,910,725 (246,362 ) 6,427,384
Deferred (2,490,082 ) (890,338 ) - (3,380,420 )
2,272,939 1,020,387 (246,362 ) 3,046,964
Net income (loss) $ 9,192,838 $ 4,035,687 $ (457,530 ) $ 12,770,995
Average shares outstanding 13,242,831
Per Share Data:
Net income (loss) per share - basic and diluted $ 0.69 $ 0.30 $ (0.03 ) $ 0.96
Catastrophe and storm losses (after tax) $ (0.50 ) $ (0.13 ) $ - $ (0.63 )
Dividends per share $ 0.36
Book value per share $ 23.22
Effective tax rate 19.3 %
Annualized net income as a percent of beg. SH equity 9.0 %
Other Information of Interest:
Net written premiums $ 152,586,458 $ 35,520,874 $ - $ 188,107,332
Catastrophe and storm losses $ 10,218,030 $ 2,558,653 $ - $ 12,776,683
GAAP Combined Ratio:
Loss ratio 60.2 % 75.5 % - 63.1 %
Expense ratio 40.1 % 20.7 % - 36.4 %
100.3 % 96.2 % - 99.5 %
Property and
Casualty Parent
Six Months Ended June 30, 2008 Insurance Reinsurance Company Consolidated
Revenues:
Premiums earned $ 157,554,354 $ 34,041,127 $ - $ 191,595,481
Investment income, net 17,937,726 5,922,765 79,096 23,939,587
Other income 307,898 - - 307,898
175,799,978 39,963,892 79,096 215,842,966
Losses and expenses:
Losses and settlement expenses 114,177,940 26,165,745 - 140,343,685
Dividends to policyholders 2,276,008 - - 2,276,008
Amortization of deferred policy acquisition costs 37,277,761 7,127,506 - 44,405,267
Other underwriting expenses 16,000,163 1,129,738 - 17,129,901
Interest expense 439,375 - - 439,375
Other expenses 298,876 294,203 634,937 1,228,016
170,470,123 34,717,192 634,937 205,822,252
Operating income (loss) before income taxes 5,329,855 5,246,700 (555,841 ) 10,020,714
Realized investment losses (1,767,491 ) (773,516 ) - (2,541,007 )
Income (loss) before income taxes 3,562,364 4,473,184 (555,841 ) 7,479,707
Income tax expense (benefit):
Current (684,273 ) 1,959,315 (194,544 ) 1,080,498
Deferred 265,517 (1,144,964 ) - (879,447 )
(418,756 ) 814,351 (194,544 ) 201,051
Net income (loss) $ 3,981,120 $ 3,658,833 $ (361,297 ) $ 7,278,656
Average shares outstanding 13,715,977
Per Share Data:
Net income (loss) per share - basic and diluted $ 0.29 $ 0.27 $ (0.03 ) $ 0.53
Catastrophe and storm losses (after tax) $ (1.31 ) $ (0.08 ) $ - $ (1.39 )
Dividends per share $ 0.36
Book value per share $ 25.52
Effective tax rate 2.7 %
Annualized net income as a percent of beg. SH equity 4.0 %
Other Information of Interest:
Net written premiums $ 154,297,213 $ 33,547,728 $ - $ 187,844,941
Catastrophe and storm losses $ 27,615,451 $ 1,632,310 $ - $ 29,247,761
GAAP Combined Ratio:
Loss ratio 72.5 % 76.9 % - 73.3 %
Expense ratio 35.2 % 24.2 % - 33.3 %
107.7 % 101.1 % - 106.6 %
CONSOLIDATED BALANCE SHEETS - UNAUDITED
June 30, December 31,
2009 2008
ASSETS
Investments:
Fixed maturities:
Securities held-to-maturity, at amortized cost (fair value $ 462,077 $ 534,759
$506,763 and $572,852)
Securities available-for-sale, at fair value (amortized cost 771,346,101 812,868,835
$763,299,308 and $821,306,951)
Fixed maturity securities on loan:
Securities available-for-sale, at fair value (amortized cost 23,296,381 8,950,052
$22,844,456 and $8,923,745)
Equity securities available-for-sale, at fair value (cost 91,138,757 88,372,207
$70,433,905 and $75,025,666)
Other long-term investments, at cost 57,546 66,974
Short-term investments, at cost 115,804,852 54,373,082
Total investments 1,002,105,714 965,165,909
Balances resulting from related party transactions with
Employers Mutual:
Reinsurance receivables 33,986,093 36,355,047
Prepaid reinsurance premiums 4,358,746 4,157,055
Deferred policy acquisition costs 35,180,992 34,629,429
Other assets 2,894,716 2,534,076
Cash 219,774 182,538
Accrued investment income 10,128,567 12,108,129
Deferred policy acquisition costs 4,331 -
Accounts receivable 258,581 23,041
Income taxes recoverable 3,485,219 11,859,539
Deferred income taxes 25,099,680 30,819,592
Goodwill 941,586 941,586
Securities lending collateral 24,082,180 9,322,863
Total assets $ 1,142,746,179 $ 1,108,098,804
LIABILITIES
Balances resulting from related party transactions with
Employers Mutual:
Losses and settlement expenses $ 560,571,821 $ 573,031,853
Unearned premiums 154,036,757 154,446,205
Other policyholders' funds 8,697,986 6,418,870
Surplus notes payable 25,000,000 25,000,000
Indebtedness to related party 8,964,127 20,667,196
Employee retirement plans 21,332,191 19,331,007
Other liabilities 32,691,818 16,964,452
Unearned premiums 21,655 -
Securities lending obligation 24,082,180 9,322,863
Total liabilities 835,398,535 825,182,446
STOCKHOLDERS' EQUITY
Common stock, $1 par value, authorized 20,000,000 shares; issued 13,238,284 13,267,668
and outstanding, 13,238,284 shares in 2009 and 13,267,668 shares
in 2008
Additional paid-in capital 95,193,211 95,639,349
Accumulated other comprehensive income (loss) 6,327,009 (9,930,112 )
Retained earnings 192,589,140 183,939,453
Total stockholders' equity 307,347,644 282,916,358
Total liabilities and stockholders' equity $ 1,142,746,179 $ 1,108,098,804
The Company had total cash and invested assets with a carrying
value of $1.0 billion and $965.3 million as of June 30, 2009 and
December 31, 2008, respectively. The following table summarizes
the Company's cash and invested assets as of the dates indicated:
June 30, 2009
Percent of
Amortized Fair Total Carrying
($ in thousands) Cost Value Fair Value Value
Fixed maturity securities held-to-maturity $ 462 $ 507 0.1 % $ 462
Fixed maturity securities available-for-sale 786,144 794,642 79.3 % 794,642
Equity securities available-for-sale 70,434 91,139 9.1 % 91,139
Cash 220 220 - 220
Short-term investments 115,805 115,805 11.5 % 115,805
Other long-term investments 57 57 - 57
$ 973,122 $ 1,002,370 100.0 % $ 1,002,325
December 31, 2008
Percent of
Amortized Fair Total Carrying
($ in thousands) Cost Value Fair Value Value
Fixed maturity securities held-to-maturity $ 535 $ 573 0.1 % $ 535
Fixed maturity securities available-for-sale 830,231 821,819 85.1 % 821,819
Equity securities available-for-sale 75,026 88,372 9.2 % 88,372
Cash 182 182 - 182
Short-term investments 54,373 54,373 5.6 % 54,373
Other long-term investments 67 67 - 67
$ 960,414 $ 965,386 100.0 % $ 965,348
NET WRITTEN PREMIUMS
Three Months Ended Six Months ended
June 30, 2009 June 30, 2009
Percent of Percent of
Increase/ Increase/
Percent of (Decrease) in Percent of (Decrease) in
Net Written Net Written Net Written Net Written
Premiums Premiums Premiums Premiums
Property and Casualty Insurance
Commercial Lines:
Automobile 17.7 % (1.2 ) % 17.7 % (4.3 ) %
Liability 16.6 % (7.8 ) % 17.0 % (7.8 ) %
Property 16.5 % 6.0 % 16.3 % 3.9 %
Workers' Compensation 15.5 % 0.8 % 16.0 % 0.8 %
Other 2.5 % (0.5 ) % 2.3 % (0.2 ) %
Total Commercial Lines 68.8 % (0.8 ) % 69.3 % (2.1 ) %
Personal Lines:
Automobile 7.1 % 20.3 % 6.8 % 11.2 %
Property 5.3 % 0.5 % 4.8 % (1.9 ) %
Liability 0.1 % (7.3 ) % 0.2 % (7.5 ) %
Total Personal Lines 12.5 % 10.7 % 11.8 % 5.2 %
Total Property and Casualty Insurance 81.3 % 0.8 % 81.1 % (1.1 ) %
Reinsurance 18.7 % 10.4 % 18.9 % 5.9 %
Total 100.0 % 2.5 % 100.0 % 0.1 %
SOURCE: EMC Insurance Group Inc.
EMC Insurance Group Anita Novak, 515-345-2515 (Investors) Lisa Hamilton, 515-345-7589 (Media)
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