Employers Holdings, Inc. reported its financial results for the third quarter ended September 30, 2024, with total revenues increasing by 10% year-over-year. Net premiums earned rose by 1% to $186.6 million, while gross premiums written decreased by 8% to $181.2 million, primarily due to lower final audit premiums and endorsements. The company achieved a record number of policies in-force, up 3% year-over-year.
Losses and loss adjustment expenses increased by 2% to $117.7 million, resulting in a loss and loss adjustment expense ratio of 63.1%, or 63.9% excluding the LPT. The underwriting and general and administrative expense ratio decreased to 23.2% from 23.6% a year ago, benefiting from the Cerity integration plan executed in Q4 2023. The combined ratio excluding LPT was 101.2% for the quarter.
Net investment income increased by 2.7% to $26.6 million, driven by higher yields on fixed maturity securities. The company's book value per share including the deferred gain increased by 24.0% year-over-year to $47.99. The Board of Directors declared a regular quarterly dividend of $0.30 per share, payable on November 27, 2024, to stockholders of record as of November 13, 2024.
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