0001379041false00013790412025-02-202025-02-20

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
——————
FORM 8-K
——————
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
——————
Date of report (Date of earliest event reported): February 20, 2025

EMPLOYERS HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
——————
Nevada
(State or Other Jurisdiction of Incorporation)
001-3324504-3850065
(Commission File Number)(I.R.S. Employer Identification No.)
5340 Kietzke Lane, Suite 202
Reno,Nevada
(Address of Principal Executive Offices)
89511
(Zip Code)
Registrant’s telephone number including area code: (888) 682-6671
No change since last report
(Former Name or Address, if Changed Since Last Report)
——————
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareEIGNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Section 2 – Financial Information
Item 2.02.    Results of Operations and Financial Condition.
On February 20, 2025, Employers Holdings, Inc. (the “Company”) issued a press release and financial supplement announcing results for the fourth quarter and fiscal year ended December 31, 2024. The press release and financial supplement are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference, and are being furnished, not filed, under Item 2.02 to this Current Report on Form 8-K.

Section 8 – Other Information
Item 8.01.    Other Events.
On February 19, 2025, the Company's Board of Directors declared a first quarter 2025 cash dividend of $0.30 per share on the Company’s common stock. The dividend is payable on March 19, 2025 to stockholders of record as of March 5, 2025.

Section 9 – Financial Statements and Exhibits
Item 9.01.    Financial Statements and Exhibits.
99.1    Employers Holdings, Inc. press release, dated February 20, 2025.
99.2    Employers Holdings, Inc. financial supplement, dated February 20, 2025.
104    Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EMPLOYERS HOLDINGS, INC.
Dated:
February 20, 2025
/s/ Michael S. Paquette
Michael S. Paquette
Executive Vice President,
Chief Financial Officer

Exhibit Index




employerslogo12312019a.jpg Exhibit 99.1
news release
For Immediate Release

Employers Holdings, Inc. Reports Fourth Quarter 2024 and Full-Year Financial Results;
Declares Quarterly Cash Dividend of $0.30 per Share
Company to Host Conference Call on Friday, February 21, 2025, at 11:00 a.m. Eastern Standard Time
RENO, Nev., February 20, 2025 - (GLOBE NEWSWIRE) – Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers' compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its fourth quarter ended December 31, 2024.
Full-Year 2024 Financial Highlights
(All comparisons versus full-year 2023)
•Net income of $118.6 million ($4.71 per diluted share), versus $118.1 million ($4.45 per diluted share);
•Adjusted net income of $94.0 million ($3.73 per diluted share), versus $101.7 million ($3.83 per diluted share);
•Net investment income of $107.0 million, versus $106.5 million;
•Gross premiums written of $776.3 million, versus $767.7 million;
•Net premiums earned of $749.5 million, versus $721.9 million;
•Net favorable prior year loss reserve development of $18.4 million, versus $44.9 million;
•GAAP combined ratio of 97.9% (98.6% excluding the LPT), versus 95.0% (96.0% excluding the LPT);
•Returned $71.7 million to stockholders through a combination of share repurchases and regular quarterly dividends;
•Record number of ending policies in-force of 130,767, versus 126,409; and
•Adjusted Book value per share of $50.71, up 9.8% including dividends declared.
Fourth Quarter 2024 Financial Highlights
(All comparisons versus fourth quarter 2023)
•Net income of $28.3 million ($1.14 per diluted share), versus $45.6 million ($1.77 per diluted share);
•Adjusted net income of $28.7 million ($1.15 per diluted share), versus $36.1 million ($1.40 per diluted share);
•Net investment income of $26.7 million, versus $26.2 million;
•Gross premiums written of $176.3 million, versus $178.2 million;
•Net premiums earned of $190.2 million, versus $187.5 million;
•Net favorable prior year loss reserve development of $9.1 million, versus $24.9 million;
•GAAP combined ratio of 95.5% (including and excluding the LPT), versus 88.1% (88.8% excluding the LPT); and
•Returned $17.5 million to stockholders through a combination of share repurchases and a regular quarterly dividend.
CEO Commentary
Chief Executive Officer Katherine Antonello commented: “We are pleased with our fourth quarter and full-year 2024 results. In fact, we closed the year with the highest levels of written and earned premium, ending in-force premium and policies and net investment income in the Company's history.
We achieved solid growth in new and renewal premium in 2024, but that growth was offset by lower final audit premiums and endorsements. Our investment performance contributed nicely to our overall results and financial strength. In addition to the record level of net investment income we generated, we also recognized $24.1 million of after-tax unrealized gains from our common stocks and other investments.”


Ms. Antonello continued, “Our current accident year loss and LAE ratio on voluntary business was 64.0%, slightly above the loss and LAE ratio we maintained throughout 2023 and consistent with that of 2022. Our fourth quarter full reserve study led to the recognition of $8.6 million of net favorable prior year loss reserve development from our voluntary business. Those actions, coupled with our continual focus on our underwriting expenses, yielded an ex-LPT combined ratio of 95.5% for the fourth quarter, and 98.6% for the full year.
Our active capital management efforts throughout 2024, which consisted of $41.7 million of share repurchases and $30.0 million of regular quarterly dividends, contributed to year-over-year increases of 10.6% and 9.8% in our book value per share including the deferred gain and adjusted book value per share, respectively. Our focus on disciplined underwriting, prudent risk management, and strategic investments has positioned us strongly in the workers' compensation insurance market, which is evidenced by the recent upgrade to our insurance companies’ AM Best Financial Strength Rating to “A” (Excellent).
Beyond our financial results, we continue to offer direct-to-consumer policies through the Cerity brand but, with the Cerity integration that was undertaken a year ago, we now do so without any meaningful fixed underwriting expenses. Further, our continued focus for 2025 will be on further appetite expansion, increased self-service options for policyholders, agents and injured workers and greater operational efficiencies.
Finally, we are saddened by the California wildfires and the impact on the Los Angeles area community and small businesses. Our thoughts are with all of those who have lost their homes, businesses, and livelihoods, and we are working with our partners to provide immediate and long-term assistance. As a monoline workers’ compensation insurance provider, these catastrophic events would not typically have a significant impact on our results, nor our long-term trends. We have analyzed the loss exposure and experience in the affected fire zones and have determined that approximately 1% of our in-force policies, representing less than 1% of our payroll exposure, are within the impacted areas and we are not currently experiencing any significant impacts from these devastating fires.”
Summary of Consolidated Fourth Quarter 2024 Results
(All comparisons versus fourth quarter 2023, unless otherwise noted)
Gross premiums written were $176.3 million, a decrease of 1%. The slight decrease was due to higher new and renewal business writings being offset by lower final audit premiums and endorsements. Net earned premiums were $190.2 million, an increase of 1%.
Losses and loss adjustment expenses were $113.2 million, an increase of 22%. The increase was due to higher earned premium, lower net favorable prior year loss reserve development and a slightly higher current accident year loss and loss adjustment expense provision. The Company recognized $9.1 million of favorable prior year loss reserve development versus $24.9 million. The Company’s loss and loss adjustment expense ratio was 59.5% for the quarter (including and excluding the LPT) versus 49.5% (50.2% excluding the LPT).
Total underwriting expenses (consisting of commissions, other underwriting and general and administrative expenses) were $68.6 million, a decrease of 5%. The decrease was primarily related to lower information technology expenses resulting from the Cerity integration plan that was executed in the fourth quarter of 2023, lower compensation-related expenses and a non-recurring commission adjustment, partially offset by higher bad debt expense. The Company’s total underwriting expense ratio was 36.0% versus 38.6%.
Within the 2024 periods presented herein, the Company refined its presentation of certain expenses associated with its involuntary premium. This revision, which was immaterial, had the effect of reducing both its fourth quarter and full year 2024 commission expense ratios by approximately 0.3 percentage points, and increasing its respective underwriting and general and administrative expense ratios by the same amount. This revision had no net effect on the Company’s total underwriting expenses or net income.
Net investment income was $26.7 million, an increase of 2%. The increase was due to higher investment yields, partially offset by lower invested balances of fixed maturity securities, short-term investments and cash and cash equivalents, as measured by amortized cost.
Net realized and unrealized gains (losses) on investments reflected on the income statement were $(0.4) million versus $12.1 million.
Interest and financing expenses were $0.1 million versus $0.6 million. The decrease resulted from the unwinding of our former Federal Home Loan Bank leveraged investment strategy in the fourth quarter of 2023.
Other expenses of $1.6 million recorded in the fourth quarter of 2023 consisted of a non-recurring charge in connection with previously capitalized cloud computing costs.


Federal and state income tax expense was $6.4 million (18.4% effective rate) versus $12.6 million (21.6% effective rate). The effective rates in each period reflect applicable income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, pre-privatization loss and loss adjustment expense reserve adjustments and deferred gain amortization.
The Company’s book value per share including the deferred gain of $47.35 increased by 10.6% during 2024 and its adjusted book value per share of $50.71 increased by 9.8% during 2024, each including dividends declared. These measures were favorably impacted by $24.1 million of net after tax unrealized gains arising from equity securities and other investments.
Share Repurchases and First Quarter 2025 Dividend Declaration
During the fourth quarter of 2024, the Company repurchased 193,857 shares of its common stock at an average price of $51.20 per share. During the period from January 1, 2025 through February 19, 2025, the Company repurchased a further 222,438 shares of its common stock at an average price of $49.38 per share. The Company currently has a remaining share repurchase authorization of $18.7 million.
On February 19, 2025, the Board of Directors declared a first quarter dividend of $0.30 per share. The dividend is payable on March 19, 2025 to stockholders of record as of March 5, 2025.
Earnings Conference Call and Webcast
The Company will host a conference call on Friday, February 21, 2025 at 11:00 a.m. Eastern Standard Time / 8:00 a.m. Pacific Standard Time.
To participate in the live conference call you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.
The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.
Reconciliation of Non-GAAP Financial Measures to GAAP
Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes - Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company's investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.
The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.
Forward-Looking Statements
In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company's future performance, economic or market conditions, including current or future levels of inflation, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company's Quarterly Reports on Form 10-Q and the Company's Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


Filings with the SEC
The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company's website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC's EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).
About Employers Holdings, Inc.
Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers' compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.
EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers' compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.
EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.
Contact Information
Mike Paquette (775) 327-2562 or mpaquette@employers.com


Exhibit 99.2
Employers Holdings, Inc.
Fourth Quarter and Full Year 2024
Financial Supplement

February 20, 2025












employerslogo123120191.jpg


EMPLOYERS HOLDINGS, INC.
Table of Contents



Page
Consolidated Financial Highlights
Summary Consolidated Balance Sheets
Summary Consolidated Income Statements
Return on Equity
Combined Ratios
Roll-forward of Unpaid Losses and LAE
Consolidated Investment Portfolio
Book Value Per Share
Earnings Per Share
Non-GAAP Financial Measures



EMPLOYERS HOLDINGS, INC.
Consolidated Financial Highlights (unaudited)
$ in millions, except per share amounts
Three Months EndedYears Ended
December 31,December 31,
20242023% change20242023% change
Selected financial highlights:
Gross premiums written$176.3 $178.2 (1)%$776.3 $767.7 1 %
Net premiums written174.7 176.4 (1)769.5 760.6 1 
Net premiums earned190.2 187.5 1 749.5 721.9 4 
Net investment income26.7 26.2 2 107.0 106.5 — 
Net income excluding LPT(1)
28.4 44.4 (36)113.0 110.9 2 
Adjusted net income(1)
28.7 36.1 (20)94.0 101.7 (8)
Net income before income taxes34.7 58.2 (40)146.7 148.4 (1)
Net income28.3 45.6 (38)118.6 118.1 — 
Comprehensive income (loss)(8.9)116.2 (108)122.1 171.0 (29)
Total assets3,541.3 3,550.4 — 
Stockholders' equity1,068.7 1,013.9 5 
Stockholders' equity including the Deferred Gain(2)
1,162.7 1,113.1 4 
Adjusted stockholders' equity(2)
1,245.2 1,199.1 4 
Annualized adjusted return on stockholders' equity(3)
9.3 %12.2 %(24)%7.7 %8.5 %(9)
Amounts per share:
Cash dividends declared per share$0.30 $0.28 7 %$1.18 $1.10 7 %
Earnings per diluted share(4)
1.14 1.77 (36)4.71 4.45 6 
Earnings per diluted share excluding LPT(4)
1.14 1.72 (34)4.49 4.18 7 
Adjusted earnings per diluted share(4)
1.15 1.40 (18)3.73 3.83 (3)
Book value per share(2)
43.52 39.96 9 
Book value per share including the Deferred Gain(2)
47.35 43.88 8 
Adjusted book value per share(2)
50.71 47.26 7 
Combined ratio excluding LPT:(5)
Loss and loss adjustment expense ratio:
Current year
64.2 %63.5 %64.1 %63.4 %
Prior Year
(4.7)(13.3)(2.5)(6.2)
Loss and loss adjustment expense ratio
59.5 %50.2 %61.6 %57.2 %
Commission expense ratio
12.8 14.0 13.5 13.9 
Underwriting and general and administrative expense ratio
23.2 24.6 23.5 24.9 
Combined ratio excluding LPT
95.5 %88.8 %98.6 %96.0 %
(1) See Page 5 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
(2) See Page 10 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
(3) See Page 6 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
(4) See Page 11 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
(5) See Page 7 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
3

EMPLOYERS HOLDINGS, INC.
Summary Consolidated Balance Sheets (unaudited)
$ in millions, except per share amounts
December 31,
2024		December 31,
2023
ASSETS
Available for sale:  
Investments, cash and cash equivalents$2,532.4 $2,504.7 
Accrued investment income15.7 16.3 
Premiums receivable, net
361.3 359.4 
Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE417.8 433.8 
Deferred policy acquisition costs59.6 55.6 
Deferred income taxes, net38.3 43.4 
Contingent commission receivable—LPT Agreement— 14.2 
Other assets116.2 123.0 
Total assets$3,541.3 $3,550.4 
LIABILITIES
Unpaid losses and LAE$1,808.2 $1,884.5 
Unearned premiums402.2 379.7 
Commissions and premium taxes payable65.8 66.0 
Deferred Gain94.0 99.2 
Other liabilities102.4 107.1 
Total liabilities$2,472.6 $2,536.5 
STOCKHOLDERS' EQUITY
Common stock and additional paid-in capital$424.8 $420.4 
Retained earnings1,472.9 1,384.3 
Accumulated other comprehensive loss, net
(82.5)(86.0)
Treasury stock, at cost
(746.5)(704.8)
Total stockholders’ equity1,068.7 1,013.9 
Total liabilities and stockholders’ equity$3,541.3 $3,550.4 
Stockholders' equity including the Deferred Gain (1)
$1,162.7 $1,113.1 
Adjusted stockholders' equity (1)
1,245.2 1,199.1 
Book value per share (1)
$43.52 $39.96 
Book value per share including the Deferred Gain (1)
47.35 43.88 
Adjusted book value per share (1)
50.71 47.26 
(1) See Page 10 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
4

EMPLOYERS HOLDINGS, INC.
Summary Consolidated Income Statements (unaudited)
$ in millions
Three Months EndedYears Ended
December 31,December 31,
2024202320242023
Revenues:
Net premiums earned$190.2 $187.5 $749.5 $721.9 
Net investment income26.7 26.2 107.0 106.5 
Net realized and unrealized (losses) gains on investments(1)
(0.4)12.1 24.1 22.7 
Other income (loss)
0.1 (0.1)0.1 (0.2)
Total revenues216.6 225.7 880.7 850.9 
Expenses:
Losses and LAE incurred113.2 92.9 456.2 405.7 
Commission expense24.4 26.3 101.2 100.0 
Underwriting and general and administrative expenses44.2 46.1 176.5 180.0 
Interest and financing expenses
0.1 0.6 0.1 5.8 
Other expenses— 1.6 — 11.0 
Total expenses(181.9)(167.5)(734.0)(702.5)
Net income before income taxes34.7 58.2 146.7 148.4 
Income tax expense(6.4)(12.6)(28.1)(30.3)
Net income28.3 45.6 118.6 118.1 
Unrealized AFS investment (losses) gains arising during the period, net of tax
(39.2)66.6 (3.5)46.6 
Reclassification adjustment for realized AFS investment gains in net income, net of tax
2.0 4.0 7.0 6.3 
Total Comprehensive income
$(8.9)$116.2 $122.1 $171.0 
Net income$28.3 $45.6 $118.6 $118.1 
Amortization of the Deferred Gain - losses(1.6)(1.5)(6.1)(6.3)
Amortization of the Deferred Gain - contingent commission— (0.3)(0.8)(1.5)
LPT reserve adjustment1.7 0.9 1.7 0.9 
LPT contingent commission adjustments— (0.3)(0.4)(0.3)
Net income excluding LPT Agreement (2)
$28.4 $44.4 $113.0 $110.9 
Net realized and unrealized losses (gains) on investments
0.4 (12.1)(24.1)(22.7)
Lease termination and asset impairment charges
— 1.6 — 11.0 
Income tax (benefit) expense related to items excluded from Net income
(0.1)2.2 5.1 2.5 
Adjusted net income (2)
$28.7 $36.1 $94.0 $101.7 
(1) Includes unrealized gains on equity securities and other invested assets of $2.4 million and $17.8 million for the three months ended December 31, 2024 and 2023, respectively, and $30.5 million and $36.2 million for the year ended December 31, 2024 and 2023, respectively
(2) See Page 12 regarding our use of Non-GAAP Financial Measures.
5

EMPLOYERS HOLDINGS, INC.
Return on Equity (unaudited)
$ in millions
Three Months EndedYears Ended
December 31,December 31,
2024202320242023
Net incomeA$28.3 $45.6 $118.6 $118.1 
Impact of the LPT Agreement0.1 (1.2)(5.6)(7.2)
Net realized and unrealized losses (gains) on investments
0.4 (12.1)(24.1)(22.7)
Lease termination and asset impairment charges
— 1.6 — 11.0 
Income tax (benefit) expense related to items excluded from Net income
(0.1)2.2 5.1 2.5 
Adjusted net income(1)
B$28.7 $36.1 $94.0 $101.7 
Stockholders' equity - end of period$1,068.7 $1,013.9 $1,068.7 $1,013.9 
Stockholders' equity - beginning of period1,093.4 919.0 1,013.9 944.2 
Average stockholders' equityC$1,081.1 $966.5 $1,041.3 $979.1 
Stockholders' equity - end of period$1,068.7 $1,013.9 $1,068.7 $1,013.9 
Deferred Gain - end of period94.0 99.2 94.0 99.2 
Accumulated other comprehensive loss, before taxes - end of period
104.5 108.9 104.5 108.9 
Income tax related to accumulated other comprehensive loss - end of period
(22.0)(22.9)(22.0)(22.9)
Adjusted stockholders' equity - end of period1,245.2 1,199.1 1,245.2 1,199.1 
Adjusted stockholders' equity - beginning of period1,232.5 1,175.8 1,199.1 1,189.2 
Average adjusted stockholders' equity(1)
D$1,238.9 $1,187.5 $1,222.2 $1,194.2 
Return on stockholders' equityA / C2.6 %4.7 %11.4 %12.1 %
Annualized return on stockholders' equity10.5 18.9 
Adjusted return on stockholders' equity(1)
B / D2.3 3.0 7.7 8.5 
Annualized adjusted return on stockholders' equity(1)
9.3 12.2 
(1) See Page 12 for information regarding our use of Non-GAAP Financial Measures.
6

EMPLOYERS HOLDINGS, INC.
Combined Ratios (unaudited)
$ in millions, except per share amounts
Three Months EndedYears Ended
December 31,December 31,
2024202320242023
Net premiums earned
A$190.2 $187.5 $749.5 $721.9 
Losses and LAE incurred
B113.2 92.9 456.2 405.7 
Amortization of deferred reinsurance gain - losses
1.6 1.5 6.1 6.3 
Amortization of deferred reinsurance gain - contingent commission
— 0.3 0.8 1.5 
LPT reserve adjustment
(1.7)(0.9)(1.7)(0.9)
LPT contingent commission adjustments
— 0.3 0.4 0.3 
Losses and LAE excluding LPT(1)
C$113.1 $94.1 $461.8 $412.9 
Prior year loss reserve development(9.1)(24.9)(18.4)(44.9)
Losses and LAE excluding LPT - current accident year
D$122.2 $119.0 $480.2 $457.8 
Commission expense
E$24.4 $26.3 $101.2 $100.0 
Underwriting and general and administrative expense
F$44.2 $46.1 $176.5 $180.0 
GAAP combined ratio:
Loss and LAE ratio
B/A
59.5 %49.5 %60.9 %56.2 %
Commission expense ratio
E/A
12.8 14.0 13.5 13.9 
Underwriting and general and administrative expense ratio
F/A
23.2 24.6 23.5 24.9 
GAAP combined ratio
95.5 %88.1 %97.9 %95.0 %
Combined ratio excluding LPT:(1)
Loss and LAE ratio excluding LPT
C/A
59.5 %50.2 %61.6 %57.2 %
Commission expense ratio
E/A
12.8 14.0 13.5 13.9 
Underwriting and general and administrative expense ratio
F/A
23.2 24.6 23.5 24.9 
Combined ratio excluding LPT
95.5 %88.8 %98.6 %96.0 %
Combined ratio excluding LPT: current accident year:(1)
Loss and LAE ratio excluding LPT
D/A
64.2 %63.5 %64.1 %63.4 %
Commission expense ratio
E/A
12.8 14.0 13.5 13.9 
Underwriting and general and administrative expenses ratio
F/A
23.2 24.6 23.5 24.9 
Combined ratio excluding LPT: current accident year
100.2 %102.1 %101.1 %102.2 %
(1) See Page 12 for information regarding our use of Non-GAAP Financial Measures.
7

EMPLOYERS HOLDINGS, INC.
Roll-forward of Unpaid Losses and LAE (unaudited)
$ in millions
Three Months EndedYears Ended
December 31,December 31,
2024202320242023
Unpaid losses and LAE at beginning of period$1,836.5 $1,913.4 $1,884.5 $1,960.7 
Less reinsurance recoverable on unpaid losses and LAE413.1 426.6 428.4 445.4 
Net unpaid losses and LAE at beginning of period1,423.4 1,486.8 1,456.1 1,515.3 
Losses and LAE incurred:
Current year
122.2 119.1 480.2 457.8 
Prior years - voluntary business
(8.6)(24.6)(17.9)(44.6)
Prior years - involuntary business
(0.5)(0.3)(0.5)(0.3)
Total losses incurred113.1 94.2 461.8 412.9 
Losses and LAE paid:
Current year
57.9 47.6 127.1 111.7 
Prior years
82.8 77.3 395.0 360.4 
Total paid losses140.7 124.9 522.1 472.1 
Net unpaid losses and LAE at end of period1,395.8 1,456.1 1,395.8 1,456.1 
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE412.4 428.4 412.4 428.4 
Unpaid losses and LAE at end of period$1,808.2 $1,884.5 $1,808.2 $1,884.5 
Total losses and LAE shown in the above table exclude amortization of the Deferred Gain, LPT Reserve Adjustments, and LPT Contingent Commission Adjustments, which totaled $(0.1) million and $1.2 million for the three months ended December 31, 2024 and 2023, respectively, and $5.6 million and $7.2 million for the year ended December 31, 2024 and 2023, respectively.

8

EMPLOYERS HOLDINGS, INC.
Consolidated Investment Portfolio (unaudited)
$ in millions
December 31, 2024December 31, 2023
Investment Positions:
Cost or Amortized
Cost(1)
Net Unrealized Gain (Loss)Fair Value%Fair Value%
Fixed maturity securities$2,203.1 $(104.6)$2,097.4 83 %$1,936.3 77 %
Equity securities150.7 109.1 259.8 10 217.2 9 
Other invested assets90.9 15.7 106.6 4 91.5 4 
Short-term investments0.1 — 0.1 — 33.1 1 
Cash and cash equivalents68.3 — 68.3 3 226.4 9 
Restricted cash and cash equivalents0.2 — 0.2 — 0.2 — 
Total investments and cash$2,513.3 $20.2 $2,532.4 100 %$2,504.7 100 %
Breakout of Fixed Maturity Securities:
U.S. Treasuries and Agencies$61.4 $(2.1)$59.3 3 %$60.5 3 %
States and Municipalities163.0 (3.7)159.3 8 210.2 11 
Corporate Securities849.2 (46.0)803.0 38 895.8 46 
Mortgage-Backed Securities733.1 (47.9)684.9 33 426.0 22 
Asset-Backed Securities216.0 (2.0)214.0 10 128.0 7 
Collateralized loan obligations35.5 (0.2)35.3 2 91.5 5 
Bank loans and other144.9 (2.7)141.6 7 124.3 6 
Total fixed maturity securities$2,203.1 $(104.6)$2,097.4 100 %$1,936.3 100 %
Weighted average ending book yield on fixed income securities, cash, and cash equivalents
4.5 %4.3 %
Average credit quality (S&P)A+
A
Duration4.54.5
(1) Amortized cost excludes an allowance for current expected credit losses (CECL) of $1.1 million

9

EMPLOYERS HOLDINGS, INC.
Book Value Per Share (unaudited)
$ in millions, except per share amounts
December 31,
2024		December 31,
2023
Numerators:
Stockholders' equityA$1,068.7 $1,013.9 
Deferred Gain94.0 99.2 
Stockholders' equity including the Deferred Gain(1)
B1,162.7 1,113.1 
Accumulated other comprehensive loss, before taxes
104.5 108.9 
Income taxes related to accumulated other comprehensive loss, before taxes
(22.0)(22.9)
Adjusted stockholders' equity(1)
C$1,245.2 $1,199.1 
Denominator (shares outstanding)D24,556,706 25,369,753 
Book value per share(1)
A / D$43.52 $39.96 
Book value per share including the Deferred Gain(1)
B / D47.35 43.88 
Adjusted book value per share(1)
C / D50.71 47.26 
Cash dividends declared per share$1.18 $1.10 
YTD Change in:(2)
Book value per share11.9 %18.1 %
Book value per share including the Deferred Gain10.6 16.3 
Adjusted book value per share9.8 10.5 
(1) See Page 12 for information regarding our use of Non-GAAP Financial Measures.
(2) Reflects the change per share after taking into account dividends declared in the period.

10

EMPLOYERS HOLDINGS, INC.
Earnings Per Share (unaudited)
$ in millions, except per share amounts
Three Months EndedYears Ended
December 31,December 31,
2024202320242023
Numerators:
Net incomeA$28.3 $45.6 $118.6 $118.1 
Impact of the LPT Agreement0.1 (1.2)(5.6)(7.2)
Net income excluding LPT (1)
B$28.4 $44.4 $113.0 $110.9 
Net realized and unrealized (gains) losses on investments0.4 (12.1)(24.1)(22.7)
Lease termination and asset impairment charges
— 1.6 — 11.0 
Income tax (benefit) expense related to items excluded from Net income
(0.1)2.2 5.1 2.5 
Adjusted net income (1)
C$28.7 $36.1 $94.0 $101.7 
Denominators:
Average common shares outstanding (basic)D24,725,425 25,645,821 25,050,605 26,368,801 
Average common shares outstanding (diluted)E24,902,459 25,801,380 25,194,814 26,523,651 
Earnings per share:
BasicA / D$1.14 $1.78 $4.73 $4.48 
DilutedA / E1.14 1.77 4.71 4.45 
Earnings per share excluding LPT:(1)
BasicB / D$1.15 $1.73 $4.51 $4.21 
DilutedB / E1.14 1.72 4.49 4.18 
Adjusted earnings per share:(1)
BasicC / D$1.16 $1.41 $3.75 $3.86 
DilutedC / E1.15 1.40 3.73 3.83 
(1) See Page 12 for information regarding our use of Non-GAAP Financial Measures.
11

Non-GAAP Financial Measures
Within this earnings release we present the following measures, each of which are "non-GAAP financial measures." A reconciliation of these measures to the Company's most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company's investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.
The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company's ongoing underwriting performance.
Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.
Adjusted net income (see Page 5 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company's operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.
Stockholders' equity including the Deferred Gain (see Page 10 for calculations) is stockholders' equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company's total underwriting capital.
Adjusted stockholders' equity (see Page 10 for calculations) is stockholders' equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company's adjusted return on stockholders' equity metric.
Return on stockholders' equity and Adjusted return on stockholders' equity (see Page 6 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.
Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 10 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.
Net income excluding LPT (see Page 5 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.
12
v3.25.0.1
Cover Page Cover Page
Feb. 20, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 20, 2025
Entity Registrant Name EMPLOYERS HOLDINGS, INC.
Entity Incorporation, State or Country Code NV
Entity File Number 001-33245
Entity Tax Identification Number 04-3850065
Entity Address, Address Line One 5340 Kietzke Lane, Suite 202
Entity Address, City or Town Reno,
Entity Address, State or Province NV
Entity Address, Postal Zip Code 89511
City Area Code 888
Local Phone Number 682-6671
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value per share
Trading Symbol EIG
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001379041
Amendment Flag false
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