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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