Employers Holdings, Inc. Reports Third Quarter 2026 Results and Declares Regular Quarterly Dividend of $0.34 per Share

Premium volume contracted as underwriting results improved, while investment income increased to $32.3 million.

Rhea-AI Summary

Employers Holdings (NYSE: EIG) returned to profitability in the third quarter of 2026, reporting net income of $11.6 million. Diluted earnings were $0.64 per share, versus a $0.36 loss a year earlier. Gross premiums written fell 18% to $151.1 million, while net premiums earned declined 17% to $160.2 million.

The combined ratio improved to 108.4% from 129.7%, but remained above the 100% underwriting break-even level. Net investment income rose to $32.3 million from $26.1 million, while investment results shifted to a $3.2 million net realized and unrealized loss from a $21.2 million gain. Employers returned $24.4 million through repurchases and dividends. Its excess workers’ compensation product generated $6.5 million in premium to date. The board declared a regular $0.34 quarterly dividend, payable December 3, 2026, to holders of record November 12, 2026.

17 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 14 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter net income reached $11.6 million ($0.64 per diluted share), versus an $8.3 million loss ($0.36 per share).
• Moderate pointThird-quarter combined ratio improved to 108.4% from 129.7%, although still indicating an underwriting loss.
• Moderate pointThird-quarter net investment income increased to $32.3 million from $26.1 million.
• Moderate pointThird-quarter repurchases totaled 373,848 shares at an average $48.44; $94.9 million of authorization remains.
• Moderate pointNine-month adjusted net income increased to $35.9 million from $7.3 million.

12 minor points

• Minor pointAdjusted third-quarter net income reached $12.8 million ($0.71 per diluted share), versus a $25.5 million loss.
• Minor pointThird-quarter loss and loss adjustment expense ratio decreased to 71.2% from 97.1%.
• Minor pointThird-quarter commission expense decreased 10.4% to $20.6 million, consistent with lower premiums.
• Minor pointThird-quarter underwriting expenses decreased 1.8% to $38.9 million.
• Minor pointThird-quarter dividends declared increased to $0.34 per share from $0.32 a year earlier.
• Minor pointAdjusted book value reached $53.64 per share, up 7.1% year over year including dividends declared.
• Minor pointExcess workers’ compensation product launched in June reached 31 accounts and $6.5 million in premium to date.
• Minor point. Forward-looking: it has not happened yet and may not happen.Large-deductible product development targets a launch next year.
• Minor pointNine-month net income increased to $50.8 million from $34.2 million; diluted earnings rose to $2.73 from $1.42.
• Minor pointNine-month net investment income increased to $88.0 million from $85.3 million.
• Minor pointNine-month combined ratio excluding the loss portfolio transfer improved to 107.8% from 113.3%, still indicating underwriting losses.
• Minor pointTrailing twelve-month adjusted return on stockholders’ equity rose to 4.8% from 3.0%.

Negative

• Moderate pointThird-quarter gross premiums written fell 18% to $151.1 million; net premiums written fell 18% to $149.7 million.
• Moderate pointThird-quarter net premiums earned declined 17% to $160.2 million.
• Moderate pointPolicies in force declined to 124,043 from 135,414 a year earlier.
• Moderate pointThird-quarter investment results shifted to a $3.2 million net realized and unrealized loss from a $21.2 million gain.
• Moderate pointBook value including deferred gain fell 5.3% quarter over quarter including dividends to $49.44 per share.
• Moderate pointThird-quarter comprehensive results shifted to a $50.2 million loss from $8.3 million income.

8 minor points

• Minor pointThird-quarter commission expense ratio increased to 12.9% from 12.0%.
• Minor pointThird-quarter underwriting expense ratio increased to 24.3% from 20.6% as earned premiums decreased.
• Minor pointThird-quarter interest and financing expenses increased to $1.3 million from $0.2 million, reflecting $125.0 million senior debt.
• Minor pointNine-month gross premiums written declined 17% to $495.4 million; net premiums written fell 17% to $491.2 million.
• Minor pointNine-month net premiums earned decreased 10% to $515.2 million.
• Minor pointNine-month comprehensive results shifted to a $30.5 million loss from $80.1 million income.
• Minor pointNine-month commission expense ratio rose to 12.9% from 12.6%.
• Minor pointNine-month underwriting expense ratio rose to 23.2% from 21.9%.

Key Figures

Net income: $11.6 million ($0.64 per diluted share), versus a net loss of $8.3 million ($0.36 per diluted share) Gross premiums written: $151.1 million versus $183.9 million; down 17.8% GAAP combined ratio: 108.4% versus 129.7% +5 more

Net income

$11.6 million ($0.64 per diluted share), versus a net loss of $8.3 million ($0.36 per diluted share)

Third quarter 2026 versus third quarter 2025

Gross premiums written

$151.1 million versus $183.9 million; down 17.8%

Third quarter 2026 versus third quarter 2025

GAAP combined ratio

108.4% versus 129.7%

Third quarter 2026 versus third quarter 2025

Net investment income

$32.3 million versus $26.1 million

Third quarter 2026 versus third quarter 2025

Book value per share including Deferred Gain

$49.44; up 2.1%

Year over year; growth includes dividends declared

Quarterly dividend

$0.34 per share

Declared October 28, 2026; payable December 3, 2026

Capital returned

$24.4 million

Third quarter 2026, through share repurchases and regular quarterly dividends

Shares repurchased

373,848 shares at an average price of $48.44 per share

Third quarter 2026

Previous Dividends,earnings Reports

2 past events · Latest: Jul 29

Same Type 2 events

1. Jul 29

   2Q26 earnings

   24h Move

   +3.7%

   Reported $29.1 million net income, $163.4 million written premiums, and a 105.8% GAAP combined ratio.

2. Oct 30

   3Q25 earnings

   24h Move

   -6.4%

   Reported $8.3 million net loss and a 129.7% combined ratio; announced a $0.32 dividend.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

loss and lae ratio, gross premiums written, gaap, non-gaap financial measures, +2 more

6 terms

loss and lae ratio financial

"Our loss and LAE ratio improved to 71.2% from 97.1%"

The loss and LAE ratio measures how much an insurer spends on claims and the costs of handling those claims (investigations, legal fees, settlements) compared with the premiums it earned. For investors, it shows whether the core insurance business is profitable: a lower ratio means more of each premium dollar remains after paying claims and claim-related costs, while a higher ratio signals potential underwriting losses — similar to comparing repair bills plus service fees to the revenue from selling warranties.

gross premiums written financial

"Gross premiums written were $151.1 million, a decrease of 17.8%"

Gross premiums written is the total dollar value of all insurance policies an insurer issues or renews over a period, measured before subtracting amounts passed on to other insurers (reinsurance) or cancellations. Think of it as a store’s total receipts from sales before returns and wholesaler fees; it shows how much business the company is generating but not how much it keeps as profit, so investors use it to gauge growth and market activity.

gaap financial

"GAAP combined ratio improved to 108.4% from 129.7%"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial measures financial

"some of which are “non-GAAP financial measures” as defined in Regulation G"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

regulation g regulatory

"“non-GAAP financial measures” as defined in Regulation G"

Regulation G is a U.S. securities rule that requires companies to show and explain how any highlighted financial numbers that differ from standard accounting figures were calculated, and to provide a clear bridge to the official results. For investors this acts like a recipe card: when a company presents a simplified or adjusted profit number, Regulation G forces them to show the original ingredients and steps so readers can judge whether the adjusted figure gives a clearer or misleading picture of financial health.

large deductible technical

"large deductible, which we are developing internally, is targeted to launch next year"

A large deductible is an insurance arrangement for property/casualty coverage in which the policyholder agrees to pay a substantial portion of each loss (the deductible) before the insurer’s obligation begins; the deductible amount is significantly higher than standard retail deductibles and is often expressed per occurrence. In practice the insured typically funds and manages small-to-medium claims up to the deductible and the insurer pays losses above that point (or pays and seeks reimbursement), making this a hybrid between conventional insurance and self-insurance; it differs from a pure self-insured retention mainly in billing and claim-handling mechanics and in how regulatory or collateral requirements may apply.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Company to Host Conference Call on Thursday, October 29, 2026, at 11:00 a.m. Eastern Time

RENO, Nev., Oct. 28, 2026 (GLOBE NEWSWIRE) -- Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance, excess workers’ compensation, and related services, today reported financial results for its third quarter ended September 30, 2026.

Third Quarter 2026 Financial Highlights
(All comparisons versus third quarter 2025)

• Net income (loss) of $11.6 million ($0.64 per diluted share), versus $(8.3) million ($(0.36) per diluted share);
• Adjusted net income (loss) of $12.8 million ($0.71 per diluted share), versus $(25.5) million ($(1.10) per diluted share);
• Gross premiums written of $151.1 million, versus $183.9 million;
• Net premiums earned of $160.2 million, versus $192.1 million;
• Loss and LAE ratio decreased to 71.2% from 97.1%;
• Commission expense ratio increased to 12.9% from 12.0%;
• Underwriting expense ratio increased to 24.3% from 20.6%;
• GAAP combined ratio of 108.4% (109.2% excluding the LPT), versus 129.7% (130.4% excluding the LPT);
• Net investment income increased to $32.3 million from $26.1 million;
• Net realized and unrealized (losses) gains on investments of $(3.2) million, versus $21.2 million;
• Policies in force of 124,043, versus 135,414;
• Book value per share including the Deferred Gain of $49.44, an increase of 2.1%, and Adjusted book value per share of $53.64, up 7.1% (both growth rates include dividends declared); and
• Returned $24.4 million to stockholders through a combination of share repurchases and regular quarterly dividends.
  

CEO Commentary

Chief Executive Officer Katherine Antonello commented: “Our third quarter results reflect the progress we are making to restore our underwriting profitability to historical levels. We reported net income of $11.6 million, or $0.64 per diluted share, compared with a net loss of $8.3 million, or $(0.36) per diluted share, in the third quarter of 2025. The improvement was driven primarily by the absence of the reserve strengthening we recorded in that quarter, and we have not recognized any prior year loss development on our voluntary business this year. Our loss and LAE ratio improved to 71.2% from 97.1%, and our current accident year loss and LAE ratio on voluntary business, excluding LPT, was 72.0%.

Gross premiums written were $151.1 million, a decrease of 18%, and net premiums earned were $160.2 million, a decrease of 17%. These decreases reflect the pricing and underwriting actions we have taken to prioritize profitability in the prolonged soft market. Our GAAP combined ratio improved to 108.4% from 129.7%. Our underwriting expense ratio rose to 24.3% because of the smaller premium base, while underwriting expenses themselves were slightly lower than last year. Returning to an underwriting profit remains our top priority. Policies in force declined 8% to 124,043, a smaller decline than premium, as we retained the majority of our small business customers while exiting selected classes of business.”

Ms. Antonello continued, “Our investment portfolio continues to be a source of strength. Net investment income increased to $32.3 million, supported by higher yields following our 2025 investment rebalancing and $5.6 million in returns from our private equity investments. With the significant rise in U.S. interest rates, our investment portfolio is well positioned to take advantage of higher reinvestment rates to contribute meaningfully to earnings over time. We also remain committed to returning capital to our stockholders, and this quarter we returned $24.4 million through share repurchases and our regular quarterly dividend. Book value per share, including the Deferred Gain, grew 2.1% year over year, and adjusted book value per share grew 7.1%, both including dividends declared.

Looking ahead, expanding our workers’ compensation product offering will drive additional profitable growth. Our excess workers’ compensation product, which we launched in June, is off to a strong start, with 31 accounts and $6.5 million in premium to date. Our second new product, large deductible, which we are developing internally, is targeted to launch next year. With these initiatives, I am confident we are building a stronger, more resilient company.”

Summary of Consolidated Third Quarter 2026 Results

(All comparisons versus third quarter 2025, unless otherwise noted)

Gross premiums written were $151.1 million, a decrease of 17.8%, reflecting the deliberate pricing and underwriting actions commenced in 2025 to prioritize profitability over volume. These actions contributed to declines in new and renewal business premiums in the quarter.

Losses and LAE were $114.0 million, a decrease of 38.9%, due primarily to the absence of the prior-period reserve strengthening that we recognized last year (approximately $38.0 million) and partially due to lower premium levels. The Company’s voluntary business current accident year loss and LAE ratio, excluding the LPT, was 72.0%.

Commission expense was $20.6 million, a decrease of 10.4%, consistent with lower premiums. The Company’s commission expense ratio was 12.9%, compared to 12.0% a year ago. The increase in the commission expense ratio was primarily the result of higher commission rates on new business writings in 2026 combined with a one-time adjustment that reduced the 2025 third quarter ratio.

Underwriting expenses were $38.9 million, a decrease of 1.8%. The Company’s underwriting expense ratio was 24.3%, compared to 20.6% a year ago. The decrease in our underwriting expenses was primarily driven by reduced policyholder dividends, bad debt, and premium taxes and assessments. The increase in underwriting expense ratio was due to the decrease in premiums earned.

Net investment income was $32.3 million, an increase of 23.8%. The increase was primarily the result of returns from our private equity investments, along with higher yields on fixed maturity securities resulting from our investment rebalancing activity in 2025.

Net realized and unrealized (losses) gains on investments reflected on the income statement were $(3.2) million compared to $21.2 million a year ago. The current quarter’s result was driven by a distribution-related reduction in our private equity investment net asset value and reduced common equity investment gains.

Interest and financing expenses were $1.3 million versus $0.2 million a year ago. The increase in interest expense relates to the Company’s $125.0 million senior debt associated with the recapitalization plan announced in the fourth quarter of 2025.

Federal and state income tax expense (benefit) was $2.9 million (20.0% effective tax rate), compared to $(2.9) million (25.9% effective benefit rate) a year ago. The effective rates in each period reflect applicable income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, deferred gain amortization, and tax credits utilized.

Compared to last quarter, book value per share including the Deferred Gain declined by 5.3% (including dividends) to $49.44, driven by the unrealized market value decline in our fixed income investments, due directly to the increase in interest rates. This decline reflects changes in interest rates rather than underlying credit quality. Adjusted book value per share, which excludes accumulated other comprehensive income, increased by 1.3% (including dividends) in the quarter to $53.64.

Fourth Quarter 2026 Dividend Declaration

On October 28, 2026, the Company’s Board of Directors declared a regular quarterly dividend of $0.34 per share. The dividend is payable on December 3, 2026, to stockholders of record as of November 12, 2026.

Stock Repurchases

During the third quarter of 2026, the Company repurchased 373,848 shares of its common stock at an average price of $48.44 per share. The Company has $94.9 million of repurchase authorization remaining under the 2026 Program.

Earnings Conference Call and Webcast

The Company will host a conference call on Thursday, October 29, 2026, at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific 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, potential implications of increased tariffs, 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, excess workers’ compensation, and related services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in lower hazard industries with its guaranteed cost product and self-insured enterprises with its excess workers’ compensation product. 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, to help businesses create 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. Workers’ Compensation insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, and Excess Workers’ Compensation is offered through Employers Assurance Company. Each of EMPLOYERS insurance subsidiaries is 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, www.employers.com/excess-workers-compensation and www.cerity.com.

Contact Information

Michael Pedraja (775) 327-2706 or mpedraja@employers.com

EMPLOYERS HOLDINGS, INC. Table of Contents
Page
1		Consolidated Financial Highlights
2		Summary Consolidated Balance Sheets
3		Summary Consolidated Income Statements
4		Return on Equity
5		Combined Ratios
6		Roll-forward of Unpaid Losses and LAE
7		Consolidated Investment Portfolio
8		Book Value Per Share
9		Earnings Per Share
10		Non-GAAP Financial Measures

EMPLOYERS HOLDINGS, INC. Consolidated Financial Highlights (unaudited) $ in millions, except per share amounts
		Three Months Ended											Nine Months Ended
		September 30,											September 30,
			2026				2025			% change				2026				2025			% change
Selected financial highlights:
Gross premiums written		$	151.1			$	183.9			(18)%			$	495.4			$	599.3			(17)%
Net premiums written			149.7				182.4			(18	)			491.2				594.2			(17	)
Net premiums earned			160.2				192.1			(17	)			515.2				573.4			(10	)
Net investment income			32.3				26.1			24				88.0				85.3			3
Net income (loss) excluding LPT(1)			10.3				(9.6	)		(207	)			46.8				29.6			58
Adjusted net income (loss)(1)			12.8				(25.5	)		(150	)			35.9				7.3			392
Net income (loss) before income taxes			14.5				(11.2	)		(229	)			61.9				41.6			49
Net income (loss)			11.6				(8.3	)		(240	)			50.8				34.2			49
Comprehensive (loss) income			(50.2	)			8.3			(705	)			(30.5	)			80.1			(138	)
Total assets														3,252.1				3,526.4			(8	)
Stockholders' equity														785.6				1,039.2			(24	)
Stockholders' equity including the Deferred Gain(2)														869.6				1,128.6			(23	)
Adjusted stockholders' equity(2)														943.6				1,165.2			(19	)
Trailing twelve months adjusted return on stockholders' equity(3)														4.8	%			3.0	%		60	%
Amounts per share:
Cash dividends declared per share		$	0.34			$	0.32			6	%		$	1.00			$	0.94			6	%
Earnings (loss) per diluted share(4)			0.64				(0.36	)		(278	)			2.73				1.42			92
Earnings (loss) per diluted share excluding LPT(4)			0.57				(0.41	)		(239	)			2.51				1.23			104
Adjusted earnings (loss) per diluted share(4)			0.71				(1.10	)		(165	)			1.93				0.30			543
Book value per share(2)														44.66				45.76			(2	)
Book value per share including the Deferred Gain(2)														49.44				49.70			(1	)
Adjusted book value per share(2)														53.64				51.31			5
Combined ratio excluding LPT:(5)
Loss and loss adjustment expense ratio:
Current Year			72.2	%			78.1	%						71.9	%			72.0	%
Prior Year			(0.2	)			19.7							(0.2	)			6.8
Loss and loss adjustment expense ratio			72.0	%			97.8	%						71.7	%			78.8	%
Commission expense ratio			12.9	%			12.0	%						12.9	%			12.6	%
Underwriting expense ratio			24.3	%			20.6	%						23.2	%			21.9	%
Combined ratio excluding LPT			109.2	%			130.4	%						107.8	%			113.3	%
(1) See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(3) See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(4) See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(5) See Page 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Summary Consolidated Balance Sheets (unaudited) $ in millions, except per share amounts
		September 30, 2026				December 31, 2025
ASSETS
Investments, cash and cash equivalents		$	2,334.8			$	2,498.8
Accrued investment income			15.1				15.5
Premiums receivable, net			317.7				335.4
Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE			380.6				391.6
Deferred policy acquisition costs			55.7				57.1
Deferred income tax asset, net			36.0				14.3
Other assets			112.2				123.9
Total assets		$	3,252.1			$	3,436.6
LIABILITIES
Unpaid losses and LAE		$	1,733.3			$	1,805.8
Unearned premiums			374.9				391.9
Commissions and premium taxes payable			53.5				59.9
Deferred Gain			84.0				88.0
Debt			125.0				35.0
Other liabilities			95.8				100.3
Total liabilities		$	2,466.5			$	2,480.9
STOCKHOLDERS' EQUITY
Common stock and additional paid-in capital		$	431.5			$	428.4
Retained earnings			1,485.8				1,453.8
Accumulated other comprehensive (loss) income			(74.0	)			7.3
Treasury stock, at cost			(1,057.7	)			(933.8	)
Total stockholders’ equity			785.6				955.7
Total liabilities and stockholders’ equity		$	3,252.1			$	3,436.6
Stockholders' equity including the Deferred Gain(1)		$	869.6			$	1,043.7
Adjusted stockholders' equity(1)			943.6				1,036.4
Book value per share(1)		$	44.66			$	46.98
Book value per share including the Deferred Gain(1)			49.44				51.31
Adjusted book value per share(1)			53.64				50.95
(1) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Summary Consolidated Income Statements (unaudited) $ in millions
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Revenues:
Net premiums earned	$	160.2			$	192.1			$	515.2			$	573.4
Net investment income		32.3				26.1				88.0				85.3
Net realized and unrealized (losses) gains on investments(1)		(3.2	)			21.2				13.8				29.3
Other income (loss)		—				(0.1	)			0.1				0.2
Total revenues		189.3				239.3				617.1				688.2
Expenses:
Losses and LAE incurred		114.0				186.6				365.5				447.4
Commission expense		20.6				23.0				66.5				72.1
Underwriting expenses		38.9				39.6				119.5				125.7
Interest and financing expenses		1.3				0.2				3.7				0.3
Other non-recurring expenses		—				1.1				—				1.1
Total expenses		174.8				250.5				555.2				646.6
Net income (loss) before income taxes		14.5				(11.2	)			61.9				41.6
Income tax expense (benefit)		2.9				(2.9	)			11.1				7.4
Net income (loss)		11.6				(8.3	)			50.8				34.2
Unrealized AFS investment (losses) gains arising during the period, net of tax(2)		(61.8	)			14.6				(82.1	)			43.1
Reclassification adjustment for net realized AFS investment losses in net income, net of tax(2)		—				2.0				0.8				2.8
Total comprehensive (loss) income	$	(50.2	)		$	8.3			$	(30.5	)		$	80.1
Net income (loss)	$	11.6			$	(8.3	)		$	50.8			$	34.2
Amortization of the Deferred Gain		(1.3	)			(1.3	)			(4.0	)			(4.6	)
Net income (loss) excluding LPT Agreement(3)		10.3				(9.6	)			46.8				29.6
Net realized and unrealized losses (gains) on investments		3.2				(21.2	)			(13.8	)			(29.3	)
Other non-recurring expenses		—				1.1				—				1.1
Income tax (benefit) expense related to items excluded from Net income		(0.7	)			4.2				2.9				5.9
Adjusted net income (loss)	$	12.8			$	(25.5	)		$	35.9			$	7.3
(1) Includes unrealized (losses) gains on equity securities and other investments of $(4.3) million and $20.7 million for the three months ended September 30, 2026 and 2025, respectively and $(5.8) million and $28.6 million for the nine months ended September 30, 2026 and 2025, respectively.
(2) AFS = Available for Sale securities.
(3) See Page 10 regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Return on Equity (unaudited) $ in millions
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
			2026				2025				2026				2025
Net income (loss)	A	$	11.6			$	(8.3	)		$	50.8			$	34.2
Impact of the LPT Agreement			(1.3	)			(1.3	)			(4.0	)			(4.6	)
Net realized and unrealized losses (gains) on investments			3.2				(21.2	)			(13.8	)			(29.3	)
Income tax (benefit) expense related to items excluded from Net income			(0.7	)			4.2				2.9				5.9
Adjusted net income (loss)(1)	B		12.8				(25.5	)			35.9				7.3
Stockholders' equity - end of period		$	785.6			$	1,039.2			$	785.6			$	1,039.2
Stockholders' equity - beginning of period			858.8				1,083.1				955.7				1,068.7
Average stockholders' equity	C		822.2				1,061.2				870.7				1,054.0
Stockholders' equity - end of period		$	785.6			$	1,039.2			$	785.6			$	1,039.2
Deferred Gain - end of period			84.0				89.4				84.0				89.4
Accumulated other comprehensive loss - end of period			93.6				46.4				93.6				46.4
Income taxes related to accumulated other comprehensive loss - end of period			(19.6	)			(9.8	)			(19.6	)			(9.8	)
Adjusted stockholders' equity - end of period			943.6				1,165.2				943.6				1,165.2
Adjusted stockholders' equity - beginning of period			956.3				1,227.0				1,036.4				1,245.2
Average adjusted stockholders' equity(1)	D		950.0				1,196.1				990.0				1,205.2
Return on stockholders' equity	A / C		1.4	%		(0.8)%					5.8	%			3.2	%
Trailing twelve months return on stockholders' equity			—				—				3.0				5.9
Adjusted return on stockholders' equity(1)	B / D		1.3	%		(2.1)%					3.6	%			0.6	%
Trailing twelve months adjusted return on stockholders' equity(1)			—				—				4.8				3.0
(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Combined Ratios (unaudited) $ in millions
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
			2026				2025				2026				2025
Net premiums earned	A	$	160.2			$	192.1			$	515.2			$	573.4
Losses and LAE incurred	B		114.0				186.6				365.5				447.4
Amortization of the Deferred Gain			1.3				1.3				4.0				4.6
Losses and LAE excluding LPT(1)	C	$	115.3			$	187.9				369.5				452.0
Prior year loss reserve development			(0.3	)			37.8				(0.7	)			39.4
Losses and LAE excluding LPT - current accident year	D	$	115.6			$	150.1			$	370.2			$	412.6
Commission expense	E	$	20.6			$	23.0			$	66.5			$	72.1
Underwriting expenses	F	$	38.9			$	39.6			$	119.5			$	125.7
GAAP combined ratio:
Loss and LAE ratio	B/A		71.2	%			97.1	%			70.9	%			78.0	%
Commission expense ratio	E/A		12.9				12.0				12.9				12.6
Underwriting expense ratio	F/A		24.3				20.6				23.2				21.9
GAAP combined ratio			108.4	%			129.7	%			107.0	%			112.5	%
Combined ratio excluding LPT:(1)
Loss and LAE ratio excluding LPT	C/A		72.0	%			97.8	%			71.7	%			78.8	%
Commission expense ratio	E/A		12.9				12.0				12.9				12.6
Underwriting expense ratio	F/A		24.3				20.6				23.2				21.9
Combined ratio excluding LPT			109.2	%			130.4	%			107.8	%			113.3	%
Combined ratio excluding LPT: current accident year:(1)
Loss and LAE ratio excluding LPT	D/A		72.2	%			78.1	%			71.9	%			72.0	%
Commission expense ratio	E/A		12.9				12.0				12.9				12.6
Underwriting expense ratio	F/A		24.3				20.6				23.2				21.9
Combined ratio excluding LPT: current accident year			109.4	%			110.7	%			108.0	%			106.5	%
(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Roll-forward of Unpaid Losses and LAE (unaudited) $ in millions
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
		2026				2025				2026				2025
Unpaid losses and LAE at beginning of period	$	1,775.2			$	1,786.8			$	1,805.8			$	1,808.2
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		380.1				401.0				386.5				412.4
Net unpaid losses and LAE at beginning of period		1,395.1				1,385.8				1,419.3				1,395.8
Losses and LAE incurred:
Current year losses		115.6				150.1				370.2				412.6
Prior year losses on voluntary business		—				38.2				—				38.9
Prior year losses on involuntary business		(0.3	)			(0.4	)			(0.7	)			0.5
Total losses incurred		115.3				187.9				369.5				452.0
Losses and LAE paid:
Current year losses		44.1				38.0				74.7				72.0
Prior year losses		107.8				105.9				355.6				346.0
Total paid losses		151.9				143.9				430.3				418.0
Net unpaid losses and LAE at end of period		1,358.5				1,429.8				1,358.5				1,429.8
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		374.8				392.7				374.8				392.7
Unpaid losses and LAE at end of period	$	1,733.3			$	1,822.5			$	1,733.3			$	1,822.5

Total losses and LAE shown in the above table exclude amortization of the Deferred Gain, which totaled $1.3 million for each of the three months ended September 30, 2026 and 2025, and $4.0 million and $4.6 million for the nine months ended September 30, 2026 and 2025, respectively.

EMPLOYERS HOLDINGS, INC. Consolidated Investment Portfolio (unaudited) $ in millions
		September 30, 2026													December 31, 2025
Investment Positions:		Cost or Amortized Cost(1)			Net Unrealized Gain (Loss)				Fair Value			%			Fair Value			%
Fixed maturity securities		$	2,068.9		$	(93.6	)		$	1,974.3		85	%		$	2,040.7		82	%
Equity securities			97.6			84.7				182.3		8				191.5		8
Short-term investments			13.2			—				13.2		1				10.1		—
Other invested assets			75.0			14.1				89.1		4				96.5		4
Cash and cash equivalents			75.7			—				75.7		3				159.8		6
Restricted cash and cash equivalents			0.2			—				0.2		—				0.2		—
Total investments and cash		$	2,330.6		$	5.2			$	2,334.8		100	%		$	2,498.8		100	%
Breakout of Fixed Maturity Securities:
U.S. Treasuries and agencies		$	80.9		$	(4.2	)		$	76.7		4	%		$	80.1		4	%
States and municipalities			154.8			(6.8	)			148.0		7				159.9		8
Corporate securities			710.3			(40.1	)			670.0		34				655.3		32
Mortgage-backed securities			772.0			(38.5	)			733.5		37				831.8		41
Asset-backed securities			175.0			(3.1	)			171.9		9				163.1		8
Collateralized loan obligations			2.5			—				2.5		—				12.5		1
Bank loans and other			173.4			(0.9	)			171.7		9				138.0		7
Total fixed maturity securities		$	2,068.9		$	(93.6	)		$	1,974.3		100	%		$	2,040.7		100	%

Weighted average book yield			4.9%				4.9%
Average credit quality (S&P)			A+				A+
Modified duration(2)			4.3				4.1
(1) Amortized cost excludes allowance for current expected credit losses of $1.0 million
(2) Modified duration is measured by the sensitivity to changes in interest rates

EMPLOYERS HOLDINGS, INC. Book Value Per Share (unaudited) $ in millions, except per share amounts
		September 30, 2026				June 30, 2026				December 31, 2025				September 30, 2025
Numerators:
Stockholders' equity	A	$	785.6			$	858.8			$	955.7			$	1,039.2
Plus: Deferred Gain			84.0				85.3				88.0				89.4
Stockholders' equity including the Deferred Gain(1)	B		869.6				944.1				1,043.7				1,128.6
Accumulated other comprehensive loss (income)			93.6				15.5				(9.3	)			46.4
Income taxes related to accumulated other comprehensive (loss) income			(19.6	)			(3.3	)			2.0				(9.8	)
Adjusted stockholders' equity(1)	C	$	943.6			$	956.3			$	1,036.4			$	1,165.2
Denominator (shares outstanding)	D		17,590,493				17,954,305				20,342,135				22,709,604
Book value per share(1)	A / D	$	44.66			$	47.83			$	46.98			$	45.76
Book value per share including the Deferred Gain(1)	B / D		49.44				52.58				51.31				49.70
Adjusted book value per share(1)	C / D		53.64				53.26				50.95				51.31
Year-over-year change in:(2)
Book value per share			0.5	%			7.7	%			10.8	%			6.3	%
Book value per share including the Deferred Gain			2.1				9.0				11.0				6.1
Adjusted book value per share			7.1				5.6				3.0				5.5
(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2) Reflects the twelve month change in book value per share after taking into account dividends declared of $1.32, $1.30, $1.26, and $1.24 for the twelve month periods ended September 30, 2026, June 30, 2026, December 31, 2025, and September 30, 2025, respectively.

EMPLOYERS HOLDINGS, INC. Earnings Per Share (unaudited) $ in millions, except per share amounts
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
			2026				2025				2026				2025
Numerators:
Net income (loss)	A	$	11.6			$	(8.3	)		$	50.8			$	34.2
Impact of the LPT Agreement			(1.3	)			(1.3	)			(4.0	)			(4.6	)
Net income (loss) excluding LPT(1)	B		10.3				(9.6	)			46.8				29.6
Net realized and unrealized losses (gains) on investments			3.2				(21.2	)			(13.8	)			(29.3	)
Income tax (benefit) expense related to items excluded from Net income			(0.7	)			4.2				2.9				5.9
Adjusted net income (loss)(1)	C	$	12.8			$	(25.5	)		$	35.9			$	7.3
Denominators:
Average common shares outstanding (basic)	D		17,899,547				23,247,221				18,473,508				23,879,686
Average common shares outstanding (diluted)	E		18,061,623				23,351,319				18,613,733				24,027,153
Earnings (loss) per share:
Basic	A / D	$	0.65			$	(0.36	)		$	2.75			$	1.43
Diluted	A / E		0.64				(0.36	)			2.73				1.42
Earnings (loss) per share excluding LPT:(1)
Basic	B / D	$	0.58			$	(0.41	)		$	2.53			$	1.24
Diluted	B / E		0.57				(0.41	)			2.51				1.23
Adjusted earnings (loss) per share:(1)
Basic	C / D	$	0.72			$	(1.10	)		$	1.94			$	0.31
Diluted	C / E		0.71				(1.10	)			1.93				0.30
(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

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 (loss) (see Page 3 for calculations) is net income (loss) 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 measure 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 8 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 8 for calculations) is stockholders' equity including the Deferred Gain, less accumulated other comprehensive income (loss) (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 4 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 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

Net income (loss) excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Employers Holdings’ third-quarter 2026 earnings?

Employers Holdings earned $11.6 million, or $0.64 per diluted share, compared with a net loss of $8.3 million, or $0.36 per diluted share, in the third quarter of 2025. Adjusted net income was $12.8 million, or $0.71 per diluted share.

When will Employers Holdings pay its declared $0.34 quarterly dividend?

The $0.34 per-share quarterly dividend is payable on December 3, 2026, to stockholders of record as of November 12, 2026. The board declared the regular dividend on October 28, 2026.

Why did Employers Holdings’ premiums decline in the third quarter of 2026?

Employers attributes the decline to pricing and underwriting actions begun in 2025 to prioritize profitability over volume. These actions reduced new and renewal business premiums. The company retained the majority of its small-business customers while exiting selected classes of business.

What drove Employers Holdings’ third-quarter 2026 improvement in insurance losses?

The decrease in losses and loss adjustment expenses primarily reflected the absence of approximately $38.0 million of prior-period reserve strengthening recognized a year earlier, with lower premium levels also contributing. No prior-year loss development was recognized on voluntary business this year.