employerslargelogoa09302018.jpg Exhibit 99.1
news release
For Immediate Release
Employers Holdings, Inc. Reports Third Quarter 2018 Results

Net income of $47.6 million ($1.43 per diluted share), adjusted net income of $32.7 million ($0.98 per diluted share),
Gross premiums written of $189.2 million, up 6% year-over-year,
Net earned premiums of $192.9 million, up 3% year-over-year,
Underwriting income of $22.7 million, up 66% year-over-year,
Combined ratio of 88.2%, combined ratio before the impact of the LPT of 89.6%.

Reno, Nevada-October 24, 2018-Employers Holdings, Inc. (“EHI” or the “Company”) (NYSE:EIG) today reported the following for the third quarter of 2018: (i) net income of $47.6 million ($1.43 per diluted share); (ii) net income before the impact of the LPT of $45.0 million ($1.35 per diluted share); and (iii) adjusted net income of $32.7 million ($0.98 per diluted share).

The Company's adjusted net income for the third quarter of 2018 increased $11.1 million year-over-year. This increase primarily reflects: (i) strong underwriting results highlighted by a 62.8% current accident year loss ratio (62.5% excluding involuntary business) and $11.9 million of favorable prior year loss reserve development, and (ii) a reduction in our effective income tax rate from 24.2% to 18.4%, primarily reflecting the favorable impact of the December 2017 Tax Cuts and Job Act.

The Company's net income and net income before the impact of the LPT for the third quarter of 2018 increased by $25.7 million and $25.6 million, respectively, year-over-year. These third quarter 2018 net income measures were each favorably impacted by the items previously mentioned, as well as $11.2 million of after tax unrealized investment gains relating to the Company’s equity investments. Prior to January 1, 2018, the Company’s unrealized gains and losses on equity securities were not a component of its net income or net income before the impact of the LPT.

The Company’s book value per share of $30.22, book value per share including the Deferred Gain of $34.86 and adjusted book value per share of $35.55 increased by 6.0%, 4.0%, and 17.4% during the first nine months of 2018, respectively, each computed after taking into account dividends declared. The Company's book value per share and book value per share including the Deferred Gain at September 30, 2018 were each adversely impacted by $55.9 million of year-to-date after tax unrealized losses relating to the Company’s fixed maturity investments caused by an increase in market interest rates.

Chief Executive Officer Douglas Dirks commented on the results: “EMPLOYERS has performed well throughout the first nine months of 2018. We grew premiums by 5%, lowered our current accident year loss provision versus that of a year ago and recognized favorable development on our prior year loss reserves.

As a result of our nearly-completed buildout of our nationwide platform, an enhanced sales force and greater leveraging of our partnerships and alliances, we were able to increase our top line despite declining rates in nearly all of the markets in which we do business. Loss costs and frequency trends continue to be favorable, despite highly competitive market conditions.”

Summary of Third Quarter 2018 Operating Results
(All comparisons vs. third quarter 2017, unless noted otherwise).
Gross premiums written were $189.2 million, an increase of 6%. The increase was due primarily to new business writings, partially offset by rate declines on renewal business. Net earned premiums were $192.9 million, an increase of 3% year-over-year.

The loss and LAE ratio before the impact of the LPT of 56.6% decreased 6.9 percentage points reflecting observed favorable paid loss trends, including those resulting from our key business initiatives including: an emphasis on settling open claims; diversifying our risk exposure across geographic markets; and leveraging data-driven strategies to target, underwrite and price profitable classes of business across all of our markets. Favorable prior year loss reserve development contributed 6.0 percentage points of the decline.

The following information was filed by Employers Holdings, Inc. (EIG) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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