EMPLOYERS HLDGS   FYE=12 (December)

Annual - Income Statement - Company Specific

Fiscal period	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Period End Date	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	12/31/2013	12/31/2012	12/31/2011	12/31/2010	12/31/2009
Direct premiums	--	--	--	--	--	--	--	369.37	328.17	411.90
Assumed premiums	--	--	--	--	--	--	--	2.53	2.80	4.01
Ceded premiums	--	--	--	--	--	--	--	8.47	9.18	11.66
Net premiums earned	731.10	716.50	694.80	690.40	684.50	642.30	501.46	363.42	321.79	404.25
Realized gains (losses) on investments, net	(13.10)	7.40	11.20	(10.70)	16.30	9.50	5.05	20.16	10.14	0.79
Net investment income	81.20	74.60	73.20	72.20	72.40	70.80	72.36	80.12	83.03	90.48
Other income (loss)	1.20	0.80	0.60	0.20	0.30	0.90	0.31	0.45	0.65	0.41
Gain on redemption of notes payable	--	2.10	--	--	--	--	--	--	--	--
Total Revenues	800.40	801.40	779.80	752.10	773.50	723.50	579.18	464.15	415.60	495.94
Losses and loss adjustment expenses	376.70	417.20	417.90	429.40	453.40	463.60	287.91	262.51	193.30	214.46
Commission expense	94.20	91.40	83.50	85.40	81.40	78.30	65.58	47.34	39.28	36.15
Underwriting and other operating expense	158.50	139.90	136.10	135.20	129.10	125.30	124.64	104.14	106.03	138.69
Dividends to policyholders	--	--	--	--	--	--	--	--	4.32	6.93
Interest expense	1.50	1.40	1.60	2.70	3.00	3.20	3.50	3.64	5.69	7.41
Other expenses	--	(7.50)	--	--	--	--	--	--	--	--
Net income before income taxes	169.50	144.00	140.70	99.40	106.60	53.10	97.54	46.52	66.99	92.30
Income taxes	28.20	42.80	34.00	5.00	5.90	(10.70)	(9.35)	(2.11)	3.52	9.28
Current tax	13.80	18.60	20.60	10.60	6.40	--	1.96	--	(1.23)	(2.06)
Deferred tax	14.40	24.20	13.40	(5.60)	(0.50)	0.10	--	(1.61)	4.68	10.99
Current tax expense: State	--	--	--	--	--	--	(0.31)	0.15	0.07	0.35
Deferred tax expense (benefit): State	--	--	--	--	--	(10.80)	(11.00)	(0.65)	--	--
Consolidated Net income	141.30	101.20	106.70	94.40	100.70	63.80	106.89	--	--	--
Adjusted convertion effect	--	--	--	--	--	--	--	--	--	--
Net income (loss) available to common shareholders	141.30	101.20	106.70	94.40	100.70	63.80	106.89	48.62	63.47	83.02
Earnings per common share basic	4.30	3.11	3.29	2.94	3.19	2.05	3.40	1.30	1.53	1.81
Earnings per common share diluted	4.24	3.06	3.24	2.90	3.14	2.00	3.37	1.30	1.53	1.80
Weighted average number of common shares outstanding - Basic	32.89	32.50	32.44	32.07	31.53	31.14	31.48	37.28	41.39	45.95
Weighted average number of common shares outstanding - Diluted	33.31	33.06	32.98	32.56	32.07	31.94	31.72	37.51	41.47	46.09