EMPLOYERS HLDGS   FYE=12 (December)

Annual - Income Statement - Company Specific

Fiscal period	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Period End Date	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	12/31/2013	12/31/2012	12/31/2011
Direct premiums	--	--	--	--	--	--	--	--	--	369.37
Assumed premiums	--	--	--	--	--	--	--	--	--	2.53
Ceded premiums	--	--	--	--	--	--	--	--	--	8.47
Net premiums earned	615.30	695.80	731.10	716.50	694.80	690.40	684.50	642.30	501.46	363.42
Realized gains (losses) on investments, net	19.00	51.10	(13.10)	7.40	11.20	(10.70)	16.30	9.50	5.05	20.16
Net investment income	76.30	88.10	81.20	74.60	73.20	72.20	72.40	70.80	72.36	80.12
Other income (loss)	0.80	0.90	1.20	0.80	0.60	0.20	0.30	0.90	0.31	0.45
Gain on redemption of notes payable	--	--	--	2.10	--	--	--	--	--	--
Total Revenues	711.40	835.90	800.40	801.40	779.80	752.10	773.50	723.50	579.18	464.15
Losses and loss adjustment expenses	302.40	365.90	376.70	417.20	417.90	429.40	453.40	463.60	287.91	262.51
Commission expense	78.80	88.10	94.20	91.40	83.50	85.40	81.40	78.30	65.58	47.34
Underwriting and other operating expense	181.30	187.50	158.50	139.90	136.10	135.20	129.10	125.30	124.64	104.14
Dividends to policyholders	--	--	--	--	--	--	--	--	--	--
Interest expense	0.40	0.60	1.50	1.40	1.60	2.70	3.00	3.20	3.50	3.64
Other expenses	(0.80)	--	--	(7.50)	--	--	--	--	--	--
Net income before income taxes	147.70	193.80	169.50	144.00	140.70	99.40	106.60	53.10	97.54	46.52
Income taxes	27.90	36.70	28.20	42.80	34.00	5.00	5.90	(10.70)	(9.35)	(2.11)
Current tax	27.60	26.30	13.20	18.60	20.60	10.60	6.40	--	1.96	--
Deferred tax	(0.40)	8.60	14.80	24.20	13.40	(5.60)	(0.50)	0.10	--	(1.61)
Current tax expense: State	0.70	1.80	0.60	--	--	--	--	--	(0.31)	0.15
Deferred tax expense (benefit): State	--	--	(0.40)	--	--	--	--	(10.80)	(11.00)	(0.65)
Consolidated Net income	119.80	157.10	141.30	101.20	106.70	94.40	100.70	63.80	106.89	--
Adjusted convertion effect	--	--	--	--	--	--	--	--	--	--
Net income (loss) available to common shareholders	119.80	157.10	141.30	101.20	106.70	94.40	100.70	63.80	106.89	48.62
Earnings per common share basic	4.01	4.89	4.30	3.11	3.29	2.94	3.19	2.05	3.40	1.30
Earnings per common share diluted	3.97	4.83	4.24	3.06	3.24	2.90	3.14	2.00	3.37	1.30
Weighted average number of common shares outstanding - Basic	29.91	32.12	32.89	32.50	32.44	32.07	31.53	31.14	31.48	37.28
Weighted average number of common shares outstanding - Diluted	30.21	32.54	33.31	33.06	32.98	32.56	32.07	31.94	31.72	37.51