Employers Holdings, Inc. Reports Fourth Quarter 2018 Results

• Net income of $25.6 million ($0.77 per diluted share), adjusted net
  income of $43.6 million ($1.31 per diluted share).
• Combined ratio of 80.8%, combined ratio before the impact of the LPT
  of 82.2%.
• The Board declared an increased quarterly dividend of $0.22 per share.

RENO, Nev.–(BUSINESS WIRE)–Employers Holdings, Inc. (“EHI” or the “Company”) (NYSE:EIG)
today reported the following for the fourth quarter of 2018: (i) net
income of $25.6 million ($0.77 per diluted share); (ii) net income
before the impact of the LPT of $23.1 million ($0.69 per diluted share);
and (iii) adjusted net income of $43.6 million ($1.31 per diluted share).

The Company also reported that the Board of Directors declared a first
quarter 2019 dividend of $0.22 per share, which will be paid on
March 20, 2019 to stockholders of record on March 6, 2019.

The Company’s adjusted net income for the fourth quarter of 2018
increased $8.4 million year-over-year. This increase primarily reflects:
(i) strong underwriting results highlighted by a 62.5% current accident
year loss ratio and $25.4 million of favorable prior year loss reserve
development; and (ii) a reduction in income taxes as a result of U.S.
corporate tax reform enacted in the fourth quarter of 2017.

The Company’s net income and net income before the impact of the LPT for
the fourth quarter of 2018 decreased by $5.7 million and $5.1 million,
respectively, year-over-year. These fourth quarter 2018 net income
measures were each favorably impacted by the items previously mentioned,
but were also unfavorably impacted by $27.4 million of after tax
unrealized investment losses relating to the Company’s equity
securities. 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 $31.08 and book value per share
including the Deferred Gain of $35.64 increased by 9.7% and 6.9% for the
year, respectively, each computed after taking into account dividends
declared during 2018. These measures were each adversely impacted during
2018 by $47.1 million of after tax unrealized losses relating to the
Company’s fixed maturity investments resulting from an increase in
market interest rates.

Chief Executive Officer Douglas D. Dirks commented on the results: “The
fourth quarter marked a strong end to an exceptional year for EMPLOYERS.
During the year we grew written premiums by 3% despite pricing
headwinds, grew new business writings by 29% over 2017, maintained our
current accident year loss ratio and delivered a 12.5% adjusted return
on stockholders’ equity.

During 2018 we initiated a plan of aggressive development and
implementation of new technologies and capabilities that we believe will
fundamentally transform and enhance the digital experience of our
customers. In January, we further defined these ongoing initiatives to
include: (i) continued investments in new technology, data analytics and
process improvement capabilities focused on improving the agent
experience and enhancing agent efficiency; and (ii) the launch of
Cerity, a subsidiary separate from our other insurance businesses, which
offers digital, direct-to-customer workers’ compensation insurance
solutions.

The development and implementation of these initiatives, including costs
associated with the launch of Cerity, served to increase our 2018
underwriting and other operating expense ratio by approximately two
percentage points, as compared to that experienced in 2017. Further, our
2019 and 2020 underwriting and other operating expense ratios will
continue to be pressured as we further develop and implement these major
initiatives. However, in future periods we expect that our underwriting
and other operating expense ratio will gradually return to a normalized
level as we generate new premium writings and operational efficiency
gains.”

Summary of Fourth Quarter 2018 Results

(All comparisons vs. fourth quarter 2017, unless noted otherwise).

Net earned premiums of $183.6 million increased $2.0 million due
primarily to new business writings, partially offset by declines in
renewal business premium.

The loss and LAE ratio before the impact of the LPT of 48.7% was
consistent with that of a year ago, and reflects the continuing impacts
of 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.

The commission expense ratio of 11.5% decreased 2.1 percentage points
due mainly to decreases in agency incentives.

The underwriting and other operating expense ratio of 22.0% increased
1.2 percentage points due largely to expenses associated with the
development and implementation of new technologies and capabilities.

Net investment income of $21.3 million increased 12% primarily as a
result of higher pre-tax book yields.

Income tax expense was $4.9 million (a 16% effective rate) versus $14.7
million (a 28% effective rate). During the fourth quarter of 2017, the
Company also incurred a non-recurring income tax expense of $7.0 million
in connection with tax reform representing the impact of re-measurement
of its deferred tax assets and liabilities using the lower U.S.
statutory tax rate.

Stockholders’ Equity including the Deferred Gain

Stockholders’ equity including the Deferred Gain was $1,167.8 million,
an increase of 5% from December 31, 2017.

Conference Call and Webcast, Reports Filed with
The Securities and Exchange Commission (the “SEC”) and Supplemental
Materials

The information in this press release should be read in conjunction with
the Financial Supplement that is attached to this press release and is
available on our website.

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.” A description of these
non-GAAP financial measures, as well as a reconciliation of such
non-GAAP measures to the Company’s most directly comparable GAAP
financial measures is included in the attached Financial Supplement.
Management believes that these non-GAAP measures are meaningful 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. These non-GAAP measures are not a
substitute for GAAP measures and investors should be careful when
comparing the Company’s non-GAAP financial measures to similarly titled
measures used by other companies.

The Company will host a conference call on Thursday, February 21, 2019,
at 8:30 a.m. Pacific Standard Time. The conference call will be
available via a live web cast on the Company’s web site at www.employers.com.
An archived version will be available several hours after the call. The
conference call replay number is (404) 537-3406 or (855) 859-2056 with a
pass code of 8677028.

The Company provides its filings with the Securities and Exchange
Commission and its investor presentations in the “Investors” section of
its website at www.employers.com.
The Company’s filings with the Securities and Exchange Commission can
also be accessed through the SEC’s EDGAR Database at www.sec.gov
(EHI EDGAR CIK No. 0001379041).

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, 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. EHI and its management caution
investors that such forward-looking statements are not guarantees of
future performance. Risks and uncertainties are inherent in EHI’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 EHI’s public filings with the 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.

Copyright © 2019 EMPLOYERS. All rights reserved. EMPLOYERS^® and
America’s small business insurance specialist. ^® are
registered trademarks of Employers Insurance Company of Nevada.
Employers Holdings, Inc. is a holding company with subsidiaries that are
specialty providers of workers’ compensation insurance and services
focused on select, small businesses engaged in low to medium hazard
industries. Insurance subsidiaries include Employers Insurance Company
of Nevada, Employers Compensation Insurance Company, Employers Preferred
Insurance Company, and Employers Assurance Company, all rated A-
(Excellent) by A.M. Best Company.

Additional information can be found at: www.employers.com.

Employers Holdings, Inc.
Fourth Quarter And Full Year 2018
Financial
Supplement

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													Years Ended
		December 31,													December 31,
		2018					2017					% change			2018					2017					% change
Selected financial highlights:
Gross premiums written		$		161.7			$		168.4			(4	)%		$		748.9			$		729.7			3	%
Net premiums written		160.4					167.0					(4	)		742.8					723.7					3
Net premiums earned		183.6					181.6					1			731.1					716.5					2
Net investment income		21.3					19.1					12			81.2					74.6					9
Underwriting income(1)		35.1					33.9					4			101.7					68.0					50
Net income before impact of the LPT(1)		23.1					28.2					(18	)		126.7					89.6					41
Adjusted net income(1)		43.6					35.2					24			136.8					95.5					43
Net income		25.6					31.3					(18	)		141.3					101.2					40
Comprehensive income		34.4					30.4					13			94.2					116.3					(19	)
Total assets															3,919.2					3,840.1					2
Stockholders’ equity															1,018.2					947.7					7
Stockholders’ equity including the Deferred Gain(2)															1,167.8					1,111.3					5
Adjusted stockholders’ equity(2)															1,181.5					1,003.9					18
Annualized adjusted return on stockholders’ equity(3)		14.9			%		14.1			%		6	%		12.5			%		9.8			%		28
Amounts per share:
Cash dividends declared per share		$		0.20			$		0.15			33	%		$		0.80			$		0.60			33	%
Earnings per diluted share(4)		0.77					0.94					(18	)		4.24					3.06					39
Earnings per diluted share before impact of the LPT(4)		0.69					0.85					(19	)		3.80					2.71					40
Adjusted earnings per diluted share(4)		1.31					1.06					24			4.11					2.89					42
Book value per share(2)															31.08					29.07					7
Book value per share including the Deferred Gain(2)															35.64					34.09					5
Adjusted book value per share(2)															36.06					30.80					17
Combined ratio before impact of the LPT:(5)
Loss and loss adjustment expense ratio:
Current year		62.5			%		58.5			%					62.6			%		62.4			%
Prior year		(13.8			)		(9.9			)					(9.1			)		(2.6			)
Loss and loss adjustment expense ratio		48.7			%		48.6			%					53.5			%		59.8			%
Commission expense ratio		11.5					13.6								12.9					12.8
Underwriting and other operating expense ratio		22.0					20.8								21.7					19.5
Combined ratio before impact of the LPT		82.2			%		83.0			%					88.1			%		92.1			%
(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 calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(5) See Page 5 for calculations 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
		December 31, 2018					December 31, 2017
ASSETS
Investments, cash and cash equivalents		$		2,829.7			$		2,752.0
Accrued investment income		18.0					19.6
Premiums receivable, net		333.1					326.7
Reinsurance recoverable on paid and unpaid losses		511.1					544.2
Deferred policy acquisition costs		48.2					45.8
Deferred income taxes, net		26.9					28.7
Contingent commission receivable—LPT Agreement		32.0					31.4
Other assets		120.2					91.7
Total assets		$		3,919.2			$		3,840.1
LIABILITIES
Unpaid losses and LAE		$		2,207.9			$		2,266.1
Unearned premiums		336.3					318.3
Commissions and premium taxes payable		57.3					55.3
Deferred Gain		149.6					163.6
Notes payable		20.0					20.0
Other liabilities		129.9					69.1
Total liabilities		$		2,901.0			$		2,892.4
STOCKHOLDERS’ EQUITY
Common stock and additional paid-in capital		$		389.4			$		381.8
Retained earnings		1,030.7					842.2
Accumulated other comprehensive (loss) income, net(2)		(13.7			)		107.4
Treasury stock, at cost		(388.2			)		(383.7			)
Total stockholders’ equity		1,018.2					947.7
Total liabilities and stockholders’ equity		$		3,919.2			$		3,840.1
Stockholders’ equity including the Deferred Gain (1)		$		1,167.8			$		1,111.3
Adjusted stockholders’ equity (1)		1,181.5					1,003.9
Book value per share (1)		$		31.08			$		29.07
Book value per share including the Deferred Gain (1)		35.64					34.09
Adjusted book value per share (1)		36.06					30.80

(1) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.

(2) Adoption of a new accounting standard (ASU No. 2016-01 resulted in a $74.0 million reclassification adjustment from Accumulated other comprehensive income to Retained earnings as of January 1, 2018

EMPLOYERS HOLDINGS, INC. Summary Consolidated Income Statements (unaudited) $ in millions, except per share amounts
		Three Months Ended										Years Ended
		December 31,										December 31,
		2018					2017					2018					2017
Underwriting revenues:
Gross premiums written		$		161.7			$		168.4			$		748.9			$		729.7
Premiums ceded		(1.3			)		(1.4			)		(6.1			)		(6.0			)
Net premiums written		160.4					167.0					742.8					723.7
Net premiums earned		183.6					181.6					731.1					716.5
Underwriting expenses:
Losses and LAE incurred		(86.9			)		(85.2			)		(376.7			)		(417.2			)
Commission expense		(21.2			)		(24.7			)		(94.2			)		(91.4			)
Underwriting and other operating expenses		(40.4			)		(37.8			)		(158.5			)		(139.9			)
Underwriting income		35.1					33.9					101.7					68.0
Net investment income		21.3					19.1					81.2					74.6
Net realized and unrealized (losses) gains on investments(1)		(26.4			)		—					(13.1			)		7.4
Gain on redemption of notes payable		—					—					—					2.1
Other income		0.9					0.3					1.2					0.8
Interest and financing expenses		(0.4			)		(0.3			)		(1.5			)		(1.4			)
Other expenses		—					—					—					(7.5			)
Income tax expense		(4.9			)		(21.7			)		(28.2			)		(42.8			)
Net income		25.6					31.3					141.3					101.2
Unrealized AFS investment gains (losses) arising during the period, net of tax(2)		7.8					(0.9			)		(48.5			)		19.9
Reclassification adjustment for realized AFS investment losses (gains) in net income, net of tax(2)		1.0					—					1.4					(4.8			)
Total Comprehensive income		$		34.4			$		30.4			$		94.2			$		116.3
Net income		$		25.6			$		31.3			$		141.3			$		101.2
Amortization of the Deferred Gain – losses		(2.1			)		(2.3			)		(9.9			)		(9.3			)
Amortization of the Deferred Gain – contingent commission		(0.4			)		(0.5			)		(2.0			)		(2.0			)
LPT reserve adjustment		—					—					(2.2			)		—
LPT contingent commission adjustments		—					(0.3			)		(0.5			)		(0.3			)
Net income before impact of the LPT Agreement (3)		$		23.1			$		28.2			$		126.7			$		89.6
Net realized and unrealized losses (gains) on investments		26.4					—					13.1					(7.4			)
Gain on redemption of notes payable		—					—					—					(2.1			)
Write-off of previously capitalized costs		—					—					—					7.5
Amortization of intangibles		—					—					0.2					0.3
Income tax (benefit) expense related to items excluded from Net income		(5.5			)		—					(2.8			)		0.6
Net impact of Federal tax reform		(0.4			)		7.0					(0.4			)		7.0
Adjusted net income (1)		$		43.6			$		35.2			$		136.8			$		95.5

(1) Includes $27.4 million and $25.6 million of unrealized losses on equity securities for the three months ended and year ended December 31, 2018, 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, except per share amount
				Three Months Ended										Years Ended
				December 31,										December 31,
				2018					2017					2018					2017
Net income		A		$		25.6			$		31.3			$		141.3			$		101.2
Impact of the LPT Agreement				(2.5			)		(3.1			)		(14.6			)		(11.6			)
Net realized and unrealized losses (gains) on investments				26.4					—					13.1					(7.4			)
Gain on redemption of notes payable				—					—					—					(2.1			)
Write-off of previously capitalized costs				—					—					—					7.5
Amortization of intangibles				—					—					0.2					0.3
Income tax (benefit) expense related to items excluded from Net income				(5.5			)		—					(2.8			)		0.6
Net impact of Federal tax reform				(0.4			)		7.0					(0.4			)		7.0
Adjusted net income(1)		B		$		43.6			$		35.2			$		136.8			$		95.5
Stockholders’ equity – end of period				$		1,018.2			$		947.7			$		1,018.2			$		947.7
Stockholders’ equity – beginning of period				991.2					917.1					947.7					840.6
Average stockholders’ equity		C		$		1,004.7			$		932.4			$		983.0			$		894.2
Stockholders’ equity – end of period				$		1,018.2			$		947.7			$		1,018.2			$		947.7
Deferred Gain – end of period				149.6					163.6					149.6					163.6
Accumulated other comprehensive loss (income), before taxes – end of period				17.3					(136.0			)		17.3					(136.0			)
Income tax related to accumulated other comprehensive loss (income), before taxes – end of period				(3.6			)		28.6					(3.6			)		28.6
Adjusted stockholders’ equity – end of period				1,181.5					1,003.9					1,181.5					1,003.9
Adjusted stockholders’ equity – beginning of period				1,165.8					992.9					1,003.9					941.0
Average adjusted stockholders’ equity(1)		D		$		1,173.7			$		998.4			$		1,092.7			$		972.5
Return on stockholders’ equity		A / C		2.5			%		3.4			%		14.4			%		11.3			%
Annualized return on stockholders’ equity				10.2			%		13.4			%
Adjusted return on stockholders’ equity(1)		B / D		3.7			%		3.5			%		12.5			%		9.8			%
Annualized adjusted return on stockholders’ equity(1)				14.9			%		14.1			%
(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Combined Ratios (unaudited) $ in millions, except per share amounts
				Three Months Ended										Years Ended
				December 31,										December 31,
				2018					2017					2018					2017
Net premiums earned		A		$		183.6			$		181.6			$		731.1			$		716.5
Losses and LAE incurred		B		86.9					85.2					376.7					417.2
Amortization of the Deferred Gain – losses				2.1					2.3					9.9					9.3
Amortization of the Deferred Gain – contingent commission				0.4					0.5					2.0					2.0
LPT reserve adjustment				—					—					2.2					—
LPT contingent commission adjustments				—					0.3					0.5					0.3
Losses and LAE before impact of the LPT (1)		C		$		89.4			$		88.3			$		391.3			$		428.8
Prior accident year favorable loss reserve development				(25.4			)		(18.0			)		(66.2			)		(18.5			)
Losses and LAE before impact of the LPT – current accident year		D		$		114.8			$		106.3			$		457.5			$		447.3
Commission expense		E		$		21.2			$		24.7			$		94.2			$		91.4
Underwriting and other operating expenses		F		40.4					37.8					158.5					139.9
Combined ratio:
Loss and LAE ratio		B/A		47.3			%		46.9			%		51.5			%		58.2			%
Commission expense ratio		E/A		11.5					13.6					12.9					12.8
Underwriting and other operating expense ratio		F/A		22.0					20.8					21.7					19.5
Combined ratio				80.8			%		81.3			%		86.1			%		90.5			%
Combined ratio before impact of the LPT: (1)
Loss and LAE ratio before impact of the LPT		C/A		48.7			%		48.6			%		53.5			%		59.8			%
Commission expense ratio		E/A		11.5					13.6					12.9					12.8
Underwriting and other operating expense ratio		F/A		22.0					20.8					21.7					19.5
Combined ratio before impact of the LPT				82.2			%		83.0			%		88.1			%		92.1			%
Combined ratio before impact of the LPT: current accident year: (1)
Loss and LAE ratio before impact of the LPT		D/A		62.5			%		58.5			%		62.6			%		62.4			%
Commission expense ratio		E/A		11.5					13.6					12.9					12.8
Underwriting and other operating expense ratio		F/A		22.0					20.8					21.7					19.5
Combined ratio before impact of the LPT: current accident year				96.0			%		92.9			%		97.2			%		94.7			%
(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										Years Ended
		December 31,										December 31,
		2018					2017					2018					2017
Unpaid losses and LAE at beginning of period		$		2,233.7			$		2,298.9			$		2,266.1			$		2,301.0
Less reinsurance recoverable on unpaid losses and LAE		511.8					553.1					537.0					580.0
Net unpaid losses and LAE at beginning of period		1,721.9					1,745.8					1,729.1					1,721.0
Losses and LAE incurred:
Current year losses		115.0					106.3					457.5					447.3
Prior year losses on voluntary business		(25.0			)		(17.4			)		(65.5			)		(17.4			)
Prior year losses on involuntary business		(0.4			)		(0.6			)		(0.7			)		(1.1			)
Total losses incurred		89.6					88.3					391.3					428.8
Losses and LAE paid:
Current year losses		36.1					31.7					93.0					76.9
Prior year losses		71.9					73.3					323.9					343.8
Total paid losses		108.0					105.0					416.9					420.7
Net unpaid losses and LAE at end of period		1,703.5					1,729.1					1,703.5					1,729.1
Reinsurance recoverable on unpaid losses and LAE		504.4					537.0					504.4					537.0
Unpaid losses and LAE at end of period		$		2,207.9			$		2,266.1			$		2,207.9			$		2,266.1

Total losses and LAE shown in the above table exclude amortization of
the Deferred Gain, LPT Reserve Adjustments, and LPT Contingent
Commission Adjustments, which totaled $2.5 million and $3.1 million for
the three months ended December 31, 2018 a nd 2017, respectively, and
$14.6 million and $11.6 million for the year ended December 31, 2018 and
2017, respectively.

EMPLOYERS HOLDINGS, INC. Consolidated Investment Portfolio (unaudited) $ in millions
		December 31, 2018																December 31, 2017
Investment Positions:		Cost or Amortized Cost				Net Unrealized (Losses) Gains				Fair Value			%					Fair Value				%
Fixed maturities		$	2,513.7			$	(17.3	)		$	2,496.4				88	%		$	2,463.4					90	%
Equity securities		138.3				68.0				206.3					7			210.3						8
Short-term investments		25.0				—				25.0					1			4.0						—
Cash and cash equivalents		101.4				—				101.4					4			73.3						3
Restricted cash and cash equivalents		0.6				—				0.6					—			1.0						—
Total investments and cash		$	2,779.0			$	50.7			$	2,829.7				100	%		$	2,752.0					100	%
Breakout of Fixed Maturities:
U.S. Treasuries and Agencies		$	118.0			$	(0.2	)		$	117.8				5	%		$	148.8					6	%
States and Municipalities		513.4				14.6				528.0					21			642.5						26
Corporate Securities		1,106.2				(15.8		)		1,090.4					44			1,118.0						45
Mortgage-Backed Securities		555.8				(10.0		)		545.8					22			495.3						20
Asset-Backed Securities		64.7				(0.2		)		64.5					3			58.8						2
Other		155.6				(5.7		)		149.9					6			—						—
Total fixed maturities		$	2,513.7			$	(17.3	)		$	2,496.4				100	%		$	2,463.4					100	%
Weighted average book yield															3.4	%					3.1				%
Average credit quality (S&P)															AA-						AA-
Duration															4.1						4.2

EMPLOYERS HOLDINGS, INC. Book Value Per Share (unaudited) $ in millions, except per share amounts
				December 31, 2018					December 31, 2017
Numerators:
Stockholders’ equity		A		$		1,018.2			$		947.7
Plus: Deferred Gain				149.6					163.6
Stockholders’ equity including the Deferred Gain(1)		B		1,167.8					1,111.3
Accumulated other comprehensive loss (income), before taxes				17.3					(136.0			)
Income tax (benefit) expense related to accumulated other comprehensive loss (income), before taxes				(3.6			)		28.6
Adjusted stockholders’ equity(1)		C		$		1,181.5			$		1,003.9
Denominator (shares outstanding)		D		32,765,792					32,597,819
Book value per share(1)		A / D		$		31.08			$		29.07
Book value per share including the Deferred Gain(1)		B / D		35.64					34.09
Adjusted book value per share(1)		C / D		36.06					30.80
Cash dividends declared per share				$		0.80			$		0.60
YTD Change in:(2)
Book value per share				9.7			%		13.4			%
Book value per share including the Deferred Gain				6.9					9.7
Adjusted book value per share				19.7					7.2
(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2) Reflects the change per share after taking into account dividends declared in the period.

Contacts

Media: Ty Vukelich, (775) 327-2677, tvukelich@employers.com

Analysts: Mike Paquette, (775) 327-2562, mwoodard@employers.com

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