EMC Insurance Group Inc. Reports 2010 Second
Quarter and Year-to-Date Financial Results and
Revises Annual Guidance
July 29, 2010 06:33 AM Eastern Daylight Time
DES MOINES, Iowa--(EON: Enhanced Online News)--EMC Insurance Group Inc. (NASDAQ: EMCI):
Second Quarter Ended June 30, 2010
Operating Income Per Share – $0.29
Net Income Per Share – $0.25
Catastrophe and Storm Losses Per Share – $0.82
Large Losses Per Share – $0.18
GAAP Combined Ratio – 108.3 percent
Six-Month Period Ended June 30, 2010
Operating Income Per Share – $1.02
Net Income Per Share – $1.00
Catastrophe and Storm Losses Per Share – $0.99
Large Losses Per Share – $0.35
GAAP Combined Ratio – 103.3 percent
Annual Guidance
Operating Income of $1.65 to $1.90 per share
EMC Insurance Group Inc. (NASDAQ OMX/NGS:EMCI) today reported operating income of $0.29 per share
for the second quarter ended June 30, 2010 compared to operating income of $0.48 per share for the second
quarter of 20091. Operating income for the six-month period ended June 30, 2010 was $1.02 per share compared
to $1.34 per share for the same period in 2009.
Net income, including realized investment gains and losses, totaled $3,298,000 ($0.25 per share) for the second
quarter of 2010 compared to $6,967,000 ($0.53 per share) for the second quarter of 2009. Net income for the six-
month period ended June 30, 2010 was $13,177,000 ($1.00 per share) compared to $12,771,000 ($0.96 per
share) for the same period in 2009.
“Midwest storms had a big impact on second quarter earnings,” stated Bruce G. Kelley, President and Chief
Executive Officer. “We had six storms that each generated losses in excess of $1.4 million, compared to only two
such storms in the second quarter of 2009. None of the storm losses were large enough to trigger our reinsurance
coverage, so we retained all the losses,” continued Kelley. “Second quarter storm losses added 17.2 percentage
points to the combined ratio, which is 7.0 percentage points greater than the ten-year second quarte