EMC Insurance Group Inc (EMCI) has reported 115.18 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $21.29 million, or $1.01 a share in the quarter, compared with $9.90 million, or $0.48 a share for the same period last year. Revenue during the quarter grew 7.06 percent to $163.68 million from $152.88 million in the previous year period. Net premium earned for the quarter increased 7.02 percent or $9.90 million to $151.04 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $139.20 million, or 92.16 percent of premium earned from $133.56 million or 94.63 percent of premium earned in the last year period. Operating income for the quarter was $24.48 million, compared with $19.32 million in the previous year period. However, the adjusted operating income for the quarter stood at $18.23 million compared to $13.41 million in the prior year period. At the same time, adjusted operating margin improved 237 basis points in the quarter to 11.14 percent from 8.77 percent in the last year period.
Property and casualty insurance division has booked premium of $151.04 million on net basis during the quarter, up 7.02 percent or $9.90 million from year-ago period.
Net investment income for the quarter was almost stable at $11.61 million, when compared with the last year period.
“We are pleased to report our lowest fourth quarter GAAP combined ratio since 2005,” stated President and Chief Executive Officer Bruce G. Kelley. “The property and casualty insurance segment performed better than expected, which allowed us to exceed expectations.”
Assets outpace liabilities growth
Total assets increased 3.44 percent or $52.86 million to $1,588.81 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,035.47 million as on Dec. 31, 2016, up 2.42 percent or $24.45 million from year-ago. Return on assets stood at 1.35 percent in the quarter, up 0.70 from 0.65 percent in the last year period. At the same time, return on equity was at 3.85 percent in the quarter, up 1.96 from 1.88 percent in the last year period.
Investments move up marginally
Investments stood at $1,465.71 million as on Dec. 31, 2016, up 3.53 percent or $49.92 million from year-ago. Meanwhile, yield on investments went down 3 basis points to 0.79 percent in the quarter. Shareholders equity stood at $553.34 million as on Dec. 31, 2016, up 5.41 percent or $28.40 million from year-ago.
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