EMC Insurance Group Inc (EMCI) has reported 63.10 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $4.13 million, or $0.20 a share in the quarter, compared with $11.19 million, or $0.54 a share for the same period last year.
Revenue during the quarter grew 3.78 percent to $163.57 million from $157.61 million in the previous year period. Net premium earned for the quarter increased 4.39 percent or $6.39 million to $152.18 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $157.33 million, or 103.38 percent of premium earned from $149.18 million or 102.33 percent of premium earned in the last year period. Operating income for the quarter was $6.24 million, compared with $8.42 million in the previous year period. Property and casualty insurance division has booked premium of $152.18 million on net basis during the quarter, up 4.39 percent or $6.39 million from year-ago period.
Net investment income was at $11.47 million for the quarter, up 1.55 percent or $0.18 million from year-ago period.
“Commercial auto and personal lines continue to depress results,” stated President and Chief Executive Officer Bruce G. Kelley. “We expect to see gradual improvement in the performance of these lines during 2017 from our comprehensive Accelerate Commercial Auto Profitability project and our nearly complete personal lines initiative.
Assets outpace liabilities growth
Total assets increased 5.27 percent or $81.98 million to $1,637.50 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,075.10 million as on Sep. 30, 2016, up 3.81 percent or $39.50 million from year-ago. Return on assets stood at 0.26 percent in the quarter, down 0.47 from 0.72 percent in the last year period. At the same time, return on equity was at 0.73 percent in the quarter, down 1.42 from 2.15 percent in the last year period.
Investments move up
Investments stood at $1,508.98 million as on Sep. 30, 2016, up 6.23 percent or $88.52 million from year-ago. Meanwhile, yield on investments went down 4 basis points to 0.76 percent in the quarter. Shareholders equity stood at $562.41 million as on Sep. 30, 2016, up 8.17 percent or $42.48 million from year-ago.
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