EMC reports fourth-quarter, annual earnings
February 13, 2017 by News Briefs
EMC Insurance Group Inc. today reported net income of $21.3 million, or $1.01 per share, for the fourth quarter, compared with $9.9 million, or 48 cents per share, for the same period a year ago. For the year ended Dec. 31, EMC reported net income of $46.2 million, or $2.20 per share, compared with $50.2 million, or $2.43 per share, for 2015. The Des Moines property and casualty insurer’s GAAP combined ratio, a measure of profitability, was 91.7 percent in the fourth quarter of 2016, its best fourth-quarter result since 2005. For 2017, EMC anticipates more consistency in quarterly results as its new intercompany reinsurance programs for both the property and casualty insurance segment and the reinsurance segment were renewed, EMC President and CEO Bruce Kelley said.