EMC Insurance Group has reported revenues of $111.4m for the fourth quarter of 2009, a decrease of 2%, compared to $113.6m for the same period last year.
The company’s net premiums earned decreased 2.6% to $98.7m for the fourth quarter of 2009, compared to $101.3m for the same period in 2008. Operating income was $12.69m, compared to an operating loss of $1.85m.
For the fourth quarter ended December 31, 2009, the company posted net income of $27.55m, or $2.10 per share compared to $0.47m, or $0.04 per share, for the same period last year.
For the full year 2009, the company has reported revenues of $432.5m, compared to $438.35m in 2008. Net premiums earned decreased 1.4% to $384m compared to $389.3m in 2008. Operating income was $17.15m in 2009, compared to an operating loss of $8.58m last year. Net income was $45.37m, compared to a net loss of $1.7m in 2008.
Bruce Kelley, president and CEO of EMC, said: “2009 operating results for the property and casualty insurance segment were in line with our expectations. Premium rates began stabilizing during the second quarter, but did not improve to the extent we anticipated one year ago due to the lagging effects of the weak economy.
“Premium rates did improve somewhat in the personal lines of business during the second half of the year, but the commercial lines of business, which account for more than 80% of our property and casualty insurance premiums, remained very competitive. Pricing in the reinsurance marketplace improved with the January 1 renewals, but declined somewhat as the year progressed.”