Employers Holdings Inc 2024年度报告

Company Summary Employers Holdings, Inc. is the only nationwideinsurance company exclusively focused on protectingAmerica’s small and mid-sized businesses by provid-ing cost-effective workers’ compensation insurance.Having been in the workers’ compensation businessfor more than 100 years, we believe our deep expertiseand commitment to this line of insurance is a signif-icant competitive advantage. Our overall strategy is to pursue profitable growthopportunities across workers’ compensation insurancemarket cycles, leverage technology to provide seam-less end-to-end customer experience, maximize ourinvestment returns within the constraints of prudentportfolio management, maintain a strong equitycapital position, and consistently deliver value to ourshareholders. Our significant customers include agents, policyholdersand injured workers, and we utilize technology toprovide a quality experience tailored to theirindividual needs. Across the country, producersrely on our sophisticated systems to connect withEMPLOYERS®—and to connect us to our smallbusiness customers and their injured workers. Ourpolicyholders can purchase our product at theirconvenience through an array of distribution channels,including traditional independent agents and brokers,payroll providers, aggregators, digital agents, partnerinsurance companies, affinity groups and directly fromus via our website. 2024 was a very successful year for EMPLOYERS.Our strategic ‘North Star of Ease’ served as a guideto making our internal operations more seamlessand scalable and our external systems morecustomer friendly. Workplace injuries can have a significant impacton workers and their families. A series of digitalimprovements made in 2024 are helping supportinjured workers when they need us most. Early inthe year we implemented our AI-empowered digitalfirst notice of loss tool which simplified the processfor injured workers to report a claim. By the end ofthe year, two-thirds of our agents and policyholderswere utilizing the online tool to submit claims. Thedelivery of an enhanced claims payment processingsystem expanded the options and modernized theplatform through which our injured workers receivebenefits. As a result of this successful collaborationwith payment processing provider One Inc, employeesinjured on the job can now receive financial assistancefaster than ever before and in the method mostconvenient to them. We successfully broadened our underwriting appetiteto provide coverage to more classes of business andsupport our growth strategy. Our appetite expansionhas produced underwriting results that are highlyconsistent with our historical book of business, andwe look to leverage our learnings to offer workerscompensation to more industry segments in 2025. 2024 OverviewContinued 2024 was also a year of recognition forEMPLOYERS. AM Best upgraded the FinancialStrength Rating of each of our insurance companiesfrom A- to A and their Long-Term Credit Ratingfrom a- to a (Excellent). The upgrade reflects ourunwavering commitment to financial strength andoperational excellence and reinforces our abilityto provide reliable, trusted, high-quality coverageto small businesses. In addition, we were honoredto have been named to U.S. News & World Report’s“Best Places to Work” list in three categories, BestPlace to Work, Best in the West, and Best inInsurance. Finally, we were proud to receive highhonors on Newsweek’s 2024 Most TrustworthyCompanies lists, earning third place nationallyand seventh place globally in the insurancecategory. Other key accomplishments and metrics in 2024included the following: •Our ending policies in-force were 130,767, thehighest in our history. •We wrote $770 million of net written premiumand generated $750 million of net earnedpremium, each the highest in our history. •Our underwriting and general and admin-istrative expense ratio was 23.5%, a significantimprovement from 24.9% a year ago. •We achieved a combined ratio of 97.9%, or 98.6%excluding the effects of our 1999 loss portfoliotransfer (LPT). •We earned $107 million of net investmentincome, the highest in our history. Our charitable giving program provided muchneeded support from coast to coast in 2024 as wegave over $350,000 in grants and contributions,including significant donations to directly supportworker relief efforts in the restaurant andhospitality sectors after a series of natural disasters.We continued our ongoing support of Kids Chanceof America, an organization that awards scholar-ships directly to the children of injured workers.This partnership highlights the strong connectionbetween our work and Kids Chance’s mission,making an important difference in the lives offamilies affected by workplace injuries. •Our net income was highly consistent with thatof a year ago, and our net income per dilutedshare increased by 6% due to our active capitalmanagement. •Our ending adjusted book value per share was$50.71, the highest in our history. •We returne