EMC Insurance Group Inc. Reports 2010 Fourth Quarter and Year-End Results and Announces 2011 Operating Income Guidance

DES MOINES, Iowa--(BUSINESS WIRE)--EMC Insurance Group Inc. (Nasdaq OMX/GS:EMCI) today reported operating income of $0.71 per share for the fourth quarter ended December 31, 2010, compared to operating income of $0.98 per share for the fourth quarter of 2009¹. Operating income for the year ended December 31, 2010 was $2.21 per share, compared to $2.55 per share in 2009.

“Excluding this one-time transaction, net income for 2010 was comparable to 2009.”

Net income, including realized investment gains and losses, totaled $10,711,000 ($0.83 per share) for the fourth quarter of 2010 compared to $27,549,000 ($2.10 per share) for the fourth quarter of 2009. Net income for the year ended December 31, 2010 was $31,346,000 ($2.40 per share), compared to a net income of $45,371,000 ($3.44 per share) in 2009.

“Net income for 2009 includes $14,608,000 ($1.11 per share) of net realized investment gain resulting from the sale of the Company’s common stock investment in Verisk Analytics, Inc.,” stated Bruce G. Kelley, President and Chief Executive Officer. “Excluding this one-time transaction, net income for 2010 was comparable to 2009.”

“Operating results continue to meet our expectations,” continued Kelley. “Pricing remains competitive in the commercial lines of business, but we continue to see modest pricing improvements in the personal lines of business. Due to the mild 2009 and 2010 hurricane seasons and a recovery in the reinsurance industry’s capital level, premium rate levels in the reinsurance segment were generally flat in 2010,” continued Kelley. “However, premiums earned for the reinsurance segment were up 9.9 percent in 2010 due to the addition of new facility business, as well as new property business in central and eastern Europe.”

Kelley went on to say that, “for the third consecutive year, underwriting results reflect higher than normal storm losses. We have experienced similar periods of increased storm losses in the past and based on our research, do not believe this represents a permanent trend; nonetheless, we are monitoring current weather patterns closely so that our underwriting and pricing decisions reflect the most current information available.”

Premiums earned increased 4.4 percent to $103,062,000 for the fourth quarter of 2010, from $98,726,000 for the fourth quarter of 2009. Premiums earned for the year ended December 31, 2010 increased 1.3 percent to $389,122,000 from $384,011,000 in 2009.

Investment income decreased 3.4 percent to $12,075,000 in the fourth quarter of 2010 from $12,505,000 in the fourth quarter of 2009. Investment income for the year ended December 31, 2010 increased 3.6 percent to $49,489,000 from $47,759,000 in 2009, primarily due to the reinvestment of short-term holdings into Build America Bonds in the fourth quarter of 2009.

The Company experienced $4,562,000 ($0.23 per share after tax) of favorable development on prior years’ reserves during the fourth quarter of 2010, compared to $9,383,000 ($0.47 per share after tax) in the fourth quarter of 2009. For the year ended December 31, 2010, favorable development on prior years’ reserves totaled $50,749,000 ($2.53 per share after tax) compared to $48,622,000 ($2.39 per share after tax) in 2009. Included in the above amounts is $357,000 ($0.02 per share after tax) and $32,000 ($0.00 per share after tax) of favorable development on prior years’ catastrophe and storm loss reserves during the fourth quarter and year ended December 31, 2010. For comparative purposes, favorable development on prior years’ catastrophe and storm loss reserves totaled $507,000 ($0.03 per share after tax) and $3,476,000 ($0.17 per share after tax) for the same periods in 2009.

“Other-than-temporary” investment impairment losses declined to $89,000 in the fourth quarter of 2010 from $381,000 in the fourth quarter of 2009. For the year ended December 31, 2010, “other-than-temporary” investment impairment losses totaled $2,384,000, compared to $10,108,000 in 2009. The 2010 impairments included 23 equity securities and two residential mortgage-backed securities.

Catastrophe and storm losses totaled $3,051,000 ($0.15 per share after tax) in the fourth quarter of 2010 compared to $520,000 ($0.03 per share after tax) in the fourth quarter of 2009. Catastrophe and storm losses for the year ended December 31, 2010 totaled $42,144,000 ($2.10 per share after tax) compared to $31,465,000 ($1.55 per share after tax) in 2009. Catastrophe and storm losses accounted for 10.8 percentage points of the combined ratio for the year ended December 31, 2010, which is significantly higher than the 9-year average of 5.5 percentage points for the period 1999 to 2007, but lower than the record 13.5 percentage points experienced in 2008.

Large losses (which the Company defines as losses greater than $500,000 for the pool), excluding catastrophe and storm losses, increased to $6,005,000 ($0.30 per share after taxes) in the fourth quarter of 2010 from $3,980,000 ($0.20 per share after taxes) in the fourth quarter of 2009. For the year ended December 31, 2010, large losses totaled $19,634,000 ($0.98 per share after taxes), compared to $14,713,000 ($0.72 per share after taxes) in 2009.

The Company’s GAAP combined ratio was 99.6 percent in the fourth quarter of 2010 compared to 94.7 percent in the fourth quarter of 2009. For the year ended December 31, 2010, the Company’s GAAP combined ratio was 102.3 percent compared to 100.2 percent in 2009.

At December 31, 2010, consolidated assets totaled $1.2 billion, including $1.1 billion in the investment portfolio and stockholders’ equity totaled $368.6 million, an increase of 7.7 percent from December 31, 2009. Net book value of the Company’s stock was $28.52 per share, an increase of 9.2 percent from $26.11 per share at December 31, 2009. Book value excluding accumulated other comprehensive income increased to $26.63 per share from $24.89 per share at December 31, 2009.

Management is projecting that 2011 operating income will be within a range of $1.90 to $2.15 per share. This guidance is based on a projected GAAP combined ratio of 103.6 percent for the year.

During the fourth quarter of 2010 the Company repurchased 100 shares of its common stock at a cost of $21.05 per share. For the year, the Company repurchased 244,400 shares of its common stock at an average cost of $21.67 per share. Since the inception of the repurchase program in March, 2008, the Company has repurchased 980,533 shares of the Company’s common stock at a cost of approximately $23.1 million, leaving approximately $1.9 million available for the repurchase of additional shares. The timing and terms of the purchases are determined by management based on market conditions, and the transactions are conducted in accordance with the applicable rules of the SEC. Common stock purchased under this program is being retired by the Company. The Company’s parent organization, Employers Mutual Casualty Company, has a stock purchase program in place as well, with about $4.5 million of its $15 million authorization remaining. This program is currently dormant and will not be reactivated until the Company’s repurchase program is completed.

The Company will hold an earnings teleconference call at 11:00 a.m. eastern standard time on February 24, 2011 to allow securities analysts, stockholders and other interested parties the opportunity to hear management discuss the Company’s results for the year ended December 31, 2010, as well as its expectations for 2011. Dial-in information for the call is toll-free 1-877-407-9205 (International: 1-201-689-8054). The event will be archived and available for digital replay through May 24, 2011. The replay access information is toll-free 1-877-660-6853 (International: 1-201-612-7415); passcodes required for playback: account number 286, conference ID number 366793.

Members of the news media, investors and the general public are invited to access a live webcast of the conference call via the Company’s investor relations page at www.emcins.com/ir. The webcast will be archived and available for replay until May 24, 2011. A transcript of the teleconference will also be available on the Company’s website shortly after the completion of the teleconference.

EMC Insurance Group Inc. is a publicly held insurance holding company with operations in property and casualty insurance and reinsurance, which was formed in 1974 and became publicly held in 1982. The Company’s common stock trades on the Global Select Market tier of the NASDAQ OMX Stock Market under the symbol EMCI. EMCI’s parent company is Employers Mutual Casualty Company (EMCC). EMCI and EMCC, together with their subsidiary and affiliated companies, conduct operations under the trade name EMC Insurance Companies. Additional information regarding EMC Insurance Companies may be found at www.emcins.com.

The Private Securities Litigation Reform Act of 1995 provides issuers the opportunity to make cautionary statements regarding forward-looking statements. Accordingly, any forward-looking statement contained in this report is based on management’s current beliefs, assumptions and expectations of the Company’s future performance, taking into account all information currently available to management. These beliefs, assumptions and expectations can change as the result of many possible events or factors, not all of which are known to management. If a change occurs, the Company’s business, financial condition, liquidity, results of operations, plans and objectives may vary materially from those expressed in the forward-looking statements. The risks and uncertainties that may affect the actual results of the Company include, but are not limited to, the following:

catastrophic events and the occurrence of significant severe weather conditions;
the adequacy of loss and settlement expense reserves;
state and federal legislation and regulations;
changes in the property and casualty insurance industry, interest rates or the performance of financial markets and the general economy;
rating agency actions;
“other-than-temporary” investment impairment losses; and
other risks and uncertainties inherent to the Company’s business, including those discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K.

Management intends to identify forward-looking statements when using the words “believe,” “expect,” “anticipate,” “estimate,” “project,” or similar expressions. Undue reliance should not be placed on these forward-looking statements.

¹The Company uses a non-GAAP financial measure called “operating income” that management believes is useful to investors because it illustrates the performance of our normal, ongoing operations, which is important in understanding and evaluating our financial condition and results of operations. While this measure is consistent with measures utilized by investors to evaluate performance, it is not a substitute for the U.S. GAAP financial measure of net income. Therefore, the Company has provided the following reconciliation of this non-GAAP financial measure to the U.S. GAAP financial measure of net income. Management also uses non-GAAP financial measures for goal setting, determining employee and senior management awards and compensation, and evaluating performance.

Reconciliation of operating income to net income:


	Three Months Ended				Year ended
	December 31,				December 31,
	2010		2009		2010		2009

Operating income	$	9,125,505	$	12,801,577	$	28,831,601	$	33,721,138
Net realized investment gains		1,585,678		14,747,267		2,514,722		11,649,476
Net income	$	10,711,183	$	27,548,844	$	31,346,323	$	45,370,614



CONSOLIDATED BALANCE SHEETS
	December 31,			December 31,
	2010			2009
ASSETS
Investments:
Fixed maturities:
Securities held-to-maturity, at amortized cost
(fair value $389,679 and $460,877)	$	340,803		$	410,005
Securities available-for-sale, at fair value
(amortized cost $909,582,782 and $858,129,177)		941,537,026			884,688,114
Fixed maturity securities on loan:
Securities available-for-sale, at fair value
(amortized cost $0 and $14,065,597)		-			14,492,872
Equity securities available-for-sale, at fair value
(cost $75,721,039 and $73,114,920)		101,138,982			90,189,979
Other long-term investments, at cost		29,827			47,083
Short-term investments, at cost		36,616,111			55,390,096
Total investments		1,079,662,749			1,045,218,149

Cash		491,994			278,534
Reinsurance receivables due from affiliate		30,256,586			30,544,558
Prepaid reinsurance premiums due from affiliate		9,530,426			5,112,386
Deferred policy acquisition costs (all affiliated)		37,584,448			36,650,628
Defined benefit retirement plan due from affiliate		5,125,701			-
Accrued investment income		10,925,854			11,082,132
Accounts receivable		1,716,150			1,611,740
Income taxes recoverable		2,350,864			-
Deferred income taxes		6,690,218			15,044,357
Goodwill		941,586			941,586
Securities lending collateral		-			14,941,880
Other assets (affiliated $2,433,445 and $2,058,189)		2,517,922			4,361,843
Total assets	$	1,187,794,498		$	1,165,787,793

LIABILITIES
Losses and settlement expenses (affiliated $553,125,183 and $553,787,770)	$	556,140,956		$	556,151,577
Unearned premiums due to affiliate		167,896,119			159,486,096
Other policyholders' funds due to affiliate		8,315,751			7,918,665
Surplus notes payable to affiliate		25,000,000			25,000,000
Amounts due affiliate to settle quarterly transaction balances		18,380,813			13,488,724
Employee retirement benefits payable to affiliate		20,418,716			18,176,720
Income taxes payable		-			5,488,760
Securities lending obligation		-			14,941,880
Other liabilities (affiliated $22,861,092 and $20,335,197)		23,001,141			22,717,686
Total liabilities		819,153,496			823,370,108

STOCKHOLDERS' EQUITY
Common stock, $1 par value, authorized 20,000,000
shares; issued and outstanding, 12,927,678
shares in 2010 and 13,114,481 shares in 2009		12,927,678			13,114,481
Additional paid-in capital		88,937,294			92,804,282
Accumulated other comprehensive income (loss):
Net unrealized losses on fixed maturity securities
with "other-than-temporary" impairments		(69,852	)		(104,847	)
Other net unrealized gains		37,361,774			28,744,673
Employee retirement benefits payable to affiliate		(12,796,435	)		(12,587,484	)
Total accumulated other comprehensive income		24,495,487			16,052,342
Retained earnings		242,280,543			220,446,580
Total stockholders' equity		368,641,002			342,417,685
Total liabilities and stockholders' equity	$	1,187,794,498		$	1,165,787,793


CONSOLIDATED STATEMENTS OF INCOME

	Property and
	Casualty						Parent
Quarter Ended December 31, 2010	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	78,048,084		$	25,013,652		$	-		$	103,061,736
Investment income, net		8,968,750			3,101,499			4,948			12,075,197
Other income		126,779			-			-			126,779
		87,143,613			28,115,151			4,948			115,263,712
Losses and expenses:
Losses and settlement expenses		50,865,926			9,007,382			-			59,873,308
Dividends to policyholders		2,235,526			-			-			2,235,526
Amortization of deferred policy acquisition costs		20,618,178			5,383,060			-			26,001,238
Other underwriting expenses		7,995,277			6,506,377			-			14,501,654
Interest expense		225,000			-			-			225,000
Other expenses		119,456			(108,862	)		265,810			276,404
		82,059,363			20,787,957			265,810			103,113,130
Operating income (loss) before income taxes		5,084,250			7,327,194			(260,862	)		12,150,582
Realized investment gains		1,943,407			496,098			-			2,439,505
Income (loss) before income taxes		7,027,657			7,823,292			(260,862	)		14,590,087
Income tax expense (benefit):
Current		(674,740	)		1,465,422			(91,302	)		699,380
Deferred		2,277,325			902,199			-			3,179,524
		1,602,585			2,367,621			(91,302	)		3,878,904
Net income (loss)	$	5,425,072		$	5,455,671		$	(169,560	)	$	10,711,183
Average shares outstanding											12,920,702
Per Share Data:
Net income (loss) per share - basic and diluted	$	0.42		$	0.42		$	(0.01	)	$	0.83
Decrease (increase) in provision for
insured events of prior years (after tax)	$	(0.12	)	$	0.35		$	-		$	0.23
Catastrophe and storm losses (after tax)	$	(0.06	)	$	(0.09	)	$	-		$	(0.15	)
Dividends per share										$	0.19
Other Information of Interest:
Net written premiums	$	63,201,500		$	24,914,176		$	-		$	88,115,676
(Decrease) increase in provision for
insured events of prior years	$	2,456,661		$	(7,018,676	)	$	-		$	(4,562,015	)
Catastrophe and storm losses	$	1,308,310		$	1,742,867		$	-		$	3,051,177
GAAP Combined Ratio:
Loss ratio		65.2	%		36.0	%		-			58.1	%
Expense ratio		39.5	%		47.5	%		-			41.5	%
		104.7	%		83.5	%		-			99.6	%


CONSOLIDATED STATEMENTS OF INCOME - CONTINUED

	Property and
	Casualty						Parent
Quarter Ended December 31, 2009	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	77,520,877		$	21,204,653		$	-		$	98,725,530
Investment income, net		9,345,570			3,163,326			(4,253	)		12,504,643
Other income		177,186			2,543			-			179,729
		87,043,633			24,370,522			(4,253	)		111,409,902
Losses and expenses:
Losses and settlement expenses		49,291,089			8,241,260			-			57,532,349
Dividends to policyholders		1,816,687			-			-			1,816,687
Amortization of deferred policy acquisition costs		19,928,255			4,085,472			-			24,013,727
Other underwriting expenses		9,149,267			932,926			-			10,082,193
Interest expense		225,000			-			-			225,000
Other expenses		240,999			(364,633	)		315,755			192,121
		80,651,297			12,895,025			315,755			93,862,077
Operating income (loss) before income taxes		6,392,336			11,475,497			(320,008	)		17,547,825
Realized investment gains		22,641,978			46,126			-			22,688,104
Income (loss) before income taxes		29,034,314			11,521,623			(320,008	)		40,235,929
Income tax expense (benefit):
Current		7,310,872			2,018,308			(112,002	)		9,217,178
Deferred		1,818,792			1,651,115			-			3,469,907
		9,129,664			3,669,423			(112,002	)		12,687,085
Net income (loss)	$	19,904,650		$	7,852,200		$	(208,006	)	$	27,548,844
Average shares outstanding											13,113,534
Per Share Data:
Net income (loss) per share - basic and diluted	$	1.52		$	0.60		$	(0.02	)	$	2.10
Decrease in provision for
insured events of prior years (after tax)	$	0.17		$	0.30		$	-		$	0.47
Catastrophe and storm losses (after tax)	$	0.04		$	(0.07	)	$	-		$	(0.03	)
Dividends per share										$	0.18
Other Information of Interest:
Net written premiums	$	63,193,817		$	20,937,704		$	-		$	84,131,521
Decrease in provision for
insured events of prior years	$	(3,448,955	)	$	(5,934,148	)	$	-		$	(9,383,103	)
Catastrophe and storm losses	$	(809,043	)	$	1,328,769		$	-		$	519,726
GAAP Combined Ratio:
Loss ratio		63.6	%		38.9	%		-			58.3	%
Expense ratio		39.8	%		23.6	%		-			36.4	%
		103.4	%		62.5	%		-			94.7	%


CONSOLIDATED STATEMENTS OF INCOME - CONTINUED

	Property and
	Casualty						Parent
Year Ended December 31, 2010	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	305,646,658		$	83,475,492		$	-		$	389,122,150
Investment income, net		36,966,159			12,523,505			(449	)		49,489,215
Other income		783,346			-			-			783,346
		343,396,163			95,998,997			(449	)		439,394,711
Losses and expenses:
Losses and settlement expenses		208,114,161			46,526,358			-			254,640,519
Dividends to policyholders		8,013,843			-			-			8,013,843
Amortization of deferred policy acquisition costs		74,298,312			17,799,907			-			92,098,219
Other underwriting expenses		34,184,263			9,240,176			-			43,424,439
Interest expense		900,000			-			-			900,000
Other expenses		753,014			(345,978	)		1,334,234			1,741,270
		326,263,593			73,220,463			1,334,234			400,818,290
Operating income (loss) before income taxes		17,132,570			22,778,534			(1,334,683	)		38,576,421
Realized investment gains		3,078,289			790,514			-			3,868,803
Income (loss) before income taxes		20,210,859			23,569,048			(1,334,683	)		42,445,224
Income tax expense (benefit):
Current		1,449,805			6,308,402			(467,139	)		7,291,068
Deferred		3,212,310			595,523			-			3,807,833
		4,662,115			6,903,925			(467,139	)		11,098,901
Net income (loss)	$	15,548,744		$	16,665,123		$	(867,544	)	$	31,346,323
Average shares outstanding											13,038,263
Per Share Data:
Net income (loss) per share - basic and diluted	$	1.19		$	1.28		$	(0.07	)	$	2.40
Decrease in provision for insured
events of prior years (after tax)	$	1.43		$	1.10		$	-		$	2.53
Catastrophe and storm losses (after tax)	$	(1.65	)	$	(0.45	)	$	-		$	(2.10	)
Dividends per share										$	0.73
Book value per share										$	28.52
Effective tax rate											26.1	%
Annualized net income as a percent of beg. SH equity											9.2	%
Other Information of Interest:
Net written premiums	$	310,794,289		$	84,054,820		$	-		$	394,849,109
Decrease in provision for
insured events of prior years	$	(28,726,238	)	$	(22,022,632	)	$	-		$	(50,748,870	)
Catastrophe and storm losses	$	33,062,100		$	9,081,615		$	-		$	42,143,715
GAAP Combined Ratio:
Loss ratio		68.1	%		55.7	%		-			65.4	%
Expense ratio		38.1	%		32.4	%		-			36.9	%
		106.2	%		88.1	%		-			102.3	%


CONSOLIDATED STATEMENTS OF INCOME - CONTINUED

	Property and
	Casualty						Parent
Year Ended December 31, 2009	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	308,079,036		$	75,931,865		$	-		$	384,010,901
Investment income, net		35,679,586			12,069,177			10,543			47,759,306
Other income		752,635			2,543			-			755,178
		344,511,257			88,003,585			10,543			432,525,385
Losses and expenses:
Losses and settlement expenses		199,124,285			49,625,174			-			248,749,459
Dividends to policyholders		9,090,655			-			-			9,090,655
Amortization of deferred policy acquisition costs		73,409,970			14,582,779			-			87,992,749
Other underwriting expenses		36,841,268			2,175,711			-			39,016,979
Interest expense		900,000			-			-			900,000
Other expenses		855,846			(29,237	)		1,346,388			2,172,997
		320,222,024			66,354,427			1,346,388			387,922,839
Operating income (loss) before income taxes		24,289,233			21,649,158			(1,335,845	)		44,602,546
Realized investment gains (losses)		19,581,814			(1,659,543	)		-			17,922,271
Income (loss) before income taxes		43,871,047			19,989,615			(1,335,845	)		62,524,817
Income tax expense (benefit):
Current		11,296,988			4,886,576			(467,545	)		15,716,019
Deferred		735,709			702,475			-			1,438,184
		12,032,697			5,589,051			(467,545	)		17,154,203
Net income (loss)	$	31,838,350		$	14,400,564		$	(868,300	)	$	45,370,614
Average shares outstanding											13,207,105
Per Share Data:
Net income (loss) per share - basic and diluted	$	2.41		$	1.09		$	(0.06	)	$	3.44
Decrease in provision for
insured events of prior years (after tax)	$	1.70		$	0.69		$	-		$	2.39
Catastrophe and storm losses (after tax)	$	(1.37	)	$	(0.18	)	$	-		$	(1.55	)
Dividends per share										$	0.72
Book value per share										$	26.11
Effective tax rate											27.4	%
Annualized net income as a percent of beg. SH equity											16.0	%
Other Information of Interest:
Net written premiums	$	312,814,883		$	75,901,429		$	-		$	388,716,312
Decrease in provision for
insured events of prior years	$	(34,641,246	)	$	(13,981,046	)	$	-		$	(48,622,292	)
Catastrophe and storm losses	$	27,898,729		$	3,565,791		$	-		$	31,464,520
GAAP Combined Ratio:
Loss ratio		64.6	%		65.4	%		-			64.8	%
Expense ratio		38.8	%		22.0	%		-			35.4	%

		103.4	%		87.4	%		-			100.2	%

INVESTMENTS

The Company had total cash and invested assets with a carrying value of $1.1 billion and $1.0 billion as of December 31, 2010 and 2009, respectively. The following table summarizes the Company's cash and invested assets as of the dates indicated:


	December 31, 2010
					Percent of
	Amortized		Fair		Total		Carrying
($ in thousands)	Cost		Value		Fair Value		Value
Fixed maturity securities held-to-maturity	$	341	$	390	-		$	341
Fixed maturity securities available-for-sale		909,583		941,537	87.2	%		941,537
Equity securities available-for-sale		75,721		101,139	9.4	%		101,139
Cash		492		492	-			492
Short-term investments		36,616		36,616	3.4	%		36,616
Other long-term investments		30		30	-			30
	$	1,022,783	$	1,080,204	100.0	%	$	1,080,155

	December 31, 2009
					Percent of
	Amortized		Fair		Total		Carrying
($ in thousands)	Cost		Value		Fair Value		Value
Fixed maturity securities held-to-maturity	$	410	$	461	0.1	%	$	410
Fixed maturity securities available-for-sale		872,195		899,181	86.0	%		899,181
Equity securities available-for-sale		73,115		90,190	8.6	%		90,190
Cash		279		279	-			279
Short-term investments		55,390		55,390	5.3	%		55,390
Other long-term investments		47		47	-			47
	$	1,001,436	$	1,045,548	100.0	%	$	1,045,497


NET WRITTEN PREMIUMS
	Three Months Ended					Year Ended
	December 31, 2010					December 31, 2010
			Percent					Percent of
			Increase					Increase/
	Percent of		(Decrease) in			Percent of		(Decrease) in
	Net Written		Net Written			Net Written		Net Written
	Premiums		Premiums			Premiums		Premiums
Property and Casualty Insurance
Commercial Lines:
Automobile	15.3	%	0.6		%	16.7	%	1.2		%
Liability	13.0	%	(1.4	)	%	14.6	%	(6.3	)	%
Property	15.3	%	7.4		%	16.9	%	4.8		%
Workers' Compensation	13.1	%	0.4		%	16.3	%	(3.0	)	%
Other	1.9	%	(7.9	)	%	2.0	%	(7.1	)	%
Total Commercial Lines	58.6	%	1.5		%	66.5	%	(1.0	)	%

Personal Lines:
Automobile	7.5	%	(14.5	)	%	7.3	%	3.4		%
Property	5.5	%	8.9		%	4.7	%	(1.4	)	%
Liability	0.1	%	(1.9	)	%	0.1	%	(5.6	)	%
Total Personal Lines	13.1	%	(6.0	)	%	12.1	%	1.4		%
Total Property and Casualty Insurance	71.7	%	-		%	78.6	%	(0.6	)	%

Reinsurance	28.3	%	19.0		%	21.4	%	10.7		%
Total	100.0	%	4.7		%	100.0	%	1.6		%