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EIG

Employers Holdings, Inc.

EIG

Employers Holdings, Inc. • NYSE
$39.85 ▲ 0.63% (+0.25)
Market Cap $960.02 M
52w High $54.13
52w Low $35.73
Dividend Yield 1.26%
P/E 15.57
Volume 177.12K
Outstanding Shares 24.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $239.3M ▼ $40.9M ▼ $-8.3M ▼ -3.468% ▼ $-0.36 ▼ $-2.3M ▼
Q2-2025 $246.3M ▲ $43.1M ▲ $29.7M ▲ 12.058% ▲ $1.24 ▲ $35.3M ▲
Q1-2025 $202.6M ▼ $43M ▼ $12.8M ▼ 6.318% ▼ $0.52 ▼ $19.4M ▼
Q4-2024 $216.6M ▼ $46.3M ▲ $28.3M ▼ 13.066% ▼ $1.14 ▼ $25.1M ▼
Q3-2024 $224M $43.2M $30.3M 13.527% $1.22 $47.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.091B ▲ $3.526B ▼ $2.487B ▲ $1.039B ▼
Q2-2025 $1.014B ▼ $3.543B ▼ $2.46B ▼ $1.083B ▲
Q1-2025 $1.059B ▲ $3.557B ▲ $2.481B ▲ $1.076B ▲
Q4-2024 $1.017B ▲ $3.541B ▼ $2.473B ▼ $1.069B ▼
Q3-2024 $991.3M $3.617B $2.524B $1.093B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.3M ▼ $29.4M ▲ $121.2M ▲ $-52.9M ▼ $97.7M ▲ $28.8M ▲
Q2-2025 $29.7M ▲ $0 ▼ $100K ▼ $-31.4M ▼ $-31.3M ▼ $-900K ▼
Q1-2025 $12.8M ▼ $14.6M ▲ $46.1M ▲ $-28.6M ▼ $32.1M ▲ $14.1M ▲
Q4-2024 $28.3M ▼ $13.1M ▼ $-70M ▼ $-18.1M ▼ $-75M ▼ $11.4M ▼
Q3-2024 $30.3M $51M $11.9M $-15.1M $47.8M $50.1M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Insurance Operations
Insurance Operations
 $220.00M ▲$200.00M ▼$250.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has steadily trended higher over the past five years, with a noticeable uptick in the last couple of years as the business grew its premium base. Profitability has been consistently positive, though not perfectly smooth: there was a softer year in the middle of the period, followed by a clear rebound. Operating profits briefly flattened in one year, but net income and earnings per share have since recovered to healthy levels, suggesting management has been able to adjust pricing, underwriting, or expenses to restore margins. Overall, the income statement shows a stable, gradually improving franchise with occasional bumps that are typical for an insurance company exposed to claims volatility and investment market swings.

Balance Sheet

Balance Sheet The balance sheet looks conservative for a specialty insurer. Total assets have edged down slightly rather than expanding aggressively, which implies a disciplined approach to growth. Equity has remained solid and roughly stable over time, indicating the company has been able to absorb market and claims variability without eroding its capital base. Debt levels are very low, which limits financial risk and interest burden. Cash balances move around from year to year but stay at reasonable levels for the business model, with most value likely sitting in the investment portfolio that backs policy liabilities. In short, the company appears well-capitalized and lightly levered.

Cash Flow

Cash Flow Cash generation is positive but modest, with operating cash flow consistently in the black across the period. Free cash flow closely tracks operating cash flow because capital spending needs are very small, typical for an insurance company that is more people- and systems-intensive than asset-heavy. There is some year‑to‑year variability, reflecting the timing of claims payments, premiums, and investment income, but not a structural deterioration. The profile suggests the company has enough internal cash to fund operations, invest in technology, and return some capital, without needing heavy external financing.

Competitive Edge

Competitive Edge Employers Holdings focuses tightly on workers’ compensation for small businesses, especially in lower- to medium-risk industries. This narrow specialization gives it deep underwriting know‑how, tailored risk services, and claims expertise that can be harder for broad-line insurers to match. Its dual distribution model is a key strength: a technology-enabled network of independent agents for traditional buyers, and Cerity, a digital platform serving micro‑business customers directly online. This mix lets the company reach a wide range of small employers and adapt to both relationship-driven and digital-first preferences. Added services—like risk advisory support, anti-fraud programs, and payroll-linked payment options—further differentiate it from more commodity-like offerings in the market. The main strategic risk is that larger insurers and insurtech players may intensify competition in this niche over time, pressuring pricing and growth if EIG’s service and technology edge does not keep advancing.

Innovation and R&D

Innovation and R&D Innovation is centered on digital tools and data rather than traditional physical R&D. The EACCESS portal gives agents faster quoting, binding, and policy management with analytics that help them manage their book of business, making EIG an easier carrier partner to work with. Cerity represents a more modern, direct-to-business insurance experience with instant online quotes and self-service tools—positioning the company well as more small firms get comfortable buying coverage digitally. Management appears committed to enhancing these platforms with better self-service, analytics, and automation, and is open to partnerships with insurtech firms to accelerate capabilities. The company’s plans to broaden its underwriting appetite and improve operational efficiency suggest ongoing investment in pricing models, data, and process automation rather than dramatic, high-risk experiments. Execution quality on these digital and analytical initiatives will be crucial to sustaining its edge.

Summary

Overall, Employers Holdings presents as a focused, conservatively run workers’ compensation specialist with steadily improving revenue, resilient profitability, and a strong capital position. The balance sheet is simple and low-debt, cash generation is consistently positive, and capital needs are modest, which collectively support financial flexibility. Strategically, the company’s niche focus, long-standing expertise, and dual distribution model—traditional agents plus a direct digital platform—provide a meaningful competitive foundation. The main areas to watch are how effectively it continues to modernize its technology, deepen digital capabilities, expand into adjacent segments or geographies, and manage pricing and claims in a competitive and cyclical insurance market. The story is one of measured growth, specialization, and gradual digital transformation rather than rapid, high-leverage expansion.

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