Form 8-K

8-K — Employers Holdings, Inc.

Accession: 0001379041-26-000020

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001379041

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — eig-20260429.htm (Primary)

EX-99.1 (ex991_pressreleasex3312026.htm)

EX-99.2 (ex992_finsupplementx3312026.htm)

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8-K

8-K (Primary)

Filename: eig-20260429.htm · Sequence: 1

eig-20260429

0001379041false00013790412026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

——————

FORM 8-K

——————

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

——————

Date of report (Date of earliest event reported): April 29, 2026

EMPLOYERS HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

——————

Nevada

(State or Other Jurisdiction of Incorporation)

001-33245 04-3850065

(Commission File Number) (I.R.S. Employer Identification No.)

5340 Kietzke Lane, Suite 202

Reno, Nevada

(Address of Principal Executive Offices)

89511

(Zip Code)

Registrant’s telephone number including area code: (888) 682-6671

No change since last report

(Former Name or Address, if Changed Since Last Report)

——————

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value per share EIG New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

On April 29, 2026, Employers Holdings, Inc. (the “Company”) issued a press release and financial supplement announcing results for the quarter ended March 31, 2026. The press release and financial supplement are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference, and are being furnished, not filed, under Item 2.02 to this Current Report on Form 8-K.

Section 8 – Other Information

Item 8.01. Other Events.

On April 29, 2026, the Company's Board of Directors (Board) declared a regular quarterly dividend of $0.34 per share on the Company’s common stock. The dividend is payable on May 27, 2026 to stockholders of record as of May 13, 2026.

On April 29, 2026, the Company's Board authorized the 2026 Program (the 2026 Program) for repurchases up to $125.0 million of our common stock from May 4, 2026 through December 31, 2027, unless otherwise extended, terminated, or modified by the Board. The new program replaces the prior program, whose repurchase authorization was fully utilized, and was scheduled to expire on December 31, 2026. The 2026 Program provides that shares may be purchased in the open market and/or in privately negotiated transactions from time to time, and that all purchases shall be made in compliance with all applicable provisions of the Nevada Revised Statutes and federal and state securities laws including, but not limited to, Rules 10b5-1 and 10b-18 of the Exchange Act.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

99.1 Employers Holdings, Inc. press release, dated April 29, 2026.

99.2 Employers Holdings, Inc. financial supplement, dated April 29, 2026.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EMPLOYERS HOLDINGS, INC.

Dated:

April 29, 2026

/s/ Michael A. Pedraja

Michael A. Pedraja

Executive Vice President,

Chief Financial Officer

Exhibit Index

Exhibit No. Exhibit

99.1

Employers Holdings, Inc. press release, dated

April 29, 2026

99.2

Employers Holdings, Inc. financial supplement, dated

April 29, 2026

EX-99.1

Filename: ex991_pressreleasex3312026.htm · Sequence: 2

Document

Exhibit 99.1

news release

For Immediate Release

Employers Holdings, Inc. Reports First Quarter 2026 Results,

Declares Increase in Regular Quarterly Dividend to $0.34 per Share, and Announces New Share Repurchase Authorization of $125 Million

Company to Host Conference Call on Thursday, April 30, 2026, at 11:00 a.m. Eastern Time

RENO, Nev., April 29, 2026 - (GLOBE NEWSWIRE) - Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance, excess workers’ compensation, and related services, today reported financial results for its first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

(All comparisons versus first quarter 2025)

•Net income of $10.2 million ($0.52 per diluted share), versus $12.8 million ($0.52 per diluted share);

•Adjusted net income of $10.3 million ($0.53 per diluted share), versus $21.3 million ($0.87 per diluted share);

•Gross premiums written of $180.8 million, versus $212.1 million;

•Net premiums earned of $180.9 million, versus $183.0 million;

•Loss and LAE ratio increased to 71.4% from 66.0%;

•Commission expense ratio increased to 13.1% from 12.6%;

•Underwriting expense ratio improved to 22.6% from 23.4%;

•GAAP combined ratio of 107.1% (107.7% excluding the LPT), versus 102.0% (102.8% excluding the LPT);

•Net investment income of $28.3 million, versus $32.1 million;

•Net realized and unrealized losses on investments of $1.7 million, versus $12.8 million;

•Policies in-force of 130,321, versus 133,121;

•Book value per share including the Deferred Gain of $51.26, an increase of 8.9%, and Adjusted book value per share of $51.75, up 4.5% (both growth rates include dividends declared); and

•Returned $83.0 million to stockholders through a combination of share repurchases and regular quarterly dividends.

CEO Commentary

Chief Executive Officer Katherine Antonello commented: “This was a quarter defined by discipline. We made a deliberate choice to prioritize underwriting quality over volume, and the results reflect that commitment: our underwriting expense ratio improved, our actuarial estimates came in on target, and we returned $83.0 million to shareholders while growing book value per share including the Deferred Gain by 8.9%.

Our earned premium was essentially flat year-over-year — down 1% — which reflects our deliberate choice to prioritize underwriting quality over chasing volume. The steps we took in 2025 to tighten pricing and underwriting are working as intended, and new growth opportunities are taking shape, including expanding underwriting segments and our excess workers’ compensation product. Profitable growth remains our north star.

Our first quarter actuarial review came in right where we expected — loss and LAE estimates were within our targets, and we held our 2025 and prior estimates steady. Our current accident year loss and LAE ratio, excluding the LPT, on voluntary business is 72.0%, consistent with our 2025 accident year ratio, which reflects the underwriting discipline we’ve maintained throughout.”

Ms. Antonello continued, “Our investment portfolio is performing well — the rebalancing we did last quarter is paying off, with investment income (excluding private equity returns) up $1.5 million versus the prior year. We also made real progress on expenses, bringing our underwriting expense ratio down to 22.6% from 23.4%, which speaks to the operational discipline embedded in how we run this Company.

Returning capital to shareholders is something we take seriously, and the numbers speak for themselves: after a record $215.4 million returned in 2025, we kept the momentum going with another $83.0 million in the first quarter through share repurchases and dividends. Today’s decision by the Board of Directors to raise our quarterly dividend by 6.25% to $0.34 per share and to reset our $125.0 million share repurchase authorization is a direct reflection of our confidence in where this business is headed. That conviction is backed by an 8.9% year-over-year increase in book value per share including the Deferred Gain — a tangible signal of the value we’re building for shareholders.

And as we look ahead, the opportunity to set ourselves apart in technology is real. We recently became the first insurance carrier to bring workers’ compensation quoting directly into ChatGPT — built on our patented technology, designed to connect with business owners where and how they engage. We didn’t wait for the industry to define this channel. We defined it. That’s the culture and capability driving EMPLOYERS forward.”

Summary of Consolidated First Quarter 2026 Results

(All comparisons versus first quarter 2025, unless otherwise noted)

Gross premiums written were $180.8 million, a decrease of 14.8%. The pricing and underwriting actions taken in 2025 reduced new and renewal business premiums in the quarter. Net premiums earned were $180.9 million, a decrease of 1.1%.

Losses and LAE were $129.1 million, an increase of 7.0%, due primarily to increased cumulative trauma (CT) claim frequency in California. The Company’s loss and LAE ratio, excluding the LPT, was 72.0%, consistent with the 2025 accident year loss and LAE ratio. Additionally, no development was recognized on our voluntary business, compared to $0.7 million of unfavorable development recognized in the prior period.

Commission expense was $23.7 million, an increase of 3.0%. The Company’s commission expense ratio was 13.1%, compared to 12.6% a year ago. The variance in commission expense and ratio primarily reflects a favorable Q1 2025 adjustment to reduce commissions payable on non-performing policies.

Underwriting expenses were $40.9 million, a decrease of 4.7%. The Company’s underwriting expense ratio was 22.6%, compared to 23.4% a year ago. The decrease in our underwriting expenses was primarily driven by reduced policyholder dividends and lower compensation-related expenses.

Net investment income was $28.3 million, a decrease of 11.8%. The decrease was primarily attributable to reduced distributions from our investments in private equity limited partnerships, which were elevated in the prior period, partially offset by higher yields on fixed maturity securities resulting from our investment rebalancing activity in 2025.

Net realized and unrealized losses on investments reflected on the income statement were $1.7 million compared to $12.8 million a year ago. The reduction in realized and unrealized losses on investments was primarily the result of reduced unrealized and realized losses on equity securities and lower distributions from our investments in private equity limited partnerships.

Interest and financing expenses were $1.1 million versus $0.1 million a year ago. The increase in interest expense relates to the Company’s issuance of $125.0 million in new debt associated with the recapitalization plan announced in the fourth quarter of last year. The debt was funded by $105.0 million in drawings by our insurance subsidiaries’ Federal Home Loan Bank credit facilities and by $20.0 million from the Company's credit facility.

Federal and state income tax expense was $2.6 million (20.3% effective rate), compared to $3.1 million (19.5% effective rate) a year ago. The effective rates in each period reflect applicable income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, pre-privatization loss and LAE reserve adjustments and deferred gain amortization.

Second Quarter 2026 Dividend Declaration

On April 29, 2026, the Company’s Board of Directors declared an increase in our regular quarterly dividend to $0.34 per share, an increase of 6.25%. The dividend is payable on May 27, 2026 to stockholders of record as of May 13, 2026.

Stock Repurchases and New Stock Repurchase Authorization

During the first quarter of 2026, the Company repurchased 1,812,329 shares of its common stock at an average price of $42.42 per share. During the period from April 1, 2026 through April 28, 2026, the Company repurchased a further 353,547 shares of its common stock at an average price of $42.21 per share.

On April 29, 2026, the Company’s Board of Directors authorized a new stock repurchase program to allow for repurchases of up to $125.0 million of our common stock from May 4, 2026 through December 31, 2027. The new program replaces the prior program, whose repurchase authorization was fully utilized, and was scheduled to expire on December 31, 2026.

Earnings Conference Call and Webcast

The Company will host a conference call on Thursday, April 30, 2026, at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time.

To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

Reconciliation of Non-GAAP Financial Measures to GAAP

Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes-Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

Forward-Looking Statements

In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Filings with the SEC

The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC's EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

About Employers Holdings, Inc.

Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance, excess workers’ compensation, and related services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in lower hazard industries with its guaranteed cost product and self-insured enterprises with its excess workers’ compensation product. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, to help businesses create safer work environments.

EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast and affordable coverage options through a user-friendly online platform.

EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Workers’ Compensation insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, and Excess Workers’ Compensation is offered through Employers Assurance Company. Each of EMPLOYERS insurance subsidiaries is rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and

Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com, www.employers.com/excess-workers-compensation and www.cerity.com.

Contact Information

Michael Pedraja (775) 327-2706 or mpedraja@employers.com

EX-99.2

Filename: ex992_finsupplementx3312026.htm · Sequence: 3

Document

Exhibit 99.2

Employers Holdings, Inc.

First Quarter 2026

Financial Supplement

EMPLOYERS HOLDINGS, INC.

Table of Contents

Page

Consolidated Financial Highlights

Summary Consolidated Balance Sheets

Summary Consolidated Income Statements

Return on Equity

Combined Ratios

Roll-forward of Unpaid Losses and LAE

Consolidated Investment Portfolio

Book Value Per Share

Earnings Per Share

Non-GAAP Financial Measures

EMPLOYERS HOLDINGS, INC.

Consolidated Financial Highlights (unaudited)

$ in millions, except per share amounts

Three Months Ended

March 31,

2026 2025 % change

Selected financial highlights:

Gross premiums written $ 180.8 $ 212.1 (15) %

Net premiums written 179.4 210.3 (15)

Net premiums earned 180.9 183.0 (1)

Net investment income 28.3 32.1 (12)

Net income excluding LPT(1)

9.0 11.2 (20)

Adjusted net income(1)

10.3 21.3 (52)

Net income before income taxes 12.8 15.9 (19)

Net income 10.2 12.8 (20)

Comprehensive (loss) income

(6.1) 34.6 (118)

Total assets 3,436.5 3,556.9 (3)

Stockholders' equity 866.5 1,075.7 (19)

Stockholders' equity including the Deferred Gain(2)

953.3 1,168.1 (18)

Adjusted stockholders' equity(2)

962.3 1,228.8 (22)

Trailing twelve months adjusted return on stockholders' equity(3)

1.0 % 8.0 % (88) %

Amounts per share:

Cash dividends declared per share $ 0.32 $ 0.30 7 %

Earnings per diluted share(4)

0.52 0.52 —

Earnings per diluted share excluding LPT(4)

0.46 0.46 —

Adjusted earnings per diluted share(4)

0.53 0.87 (39)

Book value per share(2)

46.59 44.43 5

Book value per share including the Deferred Gain(2)

51.26 48.25 6

Adjusted book value per share(2)

51.75 50.75 2

Combined ratio excluding LPT:(5):

Loss and loss adjustment expense ratio:

Current Year

72.1 % 66.1 %

Prior Year

(0.1) 0.7

Loss and loss adjustment expense ratio

72.0 % 66.8 %

Commission expense ratio

13.1 % 12.6 %

Underwriting expense ratio 22.6 % 23.4 %

Combined ratio excluding LPT

107.7 % 102.8 %

(1) See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.

(2) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.

(3) See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.

(4) See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.

(5) See Pages 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC.

Summary Consolidated Balance Sheets (unaudited)

$ in millions, except per share amounts

March 31,

2026 December 31,

2025

ASSETS

Investments, cash and cash equivalents $ 2,488.2 $ 2,498.8

Accrued investment income 15.0 15.5

Premiums receivable, net

337.4 335.4

Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE 387.7 391.6

Deferred policy acquisition costs 57.1 57.1

Deferred income tax asset, net 18.8 14.3

Other assets 132.3 123.9

Total assets $ 3,436.5 $ 3,436.6

LIABILITIES

Unpaid losses and LAE $ 1,802.5 $ 1,805.8

Unearned premiums 392.7 391.9

Commissions and premium taxes payable 55.2 59.9

Deferred Gain 86.8 88.0

Debt 125.0 35.0

Other liabilities 107.8 100.3

Total liabilities $ 2,570.0 $ 2,480.9

STOCKHOLDERS' EQUITY

Common stock and additional paid-in capital $ 429.1 $ 428.4

Retained earnings 1,457.8 1,453.8

Accumulated other comprehensive (loss) income

(9.0) 7.3

Treasury stock, at cost

(1,011.4) (933.8)

Total stockholders’ equity 866.5 955.7

Total liabilities and stockholders’ equity $ 3,436.5 $ 3,436.6

Stockholders' equity including the Deferred Gain (1)

$ 953.3 $ 1,043.7

Adjusted stockholders' equity (1)

962.3 1,036.4

Book value per share (1)

$ 46.59 $ 46.98

Book value per share including the Deferred Gain(1)

51.26 51.31

Adjusted book value per share (1)

51.75 50.95

(1) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC.

Summary Consolidated Income Statements (unaudited)

$ in millions

Three Months Ended

March 31,

2026 2025

Revenues:

Net premiums earned $ 180.9 $ 183.0

Net investment income 28.3 32.1

Net realized and unrealized losses on investments(1)

(1.7) (12.8)

Other income 0.1 0.3

Total revenues 207.6 202.6

Expenses:

Losses and LAE incurred (129.1) (120.7)

Commission expense (23.7) (23.0)

Underwriting expenses (40.9) (42.9)

Interest and financing expenses (1.1) (0.1)

Total expenses (194.8) (186.7)

Net income before income taxes

12.8 15.9

Income tax expense

(2.6) (3.1)

Net Income 10.2 12.8

Unrealized AFS investment (losses) gains arising during the period, net of tax(2)

(16.7) 21.1

Reclassification adjustment for net realized AFS investment losses in net income, net of tax(2)

0.4 0.7

Total comprehensive (loss) income

$ (6.1) $ 34.6

Net Income $ 10.2 $ 12.8

Amortization of the Deferred Gain - losses (1.2) (1.6)

Net income excluding LPT Agreement (3)

9.0 11.2

Net realized and unrealized losses on investments

1.7 12.8

Income tax benefit related to items excluded from Net income

(0.4) (2.7)

Adjusted net income

$ 10.3 $ 21.3

(1) Includes unrealized (losses) on equity securities and other investments of $(2.7) million and $(11.7) million for the three months ended March 31, 2026 and 2025, respectively.

(2) AFS = Available for Sale securities.

(3) See Page 10 regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC.

Return on Equity (unaudited)

$ in millions

Three Months Ended

March 31,

2026 2025

Net income

A $ 10.2 $ 12.8

Impact of the LPT Agreement (1.2) (1.6)

Net realized and unrealized losses on investments

1.7 12.8

Income tax benefit related to items excluded from Net income

(0.4) (2.7)

Adjusted net income(1)

B 10.3 21.3

Stockholders' equity - end of period $ 866.5 $ 1,075.7

Stockholders' equity - beginning of period 955.7 1,068.7

Average stockholders' equity C 911.1 1,072.2

Stockholders' equity - end of period $ 866.5 $ 1,075.7

Deferred Gain - end of period 86.8 92.4

Accumulated other comprehensive loss - end of period 11.4 76.8

Income taxes related to accumulated other comprehensive loss - end of period (2.4) (16.1)

Adjusted stockholders' equity - end of period 962.3 1,228.8

Adjusted stockholders' equity - beginning of period 1,036.4 1,245.2

Average adjusted stockholders' equity (1)

D 999.4 1,237.0

Return on stockholders' equity A / C 1.1 % 1.2 %

Trailing twelve months return on stockholders' equity

0.8 9.8

Adjusted return on stockholders' equity (1)

B / D 1.0 % 1.7 %

Trailing twelve months adjusted return on stockholders' equity (1)

1.0 8.0

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC.

Combined Ratios (unaudited)

$ in millions, except per share amounts

Three Months Ended

March 31,

2026 2025

Net premiums earned

A $ 180.9 $ 183.0

Losses and LAE incurred

B 129.1 120.7

Amortization of deferred reinsurance gain - losses

1.2 1.6

Losses and LAE excluding LPT(1)

C 130.3 122.3

Prior year loss reserve development (0.1) 1.3

Losses and LAE excluding LPT - current accident year

D $ 130.4 $ 121.0

Commission expense

E $ 23.7 $ 23.0

Underwriting expenses F $ 40.9 $ 42.9

GAAP combined ratio:

Loss and LAE ratio

B/A

71.4 % 66.0 %

Commission expense ratio

E/A

13.1 12.6

Underwriting expense ratio

F/A

22.6 23.4

GAAP combined ratio

107.1 % 102.0 %

Combined ratio excluding LPT:(1)

Loss and LAE ratio excluding LPT

C/A

72.0 % 66.8 %

Commission expense ratio

E/A

13.1 12.6

Underwriting expense ratio

F/A

22.6 23.4

Combined ratio excluding LPT

107.7 % 102.8 %

Combined ratio excluding LPT: current accident year:(1)

Loss and LAE ratio excluding LPT

D/A

72.1 % 66.1 %

Commission expense ratio

E/A

13.1 12.6

Underwriting expense ratio

F/A

22.6 23.4

Combined ratio excluding LPT: current accident year

107.8 % 102.1 %

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC.

Roll-forward of Unpaid Losses and LAE (unaudited)

$ in millions

Three Months Ended

March 31,

2026 2025

Unpaid losses and LAE at beginning of period $ 1,805.8 $ 1,808.2

Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE 386.5 412.4

Net unpaid losses and LAE at beginning of period 1,419.3 1,395.8

Losses and LAE incurred:

Current year losses 130.5 121.0

Prior year losses on voluntary business

— 0.7

Prior year losses on involuntary business (0.1) 0.6

Total losses incurred 130.4 122.3

Losses and LAE paid:

Current year losses 6.4 8.0

Prior year losses 123.9 124.6

Total paid losses 130.3 132.6

Net unpaid losses and LAE at end of period 1,419.4 1,385.5

Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE 383.1 407.1

Unpaid losses and LAE at end of period $ 1,802.5 $ 1,792.6

Total losses and LAE shown in the above table exclude amortization of the Deferred Gain, which totaled $1.2 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively.

EMPLOYERS HOLDINGS, INC.

Consolidated Investment Portfolio (unaudited)

$ in millions

March 31, 2026 December 31, 2025

Investment Positions:

Cost or Amortized

Cost (1)

Net Unrealized Gain (Loss) Fair Value % Fair Value %

Fixed maturity securities $ 2,045.8 $ (11.4) $ 2,033.7 82 % $ 2,040.7 82 %

Equity securities 106.1 84.7 190.8 8 191.5 8

Short-term investments 14.6 — 14.6 1 10.1 —

Other invested assets 78.5 17.3 95.8 4 96.5 4

Cash and cash equivalents 153.1 — 153.1 6 159.8 6

Restricted cash and cash equivalents 0.2 — 0.2 — 0.2 —

Total investments and cash $ 2,398.3 $ 90.6 $ 2,488.2 100 % $ 2,498.8 100 %

Breakout of Fixed Maturity Securities:

U.S. Treasuries and agencies $ 81.3 $ (0.3) $ 81.0 4 % $ 80.1 4 %

States and municipalities 144.0 1.7 145.7 7 159.9 8

Corporate securities 706.1 (9.4) 696.7 34 655.3 32

Mortgage-backed securities 803.5 (2.9) 800.6 39 831.8 41

Asset-backed securities 153.1 0.9 154.0 8 163.1 8

Collateralized loan obligations 2.5 — 2.5 — 12.5 1

Bank loans and other 155.3 (1.4) 153.2 8 138.0 7

Total fixed maturity securities $ 2,045.8 $ (11.4) $ 2,033.7 100 % $ 2,040.7 100 %

Weighted average book yield 4.9% 4.9%

Average credit quality (S&P) A+ A+

Duration(2)

4.4 4.4

(1) Amortized cost excludes allowance for current expected credit losses of $0.7 million

(2) Duration is measured by the sensitivity to changes in interest rates

EMPLOYERS HOLDINGS, INC.

Book Value Per Share (unaudited)

$ in millions, except per share amounts

March 31,

2026 December 31,

2025 March 31,

2025 December 31,

2024

Numerators:

Stockholders' equity A $ 866.5 $ 955.7 $ 1,075.7 $ 1,068.7

Plus: Deferred Gain 86.8 88.0 92.4 94.0

Stockholders' equity including the Deferred Gain (1)

B 953.3 1,043.7 1,168.1 1,162.7

Accumulated other comprehensive loss (income)

11.4 (9.3) 76.8 104.5

Income taxes related to accumulated other comprehensive (loss) income

(2.4) 2.0 (16.1) (22.0)

Adjusted stockholders' equity (1)

C $ 962.3 $ 1,036.4 $ 1,228.8 $ 1,245.2

Denominator (shares outstanding) D 18,596,468 20,342,135 24,210,602 24,556,706

Book value per share (1)

A / D $ 46.59 $ 46.98 $ 44.43 $ 43.52

Book value per share including the Deferred Gain(1)

B / D 51.26 51.31 48.25 47.35

Adjusted book value per share (1)

C / D 51.75 50.95 50.75 50.71

Year-over-year change in: (2)

Book value per share 7.7 % 10.8 % 13.5 % 11.9 %

Book value per share including the Deferred Gain 8.9 11.0 12.3 10.6

Adjusted book value per share 4.5 3.0 8.5 9.8

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

(2) Reflects the twelve month change in book value per share after taking into account dividends declared of $1.28, $1.26, $1.20, and $1.18 for the twelve month periods ended March 31, 2026, December 31, 2025, December 31, 2024 and March 31, 2025, respectively.

EMPLOYERS HOLDINGS, INC.

Earnings Per Share (unaudited)

$ in millions, except per share amounts

Three Months Ended

March 31,

2026 2025

Numerators:

Net income

A $ 10.2 $ 12.8

Impact of the LPT Agreement (1.2) (1.6)

Net income excluding LPT (1)

B 9.0 11.2

Net realized and unrealized losses on investments

1.7 12.8

Income tax benefit related to items excluded from Net income

(0.4) (2.7)

Adjusted net income(1)

C $ 10.3 $ 21.3

Denominators:

Average common shares outstanding (basic) D 19,359,261 24,398,610

Average common shares outstanding (diluted) E 19,505,827 24,606,572

Earnings per share:

Basic A / D $ 0.53 $ 0.52

Diluted

A / E 0.52 0.52

Earnings per share excluding LPT: (1)

Basic B / D $ 0.46 $ 0.46

Diluted

B / E 0.46 0.46

Adjusted earnings per share: (1)

Basic C / D $ 0.53 $ 0.87

Diluted C / E 0.53 0.87

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

Non-GAAP Financial Measures

Within this earnings release we present the following measures, each of which are "non-GAAP financial measures." A reconciliation of these measures to the Company's most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company's investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company's ongoing underwriting performance.

Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

Adjusted net income (see Page 3 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measure is helpful to investors, analysts and other interested parties in identifying trends in the Company's operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

Stockholders' equity including the Deferred Gain (see Page 8 for calculations) is stockholders' equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company's total underwriting capital.

Adjusted stockholders' equity (see Page 8 for calculations) is stockholders' equity including the Deferred Gain, less accumulated other comprehensive income (loss) (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company's adjusted return on stockholders' equity metric.

Return on stockholders' equity and Adjusted return on stockholders' equity (see Page 4 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

Net income excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

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