EMC Insurance Group has reported an operating loss of $0.14 per share for the third quarter ended 30 September 2011, compared to operating income of $0.49 per share for the third quarter of 2010.
For the nine-month period ended 30 September 2011 was $1.21 per share, compared to operating income of $1.51 for the same period in 2010.
The net loss, including realized investment gains and losses, totaled $4,144,000 ($0.32 per share) for the third quarter of 2011 compared to net income of $7,459,000 ($0.57 per share) for the third quarter of 2010.
For the nine-month period ended 30 September 2011, the net loss was $11,404,000 ($0.88 per share) compared to net income of $20,635,000 ($1.58 per share) for the same period in 2010.
The premiums earned increased 10.4% to $107,416,000 for the third quarter of 2011, from $97,284,000 for the third quarter of 2010.
For the nine months ended 30 September 2011, premiums earned increased 6.5% to $304,635,000 from $286,060,000 in 2010.
Catastrophe losses totaled a record $26,366,000 ($1.33 per share after tax) in the third quarter and an unprecedented $76,836,000 ($3.86 per share after tax) in the first nine months of 2011.
EMC Insurance Group president and CEO Bruce Kelley while the record catastrophe losses of 2011 have been the focus of most of discussions this year, the firm continued to develop and implement strategies that are designed to improve future operations.