On this page of StockholderLetter.com we present the latest annual shareholder letter from Employers Holdings, Inc. — ticker symbol EIG. Reading current and past EIG letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT Employers Holdings, Inc. employers.com
i
Company Summary Employers Holdings, Inc. is the only nationwide insurance company exclusively focused on protecting America s small and mid-sized businesses by providing cost-effective workers compensation insurance. With more than 100 years in the workers compensation business, we believe our deep expertise and enduring commitment to this line of insurance represent a significant competitive advantage. Our overall strategy is to pursue profitable growth opportunities across workers compensation insurance market cycles, leverage technology to provide seamless end-to-end customer experience, maximize our investment returns within the constraints of prudent portfolio management, maintain a strong equity capital position, and consistently deliver value to our shareholders. Our customers include agents, policyholders, and injured workers, and we utilize technology to provide a quality experience tailored to their individual needs. Across the country, producers rely on our sophisticated systems to connect with EMPLOYERS and to connect us to our small and mid-sized business customers and their injured workers. Our policyholders can purchase our product at their convenience through an array of distribution channels, including traditional independent agents and brokers, payroll providers, aggregators, digital agents, partner insurance companies, affinity groups, and directly from us via our website. ii
2025 Overview EMPLOYERS operates with a clear focus on workers compensation, combining deep expertise and disciplined underwriting with continued investment in the capabilities that support our future growth. In 2025, that focus guided how we navigated industry challenges, advanced new growth opportunities, and strengthened the foundation of our business. From expanding our product offerings to improving how customers and agents engage with us, the progress we made this year reflects a company that continues to evolve while remaining firmly committed to the fundamentals that define our success. As a result, we achieved record levels of both net premiums earned and net investment income while continuing to grow our policy count. This reflects strong execution across the organization and the strength of our operating performance. One of the most important strategic milestones during the year was the development of our new excess workers compensation product. Built entirely in-house with the support of artificial intelligence tools, this product expands how we serve customers and strengthens engagement with our distribution partners. We believe it will allow us to apply our workers compensation expertise in new ways while diversifying our exposures and creating additional opportunities for profitable growth. We also continued expanding our underwriting appetite into select industries, including home health care and stone countertop installation. At iii the same time, we introduced operational capabilities designed to simplify how agents and policyholders work with us. Initiatives such as just-in-time agent appointments make it easier for agents to do business with EMPLOYERS, while expanded direct-to-business digital marketing helps more customers access our coverage. These efforts supported our ability to return $215 million to shareholders through share repurchases and dividends, the highest in our company s history. We also navigated an important industry challenge during the year as cumulative trauma claim frequency in California increased. We responded quickly with targeted pricing actions, underwriting refinements, and reserve strengthening. These actions reflect the risk management approach that has long defined EMPLOYERS and our commitment to addressing emerging risks early and decisively. Our progress during the year was guided by strategic priorities that include strengthening financial management, expanding growth and diversification, investing in culture and workforce experience, advancing operational initiatives and artificial intelligence, and continually improving the customer experience. Across the organization, we made meaningful advancements in each of these areas. Investments in automation, customer self-service capabilities, and artificial intelligence improved operational efficiency and contributed to meaningful expense ratio improvements. By year-end,
our underwriting expense ratio declined to 21.7% from 23.5%, our lowest level since 2018. These improvements strengthen our operating leverage while making it easier for agents and policyholders to do business with EMPLOYERS. Throughout the year, our commitment to injured workers remained central to our mission. Whether a claim arose from cumulative trauma or a traditional workplace injury, our claims professionals worked to ensure workers received the care and support needed to recover and return to productive employment. Innovation also continued to shape how we operate. In addition to developing our excess workers compensation product using AI tools, we began establishing an internal AI platform that will be deployed across our workforce. We are also preparing to implement a modernized customer relationship management platform that will support a more data-driven and customer-focused organization. We continued to manage our investment portfolio with a disciplined focus on stability, yield, and long-term performance. In the fourth quarter, we rebalanced the portfolio by reducing our allocation to equities and redeploying capital into higher-yielding fixed income securities. This repositioning improved portfolio yield while maintaining the liquidity and financial strength required to support our insurance operations. AM Best reaffirmed the Financial Strength Rating of each of our insurance companies at A (Excellent), reflecting the strength of our financial iv
 • shareholder letter icon 4/16/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/13/2023 EIG Stockholder Letter
 • stockholder letter icon 4/11/2024 EIG Stockholder Letter
 • stockholder letter icon 4/10/2025 EIG Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon EIG Benford's Law Stock Score = 66


EIG Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT
Employers Holdings, Inc.
employers.com

   i   

Company Summary
Employers Holdings, Inc. is the only nationwide insurance company
exclusively focused on protecting America   s small and mid-sized businesses
by providing cost-effective workers    compensation insurance. With more
than 100 years in the workers    compensation business, we believe our
deep expertise and enduring commitment to this line of insurance represent a significant competitive advantage.
Our overall strategy is to pursue profitable growth opportunities across
workers    compensation insurance market cycles, leverage technology to
provide seamless end-to-end customer experience, maximize our investment returns within the constraints of prudent portfolio management,
maintain a strong equity capital position, and consistently deliver value to
our shareholders.
Our customers include agents, policyholders, and injured workers, and we
utilize technology to provide a quality experience tailored to their individual needs. Across the country, producers rely on our sophisticated
systems to connect with EMPLOYERS     and to connect us to our small
and mid-sized business customers and their injured workers. Our policyholders can purchase our product at their convenience through an array
of distribution channels, including traditional independent agents and
brokers, payroll providers, aggregators, digital agents, partner insurance
companies, affinity groups, and directly from us via our website.
   ii   

2025 Overview
EMPLOYERS   operates with a clear focus on
workers    compensation, combining deep expertise and disciplined underwriting with continued investment in the capabilities that support
our future growth.
In 2025, that focus guided how we navigated
industry challenges, advanced new growth opportunities, and strengthened the foundation of our
business. From expanding our product offerings
to improving how customers and agents engage
with us, the progress we made this year reflects
a company that continues to evolve while remaining firmly committed to the fundamentals that
define our success.
As a result, we achieved record levels of both net
premiums earned and net investment income
while continuing to grow our policy count. This
reflects strong execution across the organization
and the strength of our operating performance.
One of the most important strategic milestones
during the year was the development of our new
excess workers    compensation product. Built
entirely in-house with the support of artificial
intelligence tools, this product expands how we
serve customers and strengthens engagement
with our distribution partners. We believe it will
allow us to apply our workers    compensation
expertise in new ways while diversifying our
exposures and creating additional opportunities
for profitable growth.
We also continued expanding our underwriting
appetite into select industries, including home
health care and stone countertop installation. At
   iii   
the same time, we introduced operational capabilities designed to simplify how agents and
policyholders work with us. Initiatives such as
just-in-time agent appointments make it easier
for agents to do business with EMPLOYERS,
while expanded direct-to-business digital marketing helps more customers access our coverage.
These efforts supported our ability to return
$215 million to shareholders through share
repurchases and dividends, the highest in our
company   s history.
We also navigated an important industry challenge during the year as cumulative trauma
claim frequency in California increased. We
responded quickly with targeted pricing actions,
underwriting refinements, and reserve strengthening. These actions reflect the risk management
approach that has long defined EMPLOYERS
and our commitment to addressing emerging
risks early and decisively.
Our progress during the year was guided by
strategic priorities that include strengthening
financial management, expanding growth and
diversification, investing in culture and workforce experience, advancing operational initiatives and artificial intelligence, and continually
improving the customer experience.
Across the organization, we made meaningful
advancements in each of these areas. Investments in automation, customer self-service
capabilities, and artificial intelligence improved
operational efficiency and contributed to meaningful expense ratio improvements. By year-end,

our underwriting expense ratio declined to 21.7%
from 23.5%, our lowest level since 2018. These
improvements strengthen our operating leverage
while making it easier for agents and policyholders to do business with EMPLOYERS.
Throughout the year, our commitment to injured
workers remained central to our mission. Whether
a claim arose from cumulative trauma or a traditional workplace injury, our claims professionals
worked to ensure workers received the care and
support needed to recover and return to productive employment.
Innovation also continued to shape how we operate. In addition to developing our excess workers   
compensation product using AI tools, we began
establishing an internal AI platform that will
be deployed across our workforce. We are also
preparing to implement a modernized customer
relationship management platform that will support a more data-driven and customer-focused
organization.
We continued to manage our investment portfolio
with a disciplined focus on stability, yield, and
long-term performance. In the fourth quarter, we
rebalanced the portfolio by reducing our allocation to equities and redeploying capital into
higher-yielding fixed income securities. This
repositioning improved portfolio yield while
maintaining the liquidity and financial strength
required to support our insurance operations.
AM Best reaffirmed the Financial Strength Rating
of each of our insurance companies at    A    (Excellent), reflecting the strength of our financial
   iv


shareholder letter icon 4/16/2026 Letter Continued (Full PDF)
 

EIG Stockholder/Shareholder Letter (Employers Holdings, Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.