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EMC INSURANCE GROUP INC (EMCI)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 | Dec-31-14 | Dec-31-13 | Dec-31-12 | Dec-31-11 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Parent company | 21.1 | 5.8 | 9.7 | | | | | |
| Property and casualty insurance | | | | | 455.9 | 424.1 | 389.4 | 321.6 |
| Reinsurance | | | | | 131.3 | 134.4 | 113.6 | 94.8 |
| Other | 639.6 | 658.2 | 640.1 | | 7.3 | 9.4 | 8.8 | 56.2 |
| Total revenues | 660.7 | 664.0 | 649.8 | 623.7 | 594.5 | 568.0 | 511.8 | 472.6 |
| Revenue growth | -0.5% | 2.2% | 4.2% | 4.9% | 4.7% | 11.0% | 8.3% | 6.6% |
| Loss and loss adjustment expenses | 457.2 | 422.0 | 386.9 | 370.7 | 385.5 | 333.3 | 303.4 | 343.0 |
| Policy acquisition costs | 115.8 | 108.9 | 108.4 | 102.2 | 99.0 | 94.7 | 84.3 | 77.3 |
| Other underwriting costs | | | | | | 65.8 | 60.9 | 54.5 |
| Investment expenses | 2.5 | 2.3 | 1.9 | 2.0 | 1.9 | 1.9 | 1.6 | 1.3 |
| Other operating expenses | 99.3 | 90.7 | 89.0 | 76.8 | 66.8 | 11.1 | 9.1 | 6.6 |
| Equity in earnings | | | | 7.6 | | | | |
| EBIT | -19.4 | 34.5 | 57.0 | 72.0 | 41.2 | 61.2 | 52.5 | -10.1 |
| EBIT margin | -2.9% | 5.2% | 8.8% | 11.5% | 6.9% | 10.8% | 10.3% | -2.1% |
| Interest income, net [+] | 4.8 | 5.4 | 6.2 | -1.8 | -1.2 | -0.4 | -1.1 | -6.8 |
| Interest expense | 0.7 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.9 | 0.9 |
| Interest income | 5.4 | 5.7 | 6.6 | -1.5 | -0.9 | -0.1 | -0.2 | -5.9 |
| Pre-tax income | -14.7 | 39.8 | 63.2 | 71.7 | 40.9 | 60.9 | 51.6 | -11.0 |
| Income taxes | -7.2 | 0.6 | 17.0 | 21.5 | 10.9 | 17.3 | 13.7 | -8.3 |
| Tax rate | 49.1% | 1.5% | 26.9% | 30.0% | 26.7% | 28.5% | 26.5% | 75.1% |
| Net income | -7.5 | 39.2 | 46.2 | 50.2 | 30.0 | 43.5 | 38.0 | -2.7 |
| Net margin | -1.1% | 5.9% | 7.1% | 8.0% | 5.0% | 7.7% | 7.4% | -0.6% |
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| Basic EPS | ($0.35) | $1.84 | $2.20 | $2.43 | $1.48 | $2.22 | $2.95 | ($0.21) |
| Diluted EPS | ($0.35) | $1.84 | $2.20 | $2.43 | $1.48 | $2.22 | $2.95 | ($0.21) |
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| Shares outstanding (basic) | 21.5 | 21.3 | 21.0 | 20.6 | 20.2 | 19.6 | 12.9 | 12.9 |
| Shares outstanding (diluted) | 21.5 | 21.3 | 21.0 | 20.6 | 20.2 | 19.6 | 12.9 | 12.9 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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