Document

Exhibit 99.2

Employers Holdings, Inc.

First Quarter 2024

Financial Supplement

EMPLOYERS HOLDINGS, INC.

Table of Contents


Page

1						Consolidated Financial Highlights

2						Summary Consolidated Balance Sheets

3						Summary Consolidated Income Statements

4						Return on Equity

5						Combined Ratios

6						Roll-forward of Unpaid Losses and LAE

7						Consolidated Investment Portfolio

8						Book Value Per Share

9						Earnings Per Share

10						Non-GAAP Financial Measures

EMPLOYERS HOLDINGS, INC.

Consolidated Financial Highlights (unaudited)

$ in millions, except per share amounts


	Three Months Ended
	March 31,
		2024			2023			% change
Selected financial highlights:
Gross premiums written		$	210.9		$	194.9		8	%
Net premiums written		209.1			193.1			8
Net premiums earned		184.9			172.7			7
Net investment income		26.8			27.6			(3)
Net income excluding LPT(1)		26.2			21.6			21
Adjusted net income(1)		17.2			16.5			4
Net Income before income taxes		35.3			29.0			22
Net Income		28.3			23.6			20
Comprehensive income		17.4			47.4			(63)
Total assets		3,562.8			3,744.0			(5)
Stockholders' equity		1,018.9			974.1			5
Stockholders' equity including the Deferred Gain(2)		1,116.1			1,078.2			4
Adjusted stockholders' equity(2)		1,213.0			1,193.3			2
Annualized adjusted return on stockholders' equity(3)		5.7		%	5.5		%	4	%
Amounts per share:
Cash dividends declared per share		$	0.28		$	0.26		8	%
Earnings per diluted share(4)		1.11			0.86			29
Earnings per diluted share excluding LPT(4)		1.03			0.79			30
Adjusted earnings per diluted share(4)		0.67			0.60			12
Book value per share(2)		40.20			36.08			11
Book value per share including the Deferred Gain(2)		44.04			39.93			10
Adjusted book value per share(2)		47.86			44.19			8
Combined ratio excluding LPT:(5):
Loss and loss adjustment expense ratio:
Current Year		64.2		%	63.5		%
Prior Year		(0.1)		%	(0.2)
Loss and loss adjustment expense ratio		64.1		%	63.3		%
Commission expense ratio		13.8		%	13.5		%
Underwriting and general and administrative expense ratio		24.8		%	25.7		%
Combined ratio excluding LPT		102.7		%	102.5		%


(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, 2024		December 31, 2023
ASSETS








Investments, cash and cash equivalents	$	2,494.3	$	2,504.7
Accrued investment income	16.5		16.3
Premiums receivable, net	380.4		359.4


Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE	429.8		433.8
Deferred policy acquisition costs	59.4		55.6

Deferred income tax asset, net	42.1		43.4
Contingent commission receivable—LPT Agreement	14.4		14.2
Other assets	125.9		123.0
Total assets	$	3,562.8	$	3,550.4

LIABILITIES
Unpaid losses and LAE	$	1,874.5	$	1,884.5
Unearned premiums	402.3		379.7
Commissions and premium taxes payable	60.9		66.0
Deferred Gain	97.2		99.2


Other liabilities	109.0		107.1
Total liabilities	$	2,543.9	$	2,536.5

STOCKHOLDERS' EQUITY


Common stock and additional paid-in capital	$	420.1	$	420.4
Retained earnings	1,405.4		1,384.3
Accumulated other comprehensive loss	(96.9)		(86.0)
Treasury stock, at cost	(709.7)		(704.8)
Total stockholders’ equity	1,018.9		1,013.9
Total liabilities and stockholders’ equity	$	3,562.8	$	3,550.4

Stockholders' equity including the Deferred Gain (1)	$	1,116.1	$	1,113.1
Adjusted stockholders' equity (1)	1,213.0		1,199.1

Book value per share (1)	$	40.20	$	39.96
Book value per share including the Deferred Gain(1)	44.04		43.88
Adjusted book value per share (1)	47.86		47.26


(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,
	2024		2023
Revenues:



Net premiums earned	$	184.9	$	172.7
Net investment income	26.8		27.6
Net realized and unrealized gains on investments(1)	11.4		6.4

Other income (loss)	—		(0.2)
Total revenues	223.1		206.5
Expenses:





Losses and LAE incurred	(116.5)		(107.4)
Commission expense	(25.5)		(23.4)
Underwriting and general and administrative expenses	(45.8)		(44.4)
Interest and financing expenses	—		(2.3)

Total expenses	(187.8)		(177.5)
Net income before income taxes	35.3		29.0

Income tax expense	(7.0)		(5.4)
Net Income	28.3		23.6
Unrealized AFS investment (losses) gains arising during the period, net of tax(2)	(11.6)		22.5
Reclassification adjustment for net realized AFS investment losses in net income, net of tax(2)	0.7		1.3
Total comprehensive income	$	17.4	$	47.4
Net Income	$	28.3	$	23.6




Amortization of the Deferred Gain - losses	(1.5)		(1.6)
Amortization of the Deferred Gain - contingent commission	(0.4)		(0.4)

LPT contingent commission adjustments	(0.2)		—
Net income excluding LPT Agreement (3)	26.2		21.6
Net realized and unrealized gains on investments	(11.4)		(6.4)



Income tax expense related to items excluded from Net income or loss	2.4		1.3
Adjusted net income	$	17.2	$	16.5

(1) Includes net realized and unrealized gains on equity securities and other investments of $12.3 million and $8.0 million for the three months ended March 31, 2024 and 2023.
(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,
		2024			2023

Net income	A	$	28.3		$	23.6

Impact of the LPT Agreement		(2.1)			(2.0)
Net realized and unrealized gains on investments		(11.4)			(6.4)



Income tax expense related to items excluded from Net income		2.4			1.3
Adjusted net income (1)	B	17.2			16.5

Stockholders' equity - end of period		$	1,018.9		$	974.1
Stockholders' equity - beginning of period		1,013.9			944.2
Average stockholders' equity	C	1,016.4			959.2

Stockholders' equity - end of period		$	1,018.9		$	974.1
Deferred Gain - end of period		97.2			104.1

Accumulated other comprehensive loss - end of period		122.6			145.7

Income taxes related to accumulated other comprehensive loss - end of period		(25.7)			(30.6)
Adjusted stockholders' equity - end of period		1,213.0			1,193.3
Adjusted stockholders' equity - beginning of period		1,199.1			1,189.2
Average adjusted stockholders' equity (1)	D	1,206.1			1,191.3

Return on stockholders' equity	A / C	2.8		%	2.5		%

Annualized return on stockholders' equity		11.1			9.8

Adjusted return on stockholders' equity (1)	B / D	1.4		%	1.4		%

Annualized adjusted return on stockholders' equity (1)		5.7			5.5

(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,
			2024			2023

Net premiums earned	A		$	184.9		$	172.7
Losses and LAE incurred	B		116.5			107.4
Amortization of deferred reinsurance gain - losses			1.5			1.6
Amortization of deferred reinsurance gain - contingent commission			0.4			0.4

LPT contingent commission adjustments			0.2			—
Losses and LAE excluding LPT(1)	C		$	118.6		$	109.4

Prior year loss reserve development			(0.1)			(0.2)
Losses and LAE excluding LPT - current accident year	D		$	118.7		$	109.6
Commission expense	E		$	25.5		$	23.4
Underwriting and general and administrative expense	F		$	45.8		$	44.4
GAAP combined ratio:
Loss and LAE ratio	B/A		63.0		%	62.2		%
Commission expense ratio	E/A		13.8			13.5
Underwriting and general and administrative expense ratio	F/A		24.8			25.7
GAAP combined ratio			101.6		%	101.4		%
Combined ratio excluding LPT:(1)
Loss and LAE ratio excluding LPT	C/A		64.1		%	63.3		%
Commission expense ratio	E/A		13.8			13.5
Underwriting and general and administrative expense ratio	F/A		24.8			25.7
Combined ratio excluding LPT			102.7		%	102.5		%
Combined ratio excluding LPT: current accident year:(1)
Loss and LAE ratio excluding LPT	D/A		64.2		%	63.5		%
Commission expense ratio	E/A		13.8			13.5
Underwriting and general and administrative expenses ratio	F/A		24.8			25.7
Combined ratio excluding LPT: current accident year			102.8		%	102.7		%

(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,
	2024		2023

Unpaid losses and LAE at beginning of period	$	1,884.5	$	1,960.7
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	428.4		445.4
Net unpaid losses and LAE at beginning of period	1,456.1		1,515.3
Losses and LAE incurred:
Current year losses	118.7		109.6

Prior year losses on involuntary business	(0.1)		(0.2)
Total losses incurred	118.6		109.4
Losses and LAE paid:
Current year losses	6.8		5.6
Prior year losses	117.4		105.7
Total paid losses	124.2		111.3
Net unpaid losses and LAE at end of period	1,450.5		1,513.4
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE	424.0		440.3
Unpaid losses and LAE at end of period	$	1,874.5	$	1,953.7

Total losses and LAE shown in the above table exclude amortization of the Deferred Gain and LPT Contingent Commission Adjustments, which totaled $2.1 million and $2.0 million for the three months ended March 31, 2024 and 2023.

EMPLOYERS HOLDINGS, INC.

Consolidated Investment Portfolio (unaudited)

$ in millions


	March 31, 2024				December 31, 2023
Investment Positions:	Cost or Amortized Cost (1)		Net Unrealized Gain (Loss)		Fair Value		%		Fair Value		%
Fixed maturity securities	$	2,139.7	$	(122.7)	$	2,013.8	81	%	$	1,936.3	77	%


Equity securities	131.9		98.4		230.3		9		217.2		9
Short-term investments	38.2		—		38.2		2		33.1		1
Other invested assets	88.9		8.7		97.6		4		91.5		4
Cash and cash equivalents	114.2		—		114.2		5		226.4		9
Restricted cash and cash equivalents	0.2		—		0.2		—		0.2		—
Total investments and cash	$	2,513.1	$	(15.6)	$	2,494.3	100	%	$	2,504.7	100	%

Breakout of Fixed Maturity Securities:


U.S. Treasuries and agencies	$	67.8	$	(2.7)	$	65.1	3	%	$	60.5	3	%
States and municipalities	202.8		(3.0)		199.8		10		210.2		11
Corporate securities	1,003.5		(61.8)		939.5		47		895.8		46


Mortgage-backed securities	482.7		(49.2)		433.2		22		426.0		22
Asset-backed securities	180.3		(3.6)		176.7		9		128.0		7
Collateralized loan obligations	73.0		(0.2)		72.8		4		91.5		5


Bank loans and other	129.6		(2.2)		126.7		6		124.3		6
Total fixed maturity securities	$	2,139.7	$	(122.7)	$	2,013.8	100	%	$	1,936.3	100	%


Weighted average book yield	4.3%	4.3%

Average credit quality (S&P)	A+	A
Duration	4.5	4.5
(1) Amortized cost excludes allowance for current expected credit losses of $3.2 million.

EMPLOYERS HOLDINGS, INC.

Book Value Per Share (unaudited)

$ in millions, except per share amounts


		March 31, 2024			December 31, 2023			March 31, 2023			December 31, 2022
Numerators:
Stockholders' equity	A	$	1,018.9		$	1,013.9		$	974.1		$	944.2
Plus: Deferred Gain		97.2			99.2			104.1			106.1
Stockholders' equity including the Deferred Gain (1)	B	1,116.1			1,113.1			1,078.2			1,050.3
Accumulated other comprehensive loss		122.6			108.9			145.7			175.8
Income taxes related to accumulated other comprehensive loss		(25.7)			(22.9)			(30.6)			(36.9)
Adjusted stockholders' equity (1)	C	$	1,213.0		$	1,199.1		$	1,193.3		$	1,189.2

Denominator (shares outstanding)	D	25,343,504			25,369,753			27,001,967			27,160,748

Book value per share (1)	A / D	$	40.20		$	39.96		$	36.08		$	34.76
Book value per share including the Deferred Gain(1)	B / D	44.04			43.88			39.93			38.67
Adjusted book value per share (1)	C / D	47.86			47.26			44.19			43.78



Year-over-year change in: (2)
Book value per share		14.5		%	18.1		%	(1.6)		%	(13.0)		%
Book value per share including the Deferred Gain		13.1			16.3			(1.9)			(12.3)
Adjusted book value per share		10.8			10.5			5.4			3.0

(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 $1.12, $1.10, $3.29, and $3.28 for the twelve month periods ended March 31, 2024, December 31, 2023, March 31, 2023, and December 31, 2022, respectively.

EMPLOYERS HOLDINGS, INC.

Earnings Per Share (unaudited)

$ in millions, except per share amounts


		Three Months Ended
		March 31,
		2024		2023
Numerators:
Net income	A	$	28.3	$	23.6
Impact of the LPT Agreement		(2.1)		(2.0)
Net income excluding LPT (1)	B	26.2		21.6
Net realized and unrealized gains on investments		(11.4)		(6.4)



Income tax expense related to items excluded from Net income		2.4		1.3
Adjusted net income (1)	C	$	17.2	$	16.5

Denominators:
Average common shares outstanding (basic)	D	25,345,942		27,176,823
Average common shares outstanding (diluted)	E	25,535,971		27,392,678

Earnings per share:
Basic	A / D	$	1.12	$	0.87
Diluted	A / E	1.11		0.86

Earnings per share excluding LPT: (1)
Basic	B / D	$	1.03	$	0.79
Diluted	B / E	1.03		0.79

Adjusted earnings per share: (1)
Basic	C / D	$	0.68	$	0.61
Diluted	C / E	0.67		0.60

(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 does not result in any meaningful 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 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 is being amortized through June 30, 2024. 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 measures 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 (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.