NU Online News Service, Feb. 25, 9:50 a.m. EST

Des Moines, Iowa-based insurer EMC Insurance Group Inc. reported fourth-quarter net income dropped 61 percent from the prior year, but excluding the investment gain from the sale of stock investment in 2009 kept earnings virtually flat, the company said.

EMC reported net income for the fourth quarter dropped $17 million to $11 million. Earnings per share fell from $2.10 a share to 83 cents. Revenues increased 3 percent, or close to $4 million, to $115 million. The company's combined ratio rose 4.9 points to 99.6.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.