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    Employers (EIG)

    Market Price (11/10/2026): $47.6 | Market Cap: $834.8 MilSector: Financials | Industry: Property & Casualty Insurance

    Employers (EIG)

    Market Price (11/10/2026): $47.6
    Market Cap: $834.8 Mil
    Sector: Financials
    Industry: Property & Casualty Insurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, Dividend Yield is 3.0%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -107%

    Low stock price volatility
    Vol 12M is 24%

    Weak multi-year price returns
    2Y Excs Rtn is -24%, 3Y Excs Rtn is -37%

    Expensive valuation multiples
    P/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 31x

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.1%, Rev Chg QQuarterly Revenue Change % is -21%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.7%

    Key risks
    EIG key risks include [1] significant underwriting losses driven by the escalating frequency and severity of its California cumulative trauma claims.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, Dividend Yield is 3.0%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -107%
    2 Low stock price volatility
    Vol 12M is 24%
    3 Weak multi-year price returns
    2Y Excs Rtn is -24%, 3Y Excs Rtn is -37%
    4 Expensive valuation multiples
    P/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 31x
    5 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.1%, Rev Chg QQuarterly Revenue Change % is -21%
    6 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.7%
    7 Key risks
    EIG key risks include [1] significant underwriting losses driven by the escalating frequency and severity of its California cumulative trauma claims.

    EIG in ETFs

    Weight = EIG's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.03%
    IJR0.05%
    VB0.01%
    VIOV0.10%
    SLYV0.09%
    IJS0.09%
    +11 more covered ETFs

    Valuation & Metrics

    FYE: 12/31EIG [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$787.6 Mil—
    FY 2026 Sales$805.3 Mil—
    FY 2027 Sales$737.4 Mil—
    FY 2026 Sales Growth2.2%—
    FY 2027 Sales Growth-8.4%8.6%
    EARNINGS
    LTM Net Income (GAAP) [3]$27.5 Mil—
    FY 2026 Net Income (Non-GAAP)$51.2 Mil—
    FY 2027 Net Income (Non-GAAP)$57.4 Mil—
    FY 2027 Net Income Growth12.0%13.0%
    FY 2026 EPS (Non-GAAP)$2.35—
    FY 2027 EPS (Non-GAAP)$2.42—
    FY 2027 EPS Growth3.2%—
    VALUATION
    FY 2026 P/S1.01.7
    FY 2027 P/S1.1—
    FY 2026 P/E16.38.7
    FY 2027 P/E14.6—

    [1] EIG forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    EIGS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)0.8
    Rev Chg Q-20.9%8.8%
    Rev Chg LTM-13.0%8.6%
    Rev Chg 3Y Avg-2.1%6.5%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM-2.4%21.4%
    Net Inc Mgn3.5%13.5%
    VALUATIONMODERATE
    P/S1.13.2
    P/CFO-45.315.2
    P/FCF-40.020.4
    P/E31.022.3

    AI Analysis | Feedback

    MetricValueDateSource
    Ending Policies in-Force1354149302025Link

    Price Chart

    Upcoming
    11/12/2026DividendAmount: $0.34
    Payment On: 12/03/2026
    2/18/2027Earnings ReleaseRev: $187 Mil (E)
    EPS: $0.42 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/3/2026

    Employers (EIG) stock has lost about 5% since 7/31/2026 because of the following key factors:

    1. Significant Decline in Premiums Amidst a Soft Market: Employers Holdings (EIG) reported a substantial decrease in premiums in fiscal Q3 2026 (which ended September 30, 2026), with gross premiums written declining 18% to $151.1 million and net premiums earned falling 17% to $160.2 million compared to the prior year. This reduction was a deliberate strategy by management to prioritize profitability in what they described as a "prolonged soft market" for workers' compensation insurance, leading to a decrease in policies in force by 8%. The broader commercial insurance market also experienced continuous rate decreases, with global commercial insurance rates falling by an average of 5% in fiscal Q3 2026 due to ample capacity and intense competition.

    2. Negative Impact of Rising Interest Rates on Book Value: Despite an increase in net investment income by 23.8% to $32.3 million in fiscal Q3 2026, the company's book value per share (including dividends) declined by 5.3% to $49.44 from the prior quarter (June 30, 2026). This decrease was primarily driven by unrealized losses in EIG's fixed-income portfolio, directly attributable to the increase in interest rates during the period. Stockholders' equity also decreased from $858.8 million at June 30, 2026, to $785.6 million at September 30, 2026.

    Show more
    Updated on 11/3/2026

    Employers (EIG) stock has lost about 5% since 7/31/2026 because of the following key factors:

    1. Significant Decline in Premiums Amidst a Soft Market: Employers Holdings (EIG) reported a substantial decrease in premiums in fiscal Q3 2026 (which ended September 30, 2026), with gross premiums written declining 18% to $151.1 million and net premiums earned falling 17% to $160.2 million compared to the prior year. This reduction was a deliberate strategy by management to prioritize profitability in what they described as a "prolonged soft market" for workers' compensation insurance, leading to a decrease in policies in force by 8%. The broader commercial insurance market also experienced continuous rate decreases, with global commercial insurance rates falling by an average of 5% in fiscal Q3 2026 due to ample capacity and intense competition.

    2. Negative Impact of Rising Interest Rates on Book Value: Despite an increase in net investment income by 23.8% to $32.3 million in fiscal Q3 2026, the company's book value per share (including dividends) declined by 5.3% to $49.44 from the prior quarter (June 30, 2026). This decrease was primarily driven by unrealized losses in EIG's fixed-income portfolio, directly attributable to the increase in interest rates during the period. Stockholders' equity also decreased from $858.8 million at June 30, 2026, to $785.6 million at September 30, 2026.

    3. Persistent Underwriting Challenges and Claim Severity Trends: While EIG's GAAP combined ratio improved to 108.4% in fiscal Q3 2026 from 129.7% a year earlier, management indicated that they were not satisfied with this level and are continuing to strive for further underwriting improvement. The workers' compensation industry generally continues to face pressures from rising medical costs, increased claim severity, and litigation trends, particularly from California cumulative trauma claims, which present ongoing challenges to achieving optimal underwriting profitability.

    Show less
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    Stock Movement Drivers

    Fundamental Drivers

    The -5.3% change in EIG stock from 7/31/2026 to 11/9/2026 was primarily driven by a -74.2% change in the company's P/E Multiple.
    (LTM values as of)731202611092026Change
    Stock Price ($)50.2047.56-5.3%
    Change Contribution By: 
    Total Revenues ($ Mil)838788-6.0%
    Net Income Margin (%)0.9%3.5%284.8%
    P/E Multiple120.131.0-74.2%
    Shares Outstanding (Mil)18181.6%
    Cumulative Contribution-5.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/9/2026
    ReturnCorrelation
    EIG-5.3% 
    Market (SPY)0.8%16.4%
    Sector (XLF)1.8%24.5%

    Fundamental Drivers

    The 14.7% change in EIG stock from 4/30/2026 to 11/9/2026 was primarily driven by a 177.6% change in the company's Net Income Margin (%).
    (LTM values as of)430202611092026Change
    Stock Price ($)41.4847.5614.7%
    Change Contribution By: 
    Total Revenues ($ Mil)859788-8.3%
    Net Income Margin (%)1.3%3.5%177.6%
    P/E Multiple84.131.0-63.2%
    Shares Outstanding (Mil)221822.4%
    Cumulative Contribution14.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/9/2026
    ReturnCorrelation
    EIG14.7% 
    Market (SPY)5.0%-8.5%
    Sector (XLF)11.6%22.2%

    Fundamental Drivers

    The 28.7% change in EIG stock from 10/31/2025 to 11/9/2026 was primarily driven by a 125.2% change in the company's P/E Multiple.
    (LTM values as of)1031202511092026Change
    Stock Price ($)36.9647.5628.7%
    Change Contribution By: 
    Total Revenues ($ Mil)905788-13.0%
    Net Income Margin (%)6.9%3.5%-49.5%
    P/E Multiple13.731.0125.2%
    Shares Outstanding (Mil)231829.9%
    Cumulative Contribution28.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/9/2026
    ReturnCorrelation
    EIG28.7% 
    Market (SPY)11.3%-4.5%
    Sector (XLF)12.1%26.5%

    Fundamental Drivers

    The 36.1% change in EIG stock from 10/31/2023 to 11/9/2026 was primarily driven by a 307.8% change in the company's P/E Multiple.
    (LTM values as of)1031202311092026Change
    Stock Price ($)34.9547.5636.1%
    Change Contribution By: 
    Total Revenues ($ Mil)847788-7.0%
    Net Income Margin (%)14.1%3.5%-75.3%
    P/E Multiple7.631.0307.8%
    Shares Outstanding (Mil)261845.2%
    Cumulative Contribution36.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/9/2026
    ReturnCorrelation
    EIG36.1% 
    Market (SPY)86.2%17.2%
    Sector (XLF)87.1%44.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    EIG Return32%13%-6%33%-13%13%82%
    Peers Return30%8%-4%26%9%1849982%3409525%
    S&P 500 Return27%-19%24%23%16%8%96%

    Monthly Win Rates [3]
    EIG Win Rate50%50%67%67%42%64% 
    Peers Win Rate56%52%57%53%48%42% 
    S&P 500 Win Rate75%42%67%75%67%36% 

    Max Drawdowns [4]
    EIG Max Drawdown-12%-22%-21%-11%-29%-15% 
    Peers Max Drawdown-13%-21%-22%-9%-15%-20% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: HIG, FNF, OIG, CB, PGR.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/9/2026 (YTD)

    How Low Can It Go

    EventEIGS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-15.8%-6.7%
      % Gain to Breakeven18.7%7.1%
      Time to Breakeven262 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-17.0%-24.5%
      % Gain to Breakeven20.4%32.4%
      Time to Breakeven21 days427 days
    2020 COVID-19 Crash
      % Loss-37.4%-33.7%
      % Gain to Breakeven59.8%50.9%
      Time to Breakeven337 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-17.0%-12.2%
      % Gain to Breakeven20.4%13.9%
      Time to Breakeven23 days62 days
    2014-2016 Oil Price Collapse
      % Loss-10.5%-6.8%
      % Gain to Breakeven11.7%7.3%
      Time to Breakeven35 days15 days
    2013 Taper Tantrum
      % Loss-13.3%-0.2%
      % Gain to Breakeven15.4%0.2%
      Time to Breakeven65 days1 days

    Compare to HIG, FNF, OIG, CB, PGR

    In The Past

    Employers's stock fell -5.5% during the 2025 US Tariff Shock. Such a loss loss requires a 5.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventEIGS&P 500
    2020 COVID-19 Crash
      % Loss-37.4%-33.7%
      % Gain to Breakeven59.8%50.9%
      Time to Breakeven337 days140 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-27.2%-17.9%
      % Gain to Breakeven37.3%21.8%
      Time to Breakeven57 days123 days
    2008-2009 Global Financial Crisis
      % Loss-52.3%-53.4%
      % Gain to Breakeven109.7%114.4%
      Time to Breakeven638 days1085 days

    Compare to HIG, FNF, OIG, CB, PGR

    In The Past

    Employers's stock fell -5.5% during the 2025 US Tariff Shock. Such a loss loss requires a 5.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Employers (EIG)

    Employers Holdings, Inc. (EIG) operates within the commercial property and casualty insurance sector, primarily serving the United States market. The company's main offering is workers' compensation insurance, a critical product for businesses to cover employee injuries and illnesses incurred on the job.

    EIG specifically focuses on providing these insurance solutions to small businesses, particularly those operating in low to medium hazard industries. To reach its customer base, the company utilizes a diverse distribution strategy, marketing its products through independent agents and brokers, alternative channels, various trade groups, and also directly to customers.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Employers Holdings, Inc. (EIG):

    • They're like the Progressive of workers' compensation insurance for small businesses.

    • Imagine State Farm, but focused exclusively on workers' compensation for small businesses.

    • Think of them as the ADP for small business workers' compensation insurance.

    AI Analysis | Feedback

    • Workers' Compensation Insurance: Provides insurance policies to small businesses covering costs associated with work-related injuries and illnesses for their employees.

    AI Analysis | Feedback

    Employers Holdings, Inc. (EIG) sells primarily to other companies, specifically small businesses.

    Based on the company description, its major customers are:

    • Small businesses in low to medium hazard industries that require workers' compensation insurance.

    The company does not publicly disclose the names of its individual small business customers, as its customer base consists of a large number of diverse small enterprises rather than a few major named corporations.

    AI Analysis | Feedback

    • Guidewire Software, Inc. (GWRE)

    AI Analysis | Feedback

    Katherine H. Antonello President and Chief Executive Officer

    Katherine H. Antonello has served as the President and Chief Executive Officer of Employers Holdings, Inc. since April 2021. She possesses extensive actuarial expertise and a deep understanding of the insurance industry, holding designations as a Fellow of the Casualty Actuarial Society (FCAS), a Fellow of the Society of Actuaries (FSA), and a Member of the American Academy of Actuaries (MAAA).

    Michael A. Pedraja Executive Vice President, Chief Financial Officer

    Michael A. Pedraja is the Executive Vice President and Chief Financial Officer of Employers Holdings, Inc., officially assuming the role on or around March 31, 2025. He brings over 30 years of experience in corporate finance within the insurance sector. His career includes significant positions such as Group CFO for Ariel Re Services, and senior roles at The Allstate Corporation, Aon Securities, Barclays, and Credit Suisse. Mr. Pedraja holds a bachelor's degree in accounting from DePaul University.

    John M. Mutschink Executive Vice President, Chief Administrative Officer

    John M. Mutschink serves as the Executive Vice President, Chief Administrative Officer for Employers Holdings, Inc.

    Lori A. Brown Executive Vice President, Chief Legal Officer and General Counsel

    Lori A. Brown holds the position of Executive Vice President, Chief Legal Officer and General Counsel at Employers Holdings, Inc.

    Ann Marie Smith Senior Vice President, Chief Actuarial and Underwriting Officer

    Ann Marie Smith is the Senior Vice President, Chief Actuarial and Underwriting Officer for Employers Holdings, Inc.

    AI Analysis | Feedback

    The key risks to Employers Holdings, Inc. (EIG) are as follows:

    1. Concentration Risk and Surge in California Cumulative Trauma Claims

    Employers Holdings, Inc. faces significant risk due to its concentrated business in California, which accounts for approximately 45% of its premiums. The company has experienced an unexpected and substantial surge in cumulative trauma (CT) claims in California, leading to a deterioration in underwriting profitability and requiring significant strengthening of prior-year reserves. This issue has directly impacted the company's financial performance, contributing to underwriting losses and a sharp increase in the GAAP combined ratio.

    2. Underwriting Profitability and Pricing in a Competitive Market

    The company operates in a highly competitive workers' compensation insurance market characterized by stagnant pricing and rising claims costs. This environment puts continuous pressure on EIG's underwriting discipline, leading to challenges in maintaining profitability. Inaccurate estimates of expected losses and loss adjustment expenses (LAE) can result in mispriced policies, further contributing to underwriting losses. EIG's combined ratio has worsened, indicating a decline in core underwriting profitability.

    3. Regulatory Restrictions on Subsidiary Dividend Payments

    As a holding company, Employers Holdings, Inc. relies on dividends from its insurance subsidiaries to fund its operations and capital management strategies. However, state regulations impose significant restrictions on the amount these subsidiaries can pay out in dividends. This limitation can reduce the holding company's financial flexibility, particularly if the subsidiaries face financial strains or require capital for their own operations, potentially impacting EIG's ability to return capital to shareholders or manage its overall liquidity.

    AI Analysis | Feedback

    The rise of Insurtech companies specializing in small business workers' compensation insurance poses a clear emerging threat. These companies leverage advanced data analytics, artificial intelligence, and streamlined digital platforms to offer more tailored policies, faster quotes, potentially lower premiums, and a more user-friendly experience, directly challenging traditional insurers' market share and operational efficiency in EIG's core segment.

    AI Analysis | Feedback

    Employers Holdings, Inc. (EIG) operates in the workers' compensation insurance industry primarily in the United States, focusing on small businesses in low to medium hazard industries. The addressable market for their main product, workers' compensation insurance, in the U.S. is estimated to be approximately $51.2 billion in 2025.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for Employers Holdings, Inc. (EIG) over the next 2-3 years:

    1. Growth in New and Renewal Premiums: The company has demonstrated steady growth in written premiums, driven by increases in both new business and renewal policies. In 2023, gross written premium growth was a result of a 20% increase in new business and a 9% increase in renewal business. This trend of increasing policy count and premium volume is expected to continue, supported by ongoing appetite expansion initiatives.
    2. Launch and Expansion of Excess Workers' Compensation Product: EIG has strategically expanded its product portfolio with the launch of a new Excess Workers' Compensation insurance product. This product targets large self-insured employers, groups, and public entities, marking a new market opportunity that management believes could be a meaningful top-line revenue growth driver, with submissions expected to commence in early 2026.
    3. Growth in Cerity® Digital-First Policy Volume: The company's digital-first platform, Cerity®, is positioned as a direct-to-consumer workers' compensation solution. This platform is expected to continue capturing new business and contributing to overall growth.
    4. Net Investment Income: Investment performance has been a significant contributor to EIG's revenue. Net investment income increased by 19% in 2023 and continued to rise in 2025, increasing by 17.6% in Q4 2025 due to private equity investment return distributions and a higher book yield on its fixed-income portfolio. Continued effective investment strategies are anticipated to boost revenue.
    5. Underwriting and Pricing Actions: While primarily aimed at profitability, recent underwriting and pricing adjustments, particularly in response to increased California cumulative trauma claims, are expected to stabilize loss ratios and improve overall underwriting income. This focus on disciplined risk management and improved profitability for its core insurance business provides a sustainable foundation for future revenue growth.

    AI Analysis | Feedback

    Share Repurchases

    • Employers Holdings, Inc. returned $215.4 million to stockholders through share repurchases and regular quarterly dividends in 2025.
    • In January 2026, the company completed a $125 million recapitalization plan, which included the repurchase of 2,981,141 shares at an average price of $42.00 per share.
    • As of February 18, 2026, the company had a remaining share repurchase authorization of $53.1 million. Additionally, an increase of $125.0 million to the existing 2025 share repurchase program was approved in October 2025, expanding the aggregate share repurchase authority to $250.0 million.

    Share Issuance

    • No significant share issuances by Employers Holdings, Inc. have been reported in the last 3-5 years.

    Outbound Investments

    • Employers Holdings, Inc. launched a new Excess Workers' Compensation insurance product in February 2026, expanding its portfolio to serve large self-insured employers and public entities.

    Capital Expenditures

    • Capital expenditures for Employers Holdings, Inc. were notably low at approximately $3.7 million (TTM as of Q3 2025), which is characteristic of a non-capital-intensive insurance company.
    • The company's strategic focus includes investments in technology, such as the aggressive adoption of AI tools to accelerate product development, and maintaining automation and digital distribution investments.

    Peer Outperformance in Property & Casualty Insurance

    EIG has trailed 71% of its 41 Property & Casualty Insurance peers over 5Y. Property & Casualty Insurance ranks 6th of 18 industries in Financials by median 5Y return.
    Share of Property & Casualty Insurance constituents that EIG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    67%
    of 46 industry peers · 27.8% return
    3Y
    24%
    of 42 industry peers · 35.0% return
    5Y
    29%
    of 41 industry peers · 40.5% return
    No Property & Casualty Insurance peer with a comparable growth profile has beaten EIG by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is EIG's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 29.9%70.2%119.9% SPNT 174% · RGA 166% · RNR 132%
    Diversified Banks 12 31.7%143.1%92.9% CM 147% · JPM 131% · RY 130%
    Investment Banking & Brokerage 13 -3.5%93.4%90.2% IBKR 337% · SNEX 169% · GS 152%
    Multi-Sector Holdings 4 32.0%62.9%88.0% BRK-B 101% · VOYA 75% · JEF 42%
    Life & Health Insurance 20 10.4%58.7%85.1% JXN 527% · UNM 261% · FG 240%
    Property & Casualty Insurance ← 42 15.6%69.9%69.1% TRV 176% · ACGL 171% · PGR 166%
    Multi-line Insurance 9 8.4%71.7%58.9% AIZ 115% · GNW 106% · L 94%
    Regional Banks 264 31.6%93.8%48.6% CBC 279% · FCNCA 179% · NIC 141%
    Insurance Brokers 15 1.6%9.0%28.6% LIFE 317% · ARX 89% · WTW 50%
    Financial Exchanges & Data 15 18.4%30.2%15.1% CBOE 187% · VIRT 148% · CME 69%
    Asset Management & Custody Banks 85 -5.8%18.3%6.3% VCTR 254% · WT 235% · AAMI 221%
    Diversified Financial Services 4 -2.6%23.3%5.8% FRHC 148% · EQH 82%
    Commercial & Residential Mortgage Finance 14 -41.7%28.1%4.5% FNMA 350% · FMCC 313% · ACT 161%
    Consumer Finance 30 1.8%77.8%-2.1% ENVA 319% · FCFS 133% · AXP 92%
    Specialized Finance 3 26.9%30.4%-18.7% CACC -19% · HASI -21%
    Transaction & Payment Processing Services 17 23.2%12.5%-23.3% V 105% · MA 96% · CPAY 88%
    Mortgage REITs 34 -18.9%-10.5%-38.1% RITM 37% · DX 18% · AGNC 13%
    Diversified Capital Markets 20 -48.7%-14.1%-69.3% LPLA 90% · TW 37% · RIOT -56%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    MNTNMNTN0.4-44.8%-56.5%
    GTN-AGray Media0.6-40.8%-49.2%
    NRIXNurix Therapeutics1.8-37.2%-14.9%
    PCTPureCycle Technologies0.4-36.6%-76.0%
    STLNStarling Oncology0.4-36.0%-22.6%
    PRAAPRA0.5-35.6%-28.2%
    AESIAtlas Energy Solutions0.7-32.7%-41.2%
    ADTNAdtran0.3-31.7%-50.6%
    KRTKarat Packaging0.7-31.2%69.0%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    BMBLBumble0.8135.4%67.5%
    SGRYSurgery Partners3.490.4%71.2%
    LQDALiquidia4.374.8%38.8%
    ONTOnterris0.870.8%-5.0%
    ULHUniversal Logistics0.870.7%98.5%
    GDYNGrid Dynamics1.167.3%47.3%
    REPLReplimune2.365.9%129.0%
    VRDNViridian Therapeutics3.361.8%-3.0%
    ENOVEnovis1.661.3%7.1%
    UPBDUpbound1.460.3%50.4%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    AESIAtlas Energy Solutions0.7-54.9%-41.2%
    AAOIApplied Optoelectronics4.2-52.5%49.5%
    FRMIFermi1.1-51.6%-79.2%
    DJTTrump Media & Technology1.1-49.9%-69.3%
    CIFRCipher Digital2.8-49.6%-53.9%
    MNTNMNTN0.4-49.1%-56.5%
    PCTPureCycle Technologies0.4-47.4%-76.0%
    LITELumentum50.9-46.0%61.7%
    FSLYFastly2.5-45.5%57.0%
    IOVAIovance Biotherapeutics3.7-44.1%199.3%

    More From Trefis

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    Peer Comparisons

    Peers to compare with:

    Financials

    EIGHIGFNFOIGCBPGRMedian
    NameEmployersHartford.Fidelity.Orion180.Chubb Progress. 
    Mkt Price47.60134.8945.039.43363.43225.7791.24
    Mkt Cap0.936.412.0-140.1131.136.4
    Rev LTM78829,36414,552-62,15791,69929,364
    Op Inc LTM-------
    FCF LTM-216,9165,544-17,80815,2246,916
    FCF 3Y Avg406,0696,218-15,31115,5216,218
    CFO LTM-196,9935,673-17,80815,6626,993
    CFO 3Y Avg436,2146,358-15,31115,8656,358

    Growth & Margins

    EIGHIGFNFOIGCBPGRMedian
    NameEmployersHartford.Fidelity.Orion180.Chubb Progress. 
    Rev Chg LTM-13.0%8.2%6.1%-5.5%7.7%6.1%
    Rev Chg 3Y Avg-2.1%7.2%11.1%-8.9%16.2%8.9%
    Rev Chg Q-20.9%3.0%-11.0%--0.1%3.0%-0.1%
    QoQ Delta Rev Chg LTM-6.0%0.7%-2.9%--0.0%0.7%-0.0%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM-2.4%23.8%39.0%-28.7%17.1%23.8%
    CFO/Rev 3Y Avg4.7%22.6%46.3%-26.1%19.2%22.6%
    FCF/Rev LTM-2.7%23.6%38.1%-28.7%16.6%23.6%
    FCF/Rev 3Y Avg4.3%22.0%45.3%-26.1%18.8%22.0%

    Valuation

    EIGHIGFNFOIGCBPGRMedian
    NameEmployersHartford.Fidelity.Orion180.Chubb Progress. 
    Mkt Cap0.936.412.0-140.1131.136.4
    P/S1.11.20.8-2.31.41.2
    P/Op Inc-------
    P/EBIT23.56.44.3-9.68.78.7
    P/E31.07.911.4-12.511.311.4
    P/CFO-45.35.22.1-7.98.45.2
    Total Yield6.3%14.4%13.4%-9.1%15.0%13.4%
    Dividend Yield3.0%1.8%4.6%-1.1%6.2%3.0%
    FCF Yield 3Y Avg3.4%17.5%44.3%-12.9%11.3%12.9%
    D/E0.20.10.4-0.10.10.1
    Net D/E-1.1-0.5-2.1--0.2-0.0-0.5

    Returns

    EIGHIGFNFOIGCBPGRMedian
    NameEmployersHartford.Fidelity.Orion180.Chubb Progress. 
    1M Rtn-3.6%4.5%16.1%6.7%6.5%3.8%5.5%
    3M Rtn-2.3%-4.0%-5.0%9,429,900.0%4.7%5.6%1.2%
    6M Rtn16.7%3.0%-4.6%9,429,900.0%14.2%14.8%14.5%
    12M Rtn27.9%6.1%-14.5%9,429,900.0%27.9%10.7%19.3%
    3Y Rtn35.1%92.5%19.1%∞%69.9%54.0%54.0%
    1M Excs Rtn1.9%10.0%21.6%12.4%12.1%9.4%11.1%
    3M Excs Rtn3.4%2.0%0.3%9,429,904.6%9.6%10.9%6.5%
    6M Excs Rtn17.2%3.5%-4.1%9,429,900.5%14.7%15.2%15.0%
    12M Excs Rtn18.5%-2.4%-20.4%9,429,890.0%20.2%5.0%11.8%
    3Y Excs Rtn-37.1%22.5%-45.0%∞%2.1%-14.8%-14.8%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End9/30/20266/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date10/30/20267/30/20265/1/20262/26/202610/31/20258/1/20255/2/20252/28/202511/1/20248/2/20244/26/20242/26/2024
    Key Financials Quarterly            
    Total Revenue189220208170239246203217224217223226
    Net Income122910-23-830132830322846
    EPS0.651.600.53-1.06-0.361.240.521.141.221.251.121.78
    Key Financials TTM            
    Total Revenue TTM788838864859905890860881890869868851
    Net Income TTM28881162101103119136120123118
    Growth Rates Quarterly            
    Total Revenue Growth-20.9%-10.6%2.5%-21.3%6.8%13.5%-9.2%-4.0%10.1%0.8%8.0%1.8%
    Net Income Growth239.8%-2.0%-20.3%-182.7%-127.4%-6.3%-54.8%-37.9%116.4%-9.2%19.9%-3.2%
    Margins Quarterly            
    Net Income Margin6.1%13.2%4.9%-13.7%-3.5%12.1%6.3%13.1%13.5%14.6%12.7%20.2%
    Cash & Debt            
    Total Cash1,0371,1191,1461,2051,0911,0141,0592,1669918568552,196
    Total Debt1281291293943445566
    Net Debt / (Cash)-908-990-1,017-1,166-1,087-1,011-1,055-2,162-987-851-850-2,190
    Cash Flows Quarterly            
    FCF from Operations-11-102129015135112128
    Cash Flows TTM            
    FCF from Operations TTM-192232455779907691654649
    Returns to Shareholders Quarterly            
    Dividends666778887887
    Share Repurchases1730799445242011819615
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Insurance Operations859881851714703
    Total859881851714703


    Net Income by Segment
    $ Mil20252024202320222021
    Insurance Operations1111911848119
    Total1111911848119


    Price Behavior

    Price Behavior
    Market Price$47.56 
    Market Cap ($ Bil)0.9 
    First Trading Date01/31/2007 
    Distance from 52W High-9.8% 
       50 Days200 Days
    DMA Price$49.24$45.55
    DMA Trendindeterminateup
    Distance from DMA-3.4%4.4%
     3M1YR
    Volatility25.4%24.0%
    Downside Capture20.14-25.08
    Upside Capture14.776.50
    Correlation (S&P 500)17.5%-2.0%
    EIG Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta1.130.570.36-0.28-0.140.26
    Up Beta-2.33-1.06-0.290.220.240.42
    Down Beta2.491.861.58-0.46-0.200.27
    Up Capture27%10%-7%-17%-9%4%
    Bmk +ve Days12182862130427
    Stock +ve Days13223370139401
    Down Capture117%82%63%-63%-56%26%
    Bmk -ve Days10253664121325
    Stock -ve Days8203055110341

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with EIG
    EIG28.3%24.0%0.97-
    Sector ETF (XLF)12.0%15.3%0.5326.5%
    Equity (SPY)13.3%13.7%0.65-2.6%
    Gold (GLD)3.7%28.8%0.12-7.7%
    Commodities (DBC)38.2%21.3%1.42-18.3%
    Real Estate (VNQ)13.7%14.3%0.6522.0%
    Bitcoin (BTCUSD)-25.3%43.6%-0.55-4.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with EIG
    EIG8.0%24.1%0.28-
    Sector ETF (XLF)9.4%18.4%0.3745.1%
    Equity (SPY)11.8%17.3%0.5124.6%
    Gold (GLD)17.8%19.1%0.75-5.2%
    Commodities (DBC)8.0%19.6%0.29-0.0%
    Real Estate (VNQ)1.5%18.9%-0.0332.3%
    Bitcoin (BTCUSD)4.4%51.6%0.274.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with EIG
    EIG7.5%26.8%0.29-
    Sector ETF (XLF)13.4%22.1%0.5551.4%
    Equity (SPY)15.3%18.0%0.7236.8%
    Gold (GLD)12.1%16.5%0.60-3.3%
    Commodities (DBC)7.6%18.1%0.339.8%
    Real Estate (VNQ)6.1%20.7%0.2538.2%
    Bitcoin (BTCUSD)60.0%66.3%1.006.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity1.0 Mil
    Short Interest: % Change Since 93020261.4%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest7
    Basic Shares Quantity17.9 Mil
    Short % of Basic Shares5.3%

    Returns Analyses

    Earnings Returns History

    Updated 11/6/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/28/2026-4.5%-7.4% 
    7/29/20263.7%2.1%-0.8%
    4/29/2026-1.5%-3.3%2.6%
    2/19/2026-7.7%-2.7%-7.2%
    10/30/2025-6.4%-6.0%-1.3%
    7/30/2025-9.5%-8.4%-5.2%
    5/1/20252.4%2.6%1.9%
    2/20/20250.3%4.8%1.4%
    ...
    SUMMARY STATS   
    # Positive121113
    # Negative121310
    Median Positive2.7%2.6%2.6%
    Median Negative-4.6%-5.0%-1.7%
    Max Positive11.1%13.4%24.3%
    Max Negative-9.5%-8.4%-13.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/28/2026-4.5%-7.4% 
    7/29/20263.7%2.1%-0.8%
    4/29/2026-1.5%-3.3%2.6%
    2/19/2026-7.7%-2.7%-7.2%
    10/30/2025-6.4%-6.0%-1.3%
    7/30/2025-9.5%-8.4%-5.2%
    5/1/20252.4%2.6%1.9%
    2/20/20250.3%4.8%1.4%
    10/30/20241.6%11.9%11.9%
    7/31/2024-3.6%-5.0%0.1%
    4/25/20241.1%-0.7%-4.4%
    2/15/20243.9%6.5%2.4%
    10/25/2023-4.7%-2.3%-2.1%
    7/26/20233.0%2.5%3.7%
    4/27/2023-6.0%-6.9%-13.6%
    2/16/20236.9%1.5%-1.4%
    10/27/202211.1%13.4%17.6%
    7/28/2022-2.3%-5.3%0.1%
    4/27/2022-4.4%-5.2%1.5%
    2/16/20222.2%-0.4%3.2%
    10/28/2021-2.1%0.9%-0.7%
    7/22/2021-5.7%-0.1%-0.2%
    4/22/20212.1%0.7%5.8%
    2/17/20214.2%3.6%24.3%
    SUMMARY STATS   
    # Positive121113
    # Negative121310
    Median Positive2.7%2.6%2.6%
    Median Negative-4.6%-5.0%-1.7%
    Max Positive11.1%13.4%24.3%
    Max Negative-9.5%-8.4%-13.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    09/30/202610/30/202610-Q
    06/30/202607/30/202610-Q
    03/31/202605/01/202610-Q
    12/31/202502/26/202610-K
    09/30/202510/31/202510-Q
    06/30/202508/01/202510-Q
    03/31/202505/02/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/01/202410-Q
    06/30/202408/02/202410-Q
    03/31/202404/26/202410-Q
    12/31/202302/26/202410-K
    09/30/202310/27/202310-Q
    06/30/202307/28/202310-Q
    03/31/202304/28/202310-Q
    12/31/202202/24/202310-K
     Collapse to Preview
    Report DateFiling DateFiling
    09/30/202610/30/202610-Q
    06/30/202607/30/202610-Q
    03/31/202605/01/202610-Q
    12/31/202502/26/202610-K
    09/30/202510/31/202510-Q
    06/30/202508/01/202510-Q
    03/31/202505/02/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/01/202410-Q
    06/30/202408/02/202410-Q
    03/31/202404/26/202410-Q
    12/31/202302/26/202410-K
    09/30/202310/27/202310-Q
    06/30/202307/28/202310-Q
    03/31/202304/28/202310-Q
    12/31/202202/24/202310-K
    09/30/202210/28/202210-Q
    06/30/202207/29/202210-Q
    03/31/202204/29/202210-Q
    12/31/202102/24/202210-K
    09/30/202110/29/202110-Q
    06/30/202107/29/202110-Q
    03/31/202104/26/202110-Q
    12/31/202002/23/202110-K
    09/30/202010/27/202010-Q
    06/30/202007/28/202010-Q
    03/31/202004/24/202010-Q
    12/31/201902/20/202010-K

    Insider Activity

    Updated 8/19/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Ozuna, Christina MChief Claims OfficerDirectSell311202639.884,500179,460598,519Form
    2Smith, Ann MarieChief Actuarial and UW OfficerDirectSell311202639.295,000196,450341,980Form
    3Pedraja, MichaelEVP, Chief Financial OfficerDirectBuy224202639.732,00079,460787,846Form
    4Pedraja, MichaelEVP, Chief Financial OfficerDirectBuy1104202537.095,500203,995661,315Form
    5Pedraja, MichaelEVP, Chief Financial OfficerDirectBuy805202540.045,000200,200493,693Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Ozuna, Christina MChief Claims OfficerDirectSell311202639.884,500179,460598,519Form
    2Smith, Ann MarieChief Actuarial and UW OfficerDirectSell311202639.295,000196,450341,980Form
    3Pedraja, MichaelEVP, Chief Financial OfficerDirectBuy224202639.732,00079,460787,846Form
    4Pedraja, MichaelEVP, Chief Financial OfficerDirectBuy1104202537.095,500203,995661,315Form
    5Pedraja, MichaelEVP, Chief Financial OfficerDirectBuy805202540.045,000200,200493,693Form

    Industry Resources

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    Core Cache Last Updated: 11/9/2026