Tearsheet

Employers (EIG)

Market Price (3/13/2026): $41.0 | Market Cap: $898.2 Mil
Sector: Financials | Industry: Property & Casualty Insurance

Employers (EIG)

Market Price (3/13/2026): $41.0
Market Cap: $898.2 Mil
Sector: Financials
Industry: Property & Casualty Insurance

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

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 -135%	Weak multi-year price returns 2Y Excs Rtn is -38%, 3Y Excs Rtn is -70%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 69x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 19x, P/EPrice/Earnings or Price/(Net Income) is 80x
1	Attractive yield Dividend Yield is 3.5%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg QQuarterly Revenue Change % is -21%
2	Low stock price volatility Vol 12M is 26%		Key risks EIG key risks include [1] significant underwriting losses driven by the escalating frequency and severity of its California cumulative trauma claims.

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 -135%
1	Attractive yield Dividend Yield is 3.5%
2	Low stock price volatility Vol 12M is 26%
3	Weak multi-year price returns 2Y Excs Rtn is -38%, 3Y Excs Rtn is -70%
4	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 69x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 19x, P/EPrice/Earnings or Price/(Net Income) is 80x
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.5%, Rev Chg QQuarterly Revenue Change % is -21%
6	Key risks EIG key risks include [1] significant underwriting losses driven by the escalating frequency and severity of its California cumulative trauma claims.

Valuation, Metrics & Events

	3/13/26	2025	2024	2023	2022
Share Price CYE	$41.00	$43.17	$51.23	$39.40	$43.13
Market Cap CYE ($ Mil)	898.2	945.7	1,266.6	1,010.1	1,186.2
Total Debt ($ Mil)	38.9	38.9	4.2	5.9	196.1
Total Cash ($ Mil)	159.8	159.8	68.3	226.4	89.2
Enterprise Value ($ Mil)	777.3	984.6	1,270.8	1,016.0	1,382.3
Valuation Ratios
P/S TTM	1.0	1.1	1.4	1.2	1.7
P/EBIT TTM	71.3	75.1	8.6	6.6	20.0
P/E TTM	83.2	87.6	10.7	8.6	24.6
P/FCF TTM	21.1	22.3	17.7	21.4	12.2
Sector Ratios
P/S TTM (Sector)	3.0	3.1	3.1	2.8	2.8
P/EBIT TTM (Sector)	7.0	7.3	8.4	7.2	7.7
P/E TTM (Sector)	10.8	11.0	11.7	9.8	9.6
P/FCF TTM (Sector)	8.2	8.7	8.7	7.6	6.4

	3/13/26	2025	2024
Share Price CYE	$41.00	$43.17	$51.23
Market Cap CYE ($ Mil)	898.2	945.7	1,266.6
Total Debt ($ Mil)	38.9	38.9	4.2
Total Cash ($ Mil)	159.8	159.8	68.3
Enterprise Value ($ Mil)	777.3	984.6	1,270.8
Valuation Ratios
P/S TTM	1.0	1.1	1.4
P/EBIT TTM	71.3	75.1	8.6
P/E TTM	83.2	87.6	10.7
P/FCF TTM	21.1	22.3	17.7
Sector Ratios
P/S TTM (Sector)	3.0	3.1	3.1
P/EBIT TTM (Sector)	7.0	7.3	8.4
P/E TTM (Sector)	10.8	11.0	11.7
P/FCF TTM (Sector)	8.2	8.7	8.7

	EIG	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.9
Rev Chg Q	-21.3%	7.2%
Rev Chg LTM	-2.5%	6.6%
Rev Chg 3Y Avg	6.8%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	0.0
CFO/Rev LTM	5.2%	20.9%
Net Inc Mgn	1.3%	12.8%
VALUATION	HIGH
P/S	1.0	3.2
P/CFO	20.1	15.2
P/FCF	21.1	19.8
P/E	83.2	24.0

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Metric	Value	Date	Source
Ending Policies in-Force	135414	9302025	Link

Recent
2/19/2026	Earnings Release	Rev: $170 Mil (A) vs. $217 Mil (E) EPS: 0.66 (A) vs. $0.53 (E)
3/04/2026	Dividend	Amount: $0.32 Payment On: 3/18/2026
Upcoming
5/07/2026	Earnings Release	Rev: - EPS: -

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Employers (EIG) stock has remained largely at the same level since 11/30/2025 because of the following key factors:

1. Stronger adjusted earnings and increased investment income in Q4 2025. Employers Holdings reported adjusted net income of $14.5 million, or $0.66 per diluted share, for the fourth quarter ended December 31, 2025, surpassing analysts' consensus estimate of $0.41 per share. This earnings beat was complemented by a 17.6% increase in net investment income to $31.4 million in Q4 2025, driven by higher interest rates and strategic portfolio rebalancing.

2. Significant capital returns to stockholders. The company returned $215 million to shareholders in 2025 through a combination of share repurchases and regular quarterly dividends. This included the repurchase of approximately 2.4 million shares for $97 million in Q4 2025. Additionally, the Board declared a $0.32 quarterly dividend per share on February 18, 2026.

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Stock Movement Drivers

Fundamental Drivers

The -0.2% change in EIG stock from 11/30/2025 to 3/12/2026 was primarily driven by a -81.8% change in the company's Net Income Margin (%).

(LTM values as of)	11302025	3122026	Change
Stock Price ($)	39.55	39.46	-0.2%
Change Contribution By:
Total Revenues ($ Mil)	905	859	-5.1%
Net Income Margin (%)	6.9%	1.3%	-81.8%
P/E Multiple	14.7	80.0	444.1%
Shares Outstanding (Mil)	23	22	6.1%
Cumulative Contribution			-0.2%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/12/2026

	Return	Correlation
EIG	-0.2%
Market (SPY)	-2.5%	2.4%
Sector (XLF)	-8.4%	29.7%

Fundamental Drivers

The -7.3% change in EIG stock from 8/31/2025 to 3/12/2026 was primarily driven by a -88.9% change in the company's Net Income Margin (%).

(LTM values as of)	8312025	3122026	Change
Stock Price ($)	42.58	39.46	-7.3%
Change Contribution By:
Total Revenues ($ Mil)	890	859	-3.5%
Net Income Margin (%)	11.4%	1.3%	-88.9%
P/E Multiple	10.1	80.0	691.7%
Shares Outstanding (Mil)	24	22	9.6%
Cumulative Contribution			-7.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/12/2026

	Return	Correlation
EIG	-7.3%
Market (SPY)	3.5%	-0.7%
Sector (XLF)	-9.3%	31.8%

Fundamental Drivers

The -21.0% change in EIG stock from 2/28/2025 to 3/12/2026 was primarily driven by a -90.7% change in the company's Net Income Margin (%).

(LTM values as of)	2282025	3122026	Change
Stock Price ($)	49.97	39.46	-21.0%
Change Contribution By:
Total Revenues ($ Mil)	881	859	-2.5%
Net Income Margin (%)	13.5%	1.3%	-90.7%
P/E Multiple	10.4	80.0	668.3%
Shares Outstanding (Mil)	25	22	12.9%
Cumulative Contribution			-21.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/12/2026

	Return	Correlation
EIG	-21.0%
Market (SPY)	13.1%	25.0%
Sector (XLF)	-5.4%	44.4%

Fundamental Drivers

The -3.5% change in EIG stock from 2/28/2023 to 3/12/2026 was primarily driven by a -81.4% change in the company's Net Income Margin (%).

(LTM values as of)	2282023	3122026	Change
Stock Price ($)	40.88	39.46	-3.5%
Change Contribution By:
Total Revenues ($ Mil)	714	859	20.4%
Net Income Margin (%)	6.8%	1.3%	-81.4%
P/E Multiple	23.3	80.0	243.9%
Shares Outstanding (Mil)	28	22	25.5%
Cumulative Contribution			-3.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/12/2026

	Return	Correlation
EIG	-3.5%
Market (SPY)	74.3%	24.6%
Sector (XLF)	43.0%	49.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
EIG Return	32%	13%	-6%	33%	-13%	-8%	49%
Peers Return	27%	11%	16%	31%	13%	-3%	136%
S&P 500 Return	27%	-19%	24%	23%	16%	-1%	80%
Monthly Win Rates [3]
EIG Win Rate	50%	50%	67%	67%	42%	33%
Peers Win Rate	57%	53%	62%	68%	60%	27%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
EIG Max Drawdown	-5%	-17%	-16%	-1%	-28%	-9%
Peers Max Drawdown	-6%	-11%	-14%	-1%	-7%	-7%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-2%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: HIG, FNF, CB, PGR, TRV.
[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 3/12/2026 (YTD)

How Low Can It Go

Unique Key	Event	EIG	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-22.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	28.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	21 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-40.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	68.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	923 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-22.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	28.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2,442 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-65.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	185.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,428 days	1,480 days

Compare to HIG, FNF, CB, PGR, TRV

In The Past

Employers's stock fell -22.4% during the 2022 Inflation Shock from a high on 6/28/2022. A -22.4% loss requires a 28.8% gain to breakeven.

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About Employers (EIG)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Employers Holdings, Inc., through its subsidiaries, operates in the commercial property and casualty insurance industry primarily in the United States. It offers workers' compensation insurance to small businesses in low to medium hazard industries. The company markets its products through independent local, regional, and national agents and brokers; alternative distribution channels; and national, regional, and local trade groups and associations, as well as directly to customers. Employers Holdings, Inc. was founded in 2000 and is based in Reno, Nevada.

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The Travelers of workers' compensation insurance.
AFLAC, but for workers' compensation insurance.
Like The Hartford, but exclusively focused on workers' compensation.

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Workers' Compensation Insurance: Provides coverage for medical expenses, lost wages, and rehabilitation costs for employees injured on the job.
Claims Administration: Manages the processing and payment of workers' compensation claims filed by injured employees.
Loss Control Services: Offers guidance and resources to businesses to help prevent workplace accidents and reduce potential risks.
Premium Audit Services: Conducts reviews of employer payroll records to ensure accurate calculation of insurance premiums.

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Employers Holdings, Inc. (symbol: EIG) primarily sells workers' compensation insurance to other companies.

As an insurance provider, EIG serves a large and diverse base of small to medium-sized businesses across various industries. Due to the nature of its business and the broad dispersion of its policyholders, EIG does not publicly disclose the names of its specific customer companies, nor does it typically rely on a small number of "major customers" for a significant portion of its revenue.

EIG's target market generally includes businesses operating in industries with moderate hazard risks, focusing on the needs of small to mid-sized employers.

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Katherine H. Antonello, President and Chief Executive Officer
Ms. Antonello has served as President and Chief Executive Officer of Employers Holdings, Inc. since April 2021. Prior to this, she was the Executive Vice President and Chief Actuary at the company. Her career also includes serving as Chief Actuary for the National Council on Compensation Insurance.

Michael A. Pedraja, Executive Vice President, Chief Financial Officer
Mr. Pedraja became the Executive Vice President and Chief Financial Officer of Employers Holdings, Inc. in 2025. He previously served as Group Chief Financial Officer for Ariel Re Services from 2021 to 2025. Prior to that, he was Senior Vice President and Treasurer of The Allstate Corporation from 2019 to 2021. His professional experience also includes roles as an insurance-focused Investment Banker at Aon Securities, Barclays, and Credit Suisse.

Lori A. Brown, Executive Vice President, Chief Legal Officer, and General Counsel
Ms. Brown has been the Chief Legal Officer, Executive Vice President, and General Counsel of Employers Holdings, Inc. since January 2019. Before this, she served as Senior Vice President and Deputy General Counsel at EIG Services Inc, EICN, ECIC, EPIC, and EAC from March 2015 to December 2018.

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

Kelley F. Kage, Senior Vice President, Chief Information Officer
Ms. Kage has been the Chief Information Officer and Senior Vice President of Employers Holdings, Inc. since 2023. Prior to this role, she served as Chief Information Officer and Vice President, Technology at Liberty Mutual Insurance from 2021 to 2023, bringing 16 years of experience from Liberty Mutual Insurance.

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The key risks to Employers Holdings, Inc.'s (EIG) business are primarily concentrated in the workers' compensation insurance market, particularly within California, and broader industry shifts.

Increased Frequency and Severity of California Cumulative Trauma (CT) Claims: The most significant immediate risk for EIG is the escalating frequency and severity of cumulative trauma claims in California. This trend has directly led to a substantial increase in the company's loss and loss adjustment expenses (LAE) ratio, negatively impacting its underwriting profitability. For instance, the company reported a significant strengthening of prior-year reserves by $38.2 million in Q3 2025, largely due to a surge in California CT claims for accident years 2023 and 2024. This resulted in a GAAP combined ratio of 129.7% in Q3 2025, indicating a significant underwriting loss, in contrast to the industry's projected combined ratio of 85% to 93% for 2025. The current accident year loss and LAE ratio for voluntary business was increased from 66.0% in Q1 2025 to 69.0% in Q2 2025, and further to 72.0% in Q3 2025, specifically in response to this rise in California CT claims.
Competitive Rate Environment: EIG operates in a workers' compensation market characterized by persistent rate competition. This competitive landscape puts pressure on pricing and can squeeze underwriting margins. The company has acknowledged that its focus on profitability over growth has led to targeted underwriting actions, which in some areas have tempered premium growth.
Shrinking Addressable Market due to Automation, AI, and Gig Economy: A longer-term risk for EIG is the evolving nature of work, driven by automation, artificial intelligence, and the expansion of the gig economy. These trends are reducing the demand for traditional workers' compensation insurance by shrinking the pool of full-time employees covered under standard policies. This consequently limits EIG's addressable market and can lead to lower long-term premium growth and policy volumes.

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The increasing prevalence of technology-driven insurtech companies and integrated payroll/HR platforms that offer bundled workers' compensation and other business insurance directly to small and medium-sized businesses. These platforms leverage digital processes, data analytics, and existing customer relationships to provide streamlined, often more cost-effective, and highly integrated insurance solutions, potentially bypassing traditional broker channels and eroding market share from incumbent insurers like EIG.

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The main product of Employers Holdings Inc. (EIG) is workers' compensation insurance, with a primary focus on serving small to medium-sized businesses in the United States.

The addressable market for workers' compensation insurance in the U.S. is estimated to be approximately $56.7 billion for 2024. Other estimates for the U.S. workers' compensation market include total direct premiums written of $57.48 billion in 2024 and annual premiums totaling an estimated $55-60 billion. The global workers' compensation insurance market was valued at $77.1 billion in 2023 and is projected to reach $93.4 billion by the end of 2025, with North America holding approximately 56.65% of that market share in 2025.

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Employers Holdings Inc. (EIG) anticipates several key drivers for its future revenue growth over the next two to three years:

Expansion into the Excess Workers' Compensation Market: EIG plans to launch a new excess workers' compensation product in early 2026. This initiative is expected to diversify revenue streams and strengthen relationships with distribution partners by leveraging existing expertise and infrastructure.
Appetite Expansion and Growth in Policy Count: The company has reported a record number of policies in-force, with a 4% year-over-year increase. Its ongoing appetite expansion initiative has contributed to both policy count and premium growth, particularly in smaller policy size bands.
Targeted Pricing and Underwriting Actions: Employers is implementing targeted pricing and underwriting refinements to address specific market trends and improve underwriting margins. These actions, impacting certain classes and jurisdictions, are also intended to contribute to premium growth.
Growth in Renewal Business Premium: The company has observed an increase in gross and net premiums earned driven by growth in renewal business, indicating strong customer retention and continued premium generation from existing policies.
Strong Investment Income and Gains: Robust investment income and continued net investment gains have contributed to the expansion of total revenue. Investment performance remains a significant component of the company's overall revenue.

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Share Repurchases

Employers Holdings, Inc. repurchased $149.2 million of its common stock over the three-year period ended December 31, 2024.
On October 29, 2025, the Board of Directors approved a recapitalization plan, authorizing a $125.0 million increase to the existing 2025 share repurchase program.
The Company intends to fund the additional share repurchases through various debt sources, including collateralized advances from the Federal Home Loan Bank.

Capital Expenditures

Capital expenditures were reported as $5.5 million in 2020, $3.6 million in 2021, $2.6 million in 2022, $2.2 million in 2023, and $4.9 million in 2024.
For the trailing twelve months ended September 30, 2025, capital expenditures were $3.7 million.

Interactive Breakdown

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Better Bets vs. Employers (EIG)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Employers Stock Jump Looks Great, But How Secure Is That Gain?	10/17/2025
2	Why Employers Stock Moved: EIG Stock Has Gained 22% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
3	Employers (EIG) Valuation Ratios Comparison	08/08/2025
4	EIG Dip Buy Analysis	07/10/2025
5	Time To Buy Employers Stock?	05/16/2025
6	Employers Total Shareholder Return (TSR): 36.4% in 2024 and 16.8% 3-yr compounded annual returns (above peer average)	03/07/2025
7	Employers (EIG) Operating Cash Flow Comparison	02/17/2025
8	Employers (EIG) Net Income Comparison	02/15/2025

	Title
0	ARTICLES

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Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
GRAL	GRAIL	1.6	-57.2%	-48.2%
AIV	Apartment Investment & Management	0.4	-53.6%	-53.5%
MNKD	MannKind	0.9	-51.6%	-50.3%
CWH	Camping World	0.4	-50.2%	-34.0%
EOSE	Eos Energy Enterprises	1.7	-49.9%	-46.6%
XMTR	Xometry	1.8	-47.4%	-39.3%
FWRD	Forward Air	0.5	-44.9%	-33.7%
RHLD	Resolute Management	1.0	-43.3%	-44.2%
AMWD	American Woodmark	0.6	-43.1%	-27.4%
ULCC	Frontier	0.8	-43.0%	-27.8%

Peer Comparisons

Peers to compare with:

Financials

	EIG	HIG	FNF	CB	PGR	TRV	Median
Name	Employers	Hartford.	Fidelity.	Chubb	Progress.	Traveler.
Mkt Price	39.46	134.41	46.48	328.59	205.18	302.01	169.80
Mkt Cap	0.9	37.4	12.6	129.0	120.3	66.4	51.9
Rev LTM	859	28,071	14,141	60,060	87,637	48,828	38,450
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	42	5,753	5,681	12,816	17,200	10,606	8,180
FCF 3Y Avg	54	5,165	6,232	13,877	14,142	9,130	7,681
CFO LTM	45	5,922	5,828	12,816	17,548	10,606	8,264
CFO 3Y Avg	57	5,350	6,374	13,877	14,437	9,130	7,752

Growth & Margins

	EIG	HIG	FNF	CB	PGR	TRV	Median
Name	Employers	Hartford.	Fidelity.	Chubb	Progress.	Traveler.
Rev Chg LTM	-2.5%	6.4%	5.9%	7.0%	16.3%	5.2%	6.1%
Rev Chg 3Y Avg	6.8%	8.7%	7.5%	11.9%	21.0%	9.8%	9.3%
Rev Chg Q	-21.3%	5.6%	12.0%	8.2%	12.2%	3.5%	6.9%
QoQ Delta Rev Chg LTM	-5.1%	1.4%	3.1%	2.0%	2.9%	0.9%	1.7%
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	5.2%	21.1%	41.2%	21.3%	20.0%	21.7%	21.2%
CFO/Rev 3Y Avg	6.6%	20.3%	49.5%	25.1%	19.1%	20.0%	20.1%
FCF/Rev LTM	4.9%	20.5%	40.2%	21.3%	19.6%	21.7%	20.9%
FCF/Rev 3Y Avg	6.2%	19.6%	48.4%	25.1%	18.7%	20.0%	19.8%

Valuation

	EIG	HIG	FNF	CB	PGR	TRV	Median
Name	Employers	Hartford.	Fidelity.	Chubb	Progress.	Traveler.
Mkt Cap	0.9	37.4	12.6	129.0	120.3	66.4	51.9
P/S	1.0	1.3	0.9	2.1	1.4	1.4	1.3
P/EBIT	68.6	7.5	7.7	9.3	8.3	8.1	8.2
P/E	80.0	9.8	20.9	12.5	10.6	10.6	11.6
P/CFO	19.3	6.3	2.2	10.1	6.9	6.3	6.6
Total Yield	4.7%	11.8%	9.1%	9.2%	11.8%	10.2%	9.7%
Dividend Yield	3.5%	1.6%	4.3%	1.2%	2.4%	0.7%	2.0%
FCF Yield 3Y Avg	4.9%	16.6%	42.8%	12.9%	11.5%	17.0%	14.7%
D/E	0.0	0.1	0.4	0.1	0.1	0.1	0.1
Net D/E	-1.3	-0.5	-2.1	-0.2	-0.1	-1.3	-0.9

Returns

	EIG	HIG	FNF	CB	PGR	TRV	Median
Name	Employers	Hartford.	Fidelity.	Chubb	Progress.	Traveler.
1M Rtn	-9.0%	-4.7%	-18.4%	0.7%	1.3%	1.5%	-2.0%
3M Rtn	-4.3%	-0.2%	-19.4%	7.4%	-5.3%	7.2%	-2.3%
6M Rtn	-5.3%	1.8%	-22.1%	16.9%	-12.3%	8.9%	-1.8%
12M Rtn	-16.5%	18.0%	-22.0%	17.2%	-21.3%	21.7%	0.4%
3Y Rtn	5.3%	112.4%	54.7%	78.7%	60.9%	85.3%	69.8%
1M Excs Rtn	-6.6%	-2.3%	-16.0%	3.1%	3.7%	3.9%	0.4%
3M Excs Rtn	0.6%	4.7%	-16.6%	10.0%	-2.7%	10.0%	2.7%
6M Excs Rtn	-7.7%	-0.4%	-24.2%	15.5%	-15.1%	8.0%	-4.1%
12M Excs Rtn	-38.0%	-5.0%	-44.1%	-7.1%	-42.7%	-1.1%	-22.5%
3Y Excs Rtn	-70.1%	19.3%	-28.6%	-4.1%	-14.9%	7.9%	-9.5%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/26/2026	2/26/2026	2/28/2025	2/26/2024	2/24/2023	2/24/2022	2/23/2021
Key Financials
Total Revenue	859	859	881	851	714	703	711
Net Income	11	11	119	118	48	119	120
EPS	0.34	0.46	4.73	4.48	1.76	4.22	4.01
Growth Rates
Total Revenue Growth	-2.5%	-2.5%	3.5%	19.3%	1.5%	-1.2%	-14.9%
Net Income Growth	-90.9%	-90.9%	0.4%	144.0%	-59.4%	-0.4%	-23.7%
Margins
Net Income Margin	1.3%	1.3%	13.5%	13.9%	6.8%	17.0%	16.8%
Cash & Debt
Total Cash	1,205	1,205	2,166	2,196	2,395	2,428	2,666
Total Debt	39	39	4	6	196	17	40
Net Debt / (Cash)	-1,166	-1,166	-2,162	-2,190	-2,198	-2,412	-2,626
Cash Flows
Net Cash from Operations	45	45	76	49	100	11	33
Free Cash from Operations	42	42	72	47	97	7	28
Returns to Shareholders
Dividends	30	30	30	30	90	29	30
Share Repurchases	183	183	43	76	30	43	99

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/26/2026	10/31/2025	8/1/2025	5/2/2025	2/28/2025	11/1/2024	8/2/2024	4/26/2024	2/26/2024	10/27/2023	7/28/2023	4/28/2023
Key Financials Quarterly
Total Revenue	170	239	246	203	217	224	217	223	226	204	215	206
Net Income	-23	-8	30	13	28	30	32	28	46	14	35	24
EPS	-1.06	-0.36	1.24	0.52	1.14	1.22	1.25	1.12	1.78	0.54	1.31	0.87
Key Financials TTM
Total Revenue TTM	859	905	890	860	881	890	869	868	851	847	848	768
Net Income TTM	11	62	101	103	119	136	120	123	118	120	125	74
Growth Rates Quarterly
Total Revenue Growth	-21.3%	6.8%	13.5%	-9.2%	-4.0%	10.1%	0.8%	8.0%	1.8%	-0.4%	59.1%	35.9%
Net Income Growth	-182.7%	-127.4%	-6.3%	-54.8%	-37.9%	116.4%	-9.2%	19.9%	-3.2%	-26.7%	323.7%	1126.1%
Margins Quarterly
Net Income Margin	-13.7%	-3.5%	12.1%	6.3%	13.1%	13.5%	14.6%	12.7%	20.2%	6.9%	16.2%	11.4%
Cash & Debt
Total Cash	1,205	1,091	1,014	1,059	2,166	991	856	855	2,196	875	2,244	2,394
Total Debt	39	4	3	4	4	5	5	6	6	46	111	195
Net Debt / (Cash)	-1,166	-1,087	-1,011	-1,055	-2,162	-987	-851	-850	-2,190	-830	-2,133	-2,198
Cash Flows Quarterly
FCF from Operations	1	29	0	15	13	51	12	1	28	25	-8	4
Cash Flows TTM
FCF from Operations TTM	45	57	79	90	76	91	65	46	49	54	58	87
Returns to Shareholders Quarterly
Dividends	7	7	8	8	8	7	8	8	7	7	8	8
Share Repurchases	94	45	24	20	11	8	19	6	15	15	35	11
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Insurance Operations	851	714
Cerity			4	3	0
Corporate and Other			0	-1	7
Employers			699	709	828
Total	851	714	703	711	836

Net Income by Segment

$ Mil	2025	2024	2023	2022	2021
Insurance Operations	118	48
Total	118	48

Price Behavior

Price Behavior

Market Price	$39.46
Market Cap ($ Bil)	0.9
First Trading Date	01/31/2007
Distance from 52W High	-20.8%
	50 Days	200 Days
DMA Price	$42.68	$42.35
DMA Trend	down	up
Distance from DMA	-7.5%	-6.8%
	3M	1YR
Volatility	27.5%	26.5%
Downside Capture	-2.54	38.93
Upside Capture	-31.71	13.08
Correlation (SPY)	1.3%	24.7%

EIG Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.34	-0.00	-0.08	-0.06	0.34	0.37
Up Beta	0.15	0.03	0.02	0.71	0.41	0.47
Down Beta	-0.28	0.66	0.48	0.11	0.39	0.38
Up Capture	-93%	-51%	-23%	-28%	7%	7%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	11	20	31	64	131	393
Down Capture	-6%	-13%	-56%	-40%	45%	58%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	10	21	29	58	117	348

[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
EIG	-16.5%	26.5%	-0.70	-
Sector ETF (XLF)	3.6%	19.3%	0.06	43.7%
Equity (SPY)	21.0%	18.9%	0.87	24.8%
Gold (GLD)	74.9%	26.2%	2.12	-1.4%
Commodities (DBC)	19.3%	17.2%	0.89	4.7%
Real Estate (VNQ)	5.7%	16.3%	0.16	39.1%
Bitcoin (BTCUSD)	-16.1%	44.2%	-0.27	8.9%

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
EIG	5.7%	24.2%	0.21	-
Sector ETF (XLF)	9.5%	18.7%	0.39	48.5%
Equity (SPY)	13.2%	17.0%	0.61	27.8%
Gold (GLD)	24.2%	17.3%	1.14	-3.5%
Commodities (DBC)	10.9%	19.0%	0.46	4.7%
Real Estate (VNQ)	5.0%	18.8%	0.17	32.4%
Bitcoin (BTCUSD)	7.3%	56.8%	0.35	5.9%

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
EIG	6.4%	26.7%	0.26	-
Sector ETF (XLF)	12.5%	22.2%	0.52	52.6%
Equity (SPY)	14.7%	17.9%	0.70	39.3%
Gold (GLD)	14.6%	15.6%	0.77	-3.4%
Commodities (DBC)	8.8%	17.6%	0.41	12.7%
Real Estate (VNQ)	5.5%	20.7%	0.23	38.1%
Bitcoin (BTCUSD)	66.7%	66.8%	1.06	6.9%

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

Short Interest

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	1.0 Mil
Short Interest: % Change Since 2152026	4.4%
Average Daily Volume	0.4 Mil
Days-to-Cover Short Interest	2.5 days
Basic Shares Quantity	21.9 Mil
Short % of Basic Shares	4.5%

Returns Analyses

	Title
0	Employers Stock Jump Looks Great, But How Secure Is That Gain?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/19/2026	-7.7%	-2.0%
10/30/2025	-6.4%	-6.0%	-1.3%
7/30/2025	-9.5%	-8.4%	-5.2%
5/1/2025	2.4%	2.6%	1.9%
2/20/2025	0.3%	4.8%	1.4%
10/30/2024	1.6%	11.9%	11.9%
7/31/2024	-3.6%	-5.0%	0.1%
4/25/2024	1.1%	-0.7%	-4.4%
...
SUMMARY STATS
# Positive	11	9	11
# Negative	10	12	9
Median Positive	3.0%	3.6%	2.4%
Median Negative	-5.2%	-3.6%	-1.4%
Max Positive	11.1%	13.4%	24.3%
Max Negative	-9.5%	-8.4%	-13.6%

	Forward Returns
2/19/2026	-7.7%	-2.0%
10/30/2025	-6.4%	-6.0%	-1.3%
7/30/2025	-9.5%	-8.4%	-5.2%
5/1/2025	2.4%	2.6%	1.9%
2/20/2025	0.3%	4.8%	1.4%
10/30/2024	1.6%	11.9%	11.9%
7/31/2024	-3.6%	-5.0%	0.1%
4/25/2024	1.1%	-0.7%	-4.4%
2/15/2024	3.9%	6.5%	2.4%
10/25/2023	-4.7%	-2.3%	-2.1%
7/26/2023	3.0%	2.5%	3.7%
4/27/2023	-6.0%	-6.9%	-13.6%
2/16/2023	6.9%	1.5%	-1.4%
10/27/2022	11.1%	13.4%	17.6%
7/28/2022	-2.3%	-5.3%	0.1%
4/27/2022	-4.4%	-5.2%	1.5%
2/16/2022	2.2%	-0.4%	3.2%
10/28/2021	-2.1%	0.9%	-0.7%
7/22/2021	-5.7%	-0.1%	-0.2%
2/17/2021	4.2%	3.6%	24.3%
7/23/2020	4.7%	-0.7%	-0.6%
SUMMARY STATS
# Positive	11	9	11
# Negative	10	12	9
Median Positive	3.0%	3.6%	2.4%
Median Negative	-5.2%	-3.6%	-1.4%
Max Positive	11.1%	13.4%	24.3%
Max Negative	-9.5%	-8.4%	-13.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/26/2026	10-K
09/30/2025	10/31/2025	10-Q
06/30/2025	08/01/2025	10-Q
03/31/2025	05/02/2025	10-Q
12/31/2024	02/28/2025	10-K
09/30/2024	11/01/2024	10-Q
06/30/2024	08/02/2024	10-Q
03/31/2024	04/26/2024	10-Q
12/31/2023	02/26/2024	10-K
09/30/2023	10/27/2023	10-Q
06/30/2023	07/28/2023	10-Q
03/31/2023	04/28/2023	10-Q
12/31/2022	02/24/2023	10-K
09/30/2022	10/28/2022	10-Q
06/30/2022	07/29/2022	10-Q
03/31/2022	04/29/2022	10-Q

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Pedraja, Michael	EVP, Chief Financial Officer	Direct	Buy	11042025	37.09	5,500	203,995	661,315	Form
2	Pedraja, Michael	EVP, Chief Financial Officer	Direct	Buy	8052025	40.04	5,000	200,200	493,693	Form
3	Mutschink, John M	EVP, Chief Admin Officer	Direct	Sell	5272025	49.12	2,000	98,240	972,036	Form
4	Pedraja, Michael	EVP, Chief Financial Officer	Direct	Buy	5072025	48.59	3,050	148,200	356,165	Form
5	Kroner, James R		James R. Kroner Living Trust	Sell	3032025	52.00	1,000	52,000	1,167,816	Form

EIG Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing EIG?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What EIG Makes & Who Pays

TTM figures based on

EIG Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

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1	TradingView	Morningstar
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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Employers (EIG)

Market Price (3/13/2026): $41.0 | Market Cap: $898.2 MilSector: Financials | Industry: Property & Casualty Insurance

Employers (EIG)

Market Price (3/13/2026): $41.0Market Cap: $898.2 MilSector: FinancialsIndustry: Property & Casualty Insurance

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Employers (EIG)

Interactive Breakdown

Better Bets vs. Employers (EIG)

Latest Trefis Analyses

Trade Ideas

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Peer Comparisons

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FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

EIG Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Repricing Catalyst

Industry Resources

External Quote Links

Market Price (3/13/2026): $41.0 | Market Cap: $898.2 Mil
Sector: Financials | Industry: Property & Casualty Insurance

Market Price (3/13/2026): $41.0
Market Cap: $898.2 Mil
Sector: Financials
Industry: Property & Casualty Insurance