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EMPLOYERS® America's small business insurance specialistⓇ Employers Holdings , Inc. Reports First Quarter 2021 Results ; Exhibit 99.1 news release For Immediate Release Declares Second Quarter 2021 Cash Dividend of $ 0.25 per Share Company to Host Conference Call on Friday , April 23 , 2021 , at 11:00 a.m. Eastern Daylight Time Reno , Nevada - April 22 , 2021 - Employers Holdings , Inc. ( the “ Company ” ) ( NYSE : EIG ) , a holding company with subsidiaries that are specialty providers of workers ' compensation insurance and services focused on select , small businesses engaged in low - to - medium hazard industries , today reported financial results for its first quarter ended March 31 , 2021 . Financial Highlights • • • • Record number of ending policies in - force ( 104,772 ) , up 3.3 % year - over - year and up 1.2 % since year - end ; Net income of $ 23.1 million , or $ 0.80 per diluted share ; Adjusted net income of $ 14.7 million , or $ 0.51 per diluted share ; Net pretax realized and unrealized gains on investments recorded through the income statement of $ 10.9 million ; Net investment income of $ 18.4 million , down 8 % year - over - year ; • • Net premiums earned of $ 133.9 million , down 20 % year - over - year ; • The Company repurchased 298,546 shares of its common stock at an average price of $ 32.21 per share ; Favorable prior year loss reserve development on voluntary business of $ 13.4 million , versus $ 3.0 million a year ago ; Book value per share including the Deferred Gain of $ 46.00 , down 1.3 % for the quarter including dividends declared . Management Commentary Chief Executive Officer Katherine Antonello commented : “ During the first quarter , we delivered a 4.8 % annualized return on adjusted equity and a combined ratio of 93.9 % within our largest operating segment , Employers . These were favorable operating results considering the challenging macro- economic environment for small businesses , however our top line continues to be adversely impacted by a meaningful decrease in new business premium and lower average policy sizes as a result of the ongoing COVID - 19 pandemic . While our new business premium production did not meet our expectations in January and February , we are encouraged by the rebound we experienced in March and are experiencing thus far in April . We closed the quarter with another record number of policies in - force , which demonstrates that our policyholders are enduring the pandemic and small businesses are shopping for workers compensation coverage . As widespread vaccination occurs and the labor market improves , we are optimistic that rising payrolls will serve to increase premium . In support of this anticipated recovery , we have continued to pursue and advance the significant investments we have made in delivering a superior customer experience for our agents . Regarding our expenses , during the first quarter : ( i ) we underwent a reduction - in - force , which impacted approximately 7 % of our workforce ; ( ii ) our former Chief Executive Officer retired , as planned ; and ( iii ) we realigned the organization to increase efficiency and generate cost savings . As a result , our first quarter underwriting and general and administrative expenses of $ 46.6 million will be the high - water mark for 2021 and you can expect to see immediate and significant expense reductions for the remainder of the year . " Ms. Antonello continued , “ Our Cerity operating segment , which offers digital workers ' compensation insurance solutions directly to consumers , is gaining traction and has already written close to $ 500,000 in premium thus far in 2021. While the low - to - medium hazard direct to consumer workers ' compensation market is relatively immature and Cerity is an early entrant in this space , we believe that its technological and intellectual capabilities will support our future growth initiatives , deliver greater pricing precision and flexibility , and provide direct access to workers ' compensation insurance for customers seeking an online experience . In summary , our primary goal for 2021 remains unchanged . We are preparing to fully capitalize on the upcoming labor market improvement , while continuing to maintain underwriting discipline and actively managing our expenses . Our balance sheet and capital position are very strong and are highly supportive of these initiatives . "