EMC Insurance Group Inc. (EMCI) 2004年年度报告「NASDAQ」.pdf

1、2Dear Shareholders:Our 2004 corporate objectives included achieving a combined ratio of 98.0 or less,net written premium growth between 4 and 7 percent,an increase in the overalleffectiveness of our employees,providing superior service to our customers,and enhancing shareholder value.The final combi

2、ned ratio of 104.7 was not what we expected.Net income was significantly impacted by two factors catastrophe and storm losses that remained at an unusuallyhigh level due to the active hurricane season and significantstrengthening of direct loss and settlement expense reserves.But by any number of me

3、asures,2004 was a successful and productive year.For example,we achieved:Net income of$13.2 million or$1.10 per share.Operating income of$10.3 million or$0.87 per share.Total assets of$934.8 million,an increase of 3.2 percent.Total revenues of$376.0 million,an increase of 4.1 percent.Total sharehold

4、ers equity of$228.5 million,an increase of 26.4 percent.Left to right:Ronald W.Jean,William A.Murray and Bruce G.KelleyTABLE OF CONTENTS2004 Financial Highlights52004 Highlights6Historical Financials8Corporate ProfileAnd Market Territories9Shareholder Information10Board Of Directors And Executive Of

5、ficers11Shareholder Services1210-K Financial Information134 4 Net written premium of$351.9 million,an increase of 3.6 percent.Total invested assets of$779.3 million,an increase of 12.8 percent.Rate adequacy(either maintained or increased)in most lines of business.Significantly increased reserve adeq

6、uacy due to reserve strengthening throughout 2004.Total shareholder value was again enhanced through an annual dividend distribution of$0.60 per share and our closing stock price as of December 31,2004,increased to$21.64 per share.Highlights of the year included the completion of a successful stock