EMC Insurance Group Provides Earnings Outlook for the Third Quarter Ended September 30, 2018; Revises Full Year 2018 Non-Gaap Operating Income Guidance
Based on actual results for the first nine months of 2018 and projections for the remainder of the year, management has revised its 2018 non-GAAP operating income guidance from the previous range of $0.95 to $1.15 per share to a range of $1.30 to $1.50 per share. This revised guidance is based on a projected GAAP combined ratio of 102.6% for the year and investment income growth in the mid-single digits, up from the previous expectation for low-single digit growth. There were nominal changes to the other assumptions utilized in the projection.