EMC Insurance Group Inc. announced that third quarter 2018 results were positively impacted by an overall decline in catastrophe and storm losses and an increase in the amount of favorable development experienced on prior years' reserves. As a result, the company expects to report net income in the range of $0.87 to $0.91 per share, non-GAAP operating income in the range of $0.46 to $0.50 per share, and a GAAP combined ratio of approximately 100% for the third quarter of 2018.

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.