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EMC Insurance expects combined ratio of 105% for Q1

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EMC Insurance expects combined ratio of 105% for Q1

EMC Insurance Group Inc. expects to report in the range of a net loss of two cents per share to net income of two cents per share in the first quarter.

Management is also anticipating non-GAAP operating income in the range of 18 cents to 22 cents per share, and that the GAAP combined ratio for the three-month period will be approximately 104.6%.

Catastrophe and storm losses are expected to total approximately $4.7 million, which is a decline of approximately 65% from the record amount experienced in the first quarter of 2017.

However, most of this decline is expected to be offset by a significant reduction in the amount of favorable development experienced on prior years' reserves, the company said in a news release.

The property and casualty insurance and reinsurance segments are expected to report first-quarter GAAP combined ratios of approximately 107.4% and 95.5%, respectively.

Additionally, the company lowered its 2018 non-GAAP operating income guidance from the previous range of $1.40 to $1.60 per share to a range of $1.10 to $1.30 per share, based on the first-quarter data.

EMC Insurance plans to release its first-quarter results on May 4.