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EMC Insurance Group raises FY'16 guidance

EMC Insurance Group Inc. has raised its guidance for full year 2016.

The company expects to report net income per share in the range of $2.18 to $2.23 for 2016. Non-GAAP operating income per share is now projected to be in the range of $2.05 to $2.10, compared with the previous guidance of $1.55 to $1.75.

The company's GAAP combined ratio for the year is expected to be about 97.7%, compared with the previous guidance of 99.6%.

EMC Insurance attributed the increase in guidance to the property and casualty insurance segment, which is expected to report a GAAP combined ratio of about 92.2% for the fourth quarter of 2016. The improvement in the GAAP combined ratio is primarily due to favorable development on prior years' reserves and a low amount of catastrophe and storm losses, the company said in a statement.

The favorable development on prior years' reserves is based on moderate reductions in the ultimate loss ratios for several accident years in the workers' compensation line of business and a reduction in settlement expense reserves.

The company attributed the low amount of catastrophe and storm losses to the new semiannual aggregate catastrophe excess of loss inter-company reinsurance program between the company's property and casualty subsidiaries and Employers Mutual Casualty Co., which capped losses at $512,000 in the fourth quarter of 2016.

The reinsurance segment's GAAP combined ratio is estimated to be about 89.8% for the fourth quarter of 2016.