Amica Insurance reports favorable financial results at annual meeting
LINCOLN, RI - Amica Mutual Insurance Co. reported favorable financial results in 2013, a year in which the company focused on enhancing service to customers, strengthening its technology and further growing its business.
Robert A. DiMuccio, president, chairman and CEO of Amica Mutual Insurance Co., announced the results earlier today during the company’s annual meeting at its corporate headquarters.
Financial highlights for 2013 included a 7.1 point improvement in the company’s combined ratio, marking the first time in several years it was below 100 percent. The company also increased its net income from $71 million in 2012 to $149.5 million in 2013.
“The trend seen here is greatly impacted by the uneventful weather experienced in 2013,” DiMuccio said. “Also contributing to our profitability is a consistent, disciplined underwriting philosophy and a prudent investment strategy that we’ve employed over the years.”
Additionally, DiMuccio reported that Amica Life Insurance Company continued its strong run in 2013. The amount of life insurance in force grew by 6.2 percent from 2012.
“In 2013, our subsidiary, Amica Life Insurance Company, continued to build on the success it experienced in 2012,” DiMuccio said. “We see Amica Life as a key element of our long-term success that allows us to offer a wide variety of products to our policyholder base and further strengthen our relationships.”
The company also worked on dozens of projects throughout the year that have improved customer service around the country.
Amica Mutual Insurance Company, the nation's oldest mutual insurer of automobiles, was founded in 1907. The company, with corporate headquarters in Lincoln, RI, is a national writer of automobile, homeowners, marine and personal umbrella liability insurance. Life coverage is available through Amica Life Insurance Company, a wholly owned subsidiary. Amica employs more than 3,200 employees in 40 offices across the country.
Vince Burks, Corporate Communications, 50 Amica Way,
Lincoln, RI 02865-1155, 800-652-6422, ext. 24563
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