LINCOLN, R.I. - Amica Mutual Insurance Co. reported a record high for earned premium at nearly $1.9 billion and a net income of $35 million, despite absorbing a significant amount of weather-related claims from the frigid winter in 2015.
Robert A. DiMuccio, chairman, president and chief executive officer of Amica, announced the results yesterday (Feb. 11) during the company’s annual meeting at its corporate headquarters.
“It was an outstanding year from a sales perspective,” DiMuccio said. “Our net policy growth was 4.5 percent, bringing our total number of policies in force to more than 1.5 million at the end of 2015.”
Natural catastrophes across the country, including the severe Northeast winter, resulted in a total of $259 million in weather-related claims in 2015, as compared to $71 million in 2014. Despite this activity, Amica’s balance sheet remained extremely healthy. At the end of the year, Amica had $4.9 billion in assets and more than $2.6 billion in surplus.
“Mother Nature reminded us in 2015 just how unpredictable she can be, but we’re built for this from an operational standpoint,” DiMuccio said. “Although we certainly would prefer that our claims were lower, it was an opportunity for our employees to be there for our customers when they needed us most.”
Additionally, DiMuccio reported that Amica Life Insurance Company continued to build on its success. The amount of life insurance in force grew by 5.4 percent, and life premiums and annuity deposits totaled nearly $64 million, an increase of more than $1.4 million over 2014.
In closing, DiMuccio stressed how important it is for financial services companies to focus on technology.
“As we look ahead, we want to continue growing as a vibrant company,” DiMuccio said. “We’re excited about technology projects that will keep us at the forefront of the insurance industry, while maintaining the service standards that have come to define our company.”