LINCOLN, R.I. - Amica Mutual Insurance Co. reported favorable financial results in 2014, due to a combination of strong policy growth, an improving economy, a relatively quiet year on the weather front and a good showing in the investment markets.
Robert A. DiMuccio, chairman, president and chief executive officer of Amica Mutual Insurance Co., announced the results earlier today (Feb. 12) during the company’s annual meeting at its corporate headquarters.
Financial highlights for 2014 included the addition of more than 46,000 policies, which represents a 3.3 percent growth rate – the highest since 2010. The company also saw an improvement in the combined ratio to 98.3 percent in 2014 from 99.4 in 2013. This was the second time in several years it was below 100 percent. In addition, Amica increased its net income from $149.5 million in 2013 to $188.1 million in 2014.
“It was a year when everything came together,” DiMuccio said. “We’ve proven that a disciplined underwriting philosophy, sound claims handling and a prudent investment strategy are the keys to our success year after year.”
The company also saw a number of sales and marketing initiatives produce successful results last year. These included programs to increase brand awareness, enter targeted markets and expand product offerings.
“If 2014 taught us anything, it was that we are on a very good course,” DiMuccio said. “All of our employees’ efforts are helping us grow and adapt to a changing market and a changing world.”
Additionally, DiMuccio reported that Amica Life Insurance Company continued to build on its success. The amount of life insurance in force grew by 6.7 percent, to $34.6 billion dollars, up from $32.5 billion dollars in 2013. Expanded marketing initiatives produced impressive growth, with new business in force up more than 13 percent from 2013.
During the meeting, Thomas A. Taylor, former Amica president and chief executive officer, retired from Amica’s board of directors after serving the company for 45 years. Jill J. Avery, a senior lecturer at Harvard Business School, was elected to fill his position.
About Amica Insurance
Amica Mutual Insurance Co., the nation’s oldest mutual insurer of automobiles, was founded in 1907. The company, based in Lincoln, Rhode Island, is a national writer of auto, home, marine and umbrella insurance. Life coverage is available through Amica Life Insurance Company, a wholly owned subsidiary. Amica employs more than 3,400 people in 44 offices across the country. For more information, visit Amica.com.
Media inquiries can be sent to MediaCenter@amica.com.
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