02/13/2020 Lincoln, R.I.
Amica Mutual Insurance Company reported growth and continued financial stability in 2019, as well as increased use in the company’s digital platforms.
Amica Chairman, President and Chief Executive Officer Robert A. DiMuccio announced the results today during the company’s annual meeting at its corporate headquarters.
In 2019, Amica’s earned premiums totaled $2.4 billion, and net income was $161 million.
“As a mutual insurer, our primary focus is in maintaining a strong financial position through a conservative business philosophy and a well-managed investment portfolio,” DiMuccio said.
Amica saw a steady increase in the number of customers who chose to do business using self-service tools. More than half of the transactions completed in 2019 were handled by the customer without the need for an Amica representative.
“We strive to make the customer experience as simple as possible through these digital tools,” DiMuccio said. “We do so, however, with the knowledge that, at its core, insurance is a people business.”
Amica Life Insurance Company, which celebrated its 50th anniversary in 2019, also reported another strong year. It generated $7.7 million in new life premium and nearly 8,000 new life policies.
“Amica has been in business for 112 years, and we continue to evolve as a company,” DiMuccio said. “As we do, we’ll maintain our focus on building enduring relationships with our customers.”