Amica Insurance Holds Annual Meeting
Reports continued financial stability, premium relief programs in 2020
Amica Mutual Insurance Company reported continued financial stability in 2020, a year in which it returned nearly $90 million to customers for COVID-19 premium relief.
Amica Chairman, President and Chief Executive Officer Robert A. DiMuccio announced the results today during the company’s annual meeting at its corporate headquarters.
Amica’s earned premiums totaled $2.4 billion for the second straight year, while net income was $178 million. Company surplus, which provides an important safety net in the event of unprecedented catastrophic losses, reached $3 billion.
“Our main objective as an insurance company is to protect our policyholders and provide them with peace of mind,” DiMuccio said. “Our financial strength allows us to continue doing that.”
Beginning in April, Amica launched two consecutive premium relief programs, which provided financial support to auto customers for up to six months.
Additionally, Amica Life Insurance Company reported another strong year. It generated $7.4 million in new life premium and more than 7,000 new life policies. Meanwhile, total coverage in force grew to $46.3 billion.
“I’d like to express my sincere gratitude to our policyholders for their business, particularly during such a difficult year,” DiMuccio said. “We’re humbled that you’ve placed your trust in us.”
About Amica Insurance
Amica is the longest-standing mutual insurer of automobiles in the U.S. A direct writer, Amica also offers home, life, marine and umbrella insurance, as well as annuities.
Founded on principles of outstanding service, Amica creates peace of mind and builds enduring relationships with its customers. That mission is shared and supported by thousands of employees across the country. Visit Amica.com.